World Markets Issue 4

MARKET5 4 ff_Layout 1 3/18/19 10:07 AM Page 25
Adrian
Tanase
CEO at BVB
“We are confident
about the future”
p.02
Distributed Freely
Markets
Financial Markets Insights
Monthly Edition ⎥ Volume I ⎥ Issue 04 ⎥ December 2018
Ray Dalio
“Capitalism does
not work for most
people”
P. 07
EVENTS
BACEE
International Anti-Money Laundering
& Financial Crime Conference p.08
SEE STOCK
EXCHANGES
East & SE Europe
Monthly performance reports and
statistics from the region p.02
R E F O R M
Stocks
European startups want
stock option reforms p.07
Created by
Ip
“Without a
saving faith in
the future, no
one would
ever invest at
all. To be an
investor, you
must be a believer
in a better
tomorrow”
Benjamin
Graham
O
ne of the greatest investment advisors
of the twentieth century,
Graham was born in London in
1894 and moved to New York
City with his family when he was one
year old. After the death of his father and
experiencing poverty, he graduated
from Columbia University at age 20. He
declined an offer to teach English, mathematics,
and philosophy and started his
career on Wall Street, where he eventually
established the Graham-Newman
Partnership. Graham is widely known as
the "father of value investing," a philosophy
which shields investors from substantial
error and teaches them to
develop long-term strategies. He wrote
two of the founding texts in neoclassical
investing: Security Analysis (1934)
GREAT TRADERS
Benjamin Graham
(1894 –1976) The "father of value investing”
with David Dodd, and The Intelligent
Investor (1949). In The Intelligent Investor-
a book Warren Buffett describes
as "the best book about investing ever
written”-Graham details six key principles
of “intelligent investing”: 1. Know
the business you’re investing in. 2.
Know who runs the business. 3. Invest
for profits over time, not for quick buyand-sell
transaction profits. 4. Choose
investments for their fundamental value,
not their popularity. 5. Always invest
with a margin of safety. 6. Have confidence
in your own analysis and observations.
Graham passed away at the age
of 82 in Aix-en-Provence, France, in
1976. Over the years, market developments
have proven the wisdom of his
strategies.
G
eopolitical concerns continued to
dominate market moves over the
course of November, weighing on
risk appetite. Fears over slowing
growth, ongoing trade disputes and the
prospect of higher interest rates made equity
markets unable to bounce back after
the sizeable declines registered in October.
However, the MSCI All World Index managed
to print at 1.5% in the black by the end
of November as US President Donald
Trump and his Chinese counterpart Xi Jinping
agreed to a temporary trade truce between
the two economic powerhouses. At
the G20 summit in Argentina the two leaders
deescalated fears by temporarily agreeing
not to impose any new tariffs on each
other's imports starting Jan. 1, 2019.
Dovish comments by US Federal Reserve
Chairman Jerome Powell also helped fuel
a historic relief rally late in the month.
AFRICA
WORLD
FINANCIAL
MARKETS
MONTHLY
REVIEW
Kyriaki I.Balkoudi
November was a roller
coaster ride for equities
Slowing world growth, political uncertainties and trade tensions
A 4.5% uptick in the MSCI Europe Middle
East and Africa (EMEA) Index SA equities
suffered a blow in November 2018, as
a stronger rand eroded gains among resource
shares. The FTSE/JSE All-Share
Index sank 3.2% in November with only
financial shares recording gains The
FTSE/JSE Mid-cap Index experienced
losses of 1.4%, while the FTSE/JSE Smallcap
Index ended the month 3.3% in the red.
AMERICAS
The outcome of the US midterm elections
was broadly as markets expected.The Democrats
secured a victory in the House of
Representatives for the first time since
2010 and the Republicans increased their
majority in the Senate. In central bank related
news, the Federal Reserve, left rates
unchanged as expected, assessing that the
economy is strong and the labour market is
healthy but signaled that a rate hike was
likely in December. Chairman Jerome
Powell reappeared before The Economic
Club of New York to give a much anticipated
speech on financial stability Investors
were encouraged by the the Fed minutes
indicating its future interest rate decisions
would continue to be dependent on fresh
economic data. The Dow Jones Industrial
Average rose 1.7%, and the Standard &
Poor’s 500 Index tacked on nearly 1.8%.
The NASDAQ Composite lagged a bit,
picking up 0.3%. MSCI Latin America
Index bucked the trend and slipped 2.2%
in the month.
ASIA/PACIFIC
Gains in the Nikkei 225 picked up pace in
the final week of the month, with the index
ending 2.0% higher, despite a weakening
in the US dollar. The MSCI Asia Index finished
the month 5.2% higher, buoyed by an
ease in the trade row between the US and
China.
EUROPE
There were plenty of political events in the
continent for investors to digest. Lingering
Brexit uncertainty continued to spook investors.
At a special meeting of the European
Council a withdrawal agreement was
agreed between the UK and the European
Union (EU). The deal, which includes
terms under which the UK will leave the
European Union in March 2019, was underwritten
by the leaders of the 27 EU
member countries, and will be submitted to
the UK parliament in December. A Political
Declaration, an outline for negotiation for
a future trade deal was also signed.The ongoing
budget conflict between Brussels and
Rome also weighed on the markets.The
European Commission, EU's executive
arm, rejected the Italian budget law after no
significant changes were made to the first
spending proposal under the new government.
The Eurostoxx
50 Index decreased by 0.7% in November
2018, while France dipped 1.8% , Germany
closed down 1.7% and the U.K.
plunged 2.2%
EMERGING MARKETS
The MSCI EM Index soared 4% in November
boosted by gains in Asia. However,
emerging market equities remain down
over 7% year to date. In currencies, the Argentine
peso Brazilian real and Russian
rouble fell further against the US dollar. On
the other side oThe Turkish lira (7.1%),
South African (SA) rand (6.6%), Indonesian
rupiah (6.3%) and Indian rupee (6.3%)
firmed up against the US dollar in November
2018, while the Argentine peso (negative
4.9%), Brazilian real (negative 3.7%)
and Russian rouble (negative 1.6%) faltered
further.
There is still one trading month left in
2018, but already this year is the worst
for world equity markets since 2011 (-
6.6%), with the MSCI All Country
World index losing about 1% in euro.
Heading into 2019 concerns about
"peak earnings", slowing world growth,
"hard Brexit", Italian debt and China-
US tensions are among the factors that
could continue making further gains
challenging.
IN THE SPOTLIGHT
Powell sees
Fed interest
rates 'just
below' neutral
Jerome H. Powell, the Federal
Reserve chairman, speaking
at the Economic Club of
New York on Nov.28, raised
hopes among investors that the
central bank was closer to ending
its push to raise interest
rates. "Interest rates are still low
by historical standards, and they
remain just below the broad
range of estimates of the level
that would be neutral for the
economy — that is, neither
speeding up nor slowing down
growth” he said. Powell also
said that the Federal Open Market
Committee will be making
policy decisions on developing
economic and financial conditions.
