Beurs Stappenplan: Stap 2

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Leen Van Wambeke (NYSE Euronext)

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  • Our community of global markets spans the US and Europe to provide broad access and optimal visibility to Eurozone capital markets. …NYSE – NYSE ARCA – NYSE ALTERNEXT – NYSE BONDS – NYSE EURONEXT BONDS – NYSE BONDMATCH – NYSE EURONEXT – NYSE LIFFE – NYSE LIFFE US – NYSE MKT – NYSE ARCA OPTIONS – NYSE ARCA EUROPE – ARCAEDGE – SMARTPOOL…AMSTERDAMThe Amsterdam stock exchange, formed in 1602 from the Dutch East India Company, is the oldest stock exchange in the world.  It then went on to merge with the European Options Exchange (EOE) in 1997. PARISThe French financial derivatives exchanges, MATIF and MONEP, formed part of the Paris Bourse, becoming electronic exchanges in 1998. First listed company: Paris-Orléans listed since the 27th September 1838. (174 years).[Some dispute as to whether this was definitely the first but fair to say that we have held relationships with companies in Paris for over 170 years.]BRUSSELSThe Brussels stock exchange (BSE) was originally founded in 1801.  LISBONThe Lisbon stock exchange was originally created in 1769 and eventually evolved into the BVLP (the Bolsa de Valores de Lisboa).LONDONLIFFE, the London International Financial Futures and Options exchange, started trading in 1982. The exchange at this point was mutually owned by the banks and individuals who traded on its infamous open-outcry floor. NEW YORKThe signers of the Buttonwood Agreement drafted their first constitution on March 8th, 1817, and named their nascent organization the New York Stock & Exchange Board.In 1863, this name was shortened to its modern form, the New York Stock Exchange, which became known as the NYSE, one of the best-known financial industry brands in the world. Membership on the NYSE has been held as a valuable property since 1868. Until the NYSE went both electronic and public in April 2006, the exchange was a membership-only organization. You could only join the NYSE by purchasing existing seats, which were limited to a total of 1,366.Merging with the already publicly-traded Archipelago electronic stock exchange, the new company was called the NYSE Group, Inc., and the seats of the NYSE translated into shares of stock which are now traded under the ticker symbol NYSE: NYX. In 2008, NYSE Euronext welcomed the historic American Stock Exchange into the world’s largest and most liquid exchange group. Originally called the "curb market" because its brokers traded outdoors in the street, the Amex has been at the forefront of the U.S. financial markets over the course of two centuries.
  • The primary market's key function is to facilitate capital growth by enabling individuals to convert savings into investments. This happens when companies issue new stocks to raise money directly from households for business expansion or to meet financial obligations. The primary market also provides a channel for the government to raise funds from the public to finance public sector projects.
  • Beurs Stappenplan: Stap 2

    1. 1. THE EXCHANGE WORLD IN 2013 Economika Leuven – 5 November 2013 Leen Van Wambeke Senior Business Development Manager Benelux Paris London New York © NYSE Euronext. All Rights Reserved. Amsterdam Lisbon Brussels
    2. 2. THE ROLE OF AN EXCHANGE
    3. 3. THE ROLE OF AN EXCHANGE 3 MAJOR ACTIVITIES OF AN EXCHANGE Exchanges provides companies with the facility to raise capital for growth and expansion through selling shares to the investing public. LISTING TRADING DATA PUBLISHING/ TECHNOLOGY Clients : Issuers Clients : Brokers and indirectly retail and institutional investors Clients : Data providers, banks
    4. 4. OUR BUSINESS 4
    5. 5. OUR BUSINESS NYSE EURONEXT WORLDWIDE 15 exchanges – 7 cash, 8 derivates New York London Lisbon Paris Amsterdam Brussels November 5, 2013 5
    6. 6. THE DIFFERENTIATING VALUE OF NYSE EURONEXT THE DIVERSITY OF OUR BUSINESS AND CLIENTS NYSE Euronext convenes the capital markets community through the platforms, products, technologies, and services that enable issuers and traders to generate capital. Equities FICC Listings NYSE Euronext Community Market Data Advocacy NYSE Technologies Indices November 5, 2013 6
    7. 7. THE NEW REALITY 7
    8. 8. THE NEW REALITY MIFID HAS FUNDAMENTALLY CHANGED THE LANDSCAPE MiFID Increased use of technology Cross border trading Fragmentation of order flow Best Execution Pre-Trade transparency COMPETITION Focus on explicit cost reduction Focus on latency Post-Trade transparency Implicit cost reduction Increased competition New Venues 8
    9. 9. EUROPEAN TRADING LANDSCAPE HAS BEEN RESHAPED  Fragmented, dark & lit, local & pan-European… Independent / Agency Broker Consortium-owned Broker-Dealer Exchange-led 9
    10. 10. THE NEW REALITY CHANGES IN ORDER EXECUTION Visible liquidity Participants have had to reassess the way in which business gets executed Conventional, Natural Order Flow Opaque or hidden liquidity Public Markets Exchanges’ iceberg orders Dark Liquidity / Crossing How will conventional order flows in Europe interact with sophisticated next generation stealth algorithms and ‘hidden’ flows of liquidity? Block and Algorithmic Order Flow Internalisation 10 10
