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29/10/2007 Apresentação NYSE

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23º Encontro Informal do IBRI com a Bolsa de Nova York em 29/10/2007

23º Encontro Informal do IBRI com a Bolsa de Nova York em 29/10/2007

Published in: Business, Economy & Finance

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  • 1. NYSE Euronext: Building a Global Platform October 2007 ONE MARKET, INFINITE POSSIBILITIES.SM
  • 2. NYSE Euronext: Global Leadership Only Transatlantic Marketplace Access to the world’s largest liquidity pools Listing venue of choice: 3,977 issuers from 55 countries Financial Strength: $20bn market capitalization; AA rated NYSE Euronext Strategic Relationships Americas Europe Asia The world’s largest equity market Gateway to the Eurozone Tokyo Stock Exchange Strategic alliance National Stock Exchange of India 5% equity stake NYSE NYSE Arca Euronext Alternext Cash Equities Cash Equities Cash Equities Cash Equities Fixed Income Bonds DRs Equity Options ETFs ETFs ETFs Euronext.liffe DRs Certificates DRs Derivatives Warrants DRs 5
  • 3. NYSE Euronext is the World’s Largest Cash Equities Marketplace Market Capitalization $Trillions 35 $30.3 30 25 Domestic Foreign 20 15 $10.7 10 $6.5 $5.1 $5.1 $4.1 5 0 NYSE Euronext London Tokyo Nasdaq SWX Deutsche Börse Note: Figures denote total worldwide market capitalization for listed operating companies. NYSE Euronext figure adjusted to exclude double-counting of listed issuers dually-listed on NYSE and Euronext. LSE figure includes Main Market listings only. Source: World Federation of Exchanges, Reuters, Bloomberg and NYSE Euronext as of September 30, 2007
  • 4. …the World’s Largest Cash Equities Trading Marketplace… Average Daily Trading Value ($bn) 140.0 $138.8 $120.0 100.0 80.0 $57.5 60.0 $44.8 40.0 $26.8 $17.8 20.0 0.0 NYSE Nasdaq London Stock Tokyo Stock Shanghai Euronext Exchange Exchange Source: World Federation of Exchanges. 2007 YTD as of September 30, 2007
  • 5. One Third Of The World’s Cash Trading Takes Place On NYSE Euronext’s Exchanges One Third Of The World’s Cash Trading Takes Place On NYSE Euronext’s Exchanges All Other Exchanges 16.9% BME Spanish Exchanges 3.1% Deutsche Borse 4.3% Shanghai Stock NYSE Euronext Exchange 32.9% 5.6% Borsa Italiana 2.8% London Tokyo Stock Exchange Stock Exchange NYSE 11.5% 6.3% Euronext National Strategic OMX 1.9% Stock Exchange Partners Nasdaq India 14.1% 0.6% Note: Value of trading for 2007 YTD as of June 30, 2007 Source: World Federation of Exchanges
  • 6. NYSE Destination for Non-US Companies
  • 7. NYSE: Global Listings Market of Choice Global Listings Market of home to more than 2,700 issuers The NYSE is Choice NYSE MARKET CAPITALIZATION NYSE LISTED COMPANIES (Segmented by Size) (Sector Breakdown) 35% Healthcare Financials 25% 8% Consumer Staples 7% Consumer Discretionary Energy/Utilities 8% 20% 25% 40% Industrials 8% Materials Tech, Media & 7% Large Mid Small Telecom 17% NYSE domestic and international companies (excluding funds, derivatives, warrants and preferred stock). For the purpose of this analysis: large cap greater than $5B, mid cap $1B to $5B, small cap <$1B. Average Market Capitalization of NYSE-listed companies: $12B. Period: As of June 30, 2007. Source: FactSet Systems, Inc.
  • 8. NYSE: Strong Global Franchise The NYSE is home to 428 non-US companies from 45 countries – the largest of any US market. Average Daily Volume: 205.91 million shares representing 11.63% of the NYSE volume Average Daily Trading Value: $7.9 billion 2006 TRADING VOLUME Latin America 21% Canada # Listed 22% Region Companies Europe 124 Latin American 88 Canada 80 Other* Asia 88 10% Other* 38 Europe Middle East/Africa 10 27% Asia/Pacific 17% Middle East/Africa 3% Source: NYSE Research *Other includes companies from The Netherland Antilles, Bermuda and the Cayman Islands. Data as of August 2007.
  • 9. Non-U.S. Companies Are Returning to the U.S. Markets The NYSE is the Destination for non-US Companies Outside their Home Market Company Sym Type Date Market Cap $ billions Raised $ millions Yamana Gold AUY T-Canada 1/12/07 $3.5 N/A Cellcom Israel CEL IPO-Israel 2/6/07 $2.0 $400.0 Navios Maritime NMH T-Greece 2/22/07 $0.5 N/A Domtar Corporation UFS O-Canada 3/7/07 $3.9 N/A Tongjitang TCM IPO-China 3/16/07 $0.3 $98.7 Gafisa SA GFA IPO-Brazil 3/16/07 $1.6 $493.6 Flagstone Re FSR IPO-Berm 3/30/07 $1.1 $175.5 Simcere Pharma SCR IPO-China 4/20/07 $1.0 $226.6 EDENOR EDN IPO-Arg 4/26/07 $0.8 $257.8 Acorn International ATV IPO-China 5/3/07 $0.5 $119.4 Qiao Xing Mobile QXM IPO-China 5/3/07 $0.6 $160.0 LDK Solar LDK IPO-China 6/1/07 $2.8 $469.4 Yingli Green Energy YGE IPO-China 6/8/07 $1.4 $319.0 KHD Humboldt Wedag KHD Ndq-HK 6/18/07 $0.9 N/A Sterlite Industries SRL IPO-India 6/19/07 $9.2 1,753.1 MF Global Ltd. MF IPO-Berm 7/19/07 $3.6 $2,921.4 Validus Holdings VR IPO-Berm 7/25/07 $1.6 $335.4 Genpact Limited G IPO-India 8/2/07 $2.9 $494.1 E-House (China) EJ IPO-China 8/8/07 $1.0 $201.5 WuXi PharmaTech WX IPO-China 8/9/07 $0.8 $184.6 Cosan Limited CZZ IPO-Brazil 8/16/07 $2.1 $1,050.0 Lundin Mining LMC Amx-Can 8/20/07 $3.0 N/A Babcock & Brown Air FLY IPO-Ireland 9/27/07 $0.8 $430.0 TOTAL $45.9 $10,090.0 Source: NYSE Research Data as of September 2007.
