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					Presentation on European
     Equity market

               By:
              Sheenam mehra
              Deepak sambyal
                                     REGIONAL STATISTICS
                 Population           GDP per inhabitant,     Disposable          Unemployment
                 Change,2002-2007     2005 (PPS/inhabitant)   income,2005 (EUR/   Rate,2006 (%)
                 (AAGR, %)                                    inhabitant)
EU-27                         0.3                 22 400                      :                   8.2

BELGIUM                        0.5                  27 135               15 829                   8.2

BULGARIA                       0.5                   7 913                    :               : 9.0

CZECH REPUBLIC                 0.2                  17 156                4 735                   7.1

DENMARK                        0.3                  28 376               16 808                   3.9


GERMANY                       0.0                   25 797               17 702               10.2

GREECE                         0.4                  21 589               11 665                   8.9


SPAIN                          1.7                  23 069               12 444                   8.5

FRANCE                        0.7                  25 077               17 281                    9.5

ITALY                         0.7                  23 474               14 400                    6.8
INTERNATIONAL TRADE IN SERVICES
 COMPARISON OF
EUROPEAN EQUITY
  MARKETS WITH
  GLOBAL EQUITY
    MARKETS
SIZE
              DOMESTIC MARKET CAPITALIZATION(USD millions)

European           End 2007             End 2006           % change
Exchange
Deutsche Börse            2 105 197.8        1 637 609.8          28.6%

Euronext                  4 222 679.8        3 712 680.8          13.7%

Swiss Exchange            1 271 047.7        1 212 308.4              4.8%

London SE                 3 851 705.9        3 794 310.3              1.5%

OMX Nordic                1 242 577.9        1 122 705.0          10.7%
Exchange
Luxembourg SE              166 077.9            79 513.6         108.9%

Istanbul SE                286 571.7          162 398.9           76.5%

Europe                  13 467 758. 5       10 445 281.9         28.93%

US                       16 362 736.6       19 975 432.7         -18.08%
                                          SIZE
      Major Stock Exchanges in the world:Year-to-date Turnover at the end of January 2008


RANK Region                Stock Exchange               Total share       %change from
                                                        turnover          prev. year
                                                        (millions USD)

01.       Americas         New York Stock Exchange 1,517,615.7                    -28.56%

02.       Asia-Pacific     Tokyo Stock Exchange         301,781.5                 -18.49%

03.       Americas         NASDAQ                       2,325,238.3               -20.36%

04.       Europe           Euronext                     146,173.3                 -17.38%

05.       Europe           London Stock Exchange        241,151.1                 -12.39%

06.       Asia-Pacific     Shanghai Stock Exchange      142,144.2                 -23.54%

                           Hong Kong Stock
07.       Asia-Pacific                                  80,696.8                  -17.76%
                           Exchange
Stock market turnover
                             Composition
                      No. of domestic and foreign companies


            Year ending 2006               Year ending 2007


  Market     Total     Domestic   Foreig    Total   Domest Foreign      %age
                                    n                 ic              change

NASADAQ       2952          2616 336         2919      2586    333      -4.7%


  Europe     12,534         8601 2933       15986     10900    5086   -15.78%


 Tokyo SE     1546           987 559         1897      1024    873    -18.78%


Shanghai      1109           810 299         1556      1050    506    -20.76%
      SE
INTEGRATION OF EQUITY MARKET WITH ECONOMY
     Domestic mkt. capitalisation relative to GDP
                  STRUCTURE
Financial assests held by institutional investors
COMPOSITION OF REVENUE
         LIQUIDITY
Total value of share trading
Share trading value of european exchanges
           w.r.t. global exchanges
                 MARKET EFFICIENCY
MARKET CONCENTRATION OF 10 MOST CAPITALIZED AND MOST
TRADED DOMESTIC COMPANIES


European Exchanges 2007

                   Mkt.Cap. Of top 10 cos.   Turnover value of
                                             top 10 cos.
Deutsche Börse     44.3%                     42.9%

Euronext           31.1%                     25.6%

London SE          38.2%                     29.6%

Luxembourg SE      96.5%                     90.0%

OMX Nordic         40.8%                     43.1%
Exchange
Swiss Exchange     64.1%                     75.0%
                                        SETTLEMENT CYCLE
NAME OF STOCK EXCHANGE   SETTLEMENT CYCLE   NAME OF CLEARING AND SETTLEMENT         SUPERVISORY BODY
                                            ORGANISATION

LSE                      T+3 T+1            CREST                                   Financial Services
                                            Euroclear/Cedel/Local Systems
                                                                                    Authority