    11. 11. THE NEW REALITY RESULT OF THESE CHANGES •Competition in trading – new markets & platforms •Fragmented liquidity •Reduced transparency & multiple price references •Lower trading fees •Increased cost for brokers (particularly small & mid-sized players) •Increased complexity •Best execution 11
    12. 12. COMPETITION AND REGULATION IS EVOLVING IN EUROPE Competition intense but stable MiFID 2 opportunity  Levelling playing field with MTFs  Transparency requirements extended to more assets  Consolidated Tape for post-trade data under a commercial model  Regulation of HFT in line with our current practices  OTF aims at capturing BCNs, but exact regime remains uncertain  Timing uncertain (around 2015) Post-trade changes  Effects of crisis on market share (Aug 11):   Short-selling bans   Decline in value of French banks/insurance co’s But: increase in value of French banks/insurance firms since January 2012 (Société Générale +47%), and trading in these has reverted back to 19.5% of total volumes traded. MTFs will face increasing pressure to become profitable  EMIR provides framework for interoperability arrangements  Recently launched interoperability arrangements are limited in scope  Fragmentation of the EU post-trading landscape likely to remain, given strong national differences FTT  Challenges for implementation at EU level *Market share on total EU turnover on CESR liquid stocks, source: TAG 12
    13. 13. THE EVOLUTIONARY PROCESS IS CONTINUING  Attrition and consolidation of new entrants:  NYFIX Euro Millennium acquired by NYSE Euronext  Citadel acquired controlling stake in Equiduct  Turquoise acquired by London Stock Exchange  BATS and Chi-X Europe create BATS Chi-X Europe  And more to come… 13
    14. 14. INTERCONTINENTAL EXCHANGE  ICE-NYSE Euronext combination Cautionary statement regarding forward looking statements: This communication contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by words such as “may,” “hope,” “will,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” “could,” “future” or the negative of those terms or other words of similar meaning. You should carefully read forward-looking statements, including statements that contain these words, because they discuss our future expectations or state other “forward-looking” information. Forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. ICE and NYSE Euronext caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving ICE and NYSE Euronext, including future financial results, ICE’s and NYSE Euronext’s plans, objectives, expectations and intentions, the expected timing of completion of the transaction and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in ICE’s and NYSE Euronext’s filings with the U.S. Securities and Exchange Commission (the “SEC”). These risks and uncertainties include, without limitation, the following: the inability to close the merger in a timely manner; the inability to complete the merger due to the failure of NYSE Euronext stockholders to adopt the merger agreement or the failure of ICE stockholders to approve the issuance of ICE common stock in connection with the merger; the failure to satisfy other conditions to completion of the merger, including receipt of required regulatory and other approvals; the failure of the proposed transaction to close for any other reason; the possibility that any of the anticipated benefits of the proposed transaction will not be realized; the risk that integration of NYSE Euronext’s operations with those of ICE will be materially delayed or will be more costly or difficult than expected; the challenges of integrating and retaining key employees; the effect of the announcement of the transaction on ICE’s, NYSE Euronext’s or the combined company’s respective business relationships, operating results and business generally; the possibility that the anticipated synergies and cost savings of the merger will not be realized, or will not be realized within the expected time period; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; general competitive, economic, political and market conditions and fluctuations; actions taken or conditions imposed by the United States and foreign governments or regulatory authorities; and adverse outcomes of pending or threatened litigation or government investigations. In addition, you should carefully consider the risks and uncertainties and other factors that may affect future results of the combined company, as are described in the section entitled “Risk Factors” in the joint proxy statement/prospectus filed by ICE with the SEC, and as described in ICE’s and NYSE Euronext’s respective filings with the SEC that are available on the SEC’s web site located at www.sec.gov, including the sections entitled “Risk Factors” in ICE’s Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on February 6, 2013, and “Risk Factors” in NYSE Euronext’s Form 10-K for the fiscal year ended December 31, 2012, as filed with the SEC on February 26, 2013. You should not place undue reliance on forward-looking statements, which speak only as of the date of this written communication. Except for any obligations to disclose material information under the Federal securities laws, neither ICE nor NYSE Euronext undertakes any obligation to publicly update any forward-looking statements to reflect events or circumstances after the date of this written communication.
