yps - apresentacao euronext lisbon - 17 abril 2013

8/20/2019 Yps - Apresentacao Euronext Lisbon - 17 Abril 2013

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Isabel UchaDirector Local Market Development

“ Novos mercados e plataformas:

em busca do modelo ideal”

17 de Abril 2013

April 17, 2013


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PROFESSIONALSESSIONS

April 17, 2013 2

Cautionary Note Regarding Forward-Looking Statements

This presentation is for informational and educational purposes only. The information and materials containedin this presentation are provided ‘as is’ and NYSE Euronext does not warrant the accuracy, adequacy orcompleteness of the information and materials and expressly disclaims liability for errors or omissions. None ofthe information contained in this presentation constitutes an offer, solicitation or recommendation to acquireor dispose of any security or investment or to engage in any other transaction or to provide legal, tax,accounting or investment advice or services regarding the suitability or profitability of any security or

investment.

NYSE Euronext has not made any recommendations regarding the merit of any company, security orother financial product or investment identified in the presentation, made any recommendation regarding thepurchase or sale of any such company, security, financial product or investment, or endorsed or sponsored anycompany identified in the presentation.


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NYSE Euronext: quem somos?

Determinantes da estrutura do mercado

Liberalização do mercado, novas plataformas de negociação

Movimentos globais de fusão e aquisição: sucessos e fracassos

Impacto na concorrência e qualidade dos preços

Perspectivas: uma abordagem “local” versus “global”?

AGENDA

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2

3

4

5

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Porque devem existir Bolsas?

April 17, 2013 4

1. NYSE Euronext: quem somos

Nova Praça do Comércio - 1792

1756 – 45 Homens de Negócio decidem a

...”offerta de um voluntário Donativo de 4%

sobre o valor de todas a mercadorias e

manufacturas importadas” para construir a

“Caza da Bolça”

1769 – Início do funcionamento da

“ Assembleia dos Negociantes e horas de

praça”

Hoje

http://www.google.pt/imgres?imgurl=http://economiaclara.files.wordpress.com/2009/12/arvore-de-dinheiro1.jpg&imgrefurl=http://economiaclara.wordpress.com/2009/12/14/de-onde-vem-o-dinheiro/&usg=__ffKHmqaozdT65hSsaltoKJcdofQ=&h=289&w=275&sz=81&hl=pt-PT&start=1&sig2=kirGIsppVf4rD1T3LJ2XAg&zoom=1&tbnid=d_RRbmy993y8WM:&tbnh=115&tbnw=109&ei=jCdsUarzFqzW4ATVsYGQCA&prev=/search?q=De+onde+vem+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CCsQrQMwAA


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1. NYSE Euronext: quem somos?

Transaction

and Clearing

Fees (net)60%Market Data15%

Listing14%

Technology

Services6%

Other

Revenue6%

2008

NYSE Euronext Estrutura dos Proveitos

Transaction

and Clearing

Fees (net)

42%

Market Data15%

Listing19%

Technology

Services

15%

Other

Revenue 9%2012

Derivatives

34%

Cash Trading

and Listing

54%

Information

Services and

Technology

Solutions

12%

2012

69% 31%

2012

http://www.google.pt/imgres?imgurl=http://economiaclara.files.wordpress.com/2009/12/arvore-de-dinheiro1.jpg&imgrefurl=http://economiaclara.wordpress.com/2009/12/14/de-onde-vem-o-dinheiro/&usg=__ffKHmqaozdT65hSsaltoKJcdofQ=&h=289&w=275&sz=81&hl=pt-PT&start=1&sig2=kirGIsppVf4rD1T3LJ2XAg&zoom=1&tbnid=d_RRbmy993y8WM:&tbnh=115&tbnw=109&ei=jCdsUarzFqzW4ATVsYGQCA&prev=/search?q=De+onde+vem+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CCsQrQMwAAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEA


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2008 2009 2010 1011 2012

2.881

2.478 2.5112.672

2.324

3.469

2.192

1.766 1.822 1.715

-588

286

745850

609

-738

219

577 619

348

Revenues

Operating Expenses

Operating Income

Net Income

NYSE Euronext: Evolução Financeira (milhões USD)

