The document provides an overview of Deutsche Börse AG's annual press briefing for 2012. It summarizes the company's financial performance in 2011, with net income increasing 15% to €833 million. All business divisions contributed to revenue and earnings growth. It then outlines the company's strategy to accelerate growth by expanding into new markets, enhancing its technology leadership, and tapping new geographic and customer areas. The company aims to continue its strong growth while maintaining cost discipline and shareholder returns.
Otc markets group vic init writeup apr 2020David Li
This document summarizes an investment idea for OTC Markets Group Inc (OTCM). Key points include:
- OTCM operates OTCQX, OTCQB, and Pink markets and generates most revenue through subscription fees.
- It has a net cash balance sheet and recurring revenue model that provides downside protection.
- The investment cycle is complete and costs are largely fixed, which should drive margin expansion over time.
- The valuation of 15x free cash flow is seen as attractive given the business quality and growth potential.
Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
EFL Quarterly 04-16 Insideview - Principal Trading (Piebe Teeboom)Piebe Teeboom
Principal trading firms provide liquidity in financial markets by using their own capital to trade on exchanges, rather than acting on behalf of clients. The European Principal Traders Association (FIA EPTA) represents these firms and advocates for regulation that allows them to continue providing liquidity. Recent reports from financial regulators have found that principal trading does not create "ghost liquidity" and that order duplication across trading venues in fact increases market liquidity. FIA EPTA is currently working to ensure new capital requirements under MiFID II and other regulations are appropriately calibrated so principal trading firms can continue their important role of providing liquidity in financial markets.
- July 2013 saw record levels of investment activity in Europe, driven by large late-stage financings. The largest deal was a €300M round for Dutch company Mobileye.
- Investment levels were up significantly both in terms of deal value and number from the same period last year. Several sectors saw increased investment, including internet, software, and hardware.
- M&A activity remained subdued, with few exits of note for European VC/PE-backed companies over $50M. Corporate buyers have remained disciplined since the last downturn.
- The high levels of investment activity indicate the market has entered a "hype" phase of the cycle, which could lead to inflated valuations and excessive risk
The document summarizes M&A activity in Romania in 2013. It finds that the number of closed transactions increased to 147 in 2013, up from 114 in 2012. The estimated market size also rose to USD 1.09 billion in 2013, up 39% from the previous year. Most deals were domestic transactions and the manufacturing sector saw the most deal volume, while the largest deals by value occurred in banking, real estate, and retail.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
The document provides an overview of Deutsche Börse AG's annual press briefing for 2012. It summarizes the company's financial performance in 2011, with net income increasing 15% to €833 million. All business divisions contributed to revenue and earnings growth. It then outlines the company's strategy to accelerate growth by expanding into new markets, enhancing its technology leadership, and tapping new geographic and customer areas. The company aims to continue its strong growth while maintaining cost discipline and shareholder returns.
Otc markets group vic init writeup apr 2020David Li
This document summarizes an investment idea for OTC Markets Group Inc (OTCM). Key points include:
- OTCM operates OTCQX, OTCQB, and Pink markets and generates most revenue through subscription fees.
- It has a net cash balance sheet and recurring revenue model that provides downside protection.
- The investment cycle is complete and costs are largely fixed, which should drive margin expansion over time.
- The valuation of 15x free cash flow is seen as attractive given the business quality and growth potential.
Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
EFL Quarterly 04-16 Insideview - Principal Trading (Piebe Teeboom)Piebe Teeboom
Principal trading firms provide liquidity in financial markets by using their own capital to trade on exchanges, rather than acting on behalf of clients. The European Principal Traders Association (FIA EPTA) represents these firms and advocates for regulation that allows them to continue providing liquidity. Recent reports from financial regulators have found that principal trading does not create "ghost liquidity" and that order duplication across trading venues in fact increases market liquidity. FIA EPTA is currently working to ensure new capital requirements under MiFID II and other regulations are appropriately calibrated so principal trading firms can continue their important role of providing liquidity in financial markets.
- July 2013 saw record levels of investment activity in Europe, driven by large late-stage financings. The largest deal was a €300M round for Dutch company Mobileye.
- Investment levels were up significantly both in terms of deal value and number from the same period last year. Several sectors saw increased investment, including internet, software, and hardware.
- M&A activity remained subdued, with few exits of note for European VC/PE-backed companies over $50M. Corporate buyers have remained disciplined since the last downturn.
- The high levels of investment activity indicate the market has entered a "hype" phase of the cycle, which could lead to inflated valuations and excessive risk
The document summarizes M&A activity in Romania in 2013. It finds that the number of closed transactions increased to 147 in 2013, up from 114 in 2012. The estimated market size also rose to USD 1.09 billion in 2013, up 39% from the previous year. Most deals were domestic transactions and the manufacturing sector saw the most deal volume, while the largest deals by value occurred in banking, real estate, and retail.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
Rand Merchant Bank was the lead manager and bookrunner for MTN's debut US$ denominated Eurobond issuance. This was MTN's first international bond issuance. RMB was selected due to its strong track record in assisting South African companies access offshore markets. The transaction strengthened RMB's relationship with MTN and demonstrated RMB's growing reach into the rest of Africa as a leading debt capital markets bank. The document is an excerpt from the International Debt Capital Markets Handbook 2016 discussing RMB's role in MTN's bond issuance.
Lynton Humphries has over 25 years of experience in banking, including roles in high street banking, wholesale money markets, FX and derivatives trading, and liquidity management. He is currently a Sales Trader and Liquidity Manager at ICBC (London), helping the branch attain regulatory requirements. Previously, he was Director of Money Markets and Derivatives at Bayerische Landesbank, overseeing a £3B portfolio. He is proficient in trading platforms and efficient in adhering to risk management guidelines. Outside of work, Lynton enjoys spending time with his family and participating in athletic activities.
The document discusses Banca IFIS's strong financial results in the first 9 months of 2012, with profits up 175.5% and deposits increasing 75.6%. It also outlines the launch of the new contomax crowd banking account on January 7th and details various social media initiatives undertaken by the bank, including the StreetNetwork art contest and expansion of its online presence through platforms like LinkedIn, Facebook, and a new WebTV channel.
DealMarket DIGEST Issue 163 //21 November 2014CAR FOR YOU
The document summarizes several news items from the private equity industry:
1) A study found that several venture capital funds outperformed during the 2008 financial crisis, including Union Square Ventures, Avalon Ventures VIII, and Emergence Capital Partners II.