    15. 15. THE CYCLE OF AN EXCHANGE ORDER
    16. 16. THE CYCLE OF AN ORDER THE CYCLE OF AN ORDER Settlement (CSD) Clearing (CCP) Clearingmember Clearingmember Confirmation Confirmation Broker Order Broker Trading (Exchange) Confirmation  NYSE Euronext Bevestiging Order  Buyer Seller
    17. 17. THE CYCLE OF AN ORDER COUNTERPARTY RISK Clearing house
    18. 18. THE ROLE OF AN EXCHANGE CONNECTING THE CAPITAL MARKETS INVESTORS Connecting investors to the world’s financial markets MARKETS COMPANIES Providing the capital businesses need to compete, grow, and create jobs CAPITAL INDIVIDUALS Giving everyone ownership of the future growth of their economies ACCOUNTABILITY Advocating for fair, transparent, properly regulated markets to promote business recovery and growth OWNERSHIP PROSPERITY November 5, 2013 18
    19. 19. THE CENTRAL ORDERBOOK
    20. 20. THE NEW REALITY MARKTPARTICIPANTS Private Investors Institutional investors Buy Side Bank Traders Hedge funds Brokers Orders NYSE Euronext Liquidity Market Makers Proprietary Traders Algoritmic Traders 20
    21. 21. MARKET QUALITY ON THE BRUSSELS MARKET NYSE Euronext remains price discovery platform setting highest EBBO, with deepest available liquidity at BBO and smallest spread on BEL 20 Implicit volatility on CAC 40 and quote spread (in bps, CAC 40 volatility index used as indicator) 50% 40 40% 30 BEL 20 50 30% Available liquidity at BBO(€) Mar-13 Feb-13 20 20% Euronext 45 821 44 120 10 10% MTF average1 18 259 18 224 - 0% NYSE Euronext MTF Average CAC 40 Volatility Overview of % presence time at European Best Bid and Offer (EBBO) BEL 20 EBBO EBBO with greatest size EBBO setter Mar-13 Feb-13 Mar-13 Feb-13 Mar-13 Feb-13 Euronext 67% 68% 31% 32% 56% 57% MTF average1 37% 37% 3% 3% 11% 11% More information is available on our website http://europeanequities.nyx.com/en/market-quality 1 MTF average takes into account Chi-X, Turquoise, BATS and Equiduct as alternative trading venues. Source: TAG Audit 21
    22. 22. PRICE FORMATION Euronext is an order driven market: PRICE Sellers Equilibrium price Buyers Traded Volume VOLUME
    23. 23. ORDERS 4 basic data to pass an order : 1. Direction : buy or sell 2. Identification of the share or instrument 3. Number of shares you want to buy or sell 4. Price indication (or not) optionally : the validity (max 1 year) 23
    24. 24. Validity of an order Without indication: • 1 day valid Indication: • Precise date • Maximum 1 year 24
    25. 25. Trading methodology Continuous • • • Continuous trading Big number of shares traded usually Constant price movements Fixing • • • Short trading possibility, namely 30’ Smaller number of usual trades 1 or 2 fixings per day Selection based on the liquidity of the share 25
    26. 26. Continuous trading agenda 7h15 till 9h preopening (collecting bid & ask) at 9h opening price from 9h to 17h30 trading from 17h30 to 17h35 pre closing at 17h35 closing price from 17h35 to 17h40 trading at closing price 26
    27. 27. Typical fixing agenda from 7h15 to 11h30 preopening (collecting bid & ask) at 11h30 opening price from 11h30 to 12h trading at fixing price from 12h to 16h30 preopening (collecting bid & ask) at 16h30 closing price from 16h30 to 17h trading at closing price 27
    28. 28. PREOPENING Centralisation of all buy and sell orders Enter new orders Modify existing orders Cancel orders
