Frank Ammerlaan - RTB van aandelen en opties


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Frank Ammerlaan - RTB van aandelen en opties

  1. 1. ‘RTB in in the derivatives market’A story from open outcry to screen trading Frank Ammerlaan, Head of Business Development Benelux
  2. 2. DisclaimerNYSE Euronext refers to NYSE Euronext and its affiliates and references to NYSE Euronext in thispublication include each and any such company as the context dictates. NYSE Liffe is the brand name of thederivatives business of NYSE Euronext, comprising the derivatives markets in Amsterdam, Brussels, Lisbon,London and Paris; and the futures markets in the U.S. All proprietary rights and interest in this publicationshall be vested in NYSE Euronext and all other rights including, but without limitation, patent, registereddesign, copyright, trademark, service mark, connected with this publication shall also be vested in NYSEEuronext. No part of this publication may be redistributed or reproduced in any form or by any means or usedto make any derivative work (such as translation, transformation, or adaptation) without written permissionfrom NYSE Euronext. NYSE Euronext shall not be liable (except to the extent required by law) for the use ofthe information contained herein however arising in any circumstances connected with actual trading orotherwise. Neither NYSE Euronext, nor its servants nor agents, is responsible for any errors or omissionscontained in this publication. This publication is for information only and does not constitute an offer,solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction.All information, descriptions, examples and calculations contained in this publication are for guidancepurposes only, and should not be treated as definitive. Those wishing either to trade in any products availableat NYSE Liffe or to offer and sell them to others should consider both their legal and regulatory position in therelevant jurisdiction and the risks associated with such products before doing so. Potential users of NYSELiffe contracts should familiarise themselves with the full contract specification of the product concerned andany associated information. You should always bear in mind that: the value of investments and any incomefrom them may go down as well as up; you may not get back all of your original investment; past performanceis not necessarily a guide to future performance; rates of exchange may cause the value of underlyinginvestments to go up or down; tax arrangements may change and all stock market based investment isexposed to a degree of risk. 2
  3. 3. Content An overview of NYSE Euronext A brief History Open Outcry in our Industries Driving Factors for change First steps towards efficiency The Advertising Ecosystem today What’s next ?
  4. 4. The world’s largest integrated Exchange groupoffering multi-geography, multi-asset class trading Listing Venue Trading Platform Americas Europe Strategic Relationships Qatar Exchange The World’s Largest Equity Market Continental Europe’s Largest Equity Market • 20% Equity Stake Warsaw Stock Exchange NYSE NYSE Amex NYSE Arca NYSE Euronext NYSE Alternext NYSE Liffe Cash Equities  Cash Equities  Cash Equities  Cash Equities  Cash Equities  Derivatives ADRs  ADRs  ADRs  DRs  DRs Global Partners  ETFs  Fixed Income NYSE Arca  ETFs Europe NYSE Bonds NYSE Amex Options  Certifications  Cash Equities  Abu Dhabi Securities Market Bonds MTF NYSE Arca  Warrants  Bursa Malaysia  Equity options Options NYSE Bond  Dalian Commodities Exchange NYSE Liffe US  Equity options Match  Philippines Stock Exchange Derivatives  Bonds MTF  Tel Aviv Stock Exchange  Tokyo Stock Exchange Under US Under EU Self SmartPool Regulation Regulation Regulation  Dark Pool 4
  5. 5. Evolution of our markets• Our global marketplace helps deepen liquidity, allowing realisation of more potential trading opportunities Past 2009 - 2011 2012 and Beyond Four Separately Operated Largest Market in Europe: Developing the Vision of Uniting the World’s National Markets First Integrated International Two Largest Capital Markets Market in World • Will attract more investors and deepen liquidity pool for listed companies • Concentrates liquidity and order flows • Will further reduce costs to investors and improve market efficiency • Enhances transparency and pricing Investors Investors • Benefits both issuers and investors Investors Investors Investors Investors NYSE NYSE Amsterdam Liffe Alternext NYSE NYSE NYSE Amex Universal Liffe Alternext Brussels A Single Order Book NYSE Paris NYSE Trading Integrated Electronic Liffe NYSE NYSE Arca Market US Platform Euronext Europe NYSE Lisbon Arca NYSE NYSE NYSE SmartPool Investors Arca BondMatch Euronext Europe Investors Investors Investors Investors 5
  6. 6. Evolution of your market• It’s a global marketplace for Ads that deepens liquidity, allowing realisation of more potential trading opportunities Websites / Portals Ad Networks RTB / Exchanges 6
  7. 7. History of the Amsterdam Exchange1602: First ‘printed’ share (VOC).1876: Founding of the “Vereniging voor de Effectenhandel”1913: Stock Exchange moves into Beursplein 5. VOC ‘Actiën’ 1606 – ‘oldest share in the world’ 1978 1997 2000 2002 2007 7
  8. 8. Trading at Beurs van Berlage (1978 - 1986) - Open outcry - ADV contracts per day: 1978: 1.000 1982: 5.900 1984: 30.000 1987: 50.000
  9. 9. Trading at Rokin (1987 - 1998) - Open outcry - ADV contracts per day: 1990: 44.000 1992: 45.000 1994: 55.000 1996: 113.000 1998: 257.000
  10. 10. Trading: 1987 – 1997 (I) TM  Sold !