2) Many European entrepreneurs are founding startups in Southeast Asia for business opportunities and financial success, not just for better weather. Payments services are seen as attractive for expansion to other emerging markets.
3) Global M&A volume hit a seven-year high in 2014, with healthcare deals reaching a record level. Private equity accounted for over 20% of deal volume.
What types of European bank loan portfolios will investment banks, hedge funds and private equity firms invest in and in which territories over the next year?
Too Fast Too Furious Need for Speed (High-Frequency Trading) AntidoteTommi /. Vuorenmaa
Presentation at Copenhagen Business School, Symposium on High-Frequency Trading (http://www.cbs.dk/en/knowledge-society/business-in-society/competitiveness/events/the-2015-copenhagen-business-school-symposium-on-high-frequency-trading), October 5th, 2015.
Broadridge's annual review of the European funds industry provides 20 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products prospered in 2015. The report includes unique data on cross-border activity, as well as commentary on various issues that impact the industry over the near term and long term.
This document provides an overview of Deutsche Börse AG's annual press briefing for 2013. It discusses the company's performance in 2012, strategic direction, and achievements. Key points include:
- 2012 was challenging due to uncertainty, but Deutsche Börse maintained performance through diversification and international expansion. Revenue and earnings were below 2011 levels.
- The strategic focus is on expanding regulated products to unregulated markets, with milestones like OTC interest rate swap clearing and the Global Liquidity Hub.
- Growth opportunities exist in connecting Eurex and Clearstream and expanding to new customer groups. Significant future growth is expected in Asia, where Deutsche Börse is increasing its presence.
- For
The boom in the labour market is finally reflected in employee remuneration. As much as 38 per cent of Poland’s medium-sized and large enterprises declare that they will be increasing salaries.
This document appears to be describing the products and services offered by Thomson Reuters to support corporate treasury management. It provides everything needed for treasury management, including analytics, pricing data, news, research and insights. It also offers tools for trade execution, risk management, regulatory compliance and workflow automation. The platform has over 5000 corporate clients and connects users to a global community of industry professionals.
The document discusses trends in the European loan sale market in 2016. It predicts significant loan sale activity throughout Europe, exceeding €130 billion. While activity may slow in some countries, overall high levels of activity are expected as the focus shifts to other countries and asset types, particularly performing residential and SME loans. The United Kingdom market is summarized as having the most active loan sales in 2015 and expected to remain highly active, potentially surpassing 2015 levels if large rumored transactions materialize. However, without these transactions, UK sales are expected to be significantly lower than 2015.
Hong Kong has a highly developed free market economy characterized by low tax rates, free trade, and a stable financial market. Its currency is pegged to the US dollar and its economy relies heavily on international trade and finance. Hong Kong has consistently ranked as one of the freest economies in the world and is an attractive location for starting businesses due to its minimal government intervention and open financial system. Major industries include finance, trading, and professional services.
A new report published by The Economist Intelligence Unit finds that the vast majority of exporters in Hong Kong who use free-trade agreements (FTAs) signed by the Special Administrative Region benefit from doing so. Almost 90% of companies polled said the trade pacts they were using had increased exports to corresponding markets, while 61% said they had resulted in new business opportunities.
These are among the key findings of Free trade frontier? Hong Kong businesses and the future of FTAs, the fourth in a series of reports sponsored by HSBC that examines Asian businesses’ attitudes towards FTAs and usage of their provisions. The report is based in part on the findings of a survey conducted in 2014 of 100 senior executives from Hong Kong-based exporters.
The survey finds that the usage rate of FTAs signed by Hong Kong varies widely. Some 63% of exporters use the Closer Economic Partnership Arrangement (CEPA) with the mainland, for example, while just 12% use the deal with New Zealand. For those that are less well used, some companies may be put off by their perceived complexity or a lack of internal resources.But the results may also suggest that trade pacts do not cover the markets most important to Hong Kong’s exporters.
In addition, while Hong Kong’s government is generally seen as a trusted source of information on trade-related developments, 75% of firms are eager to receive more advice and guidance from the authorities on FTA matters. A majority of companies (52%) also feel officials don’t accurately represent their interests in trade negotiations.
The renminbi's volatility has intensified treasurers' focus as the currency is no longer assumed to only appreciate against the dollar. The renminbi's two-way movements are caused by China's efforts to open its capital markets and make the renminbi more flexible, as well as global monetary policies. While some large multinationals, like IKEA, hedge renminbi risks routinely using derivatives, others like Valspar had not established hedging policies given the renminbi's previous consistent appreciation. Treasury strategies must be tailored to each company's unique business model to effectively manage currency risk from the renminbi.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
FXCM is a global online provider of forex trading and related services. In 2010, FXCM saw strong growth in key metrics such as active client accounts, trading volumes, and revenues. FXCM went public on the NYSE in December 2010. The annual report summarizes FXCM's global operations and presence, performance highlights for 2010 showing increases in accounts and trading volumes, and a letter to shareholders outlining FXCM's strategic initiatives and accomplishments in 2010 such as new platforms, products, and expansion into new markets.
1) While Spain was once considered part of the struggling "PIGS" economies after the global financial crisis, it has since improved with reforms and one of the fastest growing economies in the eurozone.
2) However, Spanish banks remain determined to maintain their dominance in the corporate lending market and are aggressively competing with alternative lenders by offering more favorable terms.
3) As a result, alternative lenders have had difficulty gaining traction in Spain and have executed fewer deals there than in countries like Germany, Italy, and the Nordic countries. They are seeking out niches not served by the banks, like lending to SMEs or "grey borrowers" with restructuring needs.
Dupré Analytics is shorting China Zhongwang, alleging it is the largest fraud ever uncovered in China. They claim Chairman Liu and his family have defrauded investors since 2009 by fabricating at least 62.5% of revenue since 2011 (HK$38.5 billion) and siphoning funds from a delayed facility project. Dupré alleges the Liu family has used secretly controlled trading companies and intermediaries to move tens of billions of dollars of aluminum abroad, racking up HK$36.5 billion in undisclosed borrowing recourseable to Zhongwang. Large stockpiles of aluminum in the U.S. and Mexico allegedly show Zhongwang's reported revenue is fraudulent.
