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Transcript of Capital Markets
USA, Canada, France, Morocco and Tunisia
First stock market:Philadelphia Stock Exchange (1790)
May 17, 1792 twenty four brokers / the Buttonwood Agreement
World's largest stock exchange by market capitalization (US$16.6 trillion February 2015)
Owned by Intercontinental Exchange (ICE)
the NYSE Composite Index (NYSE: NYA), mid 1960's
1867 listed companies
New York Stock Exchange
Montreal informal stock exchange 1832 (1874-1982)
Founded October 25, 1861
Owner TMX Group
No. of listings 1,501
Market cap : $2.575 trillion
8th in terms of Market Cap
Index : S&P/TSX Composite
Toronto Stock Exchange
Created in 1639
Became NYSE Euronext (Electronically traded)
No physical stock exchange building
Index : CAC composite
Bourse de Paris
Two markets: the Central Market and a Block Trade Market
US$ 80 billion Capital Market
Originally, CSE replaced by :
MASI (Moroccan All Shares Index)
Casablanca Stock Exchange
Characteristics, analysis and comparisons
Bourse de Tunis
Currently lists 71 companies
Index : TUNINDEX
Capital market :14,093 million dinars
2 companies / year
2013 exceptional year 12 new companies
Composition : Compartiments and number of stocks
The capital market has remained largely below recommended expectations and financial potential of Tunisian economy
The small number of listed companies (72) means that there is plenty of scope for new securities to be listed
increase the opportunities open to investors
improve the allocation of investments
The introduction of instruments based on existing securities, such as futures and stock or bond index options, would be especially effective
In capital market, there are three components:
1-the Tunis Stock Exchange market
3-alternative market and bond market
the US capital structure was:
1.Equities 40.6% (proxy VTI)
2.Money Markets 8.2%
3.Municipal Bonds 5.2% (proxy MUB)
4.Other Bonds 46% (proxy AGG).
Large amounts of investable capital on corporate balance sheets The increased volume and value of capital markets transactions was also driven by high financial sponsor activity.
The Casablanca Stock exchange (CSE), which achieves one of the best performances in the region of the Middle East and North Africa (MENA) third largest Bourse currently has 19 members and 81 listed securities
organized as two markets:
1.the Central Market
2.Block Trade Market, for Block trade.
the Index de la Bourse des Valeurs de Casablanca (IGB) as an index :
1.MADEX (Moroccan Most Active Shares Index)
2.MASI (Moroccan All Shares Index),
The stock market in France is composed of the CAC 40
The CAC 40 is a capitalization-weighted index
At each review date, the companies listed on Euronext Paris are ranked according to free float market capitalization and share turnover over the prior 12 months
From the top 100 companies in this ranking, forty are chosen to enter the CAC 40 such that it is "a relevant benchmark for portfolio management" and "a suitable underlying asset for derivatives products".
Structure of Canadian Capital Markets the two main products traded in the securities
Fixed-income products, which include bonds, asset-backed securities and money market instrumentss industry are fixed-income securities and equities
are traded in dealer markets
Equity products, which include common and preferred shares, are mostly traded on stock exchanges.
The Toronto Stock Exchange (TSE) became the sole senior equities exchange
The U.S. Securities and Exchange Commission (SEC) is an agency of the United States federal government. It holds primary responsibility for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United States.
The Canadian Securities Administrators (CSA) is comprised of Canada's 13 provincial and territorial securities regulators that are responsible for investor protection and market integrity in their respective jurisdictions.
The CSA's objective is to improve, coordinate and harmonize regulation of the Canadian capital markets. It also aims to achieve consensus on policy decisions that affect Canada's capital market and its participants and to work collaboratively in the delivery of regulatory programs across Canada
The Autorité des marchés financiers (AMF) (English: "Financial Markets Authority") is the stock market regulators in France.
The AMF is an independent public body that is responsible for safeguarding investments in financial instruments and in all other savings and investment as well as maintaining orderly financial markets.
The Conseil Déontologique des Valeurs Mobilières (CDVM) is a public institution belonging to the Moroccan State.
Its main tasks as monitoring authority is to ensure the protection of investors, ensuring the proper functioning, transparency, integrity and sustainability of the stock market, via checks, demands and possibly via sanctions.
The Conseil du marché financier ensures the organization of markets and ensure their smooth operation to prevent manipulations that hinder smooth operation. It is also responsible for monitoring the financial reporting and punishment of breaches or violations of the regulations.
The regulation of a capital market involves the regulation of securities; these rules enable the capital market to function more efficiently and impartially.
• A well regulated market has the potential to encourage additional investors to partake, and contribute in, furthering the development of the economy
Capital flow in Canada from 2000 to 2015
Stock variation in Canada from 2010 to 2015
Capital flow in France from 2012 to 2015
Stock variation In France from 2012 to 2015
Capital flow in the United States from 2010 to 2015
Stock Variation in US from 2010 to 2015
Evolution Of Trend
Stock variation in Morocco from 2006 to 2015
Stock variation In Tunisia from 2006 to 2013
Resilience to Stocks and Crisis
the global financial crisis which is considered to be the worst financial crisis since the great depression .
liquidity evaporation, collateral shortages, bubbles, crises, panics, fire sales, risk-shifting..
With the private sector speedily retrenching, big government stimulus spending was in order, as were unconventional asset purchases and other interventions by central banks.
With a financial meltdown averted, things were more or less back to normal.
A surprise cut in its trendsetting rate of one-quarter of a percentage point – from 1 per cent to 0.75 per cent.
The idea of a rate cut is to encourage consumers and businesses to spend and invest.
A rate cut that tells you NOT to borrow. Pay down debt in 2015, curb new borrowing, build savings and invest prudently.
When the revolution of 1848 broke out , the economy was affected by a deep financial crisis .
Industries increase debts and working capital .
Firms increases the demand for credit .
The diversification in the banking , funding and geography helped to manage the level of risk .
Morocco resisted the world economic downturn thanks to its macro-economic policy .
Banks increase their security measures .
Moroccan banks issued more loans: 2.6% growth in the first five months of 2009.
An increase in the number of account holders .
Tunisia managed not only to create wealth but also to strengthen its capacity to withstand the exogenous shocks.
Tunisia decreases public debts and doubtful debts to increase its currency reserves and the volume of foreign investments .
Tunisia ranks the 6th place out of 82 countries ( the bespoke report )
Tunisia’s resilience can be attributed to a history of sound fiscal and monetary policy characterized by a stable current account balance, low levels of government debt , little foreign debt; and protections for export-oriented firms.
Presentation done by :
Med Ali Byoudh
Thank you very much for your attention
1-Introduction to Capital markets
(Definitions, inauguration and indexes)
2-Composition: compartiments and number of stocks
4-Evolution of trend
5-Resilience to stocks and crisis