Apresentação em tema: "A importância da NYSE Euronext na Globalização do Mercado de Capitais"— Transcrição da apresentação:
1 A importância da NYSE Euronext na Globalização do Mercado de Capitais 9º Encontro Nacional de Relações com Investidores e Mercado de CapitaisA importância da NYSE Euronext na Globalização do Mercado de CapitaisGood morning ladies and gentlemen… Thank you for inviting me today… I appreciate the opportunity to spend time with leaders of the Bolsa Mexicana de Valores, the Mexican Listed companies and investors…Mexicans, Americans and form other parts of the world… Many of you represent companies we proudly list on the NYSE, and we are working on bringing the rest of you our way… We meet in a time of rapid transformation, and our meeting today is very timely… Markets are increasingly innovative, competition for capital increasingly global, and role of the exchanges was never more challenging… NYSE and Euronext completed a merger of equals in April 2007 to create the world’s largest stock exchange.We are in the midst of very exciting changes.We are creating a new global market for the 21st century.One that will enable investors to choose among multiple assets and markets.Companies will have multiple entry points to the global capital markets. As the global exchange with the deepest liquidity and greatest number of participants, NYSE Euronext can strengthen companies’ global profiles and bring millions of more eyes to their stocks. We believe the end result will be a global market that expands benefits and offers a stronger value proposition for every participant.It is a time of transformation and accelerating change in the stock exchange landscape.We still have some work to do on our integration but we would like to outline our vision and the value proposition for listed companies on our exchanges and its significance for market participants.
2 Cautionary Note Regarding Forward-Looking Statements This presentation may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Such forward-looking statements include, but are not limited to, statements concerning NYSE Euronext’s plans, objectives, expectations and intentions and other statements that are not historical or current facts. Forward-looking statements are based on NYSE Euronext’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Factors that could cause NYSE Euronext’s results to differ materially from current expectations include, but are not limited to: NYSE Euronext’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk and U.S. and global competition, and other factors detailed in NYSE Euronext Registration Statement (document de base) filed with the French Autorité des Marchés Financiers (Registered on November 30, 2006 under No ), 2006 Annual Report on Form 10-K, as amended, and other periodic reports filed with the U.S. Securities and Exchange Commission or the French Autorité des Marchés Financiers. In addition, these statements are based on a number of assumptions that are subject to change. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by NYSE Euronext that the projections will prove to be correct. This press release speaks only as of this date. NYSE Euronext disclaims any duty to update the information herein.
3 Fusão com a Archipelago Parceiros estratégicos Visão EstratégicaPASSADO20062007Grupo NYSEPublico, com fins lucrativosCapitalização de mercado $15.5 bilhões (US)Classificado AA+Diversificação de produtos em cash equities e opçõesDinâmica da indústria requer mucança e inovação (por exemplo, em preços, mercado híbrido)Equipe de administração respeitada e experiente com capacidade comprovada de execução de estratégia empresarialPlataforma(s) de listagem para as melhores empresas do mundoDuzentos e quinze anos de liderança à frente da evolução do mercadoBolsa de Valores de Nova-YorkPrivate member owned, not-for-profitFocus: equitiesStatus quoNYSE Euronext(NYSE, Paris:NYX)O maior mercado de ações do mundo - $22bn Market capPresença global através de vários produtosBolsa de Valores de TóquioAliança EstratégicaBolsa Nacional de Valores (Índia)Posição acionáriaOportunidades de progredir na regiãoFusão com a ArchipelagoFusão com a EuronextParceiros estratégicosNYSE Leadership in Driving Globalization of Capital Markets We have done so not all at once, but through a 3-phase strategy: First, demutualization