This document provides an overview and analysis of the fintech industry and expectations for 2016. It discusses the growth of fintech in 2015, concerns about continued growth, and predictions for 2016. Key points include:
- Fintech investment nearly doubled from 2014 to 2015, with the five most active investors flexing their muscles.
- Concerns exist around overregulation stifling growth, talent shortages, conservatism of traditional banks in adopting new technologies, and macroeconomic factors.
- Predictions for 2016 include disruption from tech giants through new alliances, increased social media usage in trading, a wave of new startups, focus on financial inclusion and responsible finance, regrowth of cryptocurrency and
This document is the transcript of a speech given by Dr. Reto Francioni, the CEO of Deutsche Börse Aktiengesellschaft, at the company's annual general meeting on May 16, 2012. In the speech, Francioni discusses Deutsche Börse's strong financial performance in 2011, achieving the second highest sales revenue in company history. He also outlines the company's growth strategy, continued cost management efforts, and maintained top position compared to other global exchanges. While a planned merger with NYSE Euronext was prohibited, Deutsche Börse has grown on its own and is well positioned for continued growth and value creation for shareholders.
Deutsche Börse AG held its annual press conference in 2014 to report on financial results for 2013 and discuss strategic plans. Key points:
- Net revenue was €1.9 billion and EBIT was €950 million, adjusted for one-time effects. The executive board proposes a dividend of €2.10 per share.
- While revenue was stable, investments in new growth areas lowered EBIT by 5%. Cost savings programs offset this.
- The company expanded market share in some areas and saw record volumes at Clearstream.
- Strategic focus remains on clearing OTC derivatives, collateral/liquidity management, and expanding in Asia through new partnerships and a Singapore clearing house.
- Deutsche
Rand Merchant Bank was the lead manager and bookrunner for MTN's debut US$ denominated Eurobond issuance. This was MTN's first international bond issuance. RMB was selected due to its strong track record in assisting South African companies access offshore markets. The transaction strengthened RMB's relationship with MTN and demonstrated RMB's growing reach into the rest of Africa as a leading debt capital markets bank. The document is an excerpt from the International Debt Capital Markets Handbook 2016 discussing RMB's role in MTN's bond issuance.
Lynton Humphries has over 25 years of experience in banking, including roles in high street banking, wholesale money markets, FX and derivatives trading, and liquidity management. He is currently a Sales Trader and Liquidity Manager at ICBC (London), helping the branch attain regulatory requirements. Previously, he was Director of Money Markets and Derivatives at Bayerische Landesbank, overseeing a £3B portfolio. He is proficient in trading platforms and efficient in adhering to risk management guidelines. Outside of work, Lynton enjoys spending time with his family and participating in athletic activities.
The document discusses Banca IFIS's strong financial results in the first 9 months of 2012, with profits up 175.5% and deposits increasing 75.6%. It also outlines the launch of the new contomax crowd banking account on January 7th and details various social media initiatives undertaken by the bank, including the StreetNetwork art contest and expansion of its online presence through platforms like LinkedIn, Facebook, and a new WebTV channel.
DealMarket DIGEST Issue 163 //21 November 2014CAR FOR YOU
The document summarizes several news items from the private equity industry:
1) A study found that several venture capital funds outperformed during the 2008 financial crisis, including Union Square Ventures, Avalon Ventures VIII, and Emergence Capital Partners II.
2) Many European entrepreneurs are founding startups in Southeast Asia for business opportunities and financial success, not just for better weather. Payments services are seen as attractive for expansion to other emerging markets.
3) Global M&A volume hit a seven-year high in 2014, with healthcare deals reaching a record level. Private equity accounted for over 20% of deal volume.
What types of European bank loan portfolios will investment banks, hedge funds and private equity firms invest in and in which territories over the next year?
Too Fast Too Furious Need for Speed (High-Frequency Trading) AntidoteTommi /. Vuorenmaa
Presentation at Copenhagen Business School, Symposium on High-Frequency Trading (http://www.cbs.dk/en/knowledge-society/business-in-society/competitiveness/events/the-2015-copenhagen-business-school-symposium-on-high-frequency-trading), October 5th, 2015.
Broadridge's annual review of the European funds industry provides 20 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products prospered in 2015. The report includes unique data on cross-border activity, as well as commentary on various issues that impact the industry over the near term and long term.
This document provides an overview of Deutsche Börse AG's annual press briefing for 2013. It discusses the company's performance in 2012, strategic direction, and achievements. Key points include:
- 2012 was challenging due to uncertainty, but Deutsche Börse maintained performance through diversification and international expansion. Revenue and earnings were below 2011 levels.
- The strategic focus is on expanding regulated products to unregulated markets, with milestones like OTC interest rate swap clearing and the Global Liquidity Hub.
- Growth opportunities exist in connecting Eurex and Clearstream and expanding to new customer groups. Significant future growth is expected in Asia, where Deutsche Börse is increasing its presence.
- For
The boom in the labour market is finally reflected in employee remuneration. As much as 38 per cent of Poland’s medium-sized and large enterprises declare that they will be increasing salaries.
This document appears to be describing the products and services offered by Thomson Reuters to support corporate treasury management. It provides everything needed for treasury management, including analytics, pricing data, news, research and insights. It also offers tools for trade execution, risk management, regulatory compliance and workflow automation. The platform has over 5000 corporate clients and connects users to a global community of industry professionals.
The document discusses trends in the European loan sale market in 2016. It predicts significant loan sale activity throughout Europe, exceeding €130 billion. While activity may slow in some countries, overall high levels of activity are expected as the focus shifts to other countries and asset types, particularly performing residential and SME loans. The United Kingdom market is summarized as having the most active loan sales in 2015 and expected to remain highly active, potentially surpassing 2015 levels if large rumored transactions materialize. However, without these transactions, UK sales are expected to be significantly lower than 2015.
Hong Kong has a highly developed free market economy characterized by low tax rates, free trade, and a stable financial market. Its currency is pegged to the US dollar and its economy relies heavily on international trade and finance. Hong Kong has consistently ranked as one of the freest economies in the world and is an attractive location for starting businesses due to its minimal government intervention and open financial system. Major industries include finance, trading, and professional services.