Compensation

35%

Depreciation

and

Amortization

15%

Systems and

Communication10%

Professional

Services

17%

Selling, General

and

Administrative

14%

Merger

expenses and

exit costs

8%

NYSE Euronext: Estrutura de Custos2012

http://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEA


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2008 2009 2010 2011 2012

37

32

3436 35

1412

15 14 14

18

1614

16 15

Revenues

Expenses

Net Income

Euronext Lisbon: Evolução Financeira

€ milhões

Compensation

46%

Depreciation

and

Amortization

2%

Systems and

Communication

19%

Professional

Services

10%

Selling, General

and

Administrative

9%

Other

13%

Euronext Lisbon: Estrutura dos Custos

Transaction

Fees (net)

13%

Listing

20%

Market Data

7%

Settlement

and Custody

60%

Other

1%

Euronext Lisbon: Estrutura dos Proveitos

2012

http://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://economiaclara.files.wordpress.com/2009/12/arvore-de-dinheiro1.jpg&imgrefurl=http://economiaclara.wordpress.com/2009/12/14/de-onde-vem-o-dinheiro/&usg=__ffKHmqaozdT65hSsaltoKJcdofQ=&h=289&w=275&sz=81&hl=pt-PT&start=1&sig2=kirGIsppVf4rD1T3LJ2XAg&zoom=1&tbnid=d_RRbmy993y8WM:&tbnh=115&tbnw=109&ei=jCdsUarzFqzW4ATVsYGQCA&prev=/search?q=De+onde+vem+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CCsQrQMwAAhttp://www.google.pt/imgres?imgurl=http://1.bp.blogspot.com/_mo9iDYvXXLI/TSeagx2mtkI/AAAAAAAAAvY/YravJv-610o/s1600/dinheiro_voando.jpg&imgrefurl=http://oqueeojantar.blogs.sapo.pt/393410.html&usg=__nKyKJ6Kiw_ygg8ITI3lHfTRYpbQ=&h=300&w=300&sz=22&hl=pt-PT&start=17&sig2=cqrmqHpS8qQO8LFFZgg9Tg&zoom=1&tbnid=lZtLm6oJR1oyUM:&tbnh=116&tbnw=116&ei=iShsUdmVOefI4AScrIGQCQ&prev=/search?q=Para+onde+vai+o+dinheiro?&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEA


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Liberalização do mercado, novas plataformas de negociação



Perspectivas: uma abordagem “local” versus “global”

AGENDA

1

2

3

4

5

6


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2. Determinantes da estrutura do mercado

Redução de custos

Efeito de Rede

Concorrência

Tecnologia

Oportunidades de investimento

Captação de poupanças globais

Perda de poupanças locais

Globalização

Aumento da taxa de poupança Menor base de população activa

Preferência por activos de menor risco

Planos pensões de contribuição definida

Demografia

Desalavancagem Das empresas

Dos bancos

Retornos reduzidos na última década

Confiança no sistema financeiroHistória Recente

http://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://www.google.pt/imgres?imgurl=http://4.bp.blogspot.com/-GXlElcPt9hw/T2nfZZ22gFI/AAAAAAAABM4/RaT_9WLK7S0/s1600/acordar.jpg&imgrefurl=http://infodicasandy.blogspot.com/2012_03_01_archive.html&usg=__b9-vB_tD2khW9Hd7WS_tdsEPXIY=&h=301&w=349&sz=14&hl=pt-PT&start=11&sig2=bg16K-5p4s5mTzwpszq7cg&zoom=1&tbnid=la1JstzVzC7N5M:&tbnh=103&tbnw=120&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CD8QrQMwCghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://www.google.pt/imgres?imgurl=http://4.bp.blogspot.com/-GXlElcPt9hw/T2nfZZ22gFI/AAAAAAAABM4/RaT_9WLK7S0/s1600/acordar.jpg&imgrefurl=http://infodicasandy.blogspot.com/2012_03_01_archive.html&usg=__b9-vB_tD2khW9Hd7WS_tdsEPXIY=&h=301&w=349&sz=14&hl=pt-PT&start=11&sig2=bg16K-5p4s5mTzwpszq7cg&zoom=1&tbnid=la1JstzVzC7N5M:&tbnh=103&tbnw=120&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CD8QrQMwCghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://www.google.pt/imgres?imgurl=http://4.bp.blogspot.com/-GXlElcPt9hw/T2nfZZ22gFI/AAAAAAAABM4/RaT_9WLK7S0/s1600/acordar.jpg&imgrefurl=http://infodicasandy.blogspot.com/2012_03_01_archive.html&usg=__b9-vB_tD2khW9Hd7WS_tdsEPXIY=&h=301&w=349&sz=14&hl=pt-PT&start=11&sig2=bg16K-5p4s5mTzwpszq7cg&zoom=1&tbnid=la1JstzVzC7N5M:&tbnh=103&tbnw=120&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CD8QrQMwCghttp://www.google.pt/imgres?imgurl=http://4.bp.blogspot.com/-GXlElcPt9hw/T2nfZZ22gFI/AAAAAAAABM4/RaT_9WLK7S0/s1600/acordar.jpg&imgrefurl=http://infodicasandy.blogspot.com/2012_03_01_archive.html&usg=__b9-vB_tD2khW9Hd7WS_tdsEPXIY=&h=301&w=349&sz=14&hl=pt-PT&start=11&sig2=bg16K-5p4s5mTzwpszq7cg&zoom=1&tbnid=la1JstzVzC7N5M:&tbnh=103&tbnw=120&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CD8QrQMwCghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAg


