Embed Size (px)
Citation preview
IRISH STOCK EXCHANGE
LOCAL SUPPORT GLOBAL REACH
FACTS & STATISTICS ON THE IRISH STOCK EXCHANGE, ITS LISTED COMPANIES AND THE ISE-RELATED SECURITIES INDUSTRY
OCTOBER 2014
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 1
BENEFITS OF HAVING A LOCAL STOCK MARKET
• Source of equity funding for enterprise
• Lowers the cost of capital for domestic fi rms
• Creates local knowledge and specialisation
• Delivers macroeconomic benefi ts including greater R&D intensity and higher levels of foreign direct investment (FDI)
Research compiled by Indecon
OUR VISION #1 EU EXCHANGE CHOICE FOR ISSUERS OF GLOBAL FIXED INCOME, FUNDS AND IRISH SECURITIES
30
52
2,196
24,169
Equities
Irish Government Bonds
Debt
Funds and sub-funds
Main Securities Market
Enterprise Securities Market
Global Exchange Market
KEY STATISTICS
37INTERNATIONAL
MEMBERS
3
SECURITIES LISTED
46MEMBER FIRMS
€
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 3
Source: ISE - September 2014
MARKETS
COUNTRIES WITH ISSUERS ON ISE
MARKETS
80THE ISEAN INTERNATIONAL BUSINESS
2
LAWYERS
ACCOUNTANTSRESEARCH ANALYSTS
STOCKBROKERSINVESTMENT FIRMS
INTERNATIONAL BANKS
Member fi rms supporting trading, corporate broking and research
Fund sponsors Equity sponsors and ESM advisors
Legal and accountingprofessionals supporting listing
THE ECOSYSTEM SUPPORTING LISTING AND TRADING ON THE ISE
THE SECURITIES INDUSTRY EMPLOYING HIGHLY SKILLED PROFESSIONALS
DEBT EQUITIES
IRISH GOVERNMENT
BONDSFUNDS
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 54
Debt listing agents
DIRECT
€m €m
ECONOMY WIDE
€704m
2,977
€377m
€130m
€207m
2,101
€177m €314m
€242m
€325m
Output/Sales Revenues from Irish operations
Irish Employment Supported - Full-Time Equivalents (FTEs)
Irish Employment Incomes Supported
Irish Non-Labour Business Expenditure
Tax Contribution (incl. Stamp Duty)
GVA/GDP Contribution
€
€
€230m -
Source: Estimated impact based on Indecon analysis of 2012 figures
ECONOMIC IMPACT AND CONTRIBUTION IN IRELANDIRISH OPERATIONS OF ISE-RELATED ECOSYSTEM
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 76
THE SECURITIES INDUSTRY SUPPORTING THE LOCAL ECONOMY
SECTORAL PROFILE
26
26
52
Enterprise Securities
Market (ESM)
Total
Main Securities Market (MSM)
Exploration 29%
Financial Services 19%
Agri/Food/Beverages 17%
Media and Leisure 7%
Construction 8%
Transport 6%
ICT 4%
Life Sciences, incl. Pharma and Medtech 4%
Business Services 2%
Retail/Wholesale 2%
Other Manufacturing 2%
ISE MARKET
ISE LISTED COMPANIES MARKET PROFILE
PROFILE OF COMPANIES ON ISE MARKETS
# COMPANIES
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 98
Source: ISE - September 2014
88%
73%
DUAL LISTED
PRIMARY LISTED IN IRELAND
FOOD/AGRICULTURE FINANCIAL SERVICES/REITS
EXPLORATION
Source: ISE - September 2014
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 11
ISE LISTED COMPANIES SECTORAL CLUSTERS
10
WORLDWIDE REVENUES
WORLDWIDE EMPLOYEES
€7
6,5
61
m
€9
0,6
79
m
€8
0,9
80
m
€7
8,1
93
m
€7
3,4
91
m
€7
8,6
53
m
€8
2,8
67
m
20
07
28
4,1
36
20
08
28
6,6
70
20
09
27
1,8
19
20
10
25
6,3
15
20
11
26
0,2
15
20
12
26
3,3
01
WORLDWIDE EARNINGS
€6
,83
6m
€8
,16
8m
€7
,27
3m
€6
,16
0m
€6
,78
3m
€8
,14
0m
€7
,97
6m
260,000
€8bn
EMPLOYEES
EARNINGS
€83bnREVENUES
€
25
8,0
55
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
06
Source: Indecon analysis based on Bloomberg 2012 data. Figures exclude Tesco and Diageo.