A new report published by The Economist Intelligence Unit finds that the vast majority of exporters in Hong Kong who use free-trade agreements (FTAs) signed by the Special Administrative Region benefit from doing so. Almost 90% of companies polled said the trade pacts they were using had increased exports to corresponding markets, while 61% said they had resulted in new business opportunities.
These are among the key findings of Free trade frontier? Hong Kong businesses and the future of FTAs, the fourth in a series of reports sponsored by HSBC that examines Asian businesses’ attitudes towards FTAs and usage of their provisions. The report is based in part on the findings of a survey conducted in 2014 of 100 senior executives from Hong Kong-based exporters.
The survey finds that the usage rate of FTAs signed by Hong Kong varies widely. Some 63% of exporters use the Closer Economic Partnership Arrangement (CEPA) with the mainland, for example, while just 12% use the deal with New Zealand. For those that are less well used, some companies may be put off by their perceived complexity or a lack of internal resources.But the results may also suggest that trade pacts do not cover the markets most important to Hong Kong’s exporters.
In addition, while Hong Kong’s government is generally seen as a trusted source of information on trade-related developments, 75% of firms are eager to receive more advice and guidance from the authorities on FTA matters. A majority of companies (52%) also feel officials don’t accurately represent their interests in trade negotiations.
The renminbi's volatility has intensified treasurers' focus as the currency is no longer assumed to only appreciate against the dollar. The renminbi's two-way movements are caused by China's efforts to open its capital markets and make the renminbi more flexible, as well as global monetary policies. While some large multinationals, like IKEA, hedge renminbi risks routinely using derivatives, others like Valspar had not established hedging policies given the renminbi's previous consistent appreciation. Treasury strategies must be tailored to each company's unique business model to effectively manage currency risk from the renminbi.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
FXCM is a global online provider of forex trading and related services. In 2010, FXCM saw strong growth in key metrics such as active client accounts, trading volumes, and revenues. FXCM went public on the NYSE in December 2010. The annual report summarizes FXCM's global operations and presence, performance highlights for 2010 showing increases in accounts and trading volumes, and a letter to shareholders outlining FXCM's strategic initiatives and accomplishments in 2010 such as new platforms, products, and expansion into new markets.
1) While Spain was once considered part of the struggling "PIGS" economies after the global financial crisis, it has since improved with reforms and one of the fastest growing economies in the eurozone.
2) However, Spanish banks remain determined to maintain their dominance in the corporate lending market and are aggressively competing with alternative lenders by offering more favorable terms.
3) As a result, alternative lenders have had difficulty gaining traction in Spain and have executed fewer deals there than in countries like Germany, Italy, and the Nordic countries. They are seeking out niches not served by the banks, like lending to SMEs or "grey borrowers" with restructuring needs.
Dupré Analytics is shorting China Zhongwang, alleging it is the largest fraud ever uncovered in China. They claim Chairman Liu and his family have defrauded investors since 2009 by fabricating at least 62.5% of revenue since 2011 (HK$38.5 billion) and siphoning funds from a delayed facility project. Dupré alleges the Liu family has used secretly controlled trading companies and intermediaries to move tens of billions of dollars of aluminum abroad, racking up HK$36.5 billion in undisclosed borrowing recourseable to Zhongwang. Large stockpiles of aluminum in the U.S. and Mexico allegedly show Zhongwang's reported revenue is fraudulent.
This document provides an overview and analysis of the fintech industry and expectations for 2016. It discusses the growth of fintech in 2015, concerns about continued growth, and predictions for 2016. Key points include:
- Fintech investment nearly doubled from 2014 to 2015, with the five most active investors flexing their muscles.
- Concerns exist around overregulation stifling growth, talent shortages, conservatism of traditional banks in adopting new technologies, and macroeconomic factors.
- Predictions for 2016 include disruption from tech giants through new alliances, increased social media usage in trading, a wave of new startups, focus on financial inclusion and responsible finance, regrowth of cryptocurrency and
This document is the transcript of a speech given by Dr. Reto Francioni, the CEO of Deutsche Börse Aktiengesellschaft, at the company's annual general meeting on May 16, 2012. In the speech, Francioni discusses Deutsche Börse's strong financial performance in 2011, achieving the second highest sales revenue in company history. He also outlines the company's growth strategy, continued cost management efforts, and maintained top position compared to other global exchanges. While a planned merger with NYSE Euronext was prohibited, Deutsche Börse has grown on its own and is well positioned for continued growth and value creation for shareholders.
Deutsche Börse AG held its annual press conference in 2014 to report on financial results for 2013 and discuss strategic plans. Key points:
- Net revenue was €1.9 billion and EBIT was €950 million, adjusted for one-time effects. The executive board proposes a dividend of €2.10 per share.
- While revenue was stable, investments in new growth areas lowered EBIT by 5%. Cost savings programs offset this.
- The company expanded market share in some areas and saw record volumes at Clearstream.
- Strategic focus remains on clearing OTC derivatives, collateral/liquidity management, and expanding in Asia through new partnerships and a Singapore clearing house.
- Deutsche
LTP Trade has created an online platform called LTPtrade.net that aims to increase transparency, liquidity, and trading of trade finance assets. By allowing banks and investors to buy and sell trade receivables online, it could expand access to the $3 trillion global trade finance market in a similar way that Eurobonds expanded the bond market. Some early users have purchased new asset types on the platform. LTP Trade also provides research, risk management services, and works with State Street to enable electronic settlement of trades, in order to further professionalize and grow the trade finance asset class.
Annual General Meeting: Report of the Chief Executive OfficerDeutsche Börse AG
- The document is the speech from the CEO of Deutsche Börse AG, Reto Francioni, at the company's annual general meeting on May 13, 2015.
- In 2014, Deutsche Börse saw a 7% increase in net revenue to €2,043 million and a 3% increase in EBIT to €982.8 million. The company proposed a stable dividend of €2.10 per share, distributing 58% of net income.
- In Q1 2015, net revenue increased 16% to €600 million and adjusted EBIT grew 16% to €319 million. The CEO was confident about the full year results based on this strong start.
Philippe Gelis, co-founder and CEO of Kantox, discusses how the British Chamber of Commerce has assisted Kantox's growth strategy. Kantox provides foreign exchange management solutions to SMEs and mid-cap companies. It has offices in London and Barcelona with 60 employees. The UK and Spain are key markets. Kantox aims to consolidate and grow its position in European markets building on its 1,600 clients and $2 billion in FX transactions processed.