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2. Determinantes da estrutura do mercado

Requisitos de capital nos bancos

MiFID II e MAD

Reguladores e Agências

Imposto sobre transacções financeiras

Regulação e Políticas Públicas

Pressão sobre a rentabilidade dos bancos

Concorrência dos bancos com as Bolsas

Crescimento de “investimentos alternativos”

Aumento da poupança em países emergentes

Dinâmicas do Sector Financeiro

http://www.google.pt/imgres?imgurl=http://4.bp.blogspot.com/-GXlElcPt9hw/T2nfZZ22gFI/AAAAAAAABM4/RaT_9WLK7S0/s1600/acordar.jpg&imgrefurl=http://infodicasandy.blogspot.com/2012_03_01_archive.html&usg=__b9-vB_tD2khW9Hd7WS_tdsEPXIY=&h=301&w=349&sz=14&hl=pt-PT&start=11&sig2=bg16K-5p4s5mTzwpszq7cg&zoom=1&tbnid=la1JstzVzC7N5M:&tbnh=103&tbnw=120&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CD8QrQMwCghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAghttp://3.bp.blogspot.com/_uIkUa8PEz1o/TG0-V7Iwb1I/AAAAAAAAAs4/mn-cgWgZlKA/s1600/sonhando+acordado.jpghttp://www.google.pt/imgres?imgurl=http://4.bp.blogspot.com/-GXlElcPt9hw/T2nfZZ22gFI/AAAAAAAABM4/RaT_9WLK7S0/s1600/acordar.jpg&imgrefurl=http://infodicasandy.blogspot.com/2012_03_01_archive.html&usg=__b9-vB_tD2khW9Hd7WS_tdsEPXIY=&h=301&w=349&sz=14&hl=pt-PT&start=11&sig2=bg16K-5p4s5mTzwpszq7cg&zoom=1&tbnid=la1JstzVzC7N5M:&tbnh=103&tbnw=120&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CD8QrQMwCghttp://www.google.pt/imgres?imgurl=http://www.influx.com.br/blog/wp-content/uploads/2012/11/acordar-6.jpg&imgrefurl=http://www.influx.com.br/blog/2012/12/05/acordar-x-despertar-falsos-cognatos-em-espanhol/&usg=__Hs3b44YrCti-qXipUIqM-rKrPns=&h=270&w=297&sz=13&hl=pt-PT&start=3&sig2=6ZTVQXPB0xkmgcrywR7Wqg&zoom=1&tbnid=INRTdCNqv6XubM:&tbnh=105&tbnw=116&ei=PrRrUckj8-fhBJXFgKAK&prev=/search?q=acordar&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC8QrQMwAg


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Liberalização do mercado, novas plataformas




