Moscow Exchange, the largest exchange group in Russia, operates trading markets in equities, derivatives, the foreign exchange market, money markets and precious metals. The Moscow Exchange Group operates Russia's central securities depository and the country's largest clearing service provider; the exchange is a result of December 2011 merger of the Moscow Interbank Currency Exchange and the Russian Trading System. In April 2018, Moscow Exchange signed Memorandum of Understanding with Shanghai Gold Exchange. Moscow Exchange was established on 19 December 2011 by merging the two largest Moscow-based exchanges, the Moscow Interbank Currency Exchange and the Russian Trading System, hence the name "Moscow Exchange MICEX-RTS". Both organisations had been formed in the 1990s and were the leading Russian exchanges for two decades with their MICEX Index and the RTS Index; the merger created a single entity and advanced Russia's plans to turn Moscow into an international financial centre. The exchange rebranded in July 2012.
The exchange completed its Initial Public Offering on 15 February 2013. The IPO, at the time the largest held in Moscow, was more than twice oversubscribed and drew demand from institutional investors globally; the Exchange's shares were included in the MSCI Russia Index as of 26 November 2013. In July 2014 the Central Bank of Russia, the largest shareholder of the exchange, completed the public sale of shares representing nearly 12% of the exchange. A Russian federal law requires the Central Bank to sell its stake in the exchange by 1 January 2016. In October 2018, Moscow Exchange launched the trading of deliverable gold futures on its Derivatives Market. Gold are delivered through precious metals market spot section; the Executive Board consists of 5 members: Alexander Afanasiev, CEO, Chairman of the MICEX FX Market Council in 2005-2012, co-chairs the National Foreign Exchange Association and National Securities Market Association Andrey Shemetov, Deputy CEO as of October 2012, former CEO of the brokerage firm Aton, Sergei Poliakoff, CIO, a 20-year veteran of the securities industry who joined Moscow Exchange October 2012, Evgeny Fetisov, CFO, since February 2013, a seasoned financial professional of Citibank, McKinsey & Co. and Da Vinci Capital Partners.
Dmitry Shcheglov, COO, a veteran of Moscow Exchange and its predecessor MICEX. Luis Vicente, Head of Risk & Clearing as of September 2013, former risk manager at Brazil's BM&F Bovespa. Since 2016, the Supervisory Board consists of 12 instead of 15 members previously. Alexei Kudrin, a former Russian Deputy Prime Minister and Finance Minister was elected Chairman of the Moscow Exchange Supervisory Board in June 2014. For 2016-2017 the Board consists of the following members Alexei Kudrin, former Finance Minister and Deputy Prime Minister of Russia, Alexander Afanasiev, CEO of Moscow Exchange, Sean Glodek, Deputy CEO of the Russian Direct Investment Fund Andrey Golikov, Board Member at National Clearing Centre, Maria Gordon, a former emerging market portfolio manager at Goldman Sachs and PIMCO Valery Goreglyad, Chief Auditor of the Bank of Russia, Yuriy Denisov, National Research University – Higher School of Economics, Institute for Statistical Studies and Economics of Knowledge, Anatoly Karachinsky, Co-founder and Chairman of the Board at IBS Group, Duncan Paterson, a consultant Rainer Riess, Director General of the Federation of European Securities Exchanges, Yuan Wang, former Chief Economist at China Development Bank, Bella Zlatkis, Deputy Chairman of the Management Board at Sberbank, former Deputy Finance Minister of Russia, Moscow Exchange's shares are publicly traded under the ticker MOEX.
As of April 2016 57% of shares were in the free float, while the following held blocks of shares: Central Bank of Russia, Sberbank and European Bank for Reconstruction and Development. The Equity & Bond Market is a key platform for Russian businesses to raise capital and for domestic and international investors to access equity and debt investment opportunities; the marketplace is the main trading venue for Russian stocks as well as government and corporate bonds. In 2013-2014, 16 companies placed stock via Moscow Exchange, raising a total of RUB 200 bln. On the fixed income side, more than 400 bond issues were placed, raising more than RUB 3.4 trln for issuers. Moscow Exchange includes shares of many of Russia's largest companies including Gazprom, Rosneft, Lukoil and VTB. Most global investment banks began to provide their clients with DMA to the Russian market in 2013; as a result of regulatory changes, the international central securities depositories Euroclear and Clearstream now offer settlement services for Russian stocks and bonds.