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 1312
ISE LISTED COMPANIES GLOBAL FOOTPRINT
ISE LISTED COMPANIES RAISING FUNDS INTERNATIONALLY
14
€23.5bn
85.4%
14.6%€3.4bn
€20.1bn
% OF TOTALFUNDS RAISED€bn
Irish Companies
Other Companies
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 15
Source: ISE *Equity funds raised relate to all listings and include equity monies raised through introductory offers, share placings, open offers, rights issues, share allotments, and other means.
41NEW COMPANY LISTINGS ON ISE MARKETS 2004 - 2013
C&C GROUP CPL RESOURCES
ISEQ EXCHANGE TRADED FUND
PETROCELTIC INTL
PETRONEFT RESOURCES
AER LINGUS GROUP
TOTAL PRODUCE
ZAMANO
SMURFIT KAPPA GROUPORIGIN ENTERPRISES
FIRST DERIVATIVES
MERRION PHARMACEUTICALS ARYZTA
GREAT WESTERN MINING
FASTNET OIL AND GAS
FALCON OIL AND GAS
GREEN REIT
HIBERNIA REITGAMEACCOUNT NETWORK MINCON
67% Source: Federation of European Securities Exchanges (FESE) - market research 2007
INTERNATIONAL INVESTORS IN IRISH LISTED COMPANIES
EQUITY FUNDS RAISED 2004 - 2013
DIRECT
€m €m
ECONOMY WIDE
€24.0bn
97,435
€12.1bn
€7.3bn
€5.3bn
49,148
€15.0bn
€9.5bn
Output/Sales Revenues from Irish Operations
Irish Employment Supported – Full Time Equivalents (FTEs)
Irish Non-Labour Business Expenditure
Irish Employment Incomes Supported
GVA/GDP Contribution
€
€
€2.5bn €4.2bn
Source: Estimated impact based on Indecon analysis of 2012 figures. Figures exclude Tesco and Diageo.
ECONOMIC IMPACT AND CONTRIBUTION IN IRELANDIRISH OPERATIONS OF ISE LISTED COMPANIES
ISE LISTED COMPANIES SUPPORTING THE IRISH ECONOMY
16 IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 17
18
TOP 6 MOST SIGNIFICANT FACTORS IN COMPANIES DECISION TO LIST ON IRISH STOCK EXCHANGE
Access to Irish investors
Access to international investors
Achieving the best valuation for the company
Ability to maintain or grow liquid market for shareholders
Profi le of company raised with investors, customers, suppliers, other fi nance providers and employees
Access to option of dual listing with certain international markets
Source: Indecon analysis of Confidential Survey of ISE-listed Companies
88.4%
72%
69.2%
68%
80.8%
77%€
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 19
WHY COMPANIES LIST ON THE ISE
INTERNATIONAL PARTNERSWORLD CLASS ACCESSIBLE SYSTEMS
IRISH LISTED COMPANIES #1 TRADINGVENUE
20 IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 21
CREST
SETTLEMENT
XETRA
TRADING
EUREX
CLEARING
EQUITY TRADING MEMBERSSOURCING GLOBAL INVESTORS
FACTORS INFLUENCING DECISIONS BY DEBT ISSUERS TO LIST ON ISE - VIEWS OF ISE DEBT LISTING AGENTS
Effi ciency of listing process
Experience and reputation of the ISE and the Central Bank
Expertise and technical knowledge
Communication and willingness to engage
Competitive listing fees
Choice of markets
Source: Indecon Confidential Survey of Irish Stock Exchange Debt Listing Service Providers
100%
88.9%
88.9%
66.6%
100%
100%
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 2322
WHY GLOBAL DEBT ISSUERS CHOOSE THE ISE
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 2524
DEBT LISTINGGLOBAL FOOTPRINT
AUTOPISTAS METROPOLITANAS DE PUERTO RICO
BBVA
DEBT LISTINGS
#3 WORLDWIDE 2013ACROSS 48 EXCHANGES
IRISH STOCK EXCHANGE
#2 NEW DEBT LISTINGSEUROPE 2013
Source: Indecon analysis of World Federation of Exchanges (WFE), Federation of European Securities Exchanges (FESE) and London Stock Exchange data
Source: Indecon analysis of FESE data (WFE data for London Stock Exchange)
Luxemb
ourg
SE
Wiener B
orse
Deutsche B
orse
BSE
India
Irish SE
BSE
India
Lond
on Sto
ck Exchang
e
SIX Sw
iss Exchang
e
Ko
rea Exchang
e
Oslo
NA
SDA
Q O
MX
No
rdic E
xchange
Singap
ore E
xchange
Natio
nal Stock E
xchange Ind
ia
Johannesb
urg SE
Mo
scow
Exchang
e
Lima SE
BM
&FB
OV
ESPA
Am
man SE
Ljubljana SE
Bursa M
alaysia
Mauritius SE
NYSE
Euro
next (Euro
pe)
Shanghai SE
Co
lom
bia SE
Japan E
xchange G
roup
- Tokyo
Mexican E
xchange
Shenzhen SE
Co
lom
bo
SE
Taiwan SE
Co
rp.