    29. 29. OPENING PRICE Principles : three priority rules 1. Price with highest volume 2. Lowest surplus 3. Closest to reference price at the limit of the reduced order(s)
    30. 30. EXECUTION PRIORITIES AT OPENING 1. Orders with better price limit (all executed) 2. Orders without limit 3. Orders limited at opening price FIFO principle except for MiFID service
    31. 31. Continuous trading New orders can be introduced from 9h00 to 17h30 through a Euronext member If matching : immediate execution and a new price is disseminated BUT : Price deviations safeguards 31
    32. 32. Closing fixing Goal Calculation of closing price Centralisation of bids and offers during pre-closing phase (everybody can participate) Identical calculation as opening or fixing 32
    33. 33. Trading at Last You can still trade at closing or fixing price The price does not change any more 33
    34. 34. BEFORE PREOPENING LAST 25,36 Quantity TOP # orders quantity limit buy limit sell quantity # orders 1 250 25,38 25,41 3000 6 2 300 25,37 25,42 2500 2 1 200 25,36 25,43 300 1 8 12000 25,35 25,44 100 1 25,45 10000 12
    35. 35. BEFORE PREOPENING BUY SELL PRICE saldo not matched Total number of shares Total number of shares matched 0 0 opening 15.900 15.900 0 0 25,45 15.900 15.900 10.000 0 0 25,44 5.900 5.900 100 0 0 25,43 5.800 5.800 300 0 0 25,42 5.500 5.500 2.500 0 0 25,41 3.000 3.000 3.000 0 0 25,40 0 0 0 0 25,39 0 0 250 250 0 25,38 -250 0 300 550 0 25,37 -550 0 200 750 0 25,36 -750 0 12.000 12.750 0 25,35 -12.750 0 12.750 0 opening -12.750 0 Nmb of shares Nmb of shares
    36. 36. PREOPENING : BUY 200 @ OPEN, 2000 @ 25,40 SELL 350 @ OPEN, 1000 @ 25,38 BUY SELL Nmb of shares Total number of shares PRICE saldo not matched Total number of shares matched 200 200 200 opening 17.050 17.250 200 200 25,45 17.050 17.250 10.000 200 200 25,44 7.050 7.250 100 200 200 25,43 6.950 7.150 300 200 200 25,42 6.650 6.850 2.500 200 200 25,41 4.150 4.350 3.000 2.200 1350 25,40 -850 1.350 2.200 1350 25,39 -850 1.350 250 2.450 1350 25,38 -1.100 1.350 300 2.750 350 25,37 -2.400 350 200 2.950 350 25,36 -2.600 350 12.000 14.950 350 25,35 -14.600 350 14.950 350 opening -14.600 350 2.000 Nmb of shares 1.000 350
    37. 37. BEFORE PREOPENING LAST 25,36 Quantity TOP # orders quantity limit buy limit sell quantity # orders 1 250 25,38 25,41 3000 6 2 300 25,37 25,42 2500 2 1 200 25,36 25,43 300 1 8 12000 25,35 25,44 100 1 25,45 10000 12
    38. 38. PREOPENING : BUY 200 @ OPEN, 2000 @ 25,40 SELL 350 @ OPEN, 1000 @ 25,38 LAST 25,36 Quantity TOP 25,39 # orders quantity limit buy limit sell quantity # orders 1 200 open open 350 1 1 2000 25,40 25,38 1000 1 1 250 25,38 25,41 3000 6 2 300 25,37 25,42 2500 2 1 200 25,36 25,43 300 1
    39. 39. PREOPENING : BUY 1200 @ 25,41 BUY SELL Nmb of shares Total number of shares PRICE saldo not matched Total number of shares matched 200 200 200 opening 17.050 17.250 200 200 25,45 17.050 17.250 10.000 200 200 25,44 7.050 7.250 100 200 200 25,43 6.950 7.150 300 200 200 25,42 6.650 6.850 2.500 1.200 1.400 1400 25,41 2.950 4.350 3.000 2.000 3.400 1350 25,40 -2.050 1.350 3.400 1350 25,39 -2.050 1.350 250 3.650 1350 25,38 -2.300 1.350 300 3.950 350 25,37 -3.600 350 200 4.150 350 25,36 -3.800 350 12.000 16.150 350 25,35 -15.800 350 16.150 350 opening -15.800 350 Nmb of shares 1.000 350
    40. 40. PREOPENING LAST 25,36 Quantity TOP 25,39 # orders quantity limit buy limit sell quantity # orders 1 200 open open 350 1 1 2000 25,40 25,38 1000 1 1 250 25,38 25,41 3000 6 2 300 25,37 25,42 2500 2 1 200 25,36 25,43 300 1