that has taken us from a private, member-owned, not-for-profit company to a public, for- profit corporation. Second, we then tremendously diversified our business mix, from our 200- year tradition as a one-asset exchange trading our listed stocks to a multi-asset marketplace: Today, we trade over- the- counter stocks, options, we have a rapidly growing position in Exchange Traded Funds, and very soon we will be inaugurating our bond business. In this way, issuers can raise capital and investors can invest at every point of the balance sheet. Along with diversification of products, we created a new listings business, NYSEArca, for emerging growth companies, both U.S. and non-U.S., that formerly had only one option which was to list on the Nasdaq. So we believe that innovation and diversification provide greater choices for our customers.Transformandoa NYSETransformandoos Mercados
4 Proposta de Valor para Emissores Escolha de ponto de listagemPontos de entrada múltiplos para emissores de qualquer tamanho e geografiaA listagem de opções complementa a estratégia do emissor no decorrer do tempoLiquidez aprimoradaAcesso a $ e € – as duas principais moedas do mundoDia mais longo para o comércio de valoresDesenvolvimento de produtos (ETFs, Índices, Opçòes, Futuros…)NYSE Euronext trabalhando por um comércio fungível entre os EUA e a EuropaAmpla base de investidoresAcesso global e local para o investidorAmpla gama de produtos (Ações, Obrigações, ETFs, Derivativos…)Programas para chegar ao investidorVisibilidade Global ÚnicaOferta de serviço superiorAssociação inigualável a NYSE Euronext “brand”Peer benchmarkingEm defesa dos emissores Globalization Benefits our Customers We believe that there is a rationale for this global market that provides new opportunities to issuers and investors: Companies will have multiple entry points to the global capital markets – through the New York Stock Exchange, Archipelago, Euronext and Altrnext. Depending upon their strategy toward SEC regulation, they will have the opportunity to choose a Euronext listing in Paris over London, or to dual list in the U.S. and on Euronext. We also offer the best liquidity for a company’s stock as we have both the USD and the Euro as our home currencies on our market places, the 2 leading currencies in the world. Stocks listed on our exchanges will actually have their stocks trade for 18 (includes Arca?) hours a day, which represent an extended trading day. Given that there are still different settlement systems in Europe and the US, we will actively work on integration of these systems to ensure an even better liquidity over time. In addition, we will actively work on developing products listed on our market place like special indices, various derivatives instruments and ETF all of which will feed further liquidity for the underlying listed equity.As the global exchange with the deepest liquidity and greatest number of participants, NYSE Euronext can strengthen companies’ global profiles and bring million of more eyes to their stock. For their part, investors can choose among multiple assets and markets, hedge their
5 Opção Global de Listagem Pontos de Entrada e Produtos Flexibilidade na listagem complementa objetivos em mercado de capitaisNYSE EuronextRelações EstratégicasAméricasEuropaÁsiaPortal para a Zona do EuroO maior mercado de ações do mundoBolsa de Valores de TóquioAliança estratégicaBolsa Nacional de Valores da Índia5% de participação acionáriaNYSECash EquitiesRenda FixaETFsDRsNYSE ArcaCash EquitiesOpções de açõesETFsDRsEuronextCash EquitiesObrigaçõesETFsCertificadosWarrantsDRsAlternextCash EquitiesDRsSo let’s take a look at our new structure.Our new structure is ideal to support companies by offering them a wide variety of listing choices.In the Americas we have the NYSE, which lists the world’s leading large and medium size stocks and fixed income. In addition, we have the NYSE Arca platform, which is focussed on SMEs and equity options.In Europe, we have the Euronext group which has the most liquid stock exchange in Europe, Eurolist, as well as the tailor made market for SME’s, Alternext. In addition, we have the second largest derivatives market in the world by value traded, Euronext.Liffe.We have important ambitions in Asia, too. We have established a special and broad strategic alliance with Tokyo SE as well as taken a stake in the National Stock Exchange of India, the largest Exchange in India. Our goal is to have a strong presence in all of the major economies and in the three leading currencies of the world, the dollar, the Euro, and the Yen.Euronext.liffeDerivativos