Quarterly report for our investors - Third Quarter 2018BESTINVER
1) The Bestinver international portfolio returned -2.5% for the third quarter of 2018 while the Iberian portfolio returned 2.11%. Over longer periods of 3 and 5 years, Bestinver's portfolios have outperformed the market.
2) Interest rates have been rising in the US slowly since 2015, now at 2-3%, which some believe will hurt stock markets. However, Bestinver sees this as monetary policy normalizing as economies strengthen.
3) Bestinver finds expensive good companies, cheap companies that could get cheaper, and good businesses with high growth potential trading at discounts. They see opportunities in industrial companies like Konecranes and sectors like machinery.
Quarterly report for our investors - First Quarter 2018BESTINVER
During the first quarter of 2018, the international portfolio fell 3.3% compared to a 4.3% fall in the European market index. Over the long term, the portfolio has outperformed with returns of 4.38% over 3 years and 10.76% over 5 years. The portfolio is trading at a potential growth of 54% from its current net asset value to its target value. Recent portfolio activity included selling positions that had achieved strong gains and reduced exposure, and using market fluctuations to add undervalued companies with good long-term potential such as Smith & Nephew.
Trends in the European Fixed Income MarketBroadridge
Explore the leading trends shaping the fixed income landscape in Europe in the next several years. Key issues explored: rising trend to move towards electronic trading; improving post-trade infrastructure, rollout of new solutions in fixed income and impact on the back office. The paper concludes with the effect of MiFID on fixed income markets.
LTP Trade was awarded "Best Newcomer to Trade Finance" for establishing an online platform for trading trade finance assets and providing related services. Since starting in 2000, LTP Trade has facilitated over $100 million in trade finance transactions through its platform. The platform now has over 480 users from 92 institutions in 22 countries. LTP Trade aims to increase efficiency, liquidity and transparency in trade finance by addressing issues like lack of standardization and physical settlement that restrict the growth of trade finance as an asset class.
Quarterly report for our investors - Second Quarter 2018BESTINVER
The document provides an overview of Bestinver's international and Iberian equity portfolios for the second quarter of 2018.
For the international portfolio:
- Returns were 0.86% year-to-date, outperforming the European market which declined 0.48%.
- The portfolio trades at a price-to-earnings ratio of 10.4x with 44% growth potential.
- Largest sector allocations are to industrial and consumer stocks. Geographically, most holdings are in Europe.
For the Iberian portfolio:
- Returns were 5.8% year-to-date, outperforming the Iberian market index which rose 0.98%.
Go4Venture Bulletin - Venture & Growth Equity Market Report Europe, July 2014CAR FOR YOU
Go4Ventures Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
- Investments, i.e. Venture Capital and Private Equity financings, including growth equity, financing rounds with single secondaries components (recapitalisations)
- M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Jonathan Russell became Chairman of the EVCA in June 2008 at a challenging time for the private equity industry, as there is pressure from Brussels for new regulations. As Chairman, Russell aims to ensure any new legislation considers the consequences for businesses and the European economy without unduly restricting the industry. Private equity contributes to growth and innovation across Europe, though its impact on employment is a concern. By the end of his one-year term, Russell hopes to have established definitive industry data and entered into productive dialogue with the European Commission regarding new regulations.
Deutsche Börse Group Annual General Meeting 2014 Speech CEO Reto FrancioniDeutsche Börse AG
The document is a speech given by the CEO of Deutsche Börse AG at the company's annual general meeting. It discusses the company's performance in 2013 and Q1 2014, and outlines its strategy for 2014-2017.
Key points:
- In 2013, Deutsche Börse generated €1.9 billion in revenue and €950 million in EBIT. Clearstream and Xetra saw increases while Eurex and ISE revenue declined. A dividend of €2.10 per share is proposed.
- Q1 2014 saw increases in revenue and earnings across most segments.
- The strategy focuses on expanding risk/collateral management to unregulated markets, growing technology/services, and expanding
The document discusses trends in the global trade finance market. It notes that earnings power is shifting to Asia and the middle market segment. Two key trends are highlighted: 1) Asia is becoming the global hub for trade finance, driven by strong growth in intra-Asian trade and exports to the US and Europe. Over the next few years, Asia's importance is expected to further increase and a new Asian revenue pool of over $2.5 billion is projected to emerge. 2) Globalization has reached the European middle market. While consolidation in the industry is expected, credit capacity has now become critical for business success, allowing mid-tier competitors to compete.
DealMarket Digest Issue 131 - 7 March 2014Urs Haeusler
SEE WHATS NOTEWORTHY IN PRIVATE EQUITY THIS WEEK /// ISSUE 131 - March 7th, 2014:
- How New European Rules Affect Private Equity Teams
- PE outlook for Europe
- EY’s Top 10 VC Dealmakers Worldwide
- Global Telecom M&A Hits 13 Year High
- PE Drives Robust Returns for Ontario Pension Fund
- Quote of the Week: Venture Capital? Make Way for Geek Guilds
alterDomus International Annual Update 2015-16Chris Casapinta
The document provides an overview of key developments in international taxation from 2015-2016, focusing on topics like the Base Erosion and Profit Shifting (BEPS) action plan from the OECD, the Alternative Investment Fund Managers Directive (AIFMD), and automatic exchange of information standards. It summarizes country-specific tax law changes for several jurisdictions and contacts for further information. The BEPS project concluded in 2015 with recommendations to align profits with economic activity and prevent double non-taxation. This will require changes to transfer pricing guidelines and country-by-country reporting for some multinationals. Implementation of BEPS continues through 2016 with ongoing work on several action items and monitoring adoption.
Quarterly report for our investors - Fourth Quarter 2018BESTINVER
This quarterly report provides an overview of Bestinver's performance in 2018 and outlook. Key points include:
- Bestinfond value fund fell 13.4% and Bestinver Bolsa stock fund fell 8.7% in 2018, though the company remains confident in long-term returns.
- Opportunities exist from market volatility, and the company has been rotating portfolios into "ugly" companies at attractive prices.
- Exposure to industrials has increased through companies supplying automotive and stainless steel that have lost over 65% of value.
- Prudence is advised regarding financial and Chinese companies due to various risks, though some gains were achieved.