Wiener Börse AG          T + 3 , T +1                                               The Financial Market
                                            Central Counterparty Austria (CCP.A)
                                                                                    Autority (FMA)
Taiwan Stock             T+2                Taiwan Depository & Clearing            Financial Supervisory
Exchange                                    Corporation(TDCC                        Commission (FSC)

                         T+3 T+1            The Central Depository                  Monetary Authority of
Singapore Exchange                                                                  Singapore
Stock Exchange of        T+3                Central Depository & Settlement         Financial Services
Mauritius                                   Co. Ltd                                 Commission

New Zealand              T+3                FASTER                                  Self-regulated
Exchange Ltd
NASDAQ OMX               T+3                National Securities Clearing            Securities & Exchange
                                            Corporation (NSCC) & Depository Trust   Commission (SEC)
                                            Company (DTC)

Tokyo Stock Exchange     T+3 T+1            Japan Securities Clearing Corp.         FSA (Financial Services
                                            (JSCC)                                  Agency) & SESC (Securities
Group, Inc.                                                                         and Exchanges Surveillance
                                                                                    Commission)

Bombay Stock             T+2                BOI Shareholding Ltd                    Securities Exchange Board of
                                                                                    India (SEBI)
Exchange Ltd.                                                                       Reserve Bank of India (RBI)
      EUROPEAN STOCK EXCHANGES
•   Vienna Stock Exchange, Austria
•   EASDAQ, Belgium
•   Zagreb Stock Exchange, Croatia
•   Prague Stock Exchange, Czech Republic
•   Copenhagen Stock Exchange, Denmark
•   Helsinki Stock Exchange, Finland
•   Paris Stock Exchange, France
•   Les Echos: 30-minute delayed prices, France
•   Nouveau Marche, France
•   MATIF, France
•   Frankfurt Stock Exchange, Germany
•   Athens Stock Exchange, Greece
•   Budapest Stock Exchange, Hungary
•   Italian Stock Exchange, Italy
•   National Stock Exchange of Lithuania,Lithuania
•   Macedonian Stock Exchange, Macedonia
                                  Contd..
•   Amsterdam Stock Exchange, The Netherlands
•   Oslo Stock Exchange, Norway
•   Warsaw Stock-Exchange, Poland
•   Lisbon Stock Exchange, Portugal
•   Bucharest Stock Exchange, Romania
•   Russian Securities Market News, Russia
•   Ljubljana Stock Exchange,Inc., Slovenia
•   Barcelona Stock Exchange, Spain
•   Madrid Stock Exchange, Spain
•   MEFF: (Spanish Financial Futures & Options Exchange), Spain
•   Stockholm Stock Exchange, Sweden
•   Swiss Exchange, Switzerland
•   Istanbul Stock Exchange, Turkey
•   FTSE International (London Stock Exchange), United Kingdom
•   London Stock Exchange: Daily Price Summary, United Kingdom
•   Electronic Share Information, United Kingdom
•   London Metal Exchange ,United Kingdom
•   London International Financial Futures and Options Exchange, United Kingdom
• There are two major pan-European stock exchanges:
• Euro next, which is headquartered in Paris and was
  formed from stock exchanges in Belgium, France, the
  Netherlands, Portugal and the United Kingdom and is
  currently the second-largest stock market in Europe
  (and with the New York Stock Exchange, forms the
  first global exchange)
OMX, which is composed of Scandinavian and Baltic
stock exchanges:

Nordic Market , currently composed of bourses in
Sweden, Denmark, Finland and Iceland with activity in
Norway and the Faroe Islands;

Baltic Market , currently composed of bourses in
Estonia, Latvia and Lithuania;

First North , an alternative exchange based in
Stockholm, Sweden.
• Euronext N.V.is a pan-European stock exchange based in Paris and
  with subsidiaries in Belgium, France, Netherlands, Luxembourg,
  Portugal and the United Kingdom.

• In addition to equities and derivatives markets, the Euronext group
  provides clearing and information services.

• As of 31 January 2006, markets run by Euronext had a market
  capitalization of US$1.8 trillion, making it the 4th largest exchange on
  the planet.
  Euronext manages two broad-based indices.
  1) The Euronext 100 Index is the blue chip index. As of December 21,
   2002, the stocks in the Euronext100 Index represent 80% (euro 1,177 billion)
   of the total market capitalization of Euronext’s investment universe (euro
   1,477 billion). Each stock in the index is given a sector classification.
    The Next 150 Index is a market capitalisation
index of the 150 next largest stocks, representing the
large- to mid-capitalisation segment of listed stocks
at Euronext.
The indices have a base date of 31 December 2001,
with a starting level of 1000 points.
Euronext.liffe is the subsidiary of Euronext
responsible for all options and futures contracts
trading, formed by the merger of the derivatives
activities of the various constituents of Euronext
with LIFFE.
London Stock Exchange Group is Europe’s leading exchange group in cash equities with
48% of the FTSEurofirst 100 by market capitalisation and the most liquid order book by
value and volume traded. It also provide Europe’s largest electronic government bond
market and through Monte Titoli and CC&G, AND offer the most efficient post trade
services in the eurozone.
Its merger with Borsa Italiana, completed on 1
October 2007, brought together two highly efficient
and complementary businesses. As a result, it has
extended its position as Europe’s leading equities
business, and diversified its product offering.
ISSUER SERVICES