Following the release of
Powell’s remarks, U.S. stocks
were soaring with the Dow up
more than 400 points

MARKET5 4 ff_Layout 1 3/18/19 10:08 AM Page 26
2 INSIDE THE MARKETS Issue 04 ⎥ December 2018
WORLD
MARKETS
NEWS
1
AMERICAS
B3’s main stock market performance
index – Ibovespa –
hit a record high on November
29th, 2018 ending the day
at 89,709 points, up
0,51% from last trading session.
2
AFRICA
Capital flight out of Egypt
has seen foreign holdings of
Egyptian treasury bonds
drop by $8 billion and the
stock market fall by 30%.
3
ASIA
New rules to be introduced in Japan next
year will require listed companies to disclose
executive pay rules as financial
watchdog aims to improve corporate
governance after Nissan scandal
CAPITAL MARKETS
THE INSIDER
BSE (BELGRADE, SERBIA)
The international stock exchange Conference "Upgrade in Belgrade
2018", for the 17th time, was organized by the Belgrade Stock Exchange
again this November, in Belgrade. Topics and issues related
to macroeconomics, and their impact on the capital market were discussed
on the event, along with other themes, like impact of modern
technologies (fintech) on access to finance, as well as trends in
crypto-currency markets and the future of regional capital markets.
IDX (JAKARTA, INDONESIA)
The Indonesia Stock Exchange (IDX) broke a record in terms of the
growth in the number of stock investors in one year. The number of
new investor shares on the IDX throughout 2018 has recorded as
many as 200,935 single investor identification (SID). Based on data
from the Indonesia Central Securities Depository (KSEI), as of November
19, 2018, the total number of stock investors on the IDX has
reached 829,426 SID. This number increased 31.97 percent compared
to the total achievement of the number of investors at the end
of 2017 amounting to 628,491 SID.
LSE (LONDON, UK)
On Nov.16, the London Stock Exchange welcomed Kazatomprom,
the world's biggest uranium producer, to its Main Market. The company,
owned by the government of Kazakhstan, raised $451.3 million
from the sale of global depositary receipts (GDRs) by the Kazakh
sovereign wealth fund Samruk-Kazyna on London Stock Exchange’s
International Order Book (IOB). The offer secured strong international
investor support from the US, Asia and Europe, valuing the
company at $3 billion.
MOEX (MOSCOW, RUSSIA)
Maria Gordon and Bella Zlatkis, members of the Moscow Exchange
Supervisory Board, have been awarded at the 13th Director of the
Year National Awards. The awards ceremony took place in Moscow
as part of the 8th Russian Corporate Governance Forum. Maria Gordon
won in the category "Independent Director"; Bella Zlatkis was
awarded for her contribution to the development of the institute of
independent directors.The Director of the Year National Awards have
been held since 2006, recognizing the personal contribution of directors
toward the improvement of corporate governance practices
at Russian companies.
NYSE, NASDAQ (NYC, USA)
The New York Stock Exchange (NYSE) and Nasdaq will remain
closed on December 5 as the day has been designated a national day
of mourning in the United States following the death of former President
George H.W. Bush. The exchanges were last closed for the
same reason after the deaths of Ronald Reagan and Richard Nixon
in 2004 and 1994.
USE (KAMPALA, UGANDA)
Uganda Securities Exchange (USE) will start levying fees on market
data early next year as it looks to diversify its revenue sources, following
in the footsteps of the Nairobi bourse. Investors and firms
seeking to tap into daily market reports and statistics on the 17 firms
trading on USE will from January be required to subscribe. Circulation
of free market data will stop from January 15.
WIENER BORSE (VIENNA, AUSTRIA)
The global market of the Vienna Stock Exchange continues to grow.
The second largest segment of the Vienna Stock Exchange is being
expanded with attractive listings of the NYSE and Nasdaq. US stocks
and global shares of the two largest stock exchanges worldwide - by
the value of the listed companies – can now be traded in Vienna.
ANNIVERSARY
23 years from the first trading
on Bucharest Stock Exchange
T
he first trading session on the Bucharest
Stock Exchange, a fundamental institution
of the capital market in Romania,
took place on November 20, 1995. During the
first session, 45 transactions were performed with
a total of 905 shares issued by 6 listed companies.
Currently, over 31.3 million shares issued by 87
companies listed on the Main Market are traded
on average per day. This year, 222 trading sessions
took place, almost half a million transactions
were recorded with over 7 billion shares,
with a cumulative value of RON 9.1 billion. By
the end of November 19, 2018, the market value
of the 87 listed companies on the Main Market
was RON 170 billion (the equivalent of EUR
● ATHEX (ATHENS)
Composite Index: -1.55%
Market Capitalization (€ mln.) : 46,306.0
Average Daily Trade Value (€ mln) : 60.04
Average Daily Trade Volume (ths shares) :
48.06
● BJSE (BANJA-LUKA)
BIRS: 2.65%
Total Turnover for Securities: 12,625,533
Shares (Ordinary): 2.325,795
Funds: 227,232
Bonds: 486, 868,041
● BSE (BELGRADE)
BELEX15: 1,00%
Value: 747,61 Change: 7,37
Index turnover (RSD): 378.879.000
Trades: 3.815
Turnover: € 62.147.974
● BSE (SOFIA)
SOFIX: -4.42% (Oct.)
Total Capitalisation of BSE main
market: 7,578,048,733.05
Trades: 4,573
Turnover: 25,875,594 (BGN)
● BSSE (BRATISLAVA)
SAX Index Value: 0.81% (Oct.)
Total Trading Volume: € 91 248 384
Average Daily Trading Volume:€ 4 147 654
● BVB (BUCHAREST)
BET: 1.20% (EYR) (Oct.)
Index points (EUR):6.349,16
Total turnover ( € mln): 349,28
Market Capitalization ( € mln): 36.534,94
Traded no. of finacial instruments(shares,
bonds, rights and futures): 736.532.211
No. of trades: 46.196
● BSE (BUDAPEST)
BUX: -0.04 % (Oct.)
BUMIX: 0.85%
CETOP: -3.58%
Cash market: Hungarian Equities: 724
Certificates and Warrants: 34
● CSE (NICOSIA)
36.4 billion). "It is only when we look back that
we can see how much we had to do and how
much progress has been made in Romania and in
the local capital market. We are confident about
the future as we prepare the infrastructure needed
for the market to develop so that in 2020, when
we will celebrate 25 years from the first transaction
on the BVB, we will have a more sophisticated
market that meets the diverse needs of
investors", Adrian Tanase, CEO of BVB said in
a statement. In Romania, the stock exchange was
founded in 1882 while the Bucharest Stock Exchange
was re-established in 1995.
PHOT O: ADRIAN TANASE, CEO OF BVB
East & South East Europe Stock Exchanges
Every month you can see at a glance
the trading activity of the main stock
exchanges of East and Southeastern
Europe. The trade data below concern
the month of November 2018,
CSE General Index: -6.45% (Oct.)