Eg
yptian E
xchange
Casab
lanca SE
Muscat Securities M
arket
Berm
uda SE
Luxemb
ourg
SE
GreTai Securities M
arket
The Stock E
xchange o
f Thailand
Japan E
xchange G
roup
- Osaka
Bud
apest SE
Cyp
rus SE
Tel Aviv SE
Bo
rsa Istanbul
Ho
ng K
ong
Exchang
es
TMX
Gro
up
New
Zealand E
xchange
Malta SE
Athens E
xchange
Saudi Sto
ck Exchang
e - Tadaw
ul
Ab
u Dhab
i SE
30,000
20,000
25,000
15,000
10,000
5,000
0
6,000
5,000
4,000
3,000
2,000
1,000
Luxemb
ourg
Stock E
xchange
Irish Stock E
xchange
Deutsche B
örse
NYSE
Euro
next
Lond
on Sto
ck Exchang
e
NA
SDA
Q O
MX
No
rdics &
Baltics
Warsaw
Stock E
xchange
Oslo
Bø
rs
CE
ESE
G - V
ienna
Bo
rsa Istanbul
SIX Sw
iss Exchang
e
Malta Sto
ck Exchang
e
21,719
4,5624,562
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACHIRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 2726
WHY GLOBAL INVESTMENT MANAGERS CHOOSE THE ISE
28 IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 29
FACTORS INFLUENCING DECISIONS TO LIST INVESTMENT FUNDS ON ISE – VIEWS OF ISE FUND SPONSORS
100%
75.0%
62.5%
87.5%
75.0%
Effi ciency of listing process
Experience and reputation of the ISE and Central Bank
Open communication and willingness to engage
ISE Competitive listing fees
Expertise and technical knowledge
Source: Indecon Confidential Survey of Irish Stock Exchange Funds Listing Service Providers
IRISH STOCK EXCHANGE
#4 FUND LISTINGWORLDWIDE 2013
0
1000
2000
3000
4000
5000
6000
7000
Japan E
xchange G
roup
- Tokyo
TMX
Gro
up
Bud
apest SE
BM
&FB
OV
ESPA
Santiago
SE
Euro
next
Shenzhen SE
Mo
scow
Exchang
e
NA
SDA
Q O
MX
No
rdic E
xchange
NYSE
Mexican E
xchange
Natio
nal Stock E
xchange Ind
ia
Irish SE
Deutsche B
ö
rse
BM
E Sp
anish Exchang
es
Luxemb
ourg
SE
2,352
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH30 IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH 31
GLOBAL INVESTMENT MANAGERSWITH ISE LISTED FUNDS
Global investment managers with ISE listed funds
Source: Indecon Analysis of World Federation of Exchanges (WFE) and ISE fund and sub-funds data
Source: Indecon Research of market participants 2013
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH32
“A key advantage of the ISE is the flexibility of approach that it can offer to issuers via GEM…The openness of the ISE to converse with legal counsel/issuers directly has become a marked advantage over its competitors.”
“The ISE was important to the development of the company as it enabled us to raise equity in order to grow the business and pay down debt.”
“The ISE is still seen as the exchange of choice for listing investment funds. Clients appreciate the smooth listing process. Costs are on a par with various exchanges around the world.”
Indecon statistics and analysis from research conducted on behalf of the Irish Stock Exchange - published October 2014
VIEWS ON THE ISEVIEWS ON THE ISEVIEWS ON THE ISEVIEWS ON THE ISEVIEWS ON THE ISE
INVESTMENT FUND SPONSOR
DEBT LISTING AGENT
ISE LISTED COMPANY
Irish Stock Exchange28 Anglesea StreetDublin 2, Ireland
T +353 1 617 4200F +353 1 677 6045
www.ise.ie
