European Equity Markets Loss of trading since the Lehman bankruptcy
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1 FESE Convention Session I - Global challenges for regulators 2 nd December 2009 Judith Hardt Secretary General Federation of European Securities Exchanges
2 European Equity Markets Loss of trading since the Lehman bankruptcy Evolution of total trading in Europe - Period from January 2008 to October ,000,000 Turnover (EUR million) 2,500,000 2,000,000 1,500,000 1,000,000 15/09/08 Lehman files for bankruptcy Loss of trading due to the crisis +- 50% 500,000 0 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Note: Analysis based on different sources: FESE EEMR, Markit Boat and Thomson Reuters. Reviewed with the latest figures available.
3 European equity landscape before MiFID and Code of Conduct (major markets) Trading LSE BIT NYSE Euronext SWX DB BME Nasdaq OMX 2 Clearing CC&G LCH SIS x-clear Eurex Link Up Markets Settlement M. Tit. Euroclear SIS Sega Clearstream Iberclear NCSD VP SS ISD EE CSD LT CSD LV CSD Markets are evolving
4 Fragmentation after MiFID and Code of Conduct (major markets) Trading NYSE Euronext NYX Arca LSE SIX BB Nasdaq Nasdaq Turquoise BIT Group Equiduct Chi-x OMX 2 OMX BATS Europe INTEROPERABILITY AGREEMENTS DB BME Clearing LCH 1 Euro CCP Citi SIS x-clear EMCF Eurex Link Up Markets Settlement Euroclear M. Tit. SIS Sega NCSD VPSS ISD EECSD LT CSD LV CSD Clearstream Iberclear European CSDs 1 In May 2009 announced competitive clearing agreements Chi-X, Bats, Turquoise and Nyse Arca. They are now on hold due to regulatory analysis. Currently under review by the FSA. 2 Expected launched of interoperability agreements for Q
5 Assessment of the case of Access & Interoperability November 06 - Signature of the Code Trading volumes Interoperability 5.3% Rest 94.7% October 09 - Assessment of the Code* Trading volumes Other RMs & MTFs 80% Beginning 2010 Trading volumes RMs with access & interoperability 28% RMs with access & interoperability 20% Other RMs & MTFs 55% MTFs with access & interoperability 17% Source: FESE database and FESE EEMR * Includes planned links of BATS Europe, Chi-x, Nasdaq OMX, Oslo Bors and Turquoise
6 European Equity Markets: Market Shares By Venue Trading competing for Order Flow - Average of period from January 08 to October 09 1,000, , ,000 53% 700,000 NYSE Euronext EUR millions 600, , , , , ,000 0 LSE Deutsche Borse BME Borsa Italiana SIX Swiss Exchange NASDAQ OMX Oslo Bors Chi-X; Turquoise; BATS Europe; Nasdaq OMX Europe; POSIT; Liquidnet; EuroMillenium Chi-X Turquoise Liquidnet 7%. Deutsche Bank; ABN Amro; Citigroup; Credit Suisse; UBS; Merril Lynch; Goldman Sachs BNP Paribas; Knight Match; BROKER-DEALER DARK POOLS.BNP Paribas Credit Agricole. Citigroup. Credit Suisse. Deutsche Bank. Goldman Sachs. Knight Match. Merrill Lynch. Morgan Stanley. Soci été Général. UBS OTC reported to the Exchanges Regulated Markets MTFs - Lit & Dark Systematic Internalisers OTC 2% 38% Note: Analysis based on different sources: FESE EEMR, Markit Boat and Thomson Reuters. Reviewed with the latest figures available.
7 Distribution of trading costs in Europe (2008) Trading platforms, 3% CCPs, 3% CSDs, 2% Custodians 30% Brokers 62% Cost per transaction (EUR) 33% Source: EU Commission study Monitoring prices, costs and volumes of trading and post-trading services July 2009
8 Global derivatives markets OTC 80% Exchanges 20% Source: European Commission COM(2009) 332 final of 3/7/09. Based on BIS figures.
9 Different Regulatory treatment of MiFID instruments On Exchange EQUITIES Off Exchange BONDS and OTHER SECURITISED DEBT DERIVATIVES PROSPECTUS & TRANSPARENCY MARKET ABUSE PRE-TRADE TRANSPARENCY POST-TRADE TRANSPARENCY (Obligation to report: MAX 3 MIN with deferred publication where allowed) Regulated Markets / IPOs MTFs Private Placement Regulated MTFs Private Markets / Placement IPOs Regulated MTF :if Systematic Over-The- Market admitted on a Internaliser Counter Regulated Market Regulated Market, Multilateral Trading Facility, Systematic Internaliser, Over-the-Counter Regulated Markets / IPOs Regulated Markets / IPOs YES MTFs/Private Placement Regulated Markets / IPOs* MTFs/Private Placement Regulated Markets / IPOs* No exception MTFs/Private Placement MTFs/Private Placement BEST EXECUTION TRANSACTION REPORTING (Obligation to report MAX 24 hrs) (for Investment Firms) REFERENCE DATA (for RMs) YES (with flexibility for professional investors) YES (but exact application not clear) Admitted to trading on Not admitted to trading Regulated Market on Regulated Market YES (but exact application not clear) Admitted to trading Not admitted to on Regulated trading on Market Regulated Market POST-TRADING MARKET STRUCTURE CSD and CCP arrangements NO CCP arrangements CSD and CCP arrangements NO CCP arrangements Regulated Market: CCP OTC: mostly traded with no CCP * If instruments or underlying admitted to trading on Regulated Market
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