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22 May 2015 PX Group and CEESEG Holding Basic information on PSE, PXE and CDCP.

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Presentation on theme: "22 May 2015 PX Group and CEESEG Holding Basic information on PSE, PXE and CDCP."— Presentation transcript:

1 22 May 2015 PX Group and CEESEG Holding Basic information on PSE, PXE and CDCP

2 2| PX Group Main activities Organizing regulated and unregulated securities markets Organizing a commodity market (electricity delivery) Maintaining securities records, clearing and settlement of transactions in securities Czech capital market share of 99.5% In 2012, 19,8 TWh of Czech electricity was traded, corresponding to some 31.46% of electricity consumption in the Czech Republic Market capitalization of securities maintained in record exceeding CZK 1,000,000,000,000 Share of 99.9% in volume of trades and transfers settled on Czech capital market

3 3| PX Group – companies Securities market organizer Maintaining securities register, clearing and settlementElectricity market organizer Counterparties for participants in concluding electricity trades Consolidated results as at 31 Dec200820092010201120122013 Total assets (EUR m)172.2128.3113.4103.7106.129.4 Revenues (EUR m)16.814.417,221.320.519.2 Profit after tax (EUR m)5.84.84.16.55.65.4 Dividend payment /PSE only/ (EUR)35.6516.8516.9216.3220.7220.83 PSE CSDP PXE EnCC

4 4| CEE Stock Exchange Group (CEESEG) 42% of total market capitalization of all exchanges in the region** 48% of equity trading volume in the region** Internet: www.ceeseg.com 100% 92.74% 100 % 50.45% Prague Stock Exchange Czech Republic Ljubljana Stock Exchange Slovenia Budapest Stock Exchange Hungary 1,07%46.67% Holding CEE Stock Exchange Group* KELER CCP 97,72% KELER Vienna Stock Exchange Austria CCP.AAPCSEXAA 25.12%100% Energy Clearing Counterparty PXE 33.33% 10% 50% 33.33% CSD PragueCISMOCEGH 20% 5%5% * Ownership Structure of CEESEG AG: 52.59% Austrian Banks, 47.41% issuers of the Vienna Stock Exchange **Czech Republic, Austria, Hungary, Slovenia, Slovakia, Poland, Romania, Bulgaria, Croatia, Serbia, Bosnia and Herzegovina, Montenegro CEESEG Data vending, indices Indices cooperation MoU

5 CEE Stock Exchange Group – a comparison of market capitalization * Bulgarian SE, Bratislava SE, Montenegro SE, Belgrade SE, Sarajevo SE, Banja Luka SE, Macedonia SE January 2014, Source: FESE, FEAS, local stock exchange 5

6 CEE Stock Exchange Group – a comparison of equity turnover * Bukarest SE, Bulgarian SE, Zagreb SE, Belgrade SE, Macedonia SE, Banja Luka SE, Bratislava SE, Sarajevo SE, Montenegro SE January 2014 YTD, Source: FESE, FEAS, local stock exchange 6

7 CEE Stock Exchange Group – institucional investors 7 *Among others, Canada, Slovenia, Hungary, Sweden, Czech Republic 2013, Source: Ipreo

8 8 CEE Stock Exchange Group – The Largest Issuers January 2014 Source: Vienna Stock Exchange

9 CEE Stock Exchange Group – Sector Allocation * Multi-Utilities, Packaging, Food, Beverage & Tobacco, Construction Materials, Chemicals, Electrical Equipment, Tourism & Travel, Media, Retailing, Leisure & Gambling, Personal Products, Household Products & Furniture, Automobiles & Parts, Other Industrial Services, Other Industrial Goods, Software & IT Services January 2014, Source: Vienna Stock Exchange 9

10 168 financial institutions participate in trading on the member exchanges of CEESEG. The following are active on two or more markets: 10 CEE Stock Exchange Group – Trading Members January 2014 Source: Member Exchanges of CEESEG MemberCountry Deutsche Bank (resp. DB Securities) CZ, HU, AT Equilor Investment CZ, HU Erste Group Bank (resp. Česká spořitelna, Brokerjet) CZ, HU, AT, SI IPOPEMA Securities CZ, HU KBC Securities (resp. Patria Finance) CZ, HU, AT, SI Raiffeisen Centrobank CZ, HU, AT, SI UniCredit Bank CZ, HU, AT, SI WOOD & Company Financial Services CZ, HU, AT, SI