Market capitalisation of shares (EUR): 2.01
billion. Total value of transactions (EUR):
11.59 million
● GPW (WARSAW)
WIG20: -7.13%(EUR) (Oct.)
Market Capitalisation (EUR
mln): 261 630,06
Domestic Equities (EUR
mln): 127 916,56
Foreign Equities (EUR mln): 133 713,49
● LJSE (LJUBJANA)
SBI TOP: 3.49%
Index value on 30.11.2018: 822,60
Turnover (EUR): 34.631.980
Average daily
turnover (EUR): 1.649.142
Capitalisation of shares
(in EUR 000): 6.279.961
● MSE (SKOPJE)
MBI10: 0.98% (Oct)
Market capitalization (denars):
166.171.956.507
Total Turnover (denars): 715.116.199
Trades: 2574
● MNSE (PODGORICA)
MNSE 10: -3.43 % (Oct)
Total turnover (EUR): 5.701.266 Average
daily turnover (EUR): 259.148 Transactions
completed: 338 Market capitalisation
(EUR) : 3.006.253.379
● NASDAQ RIGA
OMXR: 0.33%
No. of listed shares: 20 No. of trades: 1074
Avrg no of trades per day: 51.14
WORLD MARKETS
Tel.+40 314.228.321
www.investopress.com
published by EuropaProPress Srl
unless stated otherwise, including the
monthly change of the main index of
each stock exchange. In some cases
data was not published yet at the time
of printing of this edition.
Turnover (EUR mln)
Value per day: 0.06 Month value: 1.19
● NASDAQ TALLINN
OMXT: 3.93%
No. of listed shares: 17 No. of trades: 4524
Avrg no of trades per day: 205.64
Turnover (EUR mln)
Value per day: 0.50 Month value: 10.96
● NASDAQ VILNIUS
OMXV: -1.23%
No. of listed shares: 28 No. of trades:4855
Avrg no of trades per day: 231.19
Turnover (EUR mln)
Value per day: 0.34 Month value: 7.22
● PSE (PRAGUE)
PX: 0.19%
Trade turnover-equities(CZK000s):
14 594 572.610
Volume (pieces): 67 002 436
No of transactions: 69 291
Market cap (CZKm) : 20 711 943.3
● SASE (SARAJEVO)
SASX10: -0.89% (Oct.)
Total turnover: 30.448.743,02 KM
which constitutes 58,29% of the
total turnover achieved on BH
stock exchanges.
No of transactions: 483 Total
no of securities traded: 2.212.695
● ZSE (ZAGREB)
CROBEX: -2.80%
Turnover: 256,200,258
Market capitalisation: 236.050.400.776
No of listed shares:133 No of listed bonds:
25
42 Marasesti Blv., Bl.1, Sc,A, Ap.7
District 4, Bucharest, 04255, Romania
Commerce Registry Code:
J40/12206/2016

MARKET5 4 ff_Layout 1 3/18/19 10:07 AM Page 13
● World Stock Exchanges Map, p.4-5 ● ASX, from past to present, p.6
Stock Exchanges
SPECIAL EDITION
TIMELINE
Quick Facts
A histrory of trading
dating back to the
19th century
1850s
The gold-rush of the 1850s resulted in the formation
of stock exchanges in at least three cities: Melbourne,
Ballarat and Bendigo.
1871
Sydney Stock Exchange was formed.
1937
Australian Associated Stock Exchanges (AASE),
the forerunner to the ASX, was established.
1938
The first share price index was published.
1939
Sydney Stock Exchange closed for the first time
due to the declaration of World War II.
1959
The call system of trading was discarded and the
post trading system was adopted at the Sydney
Stock Exchange.
1960
Sydney Futures Exchange (SFE) began trading as
Sydney Greasy Wool Futures Exchange
(SGWFE). It changed its name to SFE in 1972.
1976
Australian Options Market was established, trading
call options.
1980
The separate Melbourne and Sydney stock exchange
indices were replaced by Australian Stock
Exchange indices.
1987
The Australian Stock Exchange Limited was
formed by legislation of the Australian Parliament.
Launch of the Stock Exchange Automated Trading
System (SEATS).
1996
Exchange members voted to demutualise. The exchange
was incorporated as ASX Limited.
1997
Electronic trading commences as the option market
moves from floor to screen.
1998
ASX demutualised and became a listed company.
2001
Stamp duty on marketable securities abolished.
2010
ASX launched a new brand structure when it became
known as ASX Group.
2017
In December ASX selects DLT to replace CHESS.
The Oldest Stock Exchange In Australia
PHOTO: Collins Street looking east from Queens Street, Melbourne, 1883.
(Image H850 from the collection of the State Library of Victoria, Australia)
ASX and a “Stock
and Share Broker”
in Marvellous
Melbourne
Research and writing by Kyriaki I. Balkoudi
T
he story of the Australian Stock Exchange (ASX) is long and eventful with its origins dating
back to the mid-1800s. It was Monday 18th October 1852 when in the Commercial Intelligence
section of the Argus newspaper, Edward Khull listed 14 companies in which investors could
buy shares. This was the first stock listing in Australia and led to the formation of the Melbourne
Brokers Association, which traded from a rented space in the Hall of Commerce on Collins
Street from 1859 and remained there until 1880. It was Australia’s first stock exchange. Edward Khull
(1805-1884), who described himself as a “Stock and Share Broker” , was born in Glasgow, Scotland. He
arrived in Melbourne with his wife and four children in 1848. Soon after gold was discovered at Ballarat,
he set up with James Patterson as partner a gold-brokerage firm. From early 1852 Khull supplied
the Argus with weekly reports on the gold market and with statistical supplements on gold production,
prices, exchange rates and other relevant matters. Late in 1852 as E. Khull & Co. he began to began to
deal in stocks and shares. The appearance of his first Melbourne stock and share list in the Argus marked
the beginning of a share market in Victoria. This list grew slowly and continued in circulation until 1859
when it was replaced by a list issued by the Melbourne Brokers Association. Although Khull was not
prominent in the negotiations leading to the formation of Melbourne's first Stock Exchange in April 1861
he was one of its foundation members. In 1860, when there were no less than 10 specialist brokerages in
Melbourne, Khull also helped to found the Stock and Share Journal which ceased publication in April
1861. He died aged 79 leaving his mark on Australia's sharebroking industry.
IN NUMBERS
ASX
AT A GLANCE
A $1.8 Trillion
Total market capitalisation (as at 30th November
2018).Recognised as world-leading and
innovative, ASX is a top ten listed global securities
exchange.
2290
No. of Listed Companies & LMIs with tradeable
equities (as at 30th November 2018)
ASX is home to some of the world’s leading
resource, finance and technology companies.
To list with ASX, a company must satisfy the
minimum admission criteria, including structure,
size and number of shareholders. ASX
charges an initial fee upon listing and an annual
fee while the company remains listed.
A$4.7Billion
Average daily turnover (as at 30th November
2018) In November 2018, the average daily
number of trades was 17% higher than the
pcp. The average daily value traded on-market
of A$4.7 billion was up 11% on the pcp.