In addition to attracting international investors to trade on its platform, Moscow Exchange is focused on further developing the domestic investor base. Recent changes to the regulation of pension funds, together with changes to the listing rules, allow more assets of non-state pension funds to be invested into the market. Other legislative changes incentivise retail investors through reduced taxation to invest into stocks and bonds. Moscow Exchange's FX and Money Market is a key element of the Russian financial system; the Bank of Russia uses the Exchange's infrastructure to implement monetary policy and provide liquidity to the market through repo transactions and
Lima Stock Exchange
The Lima Stock Exchange is the stock exchange of Peru, located in the capital Lima. It has several indices; the S&P/BVL Peru General Index is a value-weighted index that tracks the performance of the largest and most traded stocks on the Lima Exchange. Other indices are S&P/BVL Peru Select and S&P/BVL Lima 25; the Lima Stock Exchange is a member of the United Nations Sustainable Stock Exchanges initiative. Sectors in the Lima Stock Exchange: Sector Agriculture Sector Banks and Finance Sector Diversified Sector Industries Sector Mining Sector Services Economy of Peru List of stock exchanges List of American stock exchanges Bolsa de Valores de Lima
Malta Stock Exchange
The Malta Stock Exchange known as the Casino della Borsa, is the stock exchange of the island nation of Malta. Since being set up in 1992, the Exchange has been key to the raising of capital for the private sector through the issue of corporate bonds and equity while all the national debt of Government of Malta has been issued in the form of Malta Government bonds and treasury bills that are listed and traded on the secondary market; the investor base consists of over 75,000 individual investors, a significant number given Malta’s economic size and population. The focus of the Malta Stock Exchange is to continue to develop and support the domestic market whilst attracting international companies to list on the Exchange, enjoy the passportability within the EU that this brings, it has invested in the use of technology and uses the Xetra trading platform. The Chairman of the Board of the Malta Stock Exchange is Mr Joseph Portelli, the Chief Executive Officer is Mr Simon Zammit; the Exchange was established with the enactment of the Malta Stock Exchange Act in 1990, commenced its trading operations on 8 January 1992.
The Central Bank of Malta was appointed as the supervisor of the Exchange and it now falls under the supervision of the Malta Financial Services Authority. In 1999, the Exchange moved into the former Garrison Chapel building in Valletta; this iconic building was built in 1857 on the designs of T. M. Ellis, was used as a multi-denominational place of worship until 1950; the former church was used for entertainment purposes, as a post office and as a naval school, before it was taken over and extensively renovated by the Exchange. It has been known since as the Exchange Building or The Borsa; the Exchange is located close to the Office of the Prime Minister at Auberge de Castille and the Upper Barrakka Gardens. In 2013, the Exchange achieved Designated Offshore Securities Market status by the U. S. Securities and Exchange Commission complementing the HM Revenue and Customs recognition, obtained from the UK authorities in 2005; the Malta Stock Exchange offers the following services: Admittance to listing on the MSE Main list or Alternative Companies List, subject to approval by the Maltese Regulator, the MFSA.
Listed instruments have full passporting rights within the EU. Listed companies can their instruments traded on their own national exchange, within the EU, or on the Malta Stock Exchange. Secondary market trading: The Secondary market is domestic, with 14 Maltese Members and 1 International Member trading on the Exchange’s Xetra platform; this platform is operated remotely from the Deutsche Börse, in Frankfurt, allows connectivity to the MSE by any of the 4,500+ traders who connect to the Xetra platform around the world. Central Securities Depository services: The Depository services are shareholder and bondholder register administration, for public as well as private companies and settlement processing relating to the trading platform, custodial services; the CSD offers registrar services in respect of IPOs. Prospects, an SME-oriented capital market: This market, a multilateral trading facility regulated by the MSE, allows SMEs in Malta and overseas to raise capital through equity or bond issues in a cost-effective and timely manner under a lighter regulatory framework.
