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Latvian capital markets development
- 1. Latvian Capital Markets
Development
Stock exchange listing for
state owned companies
Presentation given at “Baltic PR Awards” on public affairs issues.
14.05.2010.
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 2. World’s largest exchange company. Represented in 6
continents. 3,700 global listed companies representing diverse
industry sectors and many of the world’s most well-known and
innovative brands.
• Electronic trading • Offers multiple capital raising
solutions to companies and
• World’s fastest governments around the globe.
trading platform
• Provides trading across multiple
asset classes including equities,
• Data distributed in derivatives, debt, commodities,
83 countries
structured products and ETFs.
• High listing • Supports the operations of over 70
standards exchanges, clearing organizations
and central securities depositories
January, 2009. Riga Stock
exchange changes its name to • Wide international in more than 50 countries. Group
NASDAQ OMX Riga. Times Square
investors base owns 10 clearing houses in the
NewYork. Photo: Rob
Tannenbaum NASDAQ OMX Group, Inc. All rights reserved. USA and Europe.
© Copyright 2008, The
- 3. NASDAQ OMX - a gateway for investors in the
Baltics
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 4. Capital market - potential for Latvian economy
Latvia’s
International financial pension
Banks
system 2nd
and 3rd tier
investors (pension funds
(crediting of
funds, investment Resident
savings
companies)
funds etc.) Venture
capital
funds
Requirements: Requirements:
• Public share trading on stock exchange • Sufficient share capital
• Transparency and good corporate governance • Transparent business
investments
Direct investments in company’s Loans to
in non-listed
companies share capital companies
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 7. Objective:
to include the topic of state company
exchange listing on the government agenda
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 10. “Beware! Private = privatization.”
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 11. Research:
• Challenge and test the concept
• Omnibus - sociological survey
• Perception of gains and losses
• One-to-one interviews
• Lessons from others
• Foreign experience
• Middle East deal making and marriage arrangements in different
cultures
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 12. Kā Jūs vērtējat to, Pozitīvi vai drīzāk pozit
ka valsts un pašvaldību uzņēmumi Negatīvi vai drīzāk neg
tiek nodoti privāta uzņēmuma pārvaldībā? Grūti atbildēt/ NA
75%
66,8%
62
55,6%
49,8%
50%
43,0%
42,3% 37,9%
33,9%
23
25% 20,5%
14,6%
12,5% 12,7%
10,4%
0%
18-24 gadi 25-39 gadi 40-54 gadi 55-64 gadi 65-7
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 13. Goals:
• to encourage a constructive dialogue about the potential
benefits of public listing of state companies and include the
topic on the government agenda
• to promote the capital markets and stock exchange as
important part of development of economy
To get on the right track
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.
- 14. Strategy and implementation
• Approaches
- Invite stakeholders to analyze and think on the concept instead of pushing
for decisions
- Transparency in our activities
- Clear distinction between exchange listing and privatization
- Examples, case studies
• Audiences
- Decision makers
- Experts, investors
- Company management
• Activities
- One to one meetings
- Public activities
© Copyright 2008, The NASDAQ OMX Group, Inc. All rights reserved.