A$47 trillion
Interest rate derivatives market
ASX is the 4th largest interest rate derivatives
market in the world and the largest in
Asia
530 Employees
The ASX is an equal opportunity employer
that values diversity. The Group's workforce
is made up of many different individuals
with unique skills, experiences and needs.
ASX's strong operating performance
T
ASX saw a strong revenue performance during the 2018 fiscal
year, in fact the strongest growth it has seen in 8 years. Revenue
was up by $58.6 million (7.7%) to $822.7million mainly due to
new listings and increased derivatives and OTC trading. Underlying
profit was up 7% to $465 million while statutory profit was up
2.5% to $445 million. Total capital raised on the ASX during the year
was up 46% to $81.7 billion led by IPOs in companies such
as Netwealth Group Ltd. Total FY 2018 dividends were up 7.2% to
216.3 cents per share, an effective 3.2% yield at a 90% pay out ratio.
“This is a very pleasing financial result reflecting ASX’s disciplined
balance between investing in the operation and integrity of our core
businesses – our Stronger Foundations initiative – and pursuing growth
initiatives. This result highlights the versatility of ASX’s diversified
business model to deliver attractive earnings growth across different
business cycles” Mr Dominic Stevens, ASX Managing Director and
CEO, said. Looking ahead, the ASX Ltd is expecting trading revenues
to increase as continued geopolitical instability and US rate changes
will underpin market volatility.
PHOTO: Dominic Stevens, ASX Managing Director and CEO

MARKET5 4 ff_Layout 1 3/18/19 10:07 AM Page 14
World Stock Exchanges
4 December / 2018
1AMERICAS
2
EUROPE
NORTH AMERICA
0. BAHAMAS Nassau BISX
1. BARBADOS Saint Michael BSE
2. BERMUDA Hamilton BSX
3. CANADA Toronto TSX
4. CAYMAN ISLANDS Grand Cayman SXE
5. DOMINICAN REP. S.Domingo BVRD
6. EL SALVADOR San Salvador BVES
7. GUATEMALA Guatemala City BNV
8. JAMAICA Kingston JSE
15
9. MEXICO Mexico City BMV
10. MEXICO Mexico City BIVA
11. NICARAGUA Managua BVDN
12. PANAMA Panama City BVP
13. SAINT KITTS & NEVIS Basseterre ECSE
14. TRINIDAD & TOBAGO P. of Spain TTSE
15. UNITED STATES Chicago CHX
16. UNITED STATES New York NASDAQ
17. UNITED STATES New York NYSE
NEW YORK CITY
16
17
2
TORONTO
3
NEW YORK CITY
SOUTH AMERICA
18. ARGENTINA Buenos Aires BCBA
19. BRAZIL Sao Paulo BOVESPA
20. CHILE Santiago SSE
21. COLOMBIA Bogota BVC
22. .EQUADOR Quito BVQ
23. .HONDURAS Tagucigalpa BVC
24. PARAGUAY Asuncion BVPASA
25. PERU Lima BVL
26. URUGUAY Montevideo BVM
27. VENEZUELA Caracas BVC
46
LONDON
MADRID
28. ALBANIA Tirana ALSE
29. AUSTRIA Vienna WIENER BORSE
30. BELARUS Minsk BCSE
31. BELGIUM Brussels EURONEXT
32. BOSNIA-HERZEG.Banja Luka BLSE
32a.BOSNIA-HERZEG. Sarajevo SASE
33. BULGARIA Sofia BSE
34. CHANNEL ISLANDS Guernsey TISE
35. CROATIA Zagreb ZSE
36. CYPRUS Nicosia CSE
37. CZECH REPUBLIC Prague PSE
58
47
ZURICH
102
34
43
AMSTERDAM
65
70
41
86
STOCKHOLM
56
66
38
55 42
FRANKFU
31 42a 37 57
51
29 63 67 64 45
67a
48 35 5462
32a
32
52
28
114
53
98
4
3
4
10
0
*
9
7
6
11
23
12
4 5 13
8
1
21
27
14
24
26
89
*
*
*
91
*
*
95
*
105
*
106
90
**
**
World
Stock
Exchanges
Map
This map shows the stock exchanges around the
world. The 20 largest by market capitalization of listed
companies are marked with their logo, the city they are
located and a bold number in a circle. All are presented
in alphabetical order by continent, country and
city. As of Nov. 2018, the NYSE ranked as the largest
by market capitalization with a value of tradable
shares amounting to 23.12 trillion U.S. dollars.
WORLD STOCK EXCHANGES
ISSN (Pending)
published by
EuropaProPress Ltd
42 Marasesti Blv.
Bl.1, Sc.A, 2nd fl./ap.7,
04255 district 4, Bucharest,
Romania
Trade Registry No: J40/12206/2016
Tel.+40 314.228.321
22
25
20
18
19
SAO PAULO
5
AFRICA
84. SOUTH SUDAN Juba To be launched
85. ETHIOPIA Addis Ababa ECX
86. ALGERIA Algiers IL BOURSA
87. ANGOLA Luanda BOVIDA
88. BOTSWANA Gaborone BSE
89. CAPE VERDE Mindelo BVC
90. CAMEROON Duala DSX
91. COTE D'IVOIRE Abidjan BRVM *
92. EGYPT Alexandria EGX
93. EGYPT Cairo EGX
94. GABONE Libreville BVMAC **
95. GHANA Accra GSE
96. KENYA Nairobi NSE
97 LESOTHO Maseru MSM
98. LIBYA Tripoli LSM
99. MADAGASCAR Antananarivo MEX
100. MALAWI Blantyre MSE
101. MAURITIUS Port Louis SEM
102. MOROCCO Casablanca CASA SE
103. MOZAMBIQUE Maputo BVM
104. NAMIBIA Windhoek NSX
105. NIGERIA Abuja ASCE
106. NIGERIA Lagos NSE
107. RWANDA Kigali RSE
108. SEYCHELLES Victoria SSE
109. SOMALIA Mogadishu SSE
110. SOUTH AFRICA Johannesburg JSE
111. SUDAN Khartoum KSE
112. SWAZILAND Mbabane SSX
113. TANZANIA Dar Es Salaam DSE
114. TUNISIA Tunis BVMT
115. UGANDA Kampala USE
116. UGANDA Kampala ALTX
117. ZAMBIA Lusaka LUSE
118. ZIMBABWE Harare ZSE
**
94
**
87
104
110
AFRICA
*
o
th
sa
**
d
vi
C
G

MARKET5 4 ff_Layout 1 3/18/19 10:07 AM Page 15
Decemberr / 2018
World Stock Exchanges
5
3
EURASIA
E
E
M
**
38. DENMARK Copenhagen NASDAQ
39. ESTONIA Tallinn NASDAQ
40. FINLAND Helsinki NASDAQ
41. FRANCE Paris EURONEXT
42. GERMANY Frankfurt FWB
42a.GERMANY Hamburg BOERSE
43. GIBRALTAR Europort GSX
44. GREECE Athens ATHEX
45. HUNGARY Budapest BSE
46 ICELAND Reykjavik NASDAQ
47. IRELAND Dublin EURONEXT
40
61
39
50 60
30
NKFURT