It targets issues of under €5 million. Institutional Financial Securities Market, the first Maltese wholesale securities market authorised in terms of the Wholesale Markets' listing rules issued by the Listing Authority; the IFSM admits asset backed securities, debt securities, insurance linked notes, convertible debt securities and derivative securities. The fee structure is cost effective and the IFSM offers increased flexibility to meet the needs of issuers and institutional investors; the Malta Stock Exchange is Malta's national numbering agency, issuing ISINs in respect of all securities issued in Malta. The MSE is a member of: World Federation of Exchanges Federation of European Securities Exchanges European Central Securities Depositories Association International Organisation of Securities Commissions Association of National Numbering Agencies The Upper Barracca Gardens and the Garrison Chapel. Valletta: Malta Stock Exchange. 2002. ISBN 9789993201878. OCLC 54458185. Book Malta Stock Exchange Web site
Deutsche Börse AG or the Deutsche Börse Group, is a marketplace organizer for the trading of shares and other securities. It is a transaction services provider, it gives investors access to global capital markets. It is a joint stock company and was founded in 1993; the headquarters are in Frankfurt. As of December 2010, the over 765 companies listed had a combined market capitalization of EUR 1.4 trillion. On 1 October 2014, Deutsche Börse AG became the 14th announced member of the United Nations Sustainable Stock Exchanges initiative. More than 3,200 employees service customers in Europe, the United States, Asia. Deutsche Börse has locations in Germany, Switzerland, Czech Republic, Spain, as well as representative offices in Beijing, Paris, New York, Hong Kong, Dubai. FWB Frankfurter Wertpapierbörse, is one of the world's largest trading centers for securities. With a share in turnover of around 90%, it is the largest of the German stock exchanges. Deutsche Börse AG operates the Frankfurt Stock Exchange.
Deutsche Börse is the owner of a clearing house based in Luxembourg. On 3 May 2000 it was announced that the London Stock Exchange would merge with Deutsche Börse, though the deal fell through before the merger could be realized. In 2001, Deutsche Börse tried again to merge with the London Stock Exchange, followed by a takeover bid in late 2004, but both offers rejected by the LSE. After CEO Werner Seifert was forced to resign by the main shareholders in 2005, Deutsche Börse changed plans and entered into advanced negotiations for a merger with Euronext which would have brought two of the biggest stock exchanges in Europe into one holding; the New York Stock Exchange beat out Deutsche Börse's final bid for Euronext in 2006. Since 2007 Deutsche Börse operates the joint venture Scoach with SIX Swiss Exchange to provide a European derivative trading platform. In July 2015, Deutsche Börse bought the 360T company for 725 million euros and acquired all shares of the joint venture STOXX AG for a purchase price of CHF 650 million from the SIX Group.
On 7 December 2008, Deutsche Börse rebuffed rumors that it might join with NYSE Euronext to create the world's leading stock exchange. While the company claims that it pursued the matter, on 8 December 2008, it reported that talks which began on 25 November 2008, were closed without any result due to differences in valuation of the company. Deutsche Börse had considered the acquisition again in 2009. On 9 February 2011, reports suggested that NYSE Euronext and Deutsche Börse were in advanced talks about an all-stock merger. Deutsche Börse was in advanced talks to buy NYSE Euronext in a deal that would create the world's largest trading powerhouse; the shares of both companies were temporarily frozen on the news due to the risk of large price movements and clarifications of the deal. A successful deal would see the new company becoming the world's largest stock exchange operator with a market capitalisation of listed companies equal to US$15 trillion, US$13.39 trillion of, part of the much larger NYSE Euronext, six times the size of Deutsche Börse.
President and deputy CEO of NYSE Euronext Dominique Cerutti would become the new company's president and head of commercial and internal technology. Roland Bellegarde of NYSE Euronext, would become the head of European cash equities; the new company would have 300 million euros in cost savings. However, the merger would be subject to review in both the United States and European Union under concerns it could create a "de facto monopoly". NYSE Euronext shareholders approved the Deutsche Börse’s all-stock deal on 7 July 2011, Deutsche Börse shareholders had accepted the deal by 15 July 2011. On 22 December 2011, Deutsche Boerse won U. S. antitrust approval to buy NYSE Euronext, on the condition that a Deutsche Börse subsidiary, the International Securities Exchange, divest its 31.5% interest in Direct Edge. NYSE Euronext and Deutsche Boerse AG delayed the deadline for completing their merger until 31 March 2012, as the exchange operators try to persuade European regulators to approve the deal; the European Commission blocked the merger on 1 February 2012, citing the fact that the merged company would have a near monopoly.