    41. 41. PREOPENING : BUY 1200 @ 25,41 LAST 25,36 Quantity TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 200 open open 350 1 1 1200 25,41 25,38 1000 1 1 2000 25,40 25,41 3000 6 1 250 25,38 25,42 2500 2 2 300 25,37 25,43 300 1
    42. 42. OPENING BUY SELL Nmb of shares Total number of shares PRICE saldo not matched Total number of shares matched 200 200 200 opening 17.050 17.250 200 200 25,45 17.050 17.250 10.000 200 200 25,44 7.050 7.250 100 200 200 25,43 6.950 7.150 300 200 200 25,42 6.650 6.850 2.500 1.200 1.400 1400 25,41 2.950 4.350 3.000 2.000 3.400 1350 25,40 -2.050 1.350 3.400 1350 25,39 -2.050 1.350 250 3.650 1350 25,38 -2.300 1.350 300 3.950 350 25,37 -3.600 350 200 4.150 350 25,36 -3.800 350 12.000 16.150 350 25,35 -15.800 350 16.150 350 opening -15.800 350 Nmb of shares 1.000 350
    43. 43. AFTER OPENING BUY SELL PRICE saldo not matched Total number of shares 0 opening 15.850 15.850 0 0 25,45 15.850 15.850 10.000 0 0 25,44 5.850 5.850 100 0 0 25,43 5.750 5.750 300 0 0 25,42 5.450 5.450 2.500 0 0 25,41 2.950 2.950 2.950 2.000 0 25,40 -2.000 0 2.000 0 25,39 -2.000 0 250 2.250 0 25,38 -2.250 0 300 2.550 0 25,37 -2.550 0 200 2.750 0 25,36 -2.750 0 12.000 14.750 0 25,35 -14.750 0 14.750 0 opening -14.750 0 2.000 Total number of shares matched 0 Nmb of shares Nmb of shares
    44. 44. PREOPENING LAST 25,36 Quantity TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 200 open open 350 1 1 1200 25,41 25,38 1000 1 1 2000 25,40 25,41 3000 6 1 250 25,38 25,42 2500 2 2 300 25,37 25,43 300 1
    45. 45. OPENING LAST 25,36 Quantity TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 200 open open 350 1 1 1200 25,41 25,38 1000 1 1 2000 25,40 25,41 3000 6 1 250 25,38 25,42 2500 2 2 300 25,37 25,43 300 1
    46. 46. AFTER OPENING LAST 25,41 Quantity 1400 TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 2000 25,40 25,41 2950 6 1 250 25,38 25,42 2500 2 2 300 25,37 25,43 300 1 1 200 25,36 25,44 100 1 8 12000 25,35 25,45 10000 12 9h00 1400 25,41
    47. 47. AFTER OPENING CONTINUOUS LAST 25,41 Quantity 1400 TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 2000 25,40 25,41 2950 6 1 250 25,38 25,42 2500 2 2 300 25,37 25,43 300 1 1 200 25,36 25,44 100 1 8 12000 25,35 25,45 10000 12 9h00 1400 25,41
    48. 48. CONTINUOUS TRADING : SELL 2500 @ ANY PRICE LAST 25,37 Quantity 3900 TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 2000 25,40 25,41 2950 6 1 250 25,38 25,42 2500 2 2 300 25,37 25,43 300 1 1 200 25,36 25,44 100 1 8 12000 25,35 25,45 10000 12 9h01 250 25,37 9h01 250 25,38 9h01 2000 25,40 9h00 1400 25,41
    49. 49. CONTINUOUS TRADING AFTER 2500 SHARES SOLD LAST 25,37 Quantity 3900 TOP 25,41 # orders quantity limit buy limit sell quantity # orders 1 50 25,37 25,41 2950 6 1 200 25,36 25,42 2500 2 8 12000 25,35 25,43 300 1 25,44 100 1 25,45 10000 12 9h01 250 25,37 9h01 250 25,38 9h01 2000 25,40 9h00 1400 25,41
    50. 50. LIMITATION ON MARKET MOVEMENTS Collars For the biggest companies Reservations For small and midcaps Calculated on the reference price which is the price of the last trade
    51. 51. PRICE DRIVEN MARKET SPECIFICITIES • Buyer does not meet seller • Client meets broker who meets market maker • Phone based trading • Multiple reporting of transactions  Client - broker  Broker - Market maker  Market maker – Market maker • Spread is price for liquidity