57
69
3
5
62 59
2 33
52
8
68
44
36 78
76 75
80 73 74
92
77
93
111
71
69 70
82
72
81
83
79
48. ITALY Milan BORSA ITALIANA
49. LATVIA Riga NASDAQ
50. LITHUANIA Vilnius NASDAQ
51. LUXEMBOURG Lux/urg City LUXSE
52. MACEDONIA Skopje MSE
53. MALTA Valletta MSE
54. MONTENEGRO Podgorica MNSE
55. NETHERLANDS AmsterdamEuRONEXT
56. NORWAY Oslo OSLO BORS
57. POLAND Warsaw GPW
58. PORTUGAL Lisbon EURONEXT
133
152
142
143
134
150
144
127
128
141
MUMBAI
MUMBAI
120
138
122
121
139
59. ROMANIA Bucharest BVB
60. RUSSIA Moscow MOEX
61. RUSSIA Saint Petersburg SPB
62. SERBIA Belgrade BSE
63. SLOVAKIA Bratislava BSSE
64. SLOVENIA Ljubljana LJSE
65. SPAIN Madrid BME
66. SWEDEN Stockholm NASDAQ
67. SWITZERLAND Zurich SIX
67a. SWITZERLAND Bern BX SWISS
69. TURKEY Istanbul BORSA ISTANBUL
SHENZHEN
SHANGHAI
135
151
123
125 147
153
124
126
BUSAN
149
136
130
131
132
HONG KONG
TAIPEI
4
69. ARMENIA Yerevan NASDAQ
70. AZERBAIJAN Baku BSE
71. GEORGIA Tbilisi GSE
MIDDLE EAST
72. BAHRAIN Manama BHB
73. JORDAN Amman ASE
74. IRAN Tehran TSE
75. IRAQ Baghdad ISX
76. ISRAEL Tel Aviv TASE
77. KUWAIT Kuwait City BK
78. LEBANON Beirut BSE
79. OMAN Muscat MSM
80. PALESTINE Ramallah PEX
81. QATAR Doha QSE
82. SAUDI ARABIA Riyadh TADAWUL
83. UAE Abu Dhabi ADX
TOKYO
**
**
88
117
97
84
107
118
116
115
100
103
112
113
JOHANNESBURG
85
96
99
109
108
101
* The Bourse Régionale des Valeurs Mobilières,
or BRVM, located in Abidjan, Cote d'Ivoire serves
the countries of Benin, Burkina Faso, Guinea Bissau,
Côte d'Ivoire, Mali, Niger, Senegal and Togo.
** The Bourse Régionale des Valeurs Mobilières
d'Afrique Centrale, orBVMAC, located in Libreville,
Gabon serves the Central African Republic,
Chad, Democratic Republic of Congo, Equatorial
Guinea and Gabon.
6
137
148
ASIA PACIFIC
119. AUSTRALIA Sydney ASX
120. BANGLADESH Dhaka DSE
121. BANGLADESH Chittagong CSE
122. BHUTAN Thimphu RSEBL
123. CAMBODIA Phom Penh CSX
124. CHINA Shanghai SSE
125. CHINA Shenzhen SZSE
126. HONG KONG Hong Kong HKEX
127. INDIA Mumbai NSE
128. INDIA Mumbai BSE
129. INDONESIA Jakarta IDX
130. JAPAN Fukuoka FSE
131. JAPAN Nagoya NSE
132. JAPAN Tokyo TSE
133. KAZAKHSTAN Almaty KASE
134. KYRGYZSTAN Bishkek KSE
135. LAOS Vientiane LSX
136. MALAYSIA Kuala Lumpur BM
137. MALDIVES Male MSE
138. MONGOLIA Ulaanbaatar MSE
139. MYANMAR Vientiane LSX
140. NEW ZEALAND Wellington NZX
141. NEPAL Kathmandu NEPSE
142. PAKISTAN Karachi PSE
143. PAKISTAN Lahore PSE
144. PAKISTAN Islamabad PSE
145. PHILIPPINES Manila PSE
146. SINGAPORE Singapore SGX
147. SOUTH KOREA Busan KREX
148. SRI LANKA Colombo CSE
149. TAIWAN Taipei TPEX
150. TAJIKISTAN Dushanbe CASE
151. THAILAND Bangkong SET
152. UZBEKISTAN Tashkent UZSE
153. VIETNAM Ho Chi Minh City HOSE
145
146
129
SYDNEY
119
140
For any corrections regarding the
stock exchanges on this map contact:
editorial@investopress.com

MARKET5 4 ff_Layout 1 3/18/19 10:07 AM Page 12
6
Last Page
December / 2018
HEADQUARTERS
Australian
Exchange Centre
Home of the ASX
in Sydney’s central business district
ASX
Over 150 years
of great exchange
experience
ASX
from past to
present
T
he origins of the ASX date back to
the mid-1800s when the discovery of
gold started a series of rushes that
greatly expanded Australia’s population,
boosted its economy and
changed the course of the continent's history.
During that period six separate exchanges were
established in the capital cities of the British
colonies in Australia – Melbourne, Victoria,
(1861), Sydney, New South Wales (1871), Hobart,
Tasmania (1882), Brisbane, Queensland
(1884), Adelaide, South Australia (1887) and
Perth, Western Australia (1889).
The incredible economic and social transformation
led to investment opportunities in banking,
and rail and road transport. These prospects led
Edward Khull to publish the first Melbourne
stock and share list in the Argus newspaper on
18 October 1852.
F
ourteen companies were listed, including:
Fve banks — the Union
Bank, the Bank of Victoria, the Bank
of New South Wales, the Commercial
Banking Company of Sydney, and
the Bank of Australasia; Τhree railway
companies — the Melbourne and Hobson’s
Bay Railway Company (Australia’s first railway),
the Melbourne and Geelong Railway
Company, and the Melbourne and Mount
Alexander Railway Company; Five other companies
— the City of Melbourne Gas and Coke
Company, the Melbourne Water Company, the
Victoria Insurance Company, the Victorian Gold
Escort Company and the Australasian Steam
Navigation Company.
This list grew slowly and continued in circulation
until 1859 when it was replaced by a list issued
by the Melbourne Brokers Association.
The Association's Exchange moved to several
different locations around the city until the official
Stock Exchange of Melbourne- Australia's
first stock exchange- moved into its own purpose-built
premises at 380 Collins Street in
1891.
In November 1903, the first interstate conference
was held to coincide with the Melbourne
Cup, Australia's most well known annual Thoroughbred
horse race. The exchanges then met
on an informal basis until 1937 when the Australian
Associated Stock Exchanges (AASE)
was established, with representatives from each
exchange. Over time, the AASE established uniform
listing rules, broker rules, and commission
rates.
