Company Presentation

Transcription

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
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
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
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
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
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
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
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
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
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
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
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
BARCLAYS FIX FLOAT BARR 28/02/18
SOCGEN FIX-FLOAT BARR.30/06/2018
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
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
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.

Company Presentation

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