Company Presentation
Transcription
Company Presentation
Company Presentation 2016 I H 2016 Hi-MTF Sim S.p.A. | P.IVA 05755500963 | All Rights Reserved Agenda ■ About Hi-MTF ■ How it works ■ Participants ■ Statistics www.himtf.com 2 About Hi-MTF General overview and shareholders Hi-MTF is a Multilateral Trading Facility (MTF) – a MiFID compliant type of trading venue – oriented to retail clients Overview Hi-MTF provides investors with the opportunity to trade a wide range of bonds: government, corporate, banking, structured and others Hi-MTF’s Mission: efficiency and effectiveness in managing a trading platform oriented to non professional investors and centered on liquidity and transparency Current shareholders, each holding 25% of capital, are: www.himtf.com Last update: 30/06/2016 3 About Hi-MTF Key milestones A summary of Hi-MTF’s corporate history: ■ ■ Quote-Driven segment start-up ■ Order-Driven segment start-up ■ ■ Akros Bank becomes Participant and Market Maker IW Bank becomes Partcipant www.himtf.com 2014 2010 ■ Nuovi Investimenti SIM becomes Market Maker and Participant Fineco Bank becomes Participant 2011 2008 ■ bonds settled in ICSD’s ■ 2009 Central Counterparty (CCP) project start-up with CC&G, regarding clearing and settlement related to Invest Banca and Banca Intermobiliare become Participant 2015 2013 ■ Technological Platform upgrading in line with growing trading volumes 2016 ■ Banca IMI and MPS become Participant Last update: 08/08/2016 4 Agenda ■ About Hi-MTF ■ How it works ■ Participants ■ Statistics www.himtf.com 5 How it works Market microstructure: description QUOTE-DRIVEN SEGMENT ■ The segment hosts Fixed-Income securities: Government Bonds (Italian and foreign), Supranational Bonds, Corporate Bonds, Banking Bonds, Emerging Markets and Structured Bonds ■ A Market Maker (MM) exhibits continuously compulsory bid-ask quotes ■ Apart from compulsory quotes, the MM can insert up to two voluntary bid and two voluntary ask quotes to support liquidity (Multiquote) ■ Several MM contribute to most part of bonds’ quotes, so as to assure «book depth» (Multi-contribution) ■ Specialized Operators exhibit bid-ask quotes on a subset of bonds offering specialized liquidity www.himtf.com ORDER-DRIVEN SEGMENT ■ The segment is divided into two subsegments: – Fixed-Income – Equity ■ Trades take place as a consequence of the Participants’ orders intersection ■ Liquidity can be sustained by Specialists exhibiting bid-ask quotes on a predefined assets basket Last update: 30/06/2016 6 How it works Market microstructure: scheme QuoteDriven Segment Bank 1 Orders collection Participant 1 Bank 2 Participant 2 Bank n Participant n Orders Hi-Mtf QD Bid-Ask quotes Market Maker 1 Market Maker 2 Market Maker n Bid-Ask Prop Orders Specialist 1 Specialist 2 Specialist n OrderDriven Segment Bank 1 Bank 2 Bank n Orders collection Participant 1 Orders Participant 2 Hi-Mtf OD Participant n Participant 1 Participant 2 Bid-Ask Third-party Orders Participant n www.himtf.com Legend: Compulsory Last update: 30/06/2016 7 How it works Focus on the Quote-Driven segment Type Asset Class (Jun-2015) Number Italian Government Bonds Foreign Government Bonds Supranational Bonds Corporate Bonds Banking Bonds Emerging Markets Bonds Structured Bonds MM and Participants can access the market Market Phases Mon-Fri 7:30 8:40 12% 13% 15% 23% 27,7% 9% 0,3% Credit Rating for all bonds 986 bond MM insert quotes and Participants place orders Prenegotiation Initialization 119 124 151 224 273 92 3 % Negotiation 9:00 Closing 17:30 MM can insert quotes www.himtf.com Last update: 30/06/2016 8 How it works Focus on the Bond Order-Driven segment Type Asset Class (Jun-2015) BCC and Regional Banks’ Bonds Market Phases 1.539 99% 16 1% Prenegotiation Initialization 7:30 Specialist and Participants insert orders 8:40 Negotiation 9:00 Specialists can insert orders www.himtf.com % Italian and Foreign Large Banks Specialists and Participants can access the market Mon-Fri Number 1.555 bond Participants place orders PreAuction auction 17:00 17:05 17:20 Closing 17:30 Technical negotiation stop preceding the auction phase Last update: 30/06/2016 9 