A
new national trading body, the Australian
Stock Exchange (ASX) was
formed on 1 April 1987 through incorporation
under legislation of the
Australian Parliament which enabled
the amalgamation of the six independent stock
exchanges that formerly operated in the states'
capital cities. In 2006 the Australian Stock Exchange
merged with the Sydney Futures Exchange
and originally operated under the name
Australian Securities Exchange.
Later, however, ASX launched a new group
structure to better position it in the contemporary
financial market environment. From 1 August
2010 the Australian Securities Exchange
has been known as the ASX Group. As an integrated
exchange group, ASX offers a full suite
of services ,including listings, trading, clearing
and settlement, across a comprehensive range
of asset classes like equities, fixed income, commodities
and energy. It also provides data and
technology services to intermediaries, banks, information
vendors and software developers.
Recognised as world-leading and innovative,
ASX contributes to the growth of the Australian
economy, helps companies grow and
investors build wealth.
The Sydney Stock Exchange building in 1872
(Image from the collection of the State Library,
New South Wales, Australia)
Former Melbourne Stock Exchange
382-392 Collins Street (north-east corner of
Collins and Queen Streets) Built in 1887 and designed
by architect William Pitt it's one of the
city's best gothic revival buildings.
Federal Treasurer Frank Crean, right, on his first
visit to the Sydney Stock Exchange (Photo
Credit: Getty Images)
L
ocated at 20 Bridge Street at the iconic Australian
Exchange Centre, the ASX occupies
45% of the space with a lease expiry of more
than 10 years. The A-grade 20,329 sqm commercial
building completed in 1999, comprises 13
upper levels of office accommodation, ‘Exchange
Square’ retail on the ground level and an auditorium
at basement level. The owner of the property, Kumpulan
Wang Persaraan (KWAP), Malaysia’s secondlargest
pension fund, sold the central Sydney office
asset for A$340m in 2017 to Early Light International
(Holdings) Ltd, a group known as Hong Kong’s leading
toy manufacturer, which also specialises in property
management. Such was the competition for the
Australian Exchange Centre that it was sold before
the deadline for expressions of interest. It sold on a
core yield of about 4.6%. KWAP -established in
March 2007 by the Malaysian Federal Governmentmade
a capital gain of 84% on the investment, which
it acquired in a distressed sale when its then owner
fell into financial difficulties in the wake of the financial
crisis. The building traded at A$176 million in
1999, at A$238 million in 2006 and the fund paid
A$185m for it in late 2011. The ASX also operates
offices across Australia (Melbourne, Perth), as well
as in Hong Kong, London and Chicago.
ASX's DLT project
An innovative technology solution
In December 2017, the ASX announced
that it would replace CHESS
(Clearing House Electronic Subregister
System), its existing software
used for the clearing and settlement of
equity transactions with a
distributed ledger, becoming the first
stock exchange in the world to
build an infrastructure around
blockchain technology.The
decision followed almost three
years of testing and building enterprise-grade
blockchain software with US-based company
Digital Asset. The replacement of CHESS onto
the new software has now been
pushed back
from Q4 2020 and the ASX is now
targeting March
•April 2021 for commencement.
Guiding principles for the replacement
of CHESS
• Operate for the benefit of issuers and
end investors
• Take future needs into
account
• Accessibility
• Ease of integration and global interoperability
• Availability, reliability and performance
References:
A. R. Hall, The Stock Exchange of Melbourne and the Victorian Economy
1852-1900(Canberra, 1968) A. R. Hall, 'Khull, Edward (1805–1884)',
Australian Dictionary of Biography, National Centre of Biography,
Australian National University, ASX Official website, National Museum Australia
ASX logo 1987: The decision to amalgamate
the six State Stock Exchanges into one national
body led to the brief to create a new corporate
image for the Australian Stock Exchange.
Stock Exchange of Melbourne membership
certificate, 1889 (Image H83.363/9 from the
collection of the State Library of Victoria,
Australia)

MARKET5 4 ff_Layout 1 3/18/19 10:08 AM Page 27
Issue 04⎥ December 2018
TRADING & OPINION
7
OCEANICA
Businesses continue to turn to
NZX to fuel their growth and
other key business objectives. As
of Nov.14, businesses have raised
4 5 6
bpd, which, if confirmed, would mark the
$4.6bn on NZX’s debt market so
second-largest monthly increase since
far this year. This surpasses the
debt raised on NZX in 2017.
MIDDLE E.
Saudi crude output hits record 11.3 million
barrels per day in November. That
marks a rise from October's 10.65 million
Reuters records began in 1997.
EUROPE
Erste Group Bank AG became a
new member of the Prague Stock
Exchange. Erste became 16th
member of the exchange and also
4th member with its head office located
outside of Czech republic
PUBLICLY
TRADED COMPANIES
Tiffany's
disappointing Q3
sales, Altice's
divestment
and more
News and announcements from
companies listed on stock markets
around the world. Earnings, spinoffs,
take-over bids, capital increases,
recent and upcoming
IPOs, expansion into new markets,
signing of alliances, M&As...
ALTICE ( FRANCE )
Telecoms and cable group Altice Europe agreed to
sell 49.99% in its SFR FTTH fibre optic business to
Allianz SE's Allianz Capital Partners, Axa SA's Axa
Investment Managers – Real Assets, and Omers Infrastructure
for 1.8 billion euros. The deal valued the
division as a whole at 3.6 billion euros. The transaction
is said to be the first of its type in Europe leading
to the creation of one of the largest European FTTH
wholesalers in Europe.
BANK OF KIGALI ( RWANDA)
Shares of Rwanda’s largest lender by assets, Bank of
Kigali Group Plc, started trading on the Nairobi Securities
Exchange (NSE) on Nov. 30. Bank of Kigali
Group Plc is the holding company of Rwanda’s
largest commercial lender Bank of Kigali Plc, BK
Insurance, stock brokerage BK Capital and technology
services business BK TecHouse. Bank of Kigali
Group's largest shareholders are the Government of
Rwanda (29.5 per cent), Rwanda Social Security
Board (25.1 per cent) and international institutional
investors (14 per cent).
NISSAN, JAPAN
Nissan Motor Co. decided to postpone the unveiling
of its electric car Leaf at the Los Angeles Auto Show
which is being held from November 30 to December
7, according to a Wall Street Journal report. According
to the paper, the company is worried that the arrest
of Nissan’s former Chairman and CEO Carlos
Ghosn would overshadow the presentation of the upgraded
model of longer-range electric vehicle. Nissan
is reportedly set to appoint a new chairman at a meeting
on December 17.
TIFFANY, USA
The jeweler missed analysts' estimates of $1.05 billion
in revenue for its third quarter, reporting sales of
$1.01 billion. Net income fell to $94.9 million, or 77
cents per share, from $100.2 million, or 80 cents per
share, a year ago. Sales were hurt by weaker spending
from Chinese tourists in the U.S. and Hong
Kong. Fewer Chinese tourists have been heading to
the U.S. due to trade tensions. Meanwhile, the exchange
rate between the yuan and the dollar has
made the trip more expensive as “people’s money”
sank to a 10-year low against the greenback at the
end of October.
