The Luxembourg Stock Exchange
March 2012
Contents
• Overview of the Luxembourg Stock Exchange
• Facts and figures
• Historical listings as first mover
• Market description
• Other products and services
• Finesti – our subsidiary for investment funds
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Overview of the
Luxembourg Stock
Exchange
3
National and international relations
Luxembourg Associations
Luxembourg institutions
• Profil
• CSSF
• Luxembourg for Finance
• Banque centrale du Luxembourg
( + Banque centrale européenne)
• ABBL
• Haut comité de la finance
• ALFI
• Ministère des affaires étrangères
• Nobelux
• Université du Luxembourg
• Institut Luxembourgeois des
Administrateurs (ILA)
• Agence de transfert de technologie
financière (ATTF)
• Chambre de commerce
• Luxtrust
• British Chamber of Commerce
• LuxFLAG
• AmCham
• Camera di Commercio Italo
Lussemburghese
• Indian Business Chamber of
Luxembourg
International and Luxembourg institutions
• Investas
• XBRL Luxembourg
• European Securities Markets Expert Group (ESME)
• Institut du mouvement sociétal
• Centre for European Policy Studies (CEPS)
• The Institute for Global Financial
Integrity (TIGFI)
• Federation of European Securities Exchanges (FESE)
• World Federation of Exchanges (WFE)
• International Capital Market Association (ICMA)
• International Capital and Securities Markets Association (ICSMA)
• European Fund and Asset Management Association (EFAMA)
• Association Française de Gouvernement d’Entreprise (AFGE)
• Financial Information Services Division
(Software & Information Industry Association)
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Main characteristics
• Founded in 1928 as a for-profit organization
–
Still an independent exchange
• 135 employees, all in Luxembourg
• Medium-size stock exchange, internationally recognised as a leader for
listing services
–
First Euro Bond in 1963
–
First European GDR in 1990
–
First European Sukuk loan in 2002
• Main clients: JP Morgan, Citibank, Merrill Lynch, UBS, Crédit Suisse, Deutsche
Bank, Barclays, BNP Paribas, Société Générale, Santander, Fortis, ING, KBC, etc.
• Partnership with NYSE Euronext
• Founding member of
–
World Federation of Exchanges (WFE) in 1961
–
Federation of European Securities Exchanges (FESE) in 1974
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Centre of excellence for infrastructure and expertise
• Services offer tailored to the needs of international capital markets (speed,
efficiency, competitiveness, neutrality, stability) without adding additional
requirements
• 50 years of experience in listing international high-level bonds
• Advanced infrastructure for trading
–
UTP for trading
–
LCH for central counterparty
–
Euroclear Bank or Clearstream for settlement
• Excellent image for Luxembourg financial services with sector professionals while at
the same time contributing to this reputation
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Contacts to Hong Kong
• Since 12 November 2001, Hong Kong Exchanges and the
Luxembourg Stock Exchange have had an MoU to officially
develop cooperation.
• On October 2009, contact was renewed with HKEx during an
official visit to Hong Kong of the prime minister of Luxembourg
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Facts and figures
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Luxembourg Stock Exchange:
an international listing center
• 3,500 issuers, 100 countries
• 60 sovereign states and 11
supranational institutions
• Over 800 new quotation
lines/month in average
12.07%
61.46%
9.60%
0.42%
15.76%
0.69%
• Approximately 90% of issues are
EMTN programmes
Issuers by location
• Listing in 54 different currencies
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Strong activity in the listing field
European leader in the listing of
international bonds
NYSE Euronext
5.80%
Quotation lines (Dec 2011)
Others
2.77%
Bonds
London Stock
Exchange Group
10.01%
Deutsche
Börse
15.71%
29,243
Warrants
Luxembourg
Stock Exchange
42.43%
8,346
Shares/DRs
340
Luxembourg
Foreign
UCITS
Irish Stock
Exchange
23.28%
31
309
6,440
Luxembourg
Foreign
Total
6,244
196
44,369
Leader for GDR listing
Second Exchange after NYSE for the listing of Depositary
Receipts.
Breakdown by currency (bond issues)
286 DRs listed on the Exchange as at 31 October 2011.
Issuers based in Asia, mostly from India.
