29/10/2007 apresentação nyse
DESCRIPTION
23º Encontro Informal do IBRI com a Bolsa de Nova York em 29/10/2007TRANSCRIPT
October 2007
ONE MARKET, INFINITE POSSIBILITIES.SM
NYSE Euronext: Building a Global Platform
Asia
Tokyo Stock ExchangeStrategic alliance
National Stock Exchange of India
5% equity stake
NYSE Euronext: Global Leadership
NYSECash EquitiesFixed IncomeETFsDRs
NYSE Arca
Cash Equities
Equity Options
ETFs
DRs
EuronextCash EquitiesBondsETFsCertificatesWarrantsDRs
AlternextCash EquitiesDRs
Euronext.liffe
Derivatives
Gateway to the Eurozone
Americas Europe
Strategic RelationshipsNYSE Euronext
The world’s largest equity market
5
Only Transatlantic Marketplace
Listing venue of choice: 3,977 issuers from 55 countriesAccess to the world’s largest liquidity pools
Financial Strength: $20bn market capitalization; AA rated
NYSE Euronext is the World’s Largest Cash Equities Marketplace
0
5
10
15
20
25
30
35
NYSE Euronext London Tokyo Nasdaq SWX DeutscheBörse
Domestic Foreign
$30.3
$10.7
$6.5$5.1 $5.1 $4.1
Market Capitalization$Trillions
Note: Figures denote total worldwide market capitalization for listed operating companies. NYSE Euronextfigure adjusted to exclude double-counting of listed issuers dually-listed on NYSE and Euronext. LSE figure includes Main Market listings only. Source: World Federation of Exchanges, Reuters, Bloomberg and NYSE Euronext as of September 30, 2007
…the World’s Largest Cash Equities Trading Marketplace…
$17.8$26.8
$44.8
$57.5
$138.8
0.0
20.0
40.0
60.0
80.0
100.0
$120.0
140.0
NYSEEuronext
Nasdaq London StockExchange
Tokyo StockExchange
Shanghai
Source: World Federation of Exchanges. 2007 YTD as of September 30, 2007
Average Daily Trading Value ($bn)
One Third Of The World’s Cash Trading Takes Place On NYSE Euronext’s Exchanges
Note: Value of trading for 2007 YTD as of June 30, 2007Source: World Federation of Exchanges
Nasdaq 14.1%
London Stock Exchange
11.5%
Tokyo Stock Exchange
6.3%
Deutsche Borse 4.3%
BME Spanish Exchanges3.1%
Shanghai Stock Exchange
5.6%Borsa Italiana
2.8%
OMX 1.9%
All Other Exchanges16.9%
National Stock Exchange
India0.6%
NYSE Euronext Strategic Partners
NYSE Euronext 32.9%
One Third Of The World’s Cash Trading Takes Place On NYSE Euronext’s Exchanges
NYSEDestination for
Non-US
Companies
25%
35%
40%
Large Mid Small
NYSE MARKET CAPITALIZATION(Segmented by Size)
NYSE LISTED COMPANIES (Sector Breakdown)
Global Listings Market of Choice
NYSE domestic and international companies (excluding funds, derivatives, warrants and preferred stock). For the purpose of this analysis: large cap greater than $5B, mid cap $1B to $5B, small cap <$1B. Average Market Capitalization of NYSE-listed companies: $12B.Period: As of June 30, 2007.Source: FactSet Systems, Inc.
Energy/Utilities20%
Materials7%Tech, Media &
Telecom17%
Industrials8%
Consumer Discretionary
8%
Financials25%
Consumer Staples7%
Healthcare8%
The NYSE is home to more than 2,700 issuers
NYSE: Global Listings Market of Choice
NYSE: Strong Global Franchise
Average Daily Volume: 205.91 million shares representing 11.63% of the NYSE volume Average Daily Trading Value: $7.9 billion
The NYSE is home to 428 non-US companies from 45 countries – the largest of any US market.
# ListedRegion CompaniesEurope 124Latin American 88Canada 80Asia 88Other* 38Middle East/Africa 10
Asia/Pacific 17%
Latin America 21%
Other* 10%
Europe 27%
Canada 22%
Middle East/Africa 3%
2006 TRADING VOLUME
Source: NYSE Research*Other includes companies from The Netherland Antilles, Bermuda and the Cayman Islands.Data as of August 2007.
Non-U.S. Companies Are Returning to the U.S. Markets
Company Sym Type Date Market Cap $ billions Raised $ millions
Yamana Gold AUY T-Canada 1/12/07 $3.5 N/A
Cellcom Israel CEL IPO-Israel 2/6/07 $2.0 $400.0
Navios Maritime NMH T-Greece 2/22/07 $0.5 N/A
Domtar Corporation UFS O-Canada 3/7/07 $3.9 N/A
Tongjitang TCM IPO-China 3/16/07 $0.3 $98.7
Gafisa SA GFA IPO-Brazil 3/16/07 $1.6 $493.6
Flagstone Re FSR IPO-Berm 3/30/07 $1.1 $175.5
Simcere Pharma SCR IPO-China 4/20/07 $1.0 $226.6
EDENOR EDN IPO-Arg 4/26/07 $0.8 $257.8
Acorn International ATV IPO-China 5/3/07 $0.5 $119.4
Qiao Xing Mobile QXM IPO-China 5/3/07 $0.6 $160.0
LDK Solar LDK IPO-China 6/1/07 $2.8 $469.4
Yingli Green Energy YGE IPO-China 6/8/07 $1.4 $319.0
KHD Humboldt Wedag KHD Ndq-HK 6/18/07 $0.9 N/A
Sterlite Industries SRL IPO-India 6/19/07 $9.2 1,753.1
MF Global Ltd. MF IPO-Berm 7/19/07 $3.6 $2,921.4
Validus Holdings VR IPO-Berm 7/25/07 $1.6 $335.4
Genpact Limited G IPO-India 8/2/07 $2.9 $494.1
E-House (China) EJ IPO-China 8/8/07 $1.0 $201.5
WuXi PharmaTech WX IPO-China 8/9/07 $0.8 $184.6
Cosan Limited CZZ IPO-Brazil 8/16/07 $2.1 $1,050.0
Lundin Mining LMC Amx-Can 8/20/07 $3.0 N/A
Babcock & Brown Air FLY IPO-Ireland 9/27/07 $0.8 $430.0$45.9 $10,090.0TOTAL
Source: NYSE ResearchData as of September 2007.