6 Outros na Europa Ocidental Acceso às Maiores Fontes de Capital do MundoEUA e Europa: regiões chave para levantar capital e onde se encontram as maiores disponibilidades de ativos financeirosFonte: McKinseyTotal de Ativos Financeiros ($ tr)Zona do EuroReino UnidoJapãoÁsia EmergenteOutros na Europa OcidentalEUACapital Acionário Total Levantado em 2006Europe and the US are the most important regions for companies to raise capital. In 2006, there were more than US$ 200 billion raised in the US and Europe combined through more than 1050 IPO’s, more than 4 times the amount raised in the Greater China markets through its 140 IPOs.We give access to the largest capital pools in the world as evidenced in the graph from a study published by McKinsey. This shows that the two largest pools of capital in the world are in the US and the Eurozone – exactly the markets we offer access to.Fonte: WFE, PwC
7 O maior Mercado do Mundo e o de Maior Liquidez Valor médio diário de ações negociadas superior ao dobro da bolsa mais próximaCapitalização de mercado de emissores listados é superior ao das quatro bolsas mais próximas combinadasCapitalização de mercado ($tn)Valor médio diário negociado($bn)NYSE Euronext is the largest exchange in the world and the aggregate market cap of listed companies on our exchange is greater than the next four markets combined.Euronext is the most liquid market place in the world for cash equities [as can be seen from the bar chart on the right]. We trade an average of about US$ billion every day. This is more than twice that of NASDAQ.Nota:Os dados incluem listagens nacionais e internacionais e denotam a capitalização mundial total para as companhias listadas em operação Os dados da NYSE Euronext foram ajustados para excluir contagem duplicada de emissores listado em ambas NYSE e a Euronext.Fonte: Federação Mundial de Bolsas, Reuters, Bloomberg e NYSE Euronext em 30 de março de 2007 ($1=€0.7488)
8 NYSE Euronext: O Centro de IPOs Globais Total Capital Raised through IPOsNYSE Euronext: 228 IPOs in 2006Largest median IPO size 2006, but wide range ($ 4 mln to $ 5.6 bln)2823The NYSE Euronext is the leading market for raising capital through IPO’s in the world.We have ranked number 1 every year over the last several years. We were pleased to be number 1 again in 2006 raising US$ 58.7 bln, despite the extraordinarily large one-off Chinese IPOs in Hong Kong [ICBC and Bank of China raised a combined US$ 27.2 bln, 58% of HK Exchanges’ total].All in all, there were 204 IPOs on our market places in of the top 25 IPOS in 2006 were listed on NYSE Euronext which is the most for any single exchange2EuronextFonte: Dealogic* Os dados de Hong Kong para 2006 ficaram ampliados devido a IPOs dos dois maiores bancos da China ICBC and Bank of China (levantando um total combinado de $27.2 bilhões).Fonte: Dealogic; os dados incluem fundos de tipo “closed-end”.
9 Peer BenchmarkingPeer Benchmarking – 80 dentre as 100 maiors companhias do mundoLíderes setoriais – marcas poderosasÍndice setorial oferece visibilidadeNYSE Euronext offer issuers the opportunity to align themselves with the leading companies in the world, 78 (or 79) of the top 100 companies in the world are listed on the NYSE Euronext platforms. And there are global leaders in virtually all sectors on our exchanges allowing issuers high visibility alongside leading sector peers and in key sector indices.Fonte: Os dados da NYSE incluem listagens domésticas e internacionaisFonte: Os dados da Euronext incluem listagens primárias domésticas e internacionais
