Unless otherwise stated, the following commentary refers to the eleven months ended 29 February 2012 and, where appropriate, to the corresponding period last year...
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- Continued good operational performance, underpinning expectations of strong results for the current financial year
- Total equity capital raised on our markets amounted to £34.6 billion (2011: £37.4 billion), with 144 new issues admitted to our markets (2011: 167). In addition, a further 458 bonds have been admitted to the Group’s MOT and ORB bond markets (2011: 219)
- Average daily UK equity value traded down 2 per cent and Italian average daily volumes up 2 per cent; trading on Turquoise’s equity platform increased 54 per cent. Share of order book trading in UK cash equities for Q4 to date increased to 62.7 per cent (Q3 60.5 per cent)
- In fixed income trading, MTS money markets (repo) and cash markets value traded decreased 8 and 10 per cent respectively; MTS trading is up sequentially Q4 on Q3. MOT retail bond trading volumes up 33 per cent with Q4 trading significantly higher than Q3
- Derivatives trading volumes on IDEM increased 2 per cent over the same period last year; Turquoise Derivatives increased 16 per cent
- Clearing volumes up 3 per cent and open interest increased 19 per cent on last year at 5.7 million contracts; net treasury income has remained strong in the final quarter of the current financial year and is expected to exceed Q3 even after reductions in deposit interest rates achieved in March
- Settlement instructions decreased 3 per cent; the custody business saw a 1 per cent increase in value of assets under custody at €3.04 trillion
- The number of professional users of UK real-time information decreased by 2,000 to 91,000, while professional users of Borsa Italiana data declined by 3,000 to 135,000 year on year; demand for other information products, including FTSE, UnaVista and SEDOL, remained good
The Group expects to announce its Preliminary results for the year ending 31 March 2012 on 18 May 2012.
Capital Markets – Primary Markets | ||||
Eleven months ended | ||||
29 Feb |
| 28 Feb | Variance | |
2012 | 2011 | % | ||
New Issues | ||||
UK Main Market, PSM & SFM | 54 | 68 | (21%) | |
UK AIM | 82 | 90 | (9%) | |
Borsa Italiana | 8 | 9 | (11%) | |
Total | 144 |
| 167 | (14%) |
Company Numbers (as at period end) | ||||
UK Main Market, PSM & SFM | 1,444 | 1,473 | (2%) | |
UK AIM | 1,122 | 1,178 | (5%) | |
Borsa Italiana | 291 | 298 | (2%) | |
Total | 2,857 |
| 2,949 | (3%) |
Market Capitalisation (as at period end) | ||||
UK Main Market (£bn) | 1,947 | 1,984 | (2%) | |
UK AIM (£bn) | 71 | 83 | (14%) | |
Borsa Italiana (€bn) | 378 | 466 | (19%) | |
Borsa Italiana (£bn) | 319 | 398 | (20%) | |
Total (£bn) | 2,337 |
| 2,465 | (5%) |
Money Raised (£bn) | ||||
UK New | 12.5 | 10.7 | 17% | |
UK Further | 6.6 | 21.7 | (70%) | |
Borsa Italiana new and further | 15.5 | 5.0 | 210% | |
Total (£bn) | 34.6 |
| 37.4 | (7%) |
Capital Markets – Secondary Markets | ||||
Eleven months ended | ||||
29 Feb |
| 28 Feb | Variance | |
Equity | 2012 | 2011 | % | |
Totals for period | ||||
UK value traded (£bn) | 1059.7 | 1079.4 | (2%) | |
Borsa Italiana (no of trades m) | 60.7 | 59.1 | 3% | |
Turquoise (€bn) | 472.0 | 306.0 | 54% | |
SETS Yield (basis points) | 0.69 | 0.71 | (3%) | |
Average daily | ||||
UK value traded (£bn) | 4.6 | 4.7 | (2%) | |
Borsa Italiana (no of trades ‘000) | 258.3 | 252.5 | 2% | |
Turquoise (€bn) | 2.0 | 1.3 | 54% | |
Derivatives (contracts m) | ||||
Turquoise | 36.9 | 31.9 | 16% | |
IDEM | 43.4 | 42.4 | 2% | |
Total | 80.3 |
| 74.3 | 8% |
Fixed Income | ||||
MTS cash and Bondvision (€bn) | 2,196 | 2,434 | (10%) | |
MTS money markets (€bn term adjusted) | 54,065 | 58,587 | (8%) | |
MOT number of trades (m) | 4.82 | 3.62 | 33% | |
Post Trade Services | ||||
Eleven months ended | ||||
29 Feb |
| 28 Feb | Variance | |
2012 | 2011 | % | ||
CC&G Clearing (m) | ||||
Equity clearing (trades) | 64.0 | 62.1 | 3% | |
Derivative clearing (contracts) | 43.3 | 42.4 | 2% | |
Total Contracts | 107.3 |
| 104.5 | 3% |
Open interest (contracts as at period end) | 5.7 | 4.8 | 19% | |
Initial margin held (average €bn) | 9.5 | 6.8 | 40% | |
Monte Titoli | ||||
Pre Settlement instructions (trades m) | 30.7 | 28.3 | 8% | |
Settlement instructions (trades m) | 31.6 | 35.6 | (11%) | |
Total Settlement | 62.3 |
| 63.9 | (3%) |
Custody assets under management (average €tn) | 3.04 | 3.00 | 1% | |
Information Services | ||||
As at | ||||
29 Feb |
| 28 Feb | Variance | |
2012 | 2011 | % | ||
UK Terminals | ||||
Professional – UK | 38,000 | 38,500 | (1%) | |
Professional – International | 53,000 | 54,500 | (3%) | |
Total | 91,000 |
| 93,000 | (2%) |
Borsa Italiana Professional Terminals | 135,000 | 138,000 | (2%) | |
Source: ETFWorld – SourceETF
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