AGENDA

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MTFs na Europa

• Início EuropaOutubro 2008

• Início Setembro 2008• 5% quota acções

europa 2012

• Início Março 2007

• Início Setembro 2008

NYSE Arca Europa• Início Março 2009

13

3. Liberalização do mercado, novas plataformas de negociação

26% quota acçõeseuropa em 2012

2007Baikal

Equiduct•Início Maio

2009

April 17, 2013

http://www.google.pt/imgres?imgurl=http://www.1papacaio.com.br/modules/Imprima_pinte/gallery/datas/namorados/coracoes/coracao_sorridente.gif&imgrefurl=http://www.1papacaio.com.br/modules/Imprima_pinte/gallery/datas/namorados/coracoes/&usg=__e-yD5uogVW20ahVEd2_SQdEFDrQ=&h=842&w=595&sz=9&hl=pt-PT&start=6&sig2=TzyJA9DTu2FxEAi4OVcaOw&zoom=1&tbnid=Q1xqWlpRDmt8PM:&tbnh=145&tbnw=102&ei=1HZtUYquIub-4QT71IGgAw&prev=/search?q=Cora%C3%A7%C3%A3o+sorridente&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CDUQrQMwBQhttp://www.google.pt/imgres?imgurl=http://www.montarumnegocio.com/wp-content/uploads/2012/10/como-lidar-com-a-concorr%C3%AAncia.jpg&imgrefurl=http://www.montarumnegocio.com/concorrencia-como-lidar-e-vencer/&usg=__U01jYRZLsWsgcIWZAo2ccO3wQ8U=&h=396&w=640&sz=32&hl=pt-PT&start=4&sig2=TWwqEDWv0LK-ElLeiAToug&zoom=1&tbnid=4zFGRX-Zge9aAM:&tbnh=85&tbnw=137&ei=tHVtUcTBDcfl4QSHtYHIAw&prev=/search?q=Concorr%C3%AAncia&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CDEQrQMwAw


