Prague Stock Exchange in Brief

Transcription

1 Prague Stock Exchange in Brief

2 History 1409 Brugges first organized market (van den Boerse) 1698 Exchange in England London 1771 Exchange in Austria Vienna 1792 Exchange in USA New York 1871 Commodity and Stock Exchange in Prague Period of the Exchange s prosperity 1939 Nazi occupation 1948 Decree of the Ministry of Finance of the Czechoslovak Republic dissolving the Exchange 2

3 Recent history 1992 PSE established 12 banks and 5 brokerage companies 1993 The Exchange reopened 1993 First wave of Coupon Privatization 955 issues 1995 Second wave of Coupon Privatization 674 issues ,301 issues withdrawn from trading 2004 FESE membership and first IPO Zentiva 2007 PXE Power Exchange Central Europe (Prague Energy Exchange) 2010 PSE a part of the CEESEG holding company 2015 BSE and LJSE were divested from CEESEG 2016 EEX acquires controlling stake of 66.7% in PXE 3

4 Introduction Established in 1993 Full member of the Federation of the European Securities Exchanges The U.S. SEC officially granted the status of a "designated offshore securities market to the Prague Stock Exchange Correspondent of the World Federation of Exchanges Market capitalization 03/2017: 41 bn* Market capitalization and trade turnover shares (EURm) Trade value - shares YTD2017: 1,5 bn** PX group operates regulated, unregulated, derivative and commodity market Share of 99,5% on the Czech cap. market Leader in the CEE Region * Domestic and foreign issues together ** All PSE s numbers are single counted each transaction is the volume only once, not as a buy + sell. Some Exchanges still publish double counted number. Market capitalization (Equity) Trade Turnover (equity only) 4 Prague Stock Exchange in Brief

5 PX Group companies PSE Securities market organizer CSDP PXE EnCC Maintaining securities register, clearing and settlement Electricity and natural gas market organizer Counterparties for participants in concluding electricity trades Consolidated results as at 31 Dec Total assets (EUR m) Revenues (EUR m) Profit after tax (EUR m) Dividend payment /PSE only/ (EUR)

6 CEESEG 36% of total market capitalization of all exchanges in the region** 38% of equity trading volume in the region** Internet: * Ownership Structure of CEESEG AG: 52.59% Austrian Banks, 47.41% issuers of the Vienna Stock Exchange **Czech Republic, Austria, Hungary, Slovenia, Slovakia, Poland, Romania, Bulgaria, Croatia, Serbia, Bosnia and Herzegovina, Montenegro * * The remaining shares of 66,67 % are held by the European Energy Exchange (EEX) 6

7 Shareholders and Members Privately held joint stock company operating on membership principle Major shareholder is the Vienna Stock Exchange Members of the CEE Stock Exchange Group Prague (Czech Republic) Vienna (Austria) Trading is realized through licensed securities dealers who are members of the Exchange at the same time Currently 16 experienced members: 7 Prague Stock Exchange in Brief

8 Membership CEESEG Membership WBAG, PSE System Xetra - one connectivity for all exchanges Harmonization of all membership procedures Remote member supplement

9 Connectivity "Access point" concept Prague

10 PX Index The official blue chip price index of share issues Real-time calculation (during the main trading hours) The share of the Market Capitalization in the composition of one issuer is max. 20% 10 Prague Stock Exchange in Brief

11 EU Index compositions by sectors

12 EU indices since 2015

13 EU indices YTD

14 Dividend yield in Europe (%)

15 Trading markets - shares The Xetra platform - well-known and used by many exchanges Prime Market Standard Market START Market Free Market intended for trading in the largest and most prestigious issues of shares in the Czech and foreign companies statutory requirements of the official market or the statutory requirements of the regulated market intended for trading in the large and prestigious issues of shares in the Czech and foreign companies statutory requirements of the official market or the statutory requirements of the regulated market PSE also allows admission of shares without the consent of the issuer if these have already been traded on another Regulated Market in the EU a niche market for Czech small and medium enterprises regulated only by the Exchange (MTF) Market for dual listings and SMEs regulated only by the Exchange (MTF) PSE also allows unsponsored listing if issue is already traded on a regulated market in any OECD member country 15

16 Institutional investors 2% 2% USA 2% 2%2% UK 3% Others 4% Poland 10% 14% 43% CR Norway Switzerlan d France Canada 16% Germany Netherland 16

17 IPO allocation 100% 90% 80% 70% International institutional Domestic Institutional Retail (domestic) 60% 50% 40% 30% 20% 10% 0% * IPO Mcap EURm

18 Turnover velocity Low 8,01% - 33,99% 6% 3% Moderate 34% - 67% High 67,01% - 100% Very high >100% 28% 63% 18

19 Czech market on major screens Aliance Data Highway (ADH) - Data distribution via CEE Data Hub Stock Exchanges Vienna Stock Exchange Prague Stock Exchange Budapest Stock Exchange Banja Luka Stock Exchange Ljubljana Stock Exchange Macedonian Stock Exchange Belgrade Stock Exchange Kazakhstan Stock Exchange Zagreb Stock Exchange Energy Exchanges PXE Power Exchange Central Europe CEGH Gas Exchange EXAA Austrian Energy Exchange 19

20 PSE surveillance system ALAMO Irregularities are classified into: Price irregularities - prices that deviate widely from a reference value and to unusual price movements Order and trading volume irregularities - price manipulation, steep increases in trading volumes Order and quote irregularities - surveillance of the order limits Combined irregularities Irregularities may be separated into real-time and batch irregularities.

21 Public Relations Broadcasting of a TV programme called Studio Burza from PSE s headquarters has been launched in co-operation with the Czech TV in 2008 News from capital markets three times a day On ČT1 and ČT24 channels or via Internet on PSE endeavours to develop Czech capital market and supports discussions related to capital market Dissemination of Exchange information A continuous and free stream of information on trading with a 15-minute delay on PSE web page Final results of trading, i.e. the official price list every day and selected statistical data available for free Professional users may receive Exchange data in real time (online) or the trade results when the trading day has ended (offline) 21 Prague Stock Exchange in Brief

22 Thank you for your attention Jiri Kovarik Prague Stock Exchange 22