How it works Focus on the Equity Order-Driven Asset Class (Jun-2015) Introduced in 2008, the segment provides small and medium Italian banks with a convenient and flexible solution to comply with CONSOB regulations on illiquid securities held by retail investors It is possible to list on this segment shares, convertible bonds and rights Participants can access the market Monday to Thursday Market Phases Initialization 7:30 7:30 www.himtf.com Orders collection 9:00 9:00 Closing 17:30 Orders collection Initialization Friday Participants insert orders Auction 11:45 Closing 12:00 Electronic orders matching at the Theoretical Auction Price Last update: 30/06/2016 10 How it works Transparency and liquidity ■ Hi-MTF provides investors with an Info Sheet for each financial instrument listed on the market, for free Info Sheet Transparency Real-time book Market Makers ■ Hi-MTF’s aim is promoting awareness on investment choices ■ Hi-MTF provides investors with a real-time 5-level-deep trading book, for free ■ Compulsory presence of a Market Maker for each security listed on the Quote-Driven segment of the market Liquidity Check and monitoring systems www.himtf.com ■ Market Makers are required to quote both pre-defined minimum sizes and competitive prices (price limits, as defined by the Market Regulations, are in place) ■ Hi-MTF assures Market Makers duties are met, via continuous monitoring Last update: 30/06/2016 11 How it works Transparency and liquidity: examples Real-time book and Info Sheet Example of Real-time trading book including: – Price and quantities expressed by Market Makers – Pricing and summary stats – General securities’ information – Info Sheet www.himtf.com Last update: 09/08/2016 12 Agenda ■ About Hi-MTF ■ How it works ■ Participants ■ Statistics www.himtf.com 13 Participants Brokers and Market Makers MARKET MAKERS, SPECIALIZED OPERATORS AND SPECIALISTS ORDER-DRIVEN QUOTE-DRIVEN BROKERS www.himtf.com Specialist on a defined set of securities Last update: 30/06/2016 14 Agenda ■ About Hi-MTF ■ How it works ■ Participants ■ Statistics www.himtf.com 15 Statistics Breakdown of total turnover volume 2016 I H Total Turnover Volume (TTV) on Hi-MTF (2016, from Brokers, €mln) 9.595 4.292 Corporate, Banking, Emerging, Other (€mln) ■ TTV increase on Corporate and Banking bonds ■ Participants’ (Market Makers / Brokers) number increase Italian Govies (€mln) 5.303 ■ Hi-MTF confirms its role as «liquidity pool» for retail investors 2015 2016 www.himtf.com Last update: 30/06/2016 Source: ASSOSIM 2016 I H; Hi-MTF 16 Statistics Most traded bonds on the Quote-Driven segment – 2016 I H 1 Italian Govies 2 Other bonds www.himtf.com Quote Driven - Italian Govies ISIN DESCRIPTION IT0005094088 IT0005090318 IT0004969207 IT0005142143 IT0004009673 IT0005172322 IT0005170839 IT0003934657 IT0005086886 IT0005162828 IT0005135840 IT0003493258 IT0005028003 IT0005127086 IT0004489610 BTP 1 MZ 32 1,65% BTP 1 GN 25 1,50% BTP ITALIA INFL 12 NV 17 BTP 1 NV 20 0,65% BTP 1 AG 21 3,75% BTP 15 MZ 23 0,95% BTP 1 GN 26 1,60% BTP 1 FB 37 4% BTP 15 AP 22 1,35% BTP 1 MZ 47 2,7% BTP 15 ST 22 1,45% BTP 1 FB 19 4,25% BTP 15 DC 21 2,15% BTP 1 DC 25 2% BTP 1 ST 19 4,25% MIN QUANTITY 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 CONTRACTS 4.474 4.484 1.511 880 2.200 1.054 1.525 987 1.040 889 775 2.135 803 962 1.458 TURNOVER (Euro) 255.012.562 235.717.769 135.298.969 111.829.172 110.001.958 109.031.815 105.625.817 104.543.637 98.373.186 95.269.296 95.266.280 91.440.501 86.875.913 85.235.397 83.978.289 Quote Driven - Corporate / banking / emerging / supranational ISIN DESCRIPTION XS1388625425 XS1266866927 IT0005090995 XS1044894944 XS0256396697 IT0005108060 IT0005171464 IT0005108490 IT0005136038 IT0004889165 IT0004991995 XS1088515207 IT0004697980 XS0173649798 IT0004866551 FIAT 3,75% 29/3/2024 BCO POPOLARE 2,75% 27/7/20 CASSA DDPP TM 20/03/2022 BCO POPOLARE 3,50% 14/03/2019 BCA CARIGE TV SUB CALL 7/6/2016 BCA POP EMILIA 4,25%SUB 15/06/25 ICCREA BANCA TM 01/04/2021 AUTOSTRADE 1,625% 12/6/2023 ICCREA BANCA TF/TV 30/09/2020 BANCO POPOLARE TV 27/2/2018 ICCREA BCA 4,75%SUB SINK 14/3/21 FIAT 4,75% 15/07/22 BCA POP EMILIA 4,75% SUB 