    52. 52. Buy 25,40 - 25,42 Sell Client A buy 100 MM 2 2 shares @ 25,45 Client D buy 30 shares Client P 5 sell 100 shares @ 25,40 25,40 – 25,43 shares @ 25,41 buy 50 shares @ 25,42 25,39 – 25,42 Client B Client C sell 150 1 shares @ 25,42 buy 200 Client S MM 1 MM 3 Client R 3 sell 100 4 25,40 – 25,44 shares 6 Client T sell 50 25,42 25,42 25,40 25,42 25,40 25,40 100 50 100 30 100 50 100 150 250 280 380 430 shares @ 25,35
    53. 53. Confidential 53
    54. 54. Confidential 54
    55. 55. THE EURONEXT EXPERIENCE
    56. 56. PALAIS DE LA BOURSE : CHANGE AND CONTINUITY 56
    57. 57. BRUSSELS BELL CEREMONIES •Didier Reynders, Deputy Prime Minister and Minister of Finance. •Vincent Van Quickenborne, Minister of Enterprise and Simplification. •Benoît Cerexhe, Minister of the Government of Brussels-Capital. •Arif Havas Oegroseno, Ambassador of Indonesia to Belgium and Luxembourg. •Viscount Etienne Davignon, Minister of State. •William E. Kennard, US Ambassador to the European Union. 57
    58. 58. Corporate responsibility Make a wish World autism day Sanofi-Pasteur Bond Zonder Naam International Women’s Day 58
    59. 59. Retail Education Financial Cocktails With VFB and financial partner Retail fairs participation VFB/Mediafin 59
    60. 60. 18 March 1991 – 18 March 2011 : 20 years BEL 20 60
    61. 61. Belgian Day in New York 61
    62. 62. For internal use only 62
    63. 63. WWW.BEURS.BE Vragen? infobrussels@nyx.com
    64. 64. DISCLAIMER Deze presentatie is enkel bedoeld ter informatie en vormt geen advies tot het verrichten van beleggingshandelingen of andere transacties van dergelijke aard. Hoewel volledig te goeder trouw, verleent NYSE Euronext aan deze presentatie geen enkele garantie. NYSE Euronext, waaronder de aldaar werkzame personen, houdt zich op geen enkele manier aansprakelijk dan wel verantwoordelijk voor de juistheid of volledigheid van deze presentatie. De informatie waarnaar wordt verwezen in deze presentatie kan geen basis vormen voor een overeenkomst. Rechten en plichten met betrekking tot verhandelbare financiële producten van genoteerde ondernemingen aan NYSE Euronext worden ontleend aan de toepasselijke regels van de marktoperator. Gezien de niet-aansprakelijkheid met betrekking tot deze presentatie raadt NYSE Euronext u aan geen beslissing te nemen op basis van de informatie in deze publicatie. Voor zekerheid over de juistheid van de informatie dient u deze zelf te controleren en op grond van uw eigen onderzoek een beslissing te nemen. Personen die actief beschikbare producten op de NYSE Euronext markten wensen te verhandelen dan wel aan te bieden aan derden dienen zich eerst te vergewissen van hun wettelijke rechten en verplichtingen in de relevante jurisdictie, en dienen de risico’s die verbonden zijn aan deze producten te bepalen vooraleer ze hiermee aanvangen. Alle eigendomsrechten en hieraan verbonden belangen behoren toe aan NYSE Euronext. Vermenigvuldiging, opnieuw verspreiden of elke andere aanpassing aan de oorspronkelijke presentatie is alleen toegestaan met schriftelijke toestemming van NYSE Euronext. Onder NYSE Euronext wordt in dit verband verstaan NYSE Euronext en alle bij haar aangesloten vennootschappen, alsmede de ondernemingen die in de context van deze presentatie hieronder vallen. © september 2012, NYSE Euronext – alle rechten voorbehouden. 64

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