London attracted 378 new companies across the Main Market, and the Professional
Securities Market (PSM). Across the Group a total of £24.5 billion was raised through
new admissions and an additional £20.1 billion through further issues.

Once again, London attracted more international IPOs than any other major exchange,
with a total of 84 during the year,more than NYSE Euronext, Deutsche Börse and
Nasdaq combined.
 Issuer Services’ revenue increased 30 per cent to £82.4 million
(2007: £63.2 million)in part reflecting the inclusion of
Borsa Italiana revenues.
TRADING SERVICES
• 2008 was an excellent year for electronic trading volumes in particular for equities
traded in London following the introduction of TradElect in June.

• Revenue in Trading Services increased 53 per cent to £264.7 million (2007:
£173.1 million), reflecting very strong growth in trading .In cash equities, average
trades per day increased 82 per cent to 642,000 (2007: 353,000), with value traded
for the year at £2,276 billion (2007: £1,638 billion),a 39 per cent increase from 2007.
INFORMATION SERVICES
•Information Services contributed £143.6 million to revenue, an increase
 of 36 per cent (2007: £105.9 million),following strong demand for real time
 price and trading data and the contribution from Borsa Italiana.
• The total number of terminals receiving real-time LSE data increased 19 per
cent to 138,000 (2007: 116,000), with professional users accounting for 112,000
terminals (2007: 96,000).
POST TRADING SERVICES
Clearing
Cassa di Compensazione e Garanzia (CC&G) acts as a central counterparty
(CCP) eliminating counterparty risk on trades in Italian cash equities, derivatives and
   government bonds. Outside the Group, CC&G provides CCP services to
BrokerTec for Italian government bonds.CC&G’s 133 members comprise banks
and investment firms.
 Settlement
 Monte Titoli has a successful track record in providing routing,
 netting and settlement services.



Custody
  Monte Titoli also provides custody services for all the
  financial instruments it holds,whether dematerialised or in
  paper form.
                SIX Swiss Exchange
• based in Zürich, is Switzerland's principal stock exchange .
• main stock market index for the SIX Swiss Exchange is the
  SMI, the Swiss Market Index.
• The index consists of the 20 most significant equity-securities
  based on the free float market capitalisation.
• SIX is the joint owner of Eurex
• World's first fully automated trading, clearing and settlement
  system (est.1995)
• 09:00am to 05:30pm on all days of the week except
  Saturdays, Sundays and holidays declared by the Exchange in
  advance.
        Frankfurt Stock Exchange
• located in Frankfurt, Germany
• total turnover of €5.2 trillion per year the Frankfurt Stock
  Exchange strengthens its position as the world's 3rd largest
  trade-place for stocks and the world's 2nd largest by market
  capitalization.
• It is owned and operated by Deutsche Börse, which also
  owns the European futures exchange Eurex and clearing
  company Clearstream.
• 90 percent of turnover in the German market
• The trading indices in Frankfurt are DAX(Deutscher Aktien
  IndeX consisting of the 30 major German companies) , MDAX(
  50 Prime Standard shares from sectors excluding technology),
  TecDAX(30 largest German companies from the technology
  sector.
                       Bolsa de Madrid
•   Bolsa de Madrid (Madrid Stock Exchange) is the largest and most international of
    Spain's four regional stock exchanges the others are located in Barcelona,
    Valencia, and Bilbao.
•   officially founded in 1831
•   The Madrid Stock Exchange General Index (IGBM) is the exchange's principle index
    and represents the construction, financial services, communications, consumer,
    capital/intermediate goods, energy, and market services sectors.
•   The IBEX-35 Index is a capitalization-weighted index comprising the 35 most liquid
    Spanish stocks traded in the continuous market, and is Bolsa de Madrid's
    benchmark. Initiated in 1992, the index is administered and calculated by
    Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the
    company which runs Spain's securities markets
•   Madrid also offers the FTSE-Latibex Index, a European market for Latin American
    stocks; and the Ibex New Market Index for emerging companies . The index is
    maintained by the FTSE Group, an independent company which originated as a
    joint venture between the Financial Times and the London Stock Exchange. It is
    calculated in real-time and published every 15 seconds.
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