AWorld Economy
Capitalism does
not work for most
people
Billionaire hedge fund founder Ray Dalio warns A.I. is widening
the wealth gap and the current economic system is in jeopardy.
Ray Dalio
ll financial crises follow a predictable
path and policy makers and
investors should study the history.
That is according to billionaire
hedge fund founder Ray Dalio.
Speaking at a summit in Los Angeles last
month, Dalio said that capitalism was no
longer working for the majority of people, and
added that the current U.S. economic and political
system was in jeopardy. Citing a Federal
Reserve survey statistic, Connecticut's richest
man said that 40 percent of the population could
not raise $400 in a medical emergency without
selling something. “We have a wealth gap in
which the top one-tenth of 1 percent of the population’s
net worth equals the bottom 90 percent”
investment publication Barron’s quoted
him as saying. “We might not have contact with
those people, but that is a reality,” Dalio told the
crowd at the ritzy conference held at the Palace
Theater. The hedge fund giant also said that opportunity
and wealth inequality are the largest
problems in his country. “The most pressing
problem I see right now is the wealth and opportunity
polarity gap, that’s the big source of
conflict,” he said. Nevertheless, Dalio is not a
crusader against capitalism. Instead, he thinks
the government should consider partnering with
private enterprise. “American leadership should
declare the opportunity gap as a national emergency
and find ways to invest in that through
public and private partnerships.” This is not the
first time he speaks about a “national emergency”.
In July, in a Facebook post, the financier and
entrepreneur wrote that A.I. and automation are
improving productivity but also widen the
wealth gap that “a national emergency should
be declared." “My view is that algorithmic/automated
decision making is a two edged sword
that is improving total productivity but is also
eliminating jobs, leading to big wealth and opportunity
gaps and populism, and creating a national
emergency. "Largely as a result of it,
capitalism is not working for the majority of
Americans and is in jeopardy," he wrote. "Yet
no one is seriously examining what to do about
it.”
Who is Ray Dalio
Dalio, who has been called both “the Steve Jobs
of investing” and “the philosopher king of the
financial universe”, was born in 1949 in, New
York. According to the New York Magazine,
Dalio began investing at age 12, buying shares
of Northeast Airlines for $300 and tripling his
investment after the airline merged with another
company. He received a bachelor's degree in finance
from Long Island University (CW Post)
and an MBA from Harvard Business School.
After completing his studies, Dalio worked on
the floor of the New York Stock Exchange and
in 1975, he founded Bridgewater Associates
from his two-bedroom New York City apartment.
Bridgewater in 2012 became the largest
hedge fund in the world and the same year Dalio
appeared on Time magazine’s list of the 100
most influential people in the world. Dalio attributes
Bridgewater’s success to its unique culture.
He describes it as “a believability-weighted
idea meritocracy”. According to Forbes Magazine,
Dalio has a net worth of $18 billion. He is
also the author of "Principles" a book about the
unconventional principles that helped him create
unique results in life and business and “A Template
For Understanding Big Debt Crises”, a
book he gives away for free. “My hope is that
sharing this template will reduce the chances of
big debt crises happening and help them be better
managed in the future ”he says on his
Linkedin page.
COMMODITIES
Palladium spikes
to all-time High
Palladium surpassed $1,200 per ounce on
Nov. 30 to set another historic high, while
world leaders were gathered in Buenos Aires
for the G20 summit. Historically, the precious
metal reached a record low of 78.25 in August
of 1991.
STOCKS
European startups
want stock option
reform
The heads of 30 European tech startups including
TransferWise, Stripe, iZettle and Farfetch, urged
lawmakers in the continent to reform employee
stock ownership rules to help them better compete
with Silicon Valley peers in hiring. Startup executives
said in an open letter that current rules around
employee ownership are "often archaic and highly
ineffective." The entrepreneurs also wrote: "The
next Google, Amazon or Netflix
could well come from Europe, but for that to happen,
reforming the
rules of employee ownership is definitely not optional."
BONDS
Nigeria raises $2.86bn
in Eurobond
Nigeria's government raised $2.86 billion Eurobond
under its Global Medium Term Note Programme
to fund the 2018 budget deficit. The
transaction was announced by the Special Assistant
to the Minister of Finance, Mr. Paul Abechi,
in a statement in Abuja on Nov. 14. According to
him, the offer was oversubscribed by about $9.5
billion, a demonstration of a strong international
investors’ appetite for the Nigerian instrument.
FUNDS
ETFs in Asia outpacing
mutual funds
Markets in Asia Pacific saw growth in their
ETF AUM in the first half of 2018 over 2017,
and the growth rate of ETF AUM has outpaced
that of mutual funds, according to global research
and consulting firm Cerulli Associates.
In 2017 and the first half of 2018, ETF AUM
grew 35.7% and 12.8% respectively, compared
to that of mutual funds, at 12.8% and 8.5% respectively.
www.investopress.com

MARKET5 4 ff_Layout 1 3/18/19 10:07 AM Page 24
8 EVENTS Issue 04 ⎥ December 2018
EVENTS
Economic
Calendar
From
1st to 31st December
2018
● 05/12/2018
CANADA
BoC Interest Rate Decision
Bank of Canada (BOC) governing
council members come
to a consensus on where to set
the rate. Short term interest
rates are the primary factor in
currency valuation.
JAPAN
Foreign Investments in Japanese
Stocks & Foreign Bonds
Buying
The Ministry of Finance publishes
data about foreign investments
in Japanese stocks &
Foreign bonds buying. Foreign
Bonds Buying number measures
the flow from the public
sector excluding Bank of Japan
USA
Beige Book
The Federal Reserve's Beige
Book is a report on current economic
conditions in each of the
12 Federal districts in the U.S.
It gives a picture of economic
trends and challenges in the
U.S. It is released 8 times a
Make the economic calendar
one of your trading assets
The calendar covers key economic and non-economic indicators, which
may provide clues of the direction of the financial markets. Plan your trading
around these events to make informed decisions.
year.
● 06/12/2018
RUSSIA
Central Bank Reserves (USD)
The Central Bank of the Russia
publishes data about Foreign
exchange reserves, the foreign
assets held or controlled by the
country central bank.
● 07/12/2018
CHINA
China FX Reserves (USD)
The People's Bank of China
publishes data about Chinese
FX reserves which measure the
foreign assets held or controlled
by the country's central bank.
● 11/12/2018
SOUTH AFRICA
Gold & Mining Production
(YoY) (Oct)
Stattistics South Africa publishes
data about Gold & Mining
Production
UK
UK Parliament vote on Brexit
deal
The vote will decide the future
of UK's departure from EU,
International Anti-Money Laundering
& Financial Crime Conference
The Institute of Banking Education
of the National Bank of Slovakia
and the Banking
Association for Central and
Eastern Europe will hold
the 6th International Anti-
Money Laundering and
Compliance Conference:
Fighting Financial Crime at
the Crowne Plaza in
Bratislava, Slovakia. The
BANKING
conference will cover areas like
U.S. Banking relationships, Correspondent
banking KYC and KYT
enquiries, Risk based compliance
and AML management, Fighting
financial crime and much more.