- With $6 billion under management
ICMA has prepared a paper for policy makers about why corporate bond markets are so important for economic growth, for investors, for companies, and for governments, around the world; and why it is therefore essential that laws and regulations that affect them avoid any unintended adverse consequences that could inhibit those markets.
The London Market Group (LMG) has made progress on its four priorities to modernize and grow the London insurance market: telling the London Market story, building workforce diversity, creating a better business environment, and making London easier to do business. Key achievements in 2016 include brand research, skills gap studies, political engagement, and launching new technology platforms. Upcoming deliverables through 2017 include further promotional activities, talent initiatives, Brexit representation, and expanding online platforms to streamline operations. The LMG is funded and governed by major London Market associations to coordinate cross-market modernization efforts.
European Tech cos (founded 2000 or later) with $1 B valuations - by GP Bullhound, Sept 2017.
Too much money is chasin too few (GOOD) cos. This means there´s a tremendous opportunity for creating new GOOD cos here...!
Limit, Quotes und offenes Orderbuch – Wie Sie die Vorteile der Börse in der P...Deutsche Börse AG
In einem halbstündigen Online-Workshop erklären wir Ihnen anschaulich, wie Sie den passenden Handelsplatz finden, geschickt Limits setzen und so den Kurs mitbestimmen können. Außerdem gehen wir auf verfügbare Ordertypen ein und schauen ins offene Xetra-Orderbuch.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung auf http://www.boerse-frankfurt.de/webinare-boersenwissen verfügbar ist.
Wegen ihrer überdurchschnittlich hohen Verzinsung sind Hybrid-Anleihen bei Anlegern beliebt. Die Kehrseite der guten Rendite ist das Risiko: Bei dieser nachrangingen Anleiheart mit langer, manchmal auch unendlicher Laufzeit, hängt die tatsächliche Zinszahlung vom Ergebnis des Unternehmens ab. Vorzeitige einseitige Kündigung seitens des Emittenten ist möglich.
Tim Oechsner, Spezialist bei der Hellwigbank, die solche Hybrid-Anleihen in Frankfurt betreuen, stellt die beiden Typen Cocos und Perps vor, erläutert, worauf es beim Handel im Vergleich zu gewöhnlichen Anleihen ankommt.
Diese Präsentation stammt aus einem Webinar, das als Aufzeichnung bei http://www.boerse-frankfurt.de/webinare-anleihen verfügbar ist. Wegen des höheren Risikos sind Hybrid-Anleihen nur für erfahrene Anleger geeignet, an diese richtet sich auch das Webinar.
Neue Chancen mit Short-, Hebel- und Smart-Beta-ETFs: Worauf Sie beim Einsatz ...Deutsche Börse AG
Short- und Hebel-ETFs geben Ihrem Depot den extra Rendite-Kick, wenn Sie einige Besonderheiten beachten. Wir stellen diese vor. Außerdem geben wir Ihnen Tipps zur optimalen Platzierung Ihrer Order, zeigen das offene Xetra-Orderbuch und wie Sie dieses geschickt nutzen können. Zum Abschluss greifen wir den neusten Trend in passiven Investments auf: Smart-Beta-ETFs.
Der Vortrag richtet sich an Anlage-orientierte Selbstentscheider, die mit den Grundbegriffen der börslichen Geldanlage bereits vertraut sind.
Intelligente Ordertypen: Mit Strategie und Ziel geschickt Aufträge platzierenDeutsche Börse AG
Eine ganze Reihe von Ordertypen und -zusätzen bestimmen die Reiseroute Ihrer Kauf- und Verkaufsaufträge. Insbesondere eine zweite Generation intelligenter Ordertypen ermöglicht die geschickte Platzierung "mitdenkender" Orders in einem dynamischen Markt. Dieses Webinar gibt einenkurzen Überblick über die wichtigsten Ordertypen und geht dann intensiver auf die
intelligenten Ordertypen ein bzw. in welchen Szenarien ihr Einsatz sinnvoll ist.
Themen des Webinars in der Präsentation:
Geschichte des Goldes
Gold als Krisen- und Inflationsindikator
Gold zur Portfoliodiversifikation: 5 Prozent-Empfehlung von Mercer Investment Consultants
Kostenvergleich der Goldanlagemöglichkeiten
This document provides an agenda and overview for Deutsche Börse Group's 2015 Investor Day in London on June 2nd. The agenda includes presentations on the group overview, cash and derivatives markets, post-trade services, and market data and services. The document also discusses the changing market environment and regulatory landscape, Deutsche Börse Group's business model and strengths, financial and operational performance, growth strategy through partnerships and M&A, and outlook for meeting mid-term revenue targets.
Annual General Meeting: Presentation to the report of the CEO Deutsche Börse AG
This document provides a summary of Deutsche Börse Group's financial results for 2014 and the first quarter of 2015, as well as the company's financial guidance for 2015. In 2014, net revenue increased 7% to €2.043 billion, EBIT adjusted rose 5% to €954 million, and earnings per share adjusted grew 3% to €3.63. For 2015, the company expects net revenue of €2.2-2.4 billion and EBIT of €975 million to €1.175 billion. Deutsche Börse Group remains focused on growing its business through organic and acquisition-based strategies while effectively managing costs.
- Reto Francioni, CEO of Deutsche Börse AG, is giving his farewell speech at the company's New Year's reception after over a decade as CEO.
- He thanks Chancellor Merkel for her support of Frankfurt as a financial center and interest in Deutsche Börse.
- Francioni highlights Deutsche Börse's recent expansion into Asia, including a partnership with Bank of China and activities in Singapore, to capitalize on Asia's economic growth and demand for financial services.
- While more progress remains, Francioni is proud of Deutsche Börse's role in stabilizing markets during the 2008 financial crisis and looks forward to the company continuing to support European growth and job creation under
- Joachim Faber, Chairman of the Supervisory Board of Deutsche Börse AG, welcomed guests to the New Year's Reception, including the German Chancellor.
- He noted that Germany's capital markets are underperforming given the size of the economy, with low participation from German investors and a high proportion of foreign investors in German companies.
- Two ways to improve the situation are expanding capital investment allowed in insurance and significantly growing pension coverage through large pension pools to deepen Germany's capital markets.
The European Central Bank yesterday published the results of its Comprehensive Assessment and stress test. As a key European market infrastructure with a banking license Clearstream was included in the assessment - and achieved very good results.