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Novos modelos de negociação

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Fonte: Thomson Reuters

Order Book

Lit 46,4%

Order Book

Hidden

0,0%Order Book

Auction

6,0%

Dark Order

Book

0,1%

Off OrderBook 4,3%

MiFID OTC

43,2%

Negociação de Acções em Mercado e OTC EuropaTotal 2008

Negociação de Acções em Mercado e OTC EuropaTotal 2012

Order Book

Lit Total

41,4%

Order Book

Hidden

0,1%

Order Book -

Auction6,5%

Dark Order

Book 1,9%

Off Order

Book 10,4%

MiFID OTC

39,7%


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MTFs

10,5%

Exchanges

89,5%

MTFs

32%

Exchanges

68%

April 17, 2013 15

2012

2008

Quotas de Mercado

Negociação de Acções Europa

Quota de Mercado das Bolsas


AEX

CAC 40

BEL 20

PSI 20

DAX

FTSE 100

IBEX 35

FTSE MIB

86%

89%

95%

100%

91%

82%

100%

98%

56%

59%

62%

77%

61%

47%

80%

80%

2012 2008


http://www.google.pt/imgres?imgurl=http://2.bp.blogspot.com/-v0NbnxSzzDg/TrQirdmfjyI/AAAAAAAAAN8/aVgGV5gk0tg/s1600/chegar+a+meta.jpg&imgrefurl=http://escolaportuguesadefengshui.blogspot.com/2011/11/saiba-como-concretizar-os-seus.html&usg=__fdm0EGAHIaDvy6REEG-tnPEdCus=&h=273&w=354&sz=31&hl=pt-PT&start=17&sig2=H4vxlBIUdoscsmASCmXuSQ&zoom=1&tbnid=fSVi9vxCaC-KvM:&tbnh=93&tbnw=121&ei=vYVuUbiDOvPa4QTU3YAY&prev=/search?q=Imagem+a+chegar+%C3%A0+meta&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://2.bp.blogspot.com/-v0NbnxSzzDg/TrQirdmfjyI/AAAAAAAAAN8/aVgGV5gk0tg/s1600/chegar+a+meta.jpg&imgrefurl=http://escolaportuguesadefengshui.blogspot.com/2011/11/saiba-como-concretizar-os-seus.html&usg=__fdm0EGAHIaDvy6REEG-tnPEdCus=&h=273&w=354&sz=31&hl=pt-PT&start=17&sig2=H4vxlBIUdoscsmASCmXuSQ&zoom=1&tbnid=fSVi9vxCaC-KvM:&tbnh=93&tbnw=121&ei=vYVuUbiDOvPa4QTU3YAY&prev=/search?q=Imagem+a+chegar+%C3%A0+meta&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://2.bp.blogspot.com/-v0NbnxSzzDg/TrQirdmfjyI/AAAAAAAAAN8/aVgGV5gk0tg/s1600/chegar+a+meta.jpg&imgrefurl=http://escolaportuguesadefengshui.blogspot.com/2011/11/saiba-como-concretizar-os-seus.html&usg=__fdm0EGAHIaDvy6REEG-tnPEdCus=&h=273&w=354&sz=31&hl=pt-PT&start=17&sig2=H4vxlBIUdoscsmASCmXuSQ&zoom=1&tbnid=fSVi9vxCaC-KvM:&tbnh=93&tbnw=121&ei=vYVuUbiDOvPa4QTU3YAY&prev=/search?q=Imagem+a+chegar+%C3%A0+meta&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEAhttp://www.google.pt/imgres?imgurl=http://2.bp.blogspot.com/-v0NbnxSzzDg/TrQirdmfjyI/AAAAAAAAAN8/aVgGV5gk0tg/s1600/chegar+a+meta.jpg&imgrefurl=http://escolaportuguesadefengshui.blogspot.com/2011/11/saiba-como-concretizar-os-seus.html&usg=__fdm0EGAHIaDvy6REEG-tnPEdCus=&h=273&w=354&sz=31&hl=pt-PT&start=17&sig2=H4vxlBIUdoscsmASCmXuSQ&zoom=1&tbnid=fSVi9vxCaC-KvM:&tbnh=93&tbnw=121&ei=vYVuUbiDOvPa4QTU3YAY&prev=/search?q=Imagem+a+chegar+%C3%A0+meta&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEsQrQMwEA


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AGENDA

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Arca (ECN) adquirePCX Equity

É lançada aArchipelago

Exchange

Archipelagoadquire a Pacific

Exchange

Fusão da NYSE com aArchipelago - NYSE Group

2000 2001 2005 2006

Consolidação nos EUA Primeira fusão transatlântica de Bolsas

2007- fusão da NYSEcom a Euronext

2013- fusão da ICE com aNYSE Euronext?

Consolidação na Europa

Fusão dos 4 mercados franceses;Fusão das 2 bolsas portuguesas;Fusão das 2 bolsas belgas

Fusão das Bolsas deAmesterdão, Bruxelas e Paris -Euronext

Fusão da Bolsa Lisboa na Euronext;

Euronext adquire Liffe

1999 2000 2002

4. Movimentos globais de fusão e aquisição: sucessos e fracassos

O Grupo NYSE Euronext

April 17, 2013


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NYSE Euronext: Bélgica, EUA (NYSE), França, Holanda, Portugal, Reino Unido (LIFFE)

NASDAQ OMX: Dinamarca, Dubai, Estónia, EUA (Nasdaq), Finlândia, Islândia, Letónia, Lituânia, Suécia

London Stock Exchange: Itália, Reino Unido (LSE)

Wiener Borse: Áustria, Eslovénia, Hungria, República Checa

18

4. Movimentos globais de fusão e aquisição: sucessos e fracassos

Fusão da NYSE Euronext com a Deutsche Borse???

*

*

* Fusão da LSE com o TMX Group ???**

*

Fusão da Bolsa de Singapura com a Bolsa australiana ???

“Local to global?”

“Global to local?”