15/3/17 UGF ASS. TM SUB CALL 28/07/2023 BANCO POPOLARE TV 06/12/17 MIN QUANTITY 100.000 100.000 1.000 100.000 50.000 800 1.000 1.000 1.000 1.000 1.000 100.000 200 1.000 1.000 CONTRACTS 500 444 1.198 315 539 1.156 660 539 869 757 616 148 798 917 426 Last update: 30/06/2016 TURNOVER (Euro) 56.748.886 45.737.122 41.987.388 34.247.159 29.225.475 28.607.476 25.410.266 25.325.813 24.363.084 23.848.881 17.828.473 16.735.356 15.948.008 15.315.954 14.800.096 Source: Hi-MTF 17 Statistics Most traded bonds on the Order-Driven segment – 2016 I H 1 BCC, Popolari e CR 2 Other issuers Order Driven - BCC / Banche Popolari / Casse di Risparmio ISIN DESCRIPTION MIN QUANTITY IT0004847957 IT0004975899 IT0005135527 IT0005092884 IT0005139560 IT0005022006 IT0005002222 IT0005053324 IT0004983406 IT0005002214 IT0004919442 IT0005082935 IT0004965676 IT0004762859 IT0005053845 CRED.VALT. 5,25% 28/09/17 SUB 1a CRED.VALT. 3,75% 30/12/18 SUB 2a BCA POP SONDRIO 3% 23/10/22 SUB BCA POP SONDRIO 2,50% 30/3/22SUB CREVAL 2,20% 30/11/2018 236a CRED.VALT. 2,25% 30/04/19 224a CRED.VALT. 2,50% 04/03/19 222a CRED.VALT. 1,40% 05/09/17 226a CRED.VALT. 2,00% 30/12/16 219a CRED.VALT. 1,90% 04/03/17 221a CRED.VALT. 2,65% 30/04/16 211a BCC CREDIFRIULI TV 26/1/22 217a CRED.VALT. 2,35% 07/10/16 216a CRED.VALT. 4,25% 02/11/16 SUB 3a CRED.VALT. S/UP 12/09/19 227a CONTRACTS 1.000 1.000 1.000 1.000 1.000 10.000 10.000 10.000 10.000 10.000 1.000 1.000 10.000 50.000 10.000 1.546 1.582 1.177 947 694 202 215 177 195 178 259 345 156 91 147 TURNOVER (Euro) 21.507.516 19.098.840 17.344.556 14.407.971 12.453.964 8.901.606 7.351.309 7.038.036 6.973.557 6.750.650 6.590.264 6.187.359 6.123.254 6.088.329 6.000.406 Order Driven - other bonds ISIN DESCRIPTION MIN QUANTITY IT0004897200 XS0697341203 IT0004827439 XS0735543653 IT0004854060 XS0525426184 XS0525459433 XS0535364680 GB00B6419477 IT0006719840 IT0004677008 IT0004727662 IT0005004566 ICCREA BANCA TM 20/03/2018 MEDIOBANCA FIX FLOA BAR 30/11/17 UNICREDIT TM CAP 31/07/2017 BANCA IMI TASSO MISTO 28/02/2017 UNICREDIT ZC 31/10/2017 RBS FIXED FLOATER 30/09/2017 RBS FIXED FLOATER 31/08/2017 RBS FIXED FLOATER 29/10/2017 BARCLAYS FIX FLOAT BARR 28/02/18 SOCGEN FIX-FLOAT BARR.30/06/2018 BANCA IMI TASSO MISTO 21/02/2017 BANCA IMI TASSO MISTO 30/06/2016 BANCO POPOLARE TM CAP 12/5/2019 CONTRACTS 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 4.006 2.740 1.975 2.316 2.350 759 713 758 633 543 82 64 213 TURNOVER (Euro) 95.331.024 65.140.381 63.031.246 56.989.574 51.867.670 19.045.031 15.924.776 15.549.417 12.765.067 10.115.645 3.401.754 2.196.861 1.638.212 www.himtf.com Source: Hi-MTF Last update: 30/06/2016 All the bonds are «monolisted» (*) All the bonds are «monolisted» (*) Note (*): for the big banks bonds MOT, Euro-TLX and Hi-MTF have been analyzed, while for the Italian regional banks bonds all possible markets, domestic and foreign, have been analyzed. 18 Statistics New issuers on the Order Driven segment – 2016 I H Please, find enclosed the list of new issuers admitted on Hi-MTF in the first half of 2016 ORDER-DRIVEN Emittenti www.himtf.com Last update: 30/06/2016 19 Contacts Website: www.himtf.com Head of Market Supervision Andrea Braga Tel. 02 89283352 E-mail [email protected] Head of Listing www.himtf.com Federico Siano Tel. 02 89283370 E-mail [email protected] 20 August 2016 Hi-Mtf SIM S.p.A. This document is the exclusive property of Hi-MTF SIM S.p.A. This document does not constitute any investment proposal by Hi-Mtf SIM S.p.A. The document is intended for descriptive and promotional purposes only and cannot be said to be exhaustive. This document contains opinions. Data presented can be used for personal uses only. Hi-Mtf SIM S.p.A. cannot be deemed as responsible for any damage even deriving from any vagueness or mistake related to the interpretation of the content included in this presentation. The information presented is based upon sources considered credible but no independent verification on data sources was made. Reference to past performance cannot be interpreted as an indication of results promised for the future since the investment in financial instruments is affected by multiple factors.