10 Defesa Global em Nome dos Emissores A NYSE Euronext tem uma capacidade singular de conectar compahias com líderes globaisLíderes de idéiasPrimeiro Ministro da Índia, Manmohan SinghPrimeiro Ministro da República Popular da China, H.E. Wen JiabaoPresidente da Rússia, Vladimir PutinSecretário to Tesouro dos EUA, Henry M. PaulsonPresidente da Comissão Européia, José Manuel BarrosoMinistro da Fazenda da França, Thierry BretonMinistro da Fazenda dos Países Baixos, Gerrit ZalmEstados UnidosEuropaPolítica dos EUADefender modificações da SOXReconhecimento mútuo de padrões comparáveisParticipação no debate sobre reforma da responsabilidade extra- contratual das empresasApoio aos princípios do livre comércioPolítica da UEHamonização de prospectosPadronização de práticas de contabilidadeConsolidação de mercados europeusNYSE EuronextNYSE Euronext has a unique ability to connect companies with potential partners, customers, industry leaders and policymakers worldwide through its extensive network. This can have profound commercial and informational benefits.As a matter of fact, the Exchange has been very involved in discussions to better align costs and benefits associated in particular with SOX Section We are hopeful the Securities Exchange Commission and Public Company Accounting Oversight Board after reviewing the experiences of issuers and input from the Exchange will provide new guidance this year.Companies
11 Escolha de Padrões de Listagem Ajustados às Necessidades dos Emissores NYSE Euronext has four different market places for equities which offer different choices for companies. The NYSE is the largest exchange in the US. It is SEC-regulated and companies much be registered in the US and this means reconciling to US GAAP and complying with the SOX regulations (specifically 404). This is mainly the exchange for global companies especially the ones who want access to the US capital markets or where there are specific peer valuation premiums. This market has fairly strict listing criteria as regards to size or profitability and corporate governance. Also in the US under the same regulations, we have the NYSE Arca platform. This market is for medium sized companies and the sweet spot in terms of size is a market cap somewhere above 150 million US. The main exchange in Europe is called Eurolist, which is under EU regulations. This market is for large and midsize companies and the listing criteria are up to strict European standards but slightly less restrictive than in the US. There is a need for a three year track record for a company to list on this exchange but there is no need for profitability, just a positive outlook. The market which welcomes early stage companies with a market cap of some million US$ is called Alternext. This market is exchange regulated, i.e. we run and regulate the market ourselves and it is a European based market. So the key is, we offer choice to all companies at all stages of development.
12 Serviço de Qualidade Superiores aos Emissores Apoio abrangente ao emissor antes e após a listagemApoio de mídia e serviço de comunicados de imprensaSite exclusivo da NYSE Euronext para emissoresTransmissões trimestrais via Web (webcasting)Cobertura em revistaAnúncioProgramas voltados para investidores institucionais e a varejoInclusão em ínidices de mercadoApoio a eventos: acesso pleno às instalações da NYSE Euronext para reunião de investidores, diretoria e lançamento de produtosVisibilidadeEducaçãoForo de liderança de CEOsForos de Governança para IRs e CEOsFormação do investidor através dos sites da NYSE Euronext via InternetFerramentas de InformaçãoPublicações do emissor / newslettersNYSEneteGovDirectServiço Exclusivo para ClientesGerenciamento de serviços para o clienteThe Specialist - fornecimento de liqüidezGovernançaWe have a superior service offering which we broadly divide into four different categories, Customized service, Visibility, Educational support and Information Tools.We have locally based relationship teams who can help the company to gain access to Europe, to the US or to both markets. These teams are specialists for each market place and can offer dedicated support.We can offer unparallel visibility for companies in terms of co-branding, advertising, media access through our media centres, investor out reach programmes and inclusion into our indices etc.So for example, an international company can list on the European part of the platform but still have visibility in the US (only restricted by what is allowed by the SEC) or vice versa.We offer special educational support for companies on important matters like governance and IR prior to and subsequent to the listing.We also have a broad offering of on-line tools and various publications for issuers, investors and other stakeholders.
13 NYSE: Destinação para Companhias Brasileiras Now let me turn to the NYSE, and our relationship with Brazilian Issuers.