April 17, 2013

http://www.google.pt/imgres?imgurl=http://www.gsjournal.com/wp-content/uploads/2010/05/ICE.jpg&imgrefurl=http://www.gsjournal.com/2011/02/intercontinentalexchange-reports-26-increase-in-2010-net-income/&usg=__FL-bLB-SqFvNk3dkeB_OnEnnKso=&h=288&w=288&sz=34&hl=pt-PT&start=1&sig2=42yu9H7A1XZsJG8_RoQtvg&zoom=1&tbnid=8QYLY8HlGiYgpM:&tbnh=115&tbnw=115&ei=MWxtUcrPHKqC4gSOvoHQDw&prev=/search?q=Logo+Intercontinentalexchange&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CC0QrQMwAAhttp://www.google.pt/imgres?imgurl=http://it.dreamstime.com/cuore-triste-thumb7195940.jpg&imgrefurl=http://it.dreamstime.com/fotografia-stock-cuore-triste-image7195940&usg=__QkQS9LzbgGPSMPWFclQgSZZe1jg=&h=431&w=400&sz=19&hl=pt-PT&start=16&sig2=8gfnRfE9FaH71bqwTEqsHQ&zoom=1&tbnid=A7uHGZCeULZFiM:&tbnh=126&tbnw=117&ei=22ptUYH-H4X44QTN9YHADA&prev=/search?q=cartoon+triste&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEkQrQMwDwhttp://www.google.pt/imgres?imgurl=http://it.dreamstime.com/cuore-triste-thumb7195940.jpg&imgrefurl=http://it.dreamstime.com/fotografia-stock-cuore-triste-image7195940&usg=__QkQS9LzbgGPSMPWFclQgSZZe1jg=&h=431&w=400&sz=19&hl=pt-PT&start=16&sig2=8gfnRfE9FaH71bqwTEqsHQ&zoom=1&tbnid=A7uHGZCeULZFiM:&tbnh=126&tbnw=117&ei=22ptUYH-H4X44QTN9YHADA&prev=/search?q=cartoon+triste&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEkQrQMwDwhttp://www.google.pt/imgres?imgurl=http://it.dreamstime.com/cuore-triste-thumb7195940.jpg&imgrefurl=http://it.dreamstime.com/fotografia-stock-cuore-triste-image7195940&usg=__QkQS9LzbgGPSMPWFclQgSZZe1jg=&h=431&w=400&sz=19&hl=pt-PT&start=16&sig2=8gfnRfE9FaH71bqwTEqsHQ&zoom=1&tbnid=A7uHGZCeULZFiM:&tbnh=126&tbnw=117&ei=22ptUYH-H4X44QTN9YHADA&prev=/search?q=cartoon+triste&hl=pt-PT&gbv=2&tbm=isch&itbs=1&sa=X&ved=0CEkQrQMwDw


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AGENDA

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BATS Chi-X

Europe

26%

LSE Group

19%

NYSE

Euronext

Europe

15%

Deutsche

Boerse

12%

SIX Swiss

Exchange

6%

Nasdaq OMX

Nordic

5%

Turquoise

5%Spanish

Exchanges

4%

MICEX

3%

5. Impacto na concorrência e qualidade dos preços


Quotas de Mercado

Negociação de Acções Europa


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5. Impacto na concorrência e qualidade dos preços

Presence Time at EBBO (%)

NYSE Euronext Blueship Indices

Presence Time at EBBO (%)

PSI 20

Fonte: TAG Audit – NYSE Euronext

88%

32%

40%

30%

39%

84%

28%

41%

15%

40%

83%

23%

42%

2%

36%

NYSE Euronext BATS Europe CHI-X Equiduct Turquoise

2011 2012 2013- Jan

70%

33%

58%

21%

37%

72%

30%

62%

17%

45%

75%

28%

64%

11%

48%

NYSE

Euronext

BATS Europe CHI-X Equiduct Turquoise

2011 2012 2013- Jan


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1. A Bolsas devem continuar a preencher um papel importante no desenvolvimento económico …

… eventualmente em formatos diferentes do passado.

2. Racional para fusões e aquisições mantém-se: economias de escala e crescimento

...mas a regulação e o enquadramento político a condicionarem.

3. A regulação na Europa trará um campo de concorrência mais equilibrado

... mas as condições económicas e financeiras na Europa continuam desafiantes .

4. A actividade de “listing” continua a ter um suporte local relevante.

… mas uma parte importante do mercado secundário continua a realizar-se “fora demercado”.

5. O impacto do desenvolvimento dos mercados emergentes é ainda muito incerto e poderádemorar algum tempo a materializar-se …

… mas pode vir a proporcionar oportunidades de crescimento.

April 17, 2013 22

6. Perspectivas: uma abordagem “local” versus “global”?


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PROFESSIONAL

SESSIONS

Foto do Coração da Joana Vasconcelos ????

April 17, 2013 23


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SESSIONS

Muito Obrigada!

Para mais informação visite www.nyx.com

yps - apresentacao euronext lisbon - 17 abril 2013

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