The Conference aims at delivering
the most up-to-date information on
AML compliance and emerging
best practices as well as practical
solutions to help organisations in
the financial services industry. The
event will focus on the key AML
threats and compliance challenges
which bankers, insurance executives
and agents, attorneys, accountants,
auditors, investment
consultants, IT experts, brokerdealers,
enforcement agents and
government examiners face in
today’s turbulent economic environment.
which it is officially set to take
place on March 29, 2019
● 12/12/2018
INDIA
Industrial Production (YoY)
(Oct)
The Ministry of Statistics publishes
the industrial production
number which measures the
change in the total inflation-adjusted
value of output produced
by manufacturers, mines, and
utilities.
● 13/12/2018
EU
ECB Interest Rate Decision
(Dec)
The six members of the European
Central Bank (ECB) Executive
Board and the 16
governors of the euro area central
banks vote on where to set
the rate.
● 17/12/2018
NEW ZEALAND
New Zealand ANZ Business
Confidence
The Australia and New
Zealand Banking Group Limited
(ANZ) Business Confidence
measures the current
business conditions in New
Zealand. It helps to analyze the
economic situation in the short
term
● 19/12/2018
USA
Fed Interest Rate Decision
Federal Open Market Committee
(FOMC) members vote on
where to set the rate.
● 20/12/2018
HONG KONG
CPI (YoY) (Nov)
The Census and statistics department
publishes data about
the Consumer Price Index
(CPI) which measures the
change in the price of goods
and services from the perspective
of the consumer, a key
way to measure changes in purchasing
trends and inflation.
● 21/12/2018
UK
Business Investment (QoQ)
(Q3) & (YoY) (Q3)
The Office for National Statistics
publishes data about business
investment, which measures
the change in the total
inflation-adjusted value of capital
expenditure made by companies
in the private sector.
BRAZIL
Foreign Direct Invetsment
(USD) (Nov)
Fundo Monetário Internacional
publishes data about foreign direct
investment, the net inflows
of investment to acquire a lasting
management interest (10
percent or more of voting
stock) in an enterprise operating
in an economy other than
that of the investor.
● 27/12/2018
ARGENTINA
Current Account (USD) (Q2)
MECON is publishing data
about the current account, the
international flow of money for
purposes other than investments.
It offers a broad picture
of how an economy is managing
its finances with the rest of
the world.
10-11⎥ 12⎥ 2018
Bratislava, Slovakia
East &
South East
Europe
Below is a selection of business and
investing events that take place across
the region.
● 01/12/2018
ATHENS MBA
Athens, Greece
Venue: Royal Olympic Hotel
Organiser: Access MBA
ACCESS MBA is a communication
campaign specifically designed to better
inform prospective students of existing
MBA opportunities. ACCESS MBA is a
series of events organised around the
world
● 01/12/2018
TECK INDUSTRY
Riga, Latvia
Venue: Riga International Exhibition
Centre
Organiser: International Exhibition
Company BT 1
International Exhibition of Materials
and Technologies for Industrial Production,
Mechanical Engineering, Metalworking,
Automation, Electronics,
Electrical Engineering and Tools
● 22-27/01/2018
CNR IMOB ISTANBUL
Istanbul, Turkey
Venue: Istanbul Expo Center
Organiser: CNR Expo & ITF (Istanbul
Trade Fairs)
Istanbul International Furniture Fair is
known as the world’s third-biggest furniture
fair
● 30/01/2019
LEATHER & FUR SALON
Kiev, Ukraine
Venue: Kiev International Exhibition
Center
Organiser: Kyiv International Contract
Fair, JSC
International Leather & Fur Trade
Show. Leather and Fur Fashion exhibition
has established itself as a specialized
and professional event fur and
leather industry, which is attended by
manufacturers of leather and fur products,
as well as distributors.
World Finance & Investment Events
December 2018
● 03-04/12/2018
WORLD OIL & GAS WEEK
London, UK
Venue: London Hilton on Park Lane
Organiser: Oil Council
An international meeting place for oil &
gas executives looking to identify new
M&A targets, raise capital and meet new
providers
● 04-05/12/2018
ITMC&RISKS
Sao Paulo, Brazil
Venue: Tivoli Mofarrej
Organiser: Eurofinance
International Treasury Management,
Cash and Risks for Companies gathers
together regional treasurers, corporate
treasurers, banking professionals
● 04-09/12/2018
ART MIAMI
Miami, FL, USA
Venue: The Art Miami Pavilion
Organiser: Art Miami LLC
Contemporary and Modern art fair in
Florida. Features fine arts, emergent modern
artwork, paintings, sculptures, photography,
drawings, video art and
antiques
● 05/12/2018
AVCJ Private Equity
& Venture Forum
Taipei, Taiwan
Venue: Shangri-La's Far Eastern Plaza
Hotel
Organiser: AVCJ Group Limited
The Forum will bring together more than
300 veteran and new private equity investors,
venture capitalists, institutional
investors, regulators, and corporate executives
● 05-07/12/2018
SIMI PARIS
Paris, France
Venue: Palais des Congrès de Paris Porte
Maillot
Organiser: Groupe Moniteur
SIMI is a landmark event in the real estate
industry’s calendar in France. More than
30,373 persons and 467 private businesses
and public organisations gather for
the event.
● 10-12/12/2018
ECOMOF
Abidjan, Ivory Coast
Venue: Sofitel Abidjan Hotel Ivoire
Organiser: AME Trade Ltd
Mining & Petroleum Forum & Exhibition.
This regional mining and petroleum
forum and exhibition will gather the highest
ranking government delegations from
the fifteen ECOWAS West African Member
States
● 12-14/12/2018
INMEX CHINA
Guangzhou, China
Venue: Poly World Trade Expo Center
Organiser: Informa Exhibitions Pte Ltd
International Maritime Expo. INMEX
China is an important platform for the
maritime industry featuring Ship building,
Ship Repairs, Marine Services and
Engineering, Offshore Engineering, Ports
and Port development
● 13-15/12/2018
Australasian Finance and Banking
Conference (AFBC)
Sydney, Australia
Venue: Shangri-La Hotel
Organiser: AIBS - Australia International
Business School
Brings together academics and industry
professionals and provides the attendees
with the opportunity to meet and share
their research and interest in finance-related
fields.
● 22-25/12/2018
HONG KONG CAR SHOW
Hong Kong, Hong Kong
Venue: Hong Kong Convention & Exhibition
Centre
Organiser: Hong kong-Asia Exhibition
(Holdings) Ltd.
Automotive Exhibition in Hong Kong.
FeaturesRecreational Vehicles, Sport
Cars, Off-Road Vehicles, Small Cars,
Travel Cars, Traditionnal & Antique Cars,
Mortobikes, Concept Cars, Automotive
Parts, Hybrid Vehicles.
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