  11. 11. Buying Online Ads in the past...
  12. 12. Selling Online Ads 1999 - 200? Working / Not working Sales Rep.Creative Agency Tags $$$ ? Invoice Backoffice Agency Advertiser Ad Opps  Sold ! Excel Sales Assistant IO Publisher. Media Buyer
  13. 13. Challenge: Connecting the isolated
  14. 14. Driving factors for change in our industry Efficiency - less paperwork, errors, cost, stress, manual work Consolidation - economy of scale, local markets become global Lower the barriers for entry - an open market for every kind of demand big or small Competition - competition creates better prices Innovation - stay ahead of the game
  15. 15. Trading: 1987 – 1997 (II) TM  Sold ! octopus
  16. 16. Process from floor trading to full screen trading  SWITCH : System Which Incorporate Trading CHoices (phased scenario)  Phases in SWITCH: 0: CTCI: Electronic messaging between banks and Exchange (Apr ‘97) I : Central Order Database (Jun ‘97) II: Automated Trade Confirmation (Nov ‘97) SAO: Semi Automatic Orderbook (Feb ‘98) III: EOB: Elektronic Orderbook (Jul ‘98) IV: Autoquote (Feb ‘99) and SOEX: Small Order Execution (Jun ‘99) V: Handheld Terminals (Nov ‘99) and Hit & Lift (Feb ‘00) VI: Future trading to full screen trading (Aug ‘00) Option trading to full screen trading (phased approach) (Dec ‘02)
  17. 17. Trading: 1997 - 2000  Sold ! 3.00  3.50
  18. 18. Trading: 2001 – 2008  3.00 3.50
  19. 19. A First step: 2001 - 2007
  20. 20. Life becomes a little easier .... Back-office Excel  Advertiser Media Buyer IO Sales House Central Adserving Cars Sports Kids Fashion Fun
  21. 21. Trading at Beursplein 5 - Screen trading - ADV contracts per day: 2000: 230.000 2002: 304.000 2004: 310.000 2006: 497.000 2008: 555.000 2010: 482.000 2012: 350.000
  22. 22. Screen Trading: 2003 onwardsELPS: Euronext Liquidity Providing System for Screen Strading Primary Market Makers PMM Quote all series PMM RD PMM CMM CMM Competitive Market Makers CMM Qoute ATM short terms CMM Trader Trader CMM Trader Trader CMM Trader Trader CMM Trader Trader Trader No obligations Trader Trader Trader Traders
  23. 23. Ad Trading today
  24. 24. Automated Trading is now very much like..... Stock = domain / publisher Direct access to all markets, local & global
  25. 25. And it’s al real-time now... Time = 0.000Advertisers Visitor seconden Offers 1 1. Visitor on page triggers ad request to the €1.00 exchange. 2 3 2. Profile made available to all bidders by the Offers exchange. €1.10 3. Bids with and without algorithm. Offers 5 4. Highest bid wins €1.25 impression. 5. The ad of the highest 4 bidder is shown on page. Time = 0.100 seconden Ad Server
  26. 26. Trading Desks = Stock Broker
  27. 27. Whats’ next ? Regulations - EU increasingly monitoring the our automated trading - EU inreasingly monitoring your use of DATA ? Need for Speed - Traders want faster & smarter decision making / trading - What’s the competitive advantage of Trading Desks ? Big Data - Increasing amounts of data are send over to market participants - What’s become the ‘oil’ of your industry ? Local = Global & Global = Local