  • 10. Foreign Stocks Listed on NYSE, London and Nasdaq 2000 2006 2007* NYSE 434 451 419 600 London 501 343 337 Nasdaq 488 321 316 500 400 300 200 NYSE London Nasdaq 100 0 83 85 87 89 91 93 95 97 99 01 03 05 * 07 19 19 19 19 19 19 19 19 19 20 20 20 20 *as of September 30 Sources: Exchanges, WFE
  • 11. Vibrant NYSE/Latin American Partnership Since 2004, thirteen new listings from Latin America, including nine IPOs raising over $5 billion 2004 - 2007 Latin America Listings Latin American Companies by Country Company Name Chile (15) Cosan Ltd.* Brazil Colombia Banco Macro Bansud S.A.* (32) (1) Copa Holdings, S.A.* Puerto Rico Corpbanca (5) CPFL Energia S.A.* Desarrolladora Homex, S.A. de C.V.* Empresa Distribuidora y Comercializadora Norte S.A.* Gafisa S.A.* Mexico (16) GOL Linhas Aereas Inteligentes S.A.* Grupo Aeroportuario del Pacifico, S.A. de C.V.* Masisa Panama TAM, S.A.* (3) Peru Ternium S.A.* (2) Argentina (14) *IPOs Source: NYSE Research Numbers in parentheses denote number of companies in each region/country. Data as of August 2007.
  • 12. Vibrant NYSE/Latin American Partnership The NYSE is the Destination for Latin American Companies Outside their Home Market NYSE Nasdaq LSE Number of Latin American Companies 88 6 2 Number of Latin American listings Since 2004 13* 1 0 Number of Latin American IPOs Since 2004 9 1 0 Latin American IPO Proceeds Since 2004 More than $4 billion Less than $500 million 0 Average Daily Trading Value in Latin American Companies $2.2 billion $35.8 million Less than $1m Source: FactSet Systems, Inc.; NYSE Research through June 2007 Includes Cosan’s announced intention to list on the NYSE. *2 UK incorporated, Latin American-based companies (Hochschild Mining, PLC, Antofogasta, PLC) not accounted for in this figure; Mirgor (0 shares/day), Banco de Chile (51 shares/day) are the companies that have been included.
  • 13. NYSE Value Proposition
  • 14. Value Proposition The NYSE Group’s value proposition for listing on the NYSE is founded on superior market quality, global brand visibility, and a rich portfolio of services. Enhanced Liquidity Maximizes Valuation Global Brand Awareness Valuable Shareholder Management Tools / Service Portfolio
  • 15. U.S. Investor Holdings of Non-U.S. Equities 1990 – Q2 2007 $billions percent 27% 4500 U.S. Holdings of non-U.S. Equities (left scale) 4000 % of all equity holdings (right scale) 22% 3500 3000 17% 2500 2000 12% 1500 1000 7% 500 0 2% 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q2 2007 Source: Federal Reserve Flow of Funds
  • 16. A NYSE Listing Boosts Global Liquidity C NYSE listing for Brazilian companies is a “win-win” – providing liquidity and a broader shareholder base $3,000,000,000 $2,500,000,000 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $0 2002 2003 2004 2005 2006 1H07 Average Daily Value NYSE Average Daily Value HOME MARKET Source: NYSE Research Source: NYSE Research
  • 17. Global Visibility Banco Macro Gafisa S.A. Empresa Distribuidora y Ternium S.A. Cosan Ltd. Bansud, S.A. Comercializadora Norte S.A. February 1, 2006 August 17, 2007 March 30, 2006 March 13, 2007 April 27, 2007 Ternium S.A. (NYSE- Cosan Limited (NYSE- Banco Macro Bansud, S.A. Gafisa S.A. (NYSE-Listed Empresa Distribuidora y Listed TX) visits the NYSE to Listed CZZ) visits the NYSE to (NYSE-listed BMA) visits the GFA) visits the NYSE to Comercializadora Norte, S.A. celebrate its initial public celebrate its initial public NYSE to celebrate the celebrate its initial public “Edenor” (NYSE-Listed EDN) offering. In honor of the offering. In honor of the company's initial public offering offering. In honor of the visits the NYSE to celebrate the occasion, Chairman Paolo occasion, CEO Rubens on March 24, 2006. In honor of occasion, CEO Wilson Amaral company's April 26, 2007 initial Rocca rings The Opening Bell. Ometto Silveira Mello rings the occasion, Banco Macro de Oliveira rings The Opening public offering. In honor of the The Closing BellSM. Chairman and CEO, Jorge BellSM. occasion, Chairman and CEO Horacio Brito, rings The Alejandro Macfarlane rings The Opening Bell. Opening BellSM.