This measure taken by the EC is the fourth blocking in over a decade. The commission rejected the merger on antitrust grounds, saying the combined businesses would dominate Europe's on-exchange derivatives trading with an estimated 93% market share. "This is a black day for Europe and its global competitiveness on financial markets", said former Deutsche Börse chief executive Reto Francioni. NYSE Euronext chairman Jan-Michiel Hessels said: "While we are disappointed and disagree with the EU decision, based on a fundamentally different understanding of the derivatives market, it is now time to move on". In March 2016, the company announced it had reached an agreement with London Stock Exchange Group to merge; the companies will be brought under a new holding company, UK TopCo, will retain both headquarters in London and Frankfurt. The deal needs approval from regulators in the European Union, the U. S. and Russia. The London Stock Exchange said Russian approval was needed because it owns Exactpro, a firm with offices in Russia specializing in quality assurance for exchanges and financial organizations.
The European Commission opened an in-depth investigation into the proposed Deutsche Börse/LSEG merger on 28 September 2016. The European Commission delayed its decision on the deal by 15 working days to 6 March 2017. LSEG plans to hive off the French half of its LCH SA arm in a bid
CME Group Inc. is an American financial market company operating an options and futures exchange. It owns and operates large derivatives and futures exchanges in Chicago, New York City, exchange facilities in London, using online trading platforms, it owns the Dow Jones stock and financial indexes, CME Clearing Services, which provides settlement and clearing of exchange trades. The exchange-traded derivative contracts include futures and options based on interest rates, equity indexes, foreign exchange, agricultural commodities and precious metals and real estate, it has been described by The Economist as "The biggest financial exchange you have never heard of."The corporate world headquarters are in Chicago in The Loop. The corporation was formed by the 2007 merger of the Chicago Mercantile Exchange and the Chicago Board of Trade. On March 17, 2008, CME Group announced it had acquired NYMEX Holdings, Inc. the parent company of the New York Mercantile Exchange and Commodity Exchange, Inc for $8.9 billion in cash and CME Group Stock.
The acquisition was formally completed on August 22, 2008, the NYMEX systems were integrated by September 30, 2009. The four exchanges now operate as designated contract markets of the CME Group. On February 10, 2010, CME announced its purchase of 90% of Dow Jones Indexes, including the Dow Jones Industrial Average. CME subsequently contributed Dow Jones Indexes to the formation of S&P Dow Jones Indices in exchange for a 24.4% ownership interest. In April 2013, CME purchased the remaining 10% interest in Dow Jones Indexes for $80.0 million. As a result, CME's interest in S&P Dow Jones Indices increased from 24.4% to 27.0%. On October 17, 2012, CME announced it would acquire the Kansas City Board of Trade for $126 Million in cash. KCBOT is the dominant venue for the sale of hard red winter wheat; the Chicago Board of Trade is the leading trade platform for soft red winter wheat. On November 1, 2017, CME announced they would begin trading in Bitcoin futures by the end of 2017, pending regulatory approval.
On March 29, 2018, CME announced. The acquisition was completed on November 2, 2018. Agricultural Commodity Contracts include: Live Cattle, Lean Hogs, Feeder Cattle, Class IV Milk, Class III Milk, Nonfat Dry Milk Powder, Dry Whey, Cheese and Random Length Lumber. Since December 2017 bitcoin futures are traded. Chicago Mercantile Exchange Intercontinental Exchange OneChicago CME Group Titleholders, the season-ending tournament of the LPGA Tour of women's golf, sponsored by CME Group Chicago Board of Trade New York Mercantile Exchange The CME Group Collections at University of Illinois at Chicago
B3 (stock exchange)
The B3 BM&FBOVESPA, is a Stock Exchange located at São Paulo and the second oldest of the country. At the end of 2011 it had a market capitalization of R$2.37 Trillion, making it the 13th largest stock exchange in the world. However, owing the slump in economic growth in Brazil associated with political problems, in addition to the strengthening of the U. S. Dollar vis-à-vis the Brazilian Real, the capitalization shrank to R$2.21 trillion by the end of 2015. On May 8, 2008, the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange merged, creating BM&FBOVESPA. At March 30, 2017, BM&FBOVESPA merged with CETIP, creating B3; the benchmark indicator of B3 is the Índice Bovespa or known as Ibovespa. There were 381 companies traded at Bovespa as of April 30, 2008. On March 18th, 2019, the Ibovespa index reached its record market closing at 99,829 points. B3 has offices in Rio de Janeiro and London. Founded on August 23, 1890 by Emilio Rangel Pestana, the "Bolsa de Valores de São Paulo" has had a long history of services provided to the stock market and the Brazilian economy.