The NYSE is the Destination for non-US Companies Outside their Home Market
Foreign Stocks Listed on NYSE, London and Nasdaq
0
100
200
300
400
500
600
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007*
NYSE London Nasdaq
2000 2006 2007*NYSE 434 451 419London 501 343 337Nasdaq 488 321 316
*as of September 30Sources: Exchanges, WFE
Company NameCosan Ltd.*Banco Macro Bansud S.A.*Copa Holdings, S.A.*CorpbancaCPFL Energia S.A.*Desarrolladora Homex, S.A. de C.V.*Empresa Distribuidora y Comercializadora Norte S.A.*Gafisa S.A.*GOL Linhas Aereas Inteligentes S.A.*Grupo Aeroportuario del Pacifico, S.A. de C.V.*MasisaTAM, S.A.*Ternium S.A.*
*IPOs
Since 2004, thirteen new listings from Latin America, including nine IPOs raising over $5 billion
Vibrant NYSE/Latin American Partnership
2004 - 2007 Latin America ListingsLatin American Companies by Country
Chile (15)
Colombia (1)
Mexico (16)
Panama (3)
Peru (2)
Argentina (14)
Brazil (32)
Puerto Rico (5)
Source: NYSE ResearchNumbers in parentheses denote number of companies in each region/country.Data as of August 2007.
Nasdaq
Vibrant NYSE/Latin American Partnership
Source: FactSet Systems, Inc.; NYSE Research through June 2007Includes Cosan’s announced intention to list on the NYSE.*2 UK incorporated, Latin American-based companies (Hochschild Mining, PLC, Antofogasta, PLC) not accounted for in this figure; Mirgor (0 shares/day), Banco de Chile (51 shares/day) are the companies that have been included.
Number of Latin American Companies
The NYSE is the Destination for Latin American Companies Outside their Home Market
88 6
Number of Latin American IPOs Since 2004
Average Daily Trading Value in Latin American Companies
NYSE
9 1
$2.2 billion $35.8 million
Latin American IPO Proceeds Since 2004 More than $4 billion Less than $500 million
Number of Latin American listings Since 2004 13* 1
LSE
2
0
Less than $1m
0
0
NYSEValue
Proposition
Value Proposition
Enhanced Liquidity
Global Brand Awareness
Valuable Shareholder Management Tools / Service Portfolio
The NYSE Group’s value proposition for listing on the NYSE is founded on superior market quality, global brand visibility, and a rich portfolio of services.
Maximizes Valuation
0
500
1000
1500
2000
2500
3000
3500
4000
4500
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q22007
2%
7%
12%
17%
22%
27%
U.S. Holdings of non-U.S. Equities (left scale)
% of all equity holdings (right scale)
U.S. Investor Holdings of Non-U.S. Equities 1990 –Q2 2007
Source: Federal Reserve Flow of Funds
$billions percent
$0
$500,000,000
$1,000,000,000
$1,500,000,000
$2,000,000,000
$2,500,000,000
$3,000,000,000
2002 2003 2004 2005 2006 1H07Average Daily Value NYSE Average Daily Value HOME MARKET
Source: NYSE Research
A NYSE Listing Boosts Global Liquidity
NYSE listing for Brazilian companies is a “win-win” – providing liquidity and a broader shareholder base
Source: NYSE Research
C
Global Visibility
March 30, 2006
Banco Macro Bansud, S.A. (NYSE-listed BMA) visits the
NYSE to celebrate the company's initial public offering on March 24, 2006. In honor of
the occasion, Banco Macro Chairman and CEO, Jorge
Horacio Brito, rings The Opening Bell.
Banco Macro Bansud, S.A. Ternium S.A.
February 1, 2006
Ternium S.A. (NYSE-Listed TX) visits the NYSE to
celebrate its initial public offering. In honor of the
occasion, Chairman Paolo Rocca rings The Opening Bell.
March 13, 2007
Gafisa S.A. (NYSE-Listed GFA) visits the NYSE to celebrate its initial public offering. In honor of the
occasion, CEO Wilson Amaralde Oliveira rings The Opening
BellSM.
Gafisa S.A.
April 27, 2007
Empresa Distribuidora y Comercializadora Norte, S.A. “Edenor” (NYSE-Listed EDN)
visits the NYSE to celebrate the company's April 26, 2007 initial public offering. In honor of the occasion, Chairman and CEO
Alejandro Macfarlane rings The Opening BellSM.
Empresa Distribuidora y Comercializadora Norte S.A.Cosan Ltd.
August 17, 2007
Cosan Limited (NYSE-Listed CZZ) visits the NYSE to
celebrate its initial public offering. In honor of the occasion, CEO Rubens
Ometto Silveira Mello rings The Closing BellSM.