11 11 Stock Exchange Group – Trading volumes by members (2014 YTD) Regulated & unregulated markets; domestic & foreign turnover January 2014 Source: Member Exchanges of CEESEG CEE

12 27 June 2012 Prague Stock Exchange

13 13| Prague Stock Exchange Re-established in 1993 Member of the PX Group holding Member of the CEE Stock Exchange Group (CEESEG) Member of the Federation of European Securities Exchanges U.S. SEC “Designated Offshore Securities Market” Market capitalization in 2013: € 39,8 bn* Trade value - shares 2013: € 6,7 bn** Czech capital market share of 98,4% Leader in the Central and East European Region Internet: www.pse.cz * Domestic and foreign issues together ** All PSE’s numbers are “single counted” Number of trades (shares):

14 14| History 1409 █ Brugges – first organized market (van den Boerse) 1462█ Exchange in France – Lyon 1698█ Exchange in England – London 1771 █ Exchange in Austria – Vienna 1792█ Exchange in USA – New York 1864█ Exchange in Hungary – Budapest 1871 █ Commodity and Stock Exchange in Prague 1920–39█ Period of the Exchange’s prosperity 1939█ Nazi occupation 1948█ Decree of the Ministry of Finance of the Czechoslovak Republic dissolving the Exchange

15 15| Recent history 1992█ PSE established – 12 banks and 5 brokerage companies 1993█ The Exchange reopened 1993█ First wave of Coupon Privatization – 955 issues 1995█ Second wave of Coupon Privatization – 674 issues 1997█ 1,301 issues withdrawn from trading 2004█ FESE membership and first IPO – Zentiva 2007█ PXE – Power Exchange Central Europe (Prague Energy Exchange) 2008█ Vienna Stock Exchange becomes majority shareholder 2010█ Activity of the Central Securities Depository Prague established 2010█ PSE a part of the CEESEG holding company

16 16| The Exchange currently has 18 experienced members: Members Domestic: Remote: Membership procedure: 16| DB Securities

17 17| Trading system and connection Trading system Xetra Prague Access point concept – 3 possibilities for PSE members 17| Praha

18 18| Institutional investors Regional distribution: Small investors – strong retail Their number is growing gradually – from 5,000 in 2004 to today’s 100,000 Traded equity volume is some CZK 20 bn per year “Small” investors in case of PSE are rather “high net worth individuals”, as volumes per investor are considerably larger than in some other exchanges in the region Interest in IPOs: in case of NWR NV, a considerable part of the issue was placed among small domestic investors Several rapidly growing online brokers operate on the market Investors (December 2013, Source: Ipreo)

19 19| Public relations PSE endeavours to develop the Czech capital market and supports discussions related to the capital market. Television programme “Studio Exchange” In cooperation with the public Czech Television Since 22 January 2008, directly from PSE’s premises News from the capital markets seven times daily On channels ČT24, ČT1 and on Czech TV’s website (www.ceskatelevize.cz) Dissemination of exchange information Continuous and free-of-charge information stream with 15-minute time lag on PSE’s website Final trading results and selected statistical data available free of charge Expert users may obtain exchange information in real time (online) and receive trading results after the daily close of trading (off-line)

20 27 June 2012 POWER EXCHANGE CENTRAL EUROPE

21 Products with physical delivery Electricity Delivery period: Base Load and Peak Load Base Load – all days 0:00 - 24:00 Peak Load – Monday to Friday 8:00 - 20:00 Czech Republic SPOT  Access to the day hourly auction OTE/PXE using the PXE system  Physical delivery arising from a position in financial futures Slovakia and Hungary 6 following months 4 following quarters 3 following years Natural gas Delivery period: Base Load Base Load – all days 06:00 - 06:00 Czech Republic 3 following months 4 following quarters 3 seasons (winter / summer) 2 following years Czech market with natural gas futures is organized in co-operation with 21|

22 22| Market participants 1 trading location 3 markets 43 participants Contract with PXE allows trading at PXE Contract with a clearing bank


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