14 Custo menor de capital Proposta de Valor Melhor preçoSpreads mais apertados e eficazesLiquüidez mais profundaAcesso a InformationNYSE SpecialistFerramentas comprovadas para relações com investidoresVisibilidade/Associação com a marcaNetworking mundial específicoAnúncios multimídiaAcesso proativo ao investidor e clientesA NYSE tem o privilégio de abrigar companhias Brasileiras do mais alto padrão.Em boa companhia2007 Fortune 500:83% listadas na NYSE2006 Fortune - As 10 macas mais admiradas globalmente:7 das 10 listadas na NYSE2006 Fortune 100 companhias de maior crescimento:51% listadas na NYSE2007 Business Week 50 companhias com o melhor desempenho:37 das 50 listadas na NYSE2006 Barron’s Empresas mais respeitadas do mundo:79 das 100 listadas na NYSEMédia Industrial Dow Jones:28 das 30, ou seja, 93% listadas na NYSES&P 500:422 (84%) listadas na NYSE2007 Institutional InvestorCEO com o melhor desempenho:55 dos 62 (89%) de companhias listadas na NYSEA melhor escolha – Marca globalAs you may know, The NYSE is the world’s largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies’ common stock and other securities.We are a $23 trillion-plus market that services over 90 million investors and lists over 2,780 of the world’s leading companies. Among those listed companies, more than 450 with a total $8.8 billion market cap are from 47 countries outside the U.S.We currently trade 32 leading Mexican companies from different sectors.Our first Brazilian issuer was Aracruz on 05/27/92. Aracruz has just celebrated its 15th year anniversary of listing on the NYSE two weeks ago.We are the market leader across sectors and the global listing market of choice:--We comprise 93% of the Dow Jones Industrial Average…--85% of the S&P 500…--85% of the Fortune 500…In addition, the New York Stock Exchange continues to set the standard for quality:--With the deepest liquidity…--Lowest execution costs…--Tightest bid-ask spreads…The beneficial results are best prices for customers and a lower cost of capital, optimized valuation and savings in stock option expense for our listed issuers…
15 Posicionamento Global Poderoso A NYSE abriga 450 companhias estrangeiras de 47 países – o maior contingente dentre todas as bolsas dos Estados UnidosVolume médio diário: 199,65 milhões de ações representando % do volume da NYSEValor médio das transações diárias: $7.4 bilhõesVOLUME DE TRANSAÇÕES EM 2006# ListadaRegião CompanhiasEuropaAmérica LatinaCanadaÁsiaOutros*Oriente Médio/ÁfricaDespite challenges, US listing is still compelling. We are actually up this year on last year in terms of non-US listing and IPOs on the NYSE. These companies tell us they are listing in the US because of the valuation premium that comes with being cross-listed, and for strategic reasons. They are looking to broaden their investor base. To have an acquisition currency. To have a presence in the US. And tap into the world’s deepest liquidity pool.2006 – 28 Non-U.S. listingsso far this year – 10 Non-U.S. listingsFonte: NYSE Research*Outros abarca companhias das Antilhas Holandesas, Bermudas e Ilhas Cayman.Dados de Maio de 2007.
16 Parceria Vibrante NYSE/América Latina Desde 2004, houve doze novas listagens da América latina, inclusive nove IPOs – total capital raised: $4 bilhõesAmérica LatinaListagens da América LatinaNome da CompanhiaBanco 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.**IPOsSo far this year, we have listed two Latin American companies: GAFISA (Brazil – IPO $700m) and EDENOR (Argentina – IPO $ 200m), bringing the total of our Latin American listings to almost 90.These companies believe cross listing:- Offers superior access to the world's largest pool of capital;- Provides unsurpassed visibility benefits (research analysts/branding);- Gives unprecedented access to retail investors (i.e. CEMEX, HOMEX);- Maximizes valuation (peer group benchmarking);- Creates a U.S.- dollar acquisition currency;- Enables to offer U.S. employee compensation plans;- Reduced stock volatility can help a company achieve a lower cost of capital;- Enhances a company’s credibility and reputation;- Reflects a company's unqualified commitment to good corporate governance.Fonte: Pesquisa NYSENúmeros em parenteses denotam número de companhias em cada região/país.Dados de Maio de 2007.
17 Destinação Global para Companhias Latino-Americanas A NYSE registra um valor diário de transações de companhias da América Latinamaior do que qualquer outra bolsaA NYSE lista a grande maioria de companhiasLatino-americanasInfrastructure for LatinA análise inclui companhias estrangeiras que negociam nas bolsas acimaFonte: Pesquisa NYSEDados de dezembro deDuas companhias latlino-americanas incorporadas no Reino Unido (Hochschild Mining, PLC, Anafogasta, PLC) excluídas do totalMirgor (0 ações/day), Banco de Chile (51 ações/day) são as empresas incluídas.
18 Listagens na NYSE Melhoram a Liqüidez Global Para companhias brasileiras a listagem na NYSE cria uma situação de vantagem em que todos saem ganhando – fornecendo liqüidez e uma base maior de acionistasFonte: Pesquisa da NYSE