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WHAT MiFID MEANS FOR LJUBLJANA STOCK EXCHANGE ?

WHAT MiFID MEANS FOR LJUBLJANA STOCK EXCHANGE ?. Jana Morela LL.M Management Board Adviser Ljubljana Stock Exchange. June 2007. L JSE today - in numbers. Market capitalisation of shares (31th May 2007): 16 . 0 billion EUR

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WHAT MiFID MEANS FOR LJUBLJANA STOCK EXCHANGE ?

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  1. WHAT MiFID MEANS FOR LJUBLJANA STOCK EXCHANGE? Jana Morela LL.M Management Board Adviser Ljubljana Stock Exchange June 2007

  2. LJSE today - in numbers • Market capitalisation of shares (31th May 2007): • 16.0 billion EUR • Average daily turnover with shares in Jan - May 2007:819,7 transactions,6,6 million EURin shares • Official market ratios (as of 31th May 2007): • P/E: 27,5 • P/B: 2,57 • Div. yield: 0,99%

  3. LJSE today - Market Structure INVESTMENT FUNDS

  4. CHANGING LANDSCAPE ON FINANCIAL MARKETS • New fragmentation and increased competition • Between exchanges • Exchanges, ATS, MTF’s • Members against exchanges • Disconnecting listing and trading services • Transparency • Full disclosure of market data • Full disclosure of regulated information • Higher standards for transparency of issuers • Regulatory barriers

  5. CHANGING LANDSCAPE ON FINANCIAL MARKETS • Price discovery • Pre and post trade transparency • Best execution rule implemented on the side of the member • Internalization / concentration • Changing nature and role of regulators • Supervision and micro regulation • Providing services to all exchanges and markets • Driver of success or failure for national markets? • Explicit and implicit cost of regulation

  6. EXPECTATION FROM THE STOCK EXCHANGE • Members • More, better and diverse products • Better liquidity • Competitive pricing of services • Price discovery • Issuers • Access to new investors • Improved investor relations • Maintaining relative importance and visibility • Investors • More, better and diverse products • Better liquidity • Competitive pricing of services • Membership structure

  7. EXPECTATION FROM THE STOCK EXCHANGE • Shareholders of exchange • Value of shares • Long term competitiveness • Efficiency of operations • Regulator / Government • Regulatory compliance • Surveillance of markets • Efficient price discovery • Stability of operations • Efficient services

  8. POTENTIAL REASONS TO MAINTAIN A LOCAL STOCK EXCHANGE • Domestic market is the ˝natural place˝ formost firms, but global ones • Flexibility to meet the needs of local firms and investors • Low cost trading systems are available now

  9. TWO STEPS TO ACHIEVE GOALS: 2005-2006: (by ourselfs) • Stronger role of the LJSE in the national economy • From quantity to quality • New products and services • Demutualization 2007-2009: (with partners) • International competitiveness and full integration into EU capital markets with introduction of MiFID and EURO

  10. PRIORITY PROJECTS for 2007-2009 • Improved quality of the products and services: • Liquidity providers, • Automatic order routing, • Road shows, reporting and CG. • Projects to secure the central position of the LJSE on the domestic market in the post MiFID environment • LJSE as the prime venue for publishing information by issuers in Slovenia. • LJSE as the central storage of Regulated Information in Slovenia.

  11. PRIORITY PROJECTS for 2007-2009 • LJSE as the main provider of Market Data and Regulated Information from Slovenia. • Complete the range of products traded on the LJSE: • Alternative market for shares (MTF). • Full integration of the LJSE in the EU market place: • Remotemembers,foreign vendors, foreign investors, new indices, • Harmonization of Rules for listing, trading and reporting, • Competitive clearing and settlement of cross border trading, • New Europe as an investment destination.

  12. THANK YOU FOR YOUR ATTENTION. http://www.ljse.si Jana Morela,LL.M. Management Board Adviser Ljubljana Stock Exchange

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