ETFs – ein ganzer Markt in einer Order. Wie Sie den passenden Indexfonds find...Deutsche Börse AG
ETFs sind ein tolles Anlageinstrument insbesondere für private Anleger. Günstiger und oft erfolgreicher als aktiv verwaltete Investmentsfonds, handelbar wie Aktien aber diversifiziert.
Der Vortrag geht auf diese Themen ein:
- Definition, Vorteile, Risiken von ETFs
- Der Markt
- Tipps für den Kauf von ETFs
- 10 Schritte zum ETF für Anleger
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Karoline is a Summer Student at Clearstream, Deutsche Börse Group's settlement and custody division. During her stay she will find out how it is like to work in a bank and share her experiences with you in weekly reports.
Jeffrey Tessler, a member of Deutsche Börse's executive board, welcomes guests to a symposium on the role of capital markets and banks in fueling economic recovery. He notes that Deutsche Börse processes all steps of the trading, clearing, settlement and custody cycle, making it affected by financial regulations. Tessler believes regulated markets can balance market freedom and stability, as long as regulation avoids hidden agendas that undermine fair competition. Overall, Tessler supports regulation aimed at rediscovering core values like responsibility, integrity and transparency, while acknowledging challenges around regulatory costs and uncertainty.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...BBPMedia1
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
The report *State of D2C in India: A Logistics Update* talks about the evolving dynamics of the d2C landscape with a particular focus on how brands navigate the complexities of logistics. Third Party Logistics enablers emerge indispensable partners in facilitating the growth journey of D2C brands, offering cost-effective solutions tailored to their specific needs. As D2C brands continue to expand, they encounter heightened operational complexities with logistics standing out as a significant challenge. Logistics not only represents a substantial cost component for the brands but also directly influences the customer experience. Establishing efficient logistics operations while keeping costs low is therefore a crucial objective for brands. The report highlights how 3PLs are meeting the rising demands of D2C brands, supporting their expansion both online and offline, and paving the way for sustainable, scalable growth in this fast-paced market.
Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
The Most Inspiring Entrepreneurs to Follow in 2024.pdfthesiliconleaders
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Stone Art Hub
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Tired of chasing down expiring contracts and drowning in paperwork? Mastering contract management can significantly enhance your business efficiency and productivity. This guide unveils expert secrets to streamline your contract management process. Learn how to save time, minimize risk, and achieve effortless contract management.
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Interview gp e
1. Interview
Gregor Pottmeyer, CFO of Deutsche Börse AG
Christopher Kalbhenn, Börsen-Zeitung
Is Deutsche Börse a strong and powerful company even without NYSE
Euronext?
Yes. We wanted the merger to work, but it wasn’t a must for us. We were thinking
about the potential that we could have exploited sooner if we joined forces. Even
without a partner to back it up, Deutsche Börse enjoys a solid, very strong position.
2011 was our second-best financial year: we increased our revenue by 6%, our EBIT
by 13% and our earnings per share by 16%. Our business model, which covers the
entire value chain, from trading through clearing and settlement to custody and
market data, enjoys role-model status and is being copied by other stock exchanges.
So in that respect, our model, which we intend to enhance further, gives us the edge
over our competitors.
How does Deutsche Börse fare in a peer group comparison?
It fares well. In terms of revenue, we’re the world’s number two after the US CME
Group and we’re actually the number one if we look at net income. In terms of our
own market capitalisation, we’re the fourth-largest exchange organisation. Based on
this figure, which comes in at almost 10 billion euros, we are by far Europe’s largest
stock exchange operator and the only one that is a truly global player. The market
capitalisation of the next-largest exchange organisation in Europe, the LSE, is only
one third as big as ours.
Has the M&A issue been shelved for good?
It’s important to remember that no major cross-border stock exchange transactions
were approved last year. In addition to the Deutsche Börse/NYSE transaction, these
include, for example, the attempted merger of the LSE with the Canadian TMX or the
Singapore Stock Exchange with its Australian counterpart. None of these projects
came to fruition due to concerns raised by politicians and regulators. This means that
we’re unlikely to see any major international stock exchange transactions over the
next year or two.
What would you say your strategic priorities are now that the merger hasn’t
been approved?
We now focus on accelerated organic growth. This will see us concentrate on three
main areas: new products for unsecured, unregulated markets, a wider range of
technology services and more business in growth regions, in particular in Asia.
We will only be looking at opportunities for inorganic growth, i.e. company takeovers,
on a small scale if we believe that a move would bring direct added value for our
company, our shareholders and our customers – as was the case last year when we
acquired a majority stake in the Leipzig-based EEX power exchange. We will look at
interesting opportunities as and when they arise.
2. What role does regulation play for Deutsche Börse?
A very important one – take EMIR, the new European Market Infrastructure
Regulation for OTC derivatives, for example. This regulation provides for
standardised OTC derivatives to be cleared and collateralised via clearing houses in
the future. At the moment, the regulators believe that around 80% of the OTC
derivatives market is suitable for standardisation. That’s a huge market that will be
opening up and we are confident that, with our excellent risk management tools, we
can gain market share and volume in this segment.
What makes you so confident?
Thanks to our portfolio margining, we can offer the very highest capital efficiency.
This means that deposited collateral can be put to optimum use, which is very
important in times of increased capital requirements. Because this enables margin
offset between OTC and our exchange-based derivatives, such as Bund or equity
index futures, less capital is required from market participants. Given the Basel III
regulations, it is very important for banks to be able to allocate capital as efficiently as
possible. This makes our clearing house an attractive option. What is more, we are
the only company that offers real-time risk management. Other competitors only offer
an item overview once or twice a day. This is another area in which we are well
ahead of the game.
What potential do you think is lurking in the problems associated with
unsecured markets?
That’s a question of trust in the fourth year since the outbreak of the financial crisis.
Today, collateral management is of key importance. With Clearstream, we give our
customers an opportunity to optimise their collateral management. We help
customers to mobilise all forms of collateral for deposit, irrespective of the time zone
or asset class. We do this using a system that shows, on a fully automated basis,
what collateral can be deposited efficiently for a specific transaction. We are
expanding this system by collaborating with other central securities depositories, for
example in Brazil, Australia, South Africa and Canada. But our offering is also of
interest to custodian banks. We have entered into a cooperation agreement with BNP
Paribas, for instance. This is another area in which we can offer added value and
generate growth.