60% EUR
25% USD
Other 15%
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Historical listings as first
mover
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First eurobond listed by the
Luxembourg Stock
Exchange (17/07/1963)
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GDRs (Global Depository Receipts)
First listing of a GDR: 20 December 1990
Recent issues
Issue
Country of
origin
ISIN Code
Listing date
Reliance Power
India
US75950V2025
17/05/2011
Indowind Energy
India
US45579V1070
16/05/2011
Neha International
Suryachakra Power
Corporation
India
US64015A1060
05/05/2011
India
US8690441071
28/04/2011
Vikash Metal & Power
India
US92675V1026
13/04/2011
TEXMO Pipes and Products
India
US8830251083
12/04/2011
Winsome Textile Industries
India
US97550T1060
31/03/2011
Winsome Yarns
India
30/03/2011
Karur K.C.P. Packkagings
India
US97550Q1022
US48576W102
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Rasoya Proteins
India
US75406G2057
02/03/2011
Transgene Biotek
India
US89366K1060
23/02/2011
BTA Bank JSC
Kazakhstan US05574Y2090
US03837W102
India
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22/02/2011
Aqua Logistics
24/03/2011
11/02/2011
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GDRs at the Luxembourg Stock Exchange
• The Luxembourg Stock Exchange has been active in listing depositary receipts
since the 1960's
• First listing of GDR was done in December 1990 for Samsung Corp
–
The first European listing of a GDR
• By the end of December 2010 it had 266 quotation lines for depositary receipts, the
majority being GDRs
–
From companies in 18 countries around the world
• Market capitalisation from all countries was around EUR 40 billion
–
Capitalisations range from the low millions to the billions
–
Average GDR capitalisation around EUR 200 million
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Structure and evolution of listed securities
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Market description
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Markets operated
Luxembourg Stock Exchange Markets
European regulated market
Exchange regulated market
“BdL Market”
“EURO MTF”
since May 1929
since July 2005
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Trading and post-trade
Trading
UTP
Luxembourg
EU
Regulated
Euro
MTF
ENXT
Brussels
ENXT
Paris
ENXT
A’dam
ENXT
Lisbon
LCH / Clearnet
Clearing
Euroclear CSD
Belgium
France
Netherlands
Interbolsa
Settlement
Euroclear Bank ICSD
Clearstream ICSD
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Other products and services
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Information dissemination
Dissemination of financial and
market data via:
– The websites of the Luxembourg Stock
Exchange and Finesti
– Specific dissemination via “snapshot”
products (in real time or delayed)
– Statistics and various reports
Dissemination of documents via:
– The websites of the Luxembourg Stock
Exchange and Finesti
– Dissemination via “snapshot” products
www.bourse.lu
www.finesti.com
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New services
OAM services: filing and archiving of
regulated information
– This service allows issuers to meet part of
their obligation under the law of 11 January
2008 on transparency. The Luxembourg
Stock Exchange has set up an
infrastructure for the filing and archiving of
information and data.
– 300 filing entities and 500 issuers
Display and dissemination of notices
– For notices from issuers whose securities
are admitted to the official list. These
notices are posted on the website and, in
parallel, distributed to data vendors
– 20 to 25 notices / day
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Finesti – our subsidiary for
investment funds
Collection, management, dissemination of
investment fund data
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Finesti: Subsidiary specialised in the fund industry business
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Serving the fund industry
• Launched in 1995 by the Luxembourg Stock Exchange, the Association of the
Luxembourg Fund Industry (ALFI) and 30 Luxembourg financial institutions
• Became a 100% subsidiary of the Luxembourg Stock Exchange in 2002
–
Shares strategy and development (infrastructure, resources, projects, etc.) with the Stock Exchange
• Provides the industry with unique tools to enhance access and distribution of
Luxembourg fund information and documents
• Maintains close cooperation with the local regulatory authority (CSSF) and is a
partner of ALFI, the Luxembourg fund association, via common initiatives to
promote the Luxembourg fund industry
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Finesti facts and figures
• Finesti has a direct link to 81 fund administrators in Luxembourg and indirectly to
841 promoters
• Finesti collects, manages and disseminates key information on all investment funds
in Luxembourg
–
100% of NAVs of Luxembourg funds totalling 35,000 share classes
–
27,000 NAVs managed and transmitted on a daily basis
–
41,550 prospectuses, simplified prospectus and financial statements
–
630 FPP (Fund Processing Passports) already published on our website
–
7,600 share classes classified under the EFC (European Fund Classification)
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For further information
www.bourse.lu
www.finesti.com
11, avenue de la Porte-Neuve
B.P. 165
L-2015 Luxembourg
Tel.: (+352) 47 79 36 330
Fax: (+352) 47 79 36 275
info@bourse.lu
info@finesti.lu
Finesti is a subsidiary of Bourse de Luxembourg
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