Until the mid-1960s, Bovespa and the other Brazilian stock markets were state-owned companies, tied with the Secretary of Finances of the states they belonged to, brokers were appointed by the government. After the reforms of the national financial system and the stock market implemented in 1965/1966, Brazilian stock markets assumed a more institutional role. In 2007, the Exchange became a for-profit company. Through self-regulation, Bovespa operates under the supervision of the Comissão de Valores Mobiliários, analogous to the American SEC. Since the 1960s, it has evolved with the help of technology such as the introduction of computer-based systems, mobile phones and the internet. In 1972, Bovespa was the first Brazilian stock market to implement an automated system for the dissemination of information online and in real-time, through an ample network of computer terminals. At the end of the 1970s, Bovespa introduced a telephone trading system in Brazil. At the same time, Bovespa developed a system of fungible safekeeping and online services for brokerage firms.
In 1990, the negotiations through the Sistema de Negociação Electrônica - CATS was operated with the traditional system of "Pregão Viva Voz". BM&FBOVESPA is a electronic exchange. In 1997, a new system of electronic trading, known as the Mega Bolsa, was implemented successfully; the Mega Bolsa extends the potential volume of processing of information and allows the Exchange to increase its overall volume of activities. With the goal to increase popular access to the stock markets, Bovespa introduced in 1999 the "Home Broker", an internet-based trading systems that allows individual investors to trade stocks; the system enables users to execute sell orders online. In 2000, Bovespa created three new listing segments, the Novo Mercado, Level 2 and Level 1 of Corporate Governance Standards, allowing companies to accede voluntarily to more demanding disclosure and compliance obligations; the new listing segments languished until 2004, when a growing number of newly public companies began to list on the Novo Mercado and other segments as part of a capital-raising effort.
From 2004 to 2010, the vast majority of new listings on the Bovespa were made by Novo Mercado, Level 2 and Level 1 companies. The Novo Mercado, Level 2 and Level 1 segments are based on a contractual agreement of the listed company, its controlling shareholder, its management to comply with specified regulations. In addition, listed companies must submit to arbitration as a method of resolving disputes; the set of protections entailed by a Novo Mercado listing is deemed by market participants to increase the attractiveness of companies. The stock market index of Novo Mercado listed companies has outperformed the broader Ibovespa index since its launch; the recent success of the Brazilian equity capital markets is attributed to a significant extent to the credibility engendered by the Novo Mercado regulations. In 2007, only the United States and China equity markets had a greater number of initial public offerings; the availability of a "market exit" has encouraged the development of a private equity industry, a growing Brazilian investment banking market and a thriving asset management industry.
Another side benefit of a thriving equity market has been access to equity financing for the international expansion of Brazilian business. Brazilian multinational companies have used the proceeds of equity offerings to fund a growing number of international acquisitions. Vale, Gerdau, Brazil Foods, Marfrig Alimentos and JBS have acquired businesses outside Brazil using the proceeds from equity offerings. Attractive valuations of Brazilian subsidiaries have led international companies to list their Brazilian subsidiaries, as was the case of Banco Santander Brasil. On May 8, 2008, Bovespa Holding announced the merger of the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange, creating the world's second largest stock exchange; as a result of an early 2008 stock swap, Chicago's CME Group owns a 5% stake in BM&FBovespa, in turn, BM&FBovespa owns a 5% stake in CME Group. The agreement has created an order routing trading system between both exchanges. On June 18, 2012, BM&FBovespa became a founding member of the United