What are you planning as far as technology services are concerned?
At the moment, we use this area primarily for our own needs. We also offer our
expertise to customers who are interested. The Xetra trading system, for example, is
used in Vienna, Dublin, Ljubljana and Sofia. To date, however, we haven’t been
pursuing the use of our expertise by externals as a systematic approach. We can
offer our service not only at trading level, but also in areas such as clearing,
settlement and custody. This makes us attractive to other stock exchanges, central
securities depositories and to banks that we can offer services via our networks.
3. How important are the emerging markets, particularly those in Asia?
We are in a good position in Asia, particularly with Clearstream. Clearstream is
already generating 20% of its international revenue with Asian customers and we
want to get this figure up to 30% by 2016. We also want to grow with Eurex in Asia
and we are focusing, among other things, on product cooperation moves in this
segment. By way of example, we are already offering trading in the Korean KOSPI
200 option, the world‘s most active contract, during European and US trading hours.
We also want to find new trading firms that use Eurex processes and products. We
currently have around 20 participants in Asia.
You have announced that you will be investing 160 million euros in growth
initiatives this year. What are the focal points of your investment?
We will be earmarking more than half for derivatives, because we believe that this
area offers the greatest growth potential. 35% will go to Clearstream, while the rest is
destined for the cash market and our data business.
What is your outlook for 2012?
We expect to see revenue growth of between 5% and 12%. We also forecast costs of
less than 1.2 billion euros and expect our EBIT to be up in a year-on-year
comparison to between 1.2 and 1.35 billion euros.
What impact will the takeover of the 15% stake in Eurex previously held by the
SIX Group have?
The acquisition will allow us to generate additional revenue of around 110 million
euros based on the 2011 figures. This will push our net income up by approximately
60 million euros.
In the past, the New York options exchange ISE has proven to be something of
a problem child due to hefty write-downs. How happy are you with the current
developments?
We are satisfied with the current developments. ISE increased its trading volume by
4% and stabilised its market share last year. This was due, in particular, to the launch
of the new Optimise trading system, which has brought massive improvements in
terms of speed and functionality. The system also means that we can launch new
functions far more quickly, namely within the space of four weeks. Optimise has
helped to boost market acceptance of ISE again.
And what do you think the future holds?
It’s difficult to know what lies ahead, but that applies to the entire derivatives trading
segment. In the first three months of this year, trading volumes for Eurex as a whole
were down by 16% and we’ll just have to wait and see how things develop. One
decisive factor will be whether volatility starts to increase again. We believe that this
will be the case over the next few quarters, which will help to boost the trading
volume, too. We are still forecasting growth for this year. It’s also worth bearing in
mind that the tough comparison, namely the prior-year quarter. And the picture was
4. already looking brighter in March, when the trading volume was up by 20% on the
first two months of this year. Nevertheless, even the volume for March fell short of the
very high prior-year level.
At Clearstream, assets held in custody in March were down slightly, namely by 2%,
year-on-year, at 11.1 trillion. The service business, which includes collateral
management, securities lending and triparty repo, continued to go from strength to
strength in March, growing by a total of 8% on the prior-year quarter in Q1/2012.
What risks do you believe are associated with regulation, such as the financial
transaction tax, in particular?
In principle, we can understand what the political motivation is for wanting to involve
the financial services sector in the costs of the crisis. But the tax is not the right way
to go about it, because it distorts the market. It would have a negative impact on
growth and would promote trading on non-transparent markets. If it does come into
force, it has to be imposed across the EU to prevent business from moving to
countries that do not levy the financial transaction tax. We also need a holistic
approach, i.e. the tax has to target high-risk, OTC trading in particular.
What consequences would the tax have for high-frequency trading and what do
you make of the concerns that politicians have raised in respect of ultra-high-
speed stock exchange trading?
High-frequency trading would suffer as a result of a financial transaction tax.
Business would shift to jurisdictions that don’t want to introduce the tax, for example
to London, Switzerland or Singapore. So it wouldn’t disappear – it would just move.
But we believe that high-frequency traders provide liquidity. This means that they
narrow the bid-ask spreads and facilitate more attractive prices for our customers. So
a European market without high-frequency trading would be a bit worse off.
What are the main points of your financial planning?
As I mentioned earlier, we expect to see revenue growth of between 5% and 12%,
costs of less than 1.2 billion euros and EBIT of between 1.2 and 1.35 billion euros.
We will be ramping up our investments in growth initiatives from 120 to 160 million
euros and our dividend per share will rise from 2.10 to 2.30 euros. There will also be
a special distribution per share of 1 euro, allowing us to offer an attractive dividend
yield of around 6-7%. We are also planning share buy-backs of up to 200 million
euros in the second half of the year, bringing the total distribution amount to around
800 million euros. We generally aim for a dividend payout ratio of 40% to 60%. If
additional cash is available and we don’t need it for investments that will add value,
we will buy shares back.
Why is the rating important to Deutsche Börse?
We are one of the few DAX companies to have an AA rating, and our outlook has
been restored to stable now that the merger hasn’t been approved. We have assets
under custody worth 11 trillion euros and a very large number of Asian clients. These
clients, in particular, attach a great deal of importance to a very good rating. They feel
secure knowing that their assets are in safe hands. Because this makes the rating
decisive for Clearstream, we aim to achieve an EBITDA-to-interest coverage ratio of
5. at least 16, which corresponds to an AA rating. In 2011, we had an interest coverage
ratio of 19, and we forecast a ratio between 19 and 21 for this year. So in this
respect, we have stabilised our rating.
Are Deutsche Börse's efficiency measures on track?
Yes. We approved a cost reduction programme worth 150 million euros in 2010, the
aim being to implement it in full by 2013. We will actually hit this target this year,
ahead of schedule. In 2011, we had already realised 130 million euros of the
programme, with a further 20 million set to be realised this year. Our personnel
measures were completed some time back, incidentally in a consistently amicable
and socially acceptable manner, i.e. without compulsory redundancies. We have no
plans for any new cost-cutting programmes at the moment. Rather, we are committed
to ongoing, stable cost management. Incidentally, the launch of the new Eurex
trading system will help to make us even more efficient.
What about the development in the tax rate?
The tax rate comes in at 26%, meaning that we have achieved our objective here,
too. We have planned for a tax rate of 26% for this year as well.