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Today, September 3, 2020, INTERBOLSA implemented in its systems the necessary changes in order to comply with the Shareholders Rights Directive II (Directive 2017/828, of May 17, 2017), namely the requirements needed and defined in the Regulation 2018/1212, of September 3, 2018.
Therefore, the amendments to the INTERBOLSA’s Regulation 2/2016, as introduced by INTERBOLSA Regulation 1/2020, can be accessed through the following LINK
Promoted by Euronext Lisbon and INTERBOLSA, this session took place via Teams, on October 29, in which the main developments in demand and supply of funds in Portugal and trends in the evolution of the market structure were discussed.
The new features of INTERBOLSA’s Fund Order Routing platform (SFI) were also presented.
The speakers at this webinar were the following ones:
A large number of participants joined this successful initiative, which proved to be relevant that INTERBOLSA and Euronext Lisbon continue to organize this kind of initiatives, with meaningful content for their Clients and for the Market.
If you have not had the opportunity to follow or want to review the webinar, you can access the recording at the link, only available in Portuguese.
You can also have access to the presentation of the session, only available in Portuguese.
Updating of the fees charged by Euronext Securities Porto, to Financial Intermediaries and Issuers, as from 1 January 2023.
The consequences of the pandemic and the Russian invasion of Ukraine have prompted an inflationary spiral that has been taking place in Western countries, including Portugal. In the course of 2022, the inflation rate has been growing every month, having accelerated since February 2022. If the pandemic had already brought a major shortage of raw materials, the war in Ukraine caused an energy crisis with the consequent increase in energy prices, as well as substantially reducing the global supply of food, with significant global impacts in several areas of activity. The outlook for inflation in Europe and for global economic developments is uncertain, but inflation rates are expected to reach two digits in Europe.
In this geopolitical and economic context of inflationary pressure, Euronext Securities Porto has decided to change the price list to be applied to the services provided to Financial Intermediaries and the price list to be applied to the services provided to Issuers. It should be noted that, since 2005, Euronext Securities Porto has made significant price reductions for both Financial Intermediaries and Issuers. The occasional price increases made since 2005 have essentially affected securities that were exempt from maintenance fees. In 2017, following the price increase communicated by the ECB – European Central Bank, resulting from the use of the T2S platform, Euronext Securities Porto revised and consequently increased the prices related to settlement services.
Euronext Securities Porto continues to invest in updating its technology and in the talent of its human resources to support the needs of its clients, in addition to maintaining high levels of investment to face operational changes resulting from new regulations with an impact on Euronext Securities Porto’s activity and from European projects, namely those led by the ECB. In this context, it should be noted that, in the recent past, Euronext Securities Porto decided not to burden the Portuguese market by adapting its systems (which was substantial) to implement Settlement Discipline in the Portuguese market, as it was done by other European CSDs.
Throughout 2022, Euronext Securities Porto absorbed the increased costs (of suppliers, energy, and equipment), but due to the current economic and inflationary environment, it became necessary to share a portion of these cost increases with our clients.
Therefore, from 1 January 2023, the commissions charged by Euronext Securities Porto will be updated by 5.9%, which is well below the inflation rate forecast by the Portuguese government and international entities.
It was also decided not to increase the commissions on some products or services, such as:
Starting December 27, a new #Bot software will automate the task of assigning ISIN codes for commercial paper issues not registered in the centralised system managed by Euronext Securities Porto.
This initiative was developed in close collaboration with Euronext Securities Milan, which has extensive experience in delivering #RPA (Robotics Process Automation) technology to support business processes.
This tool will allow Euronext Securities Porto to optimise the reliability, efficiency and accuracy of key processes, while contributing to the digitalisation of Euronext’s CSDs.
Euronext Securities Porto has decided to change its price lists with the main purpose of responding to client requests, encouraging the direct participation of financial intermediaries in more than one CSD of the Euronext Group, encouraging the integration of fund units in a centralised system, as well as contributing to the revival of the warrants and certificates market in Portugal.
Issuer Entities:
Financial Intermediaries
Warrants and Certificates
After several discussions with the issuers of warrants and certificates, and in order to encourage the offering of warrants and certificates in Portugal, Euronext Securities Porto decided to reduce the price of registering and cancelling warrants and certificates from a sliding scale price, with a discount to be applied depending on the number of warrants and certificates issued, to a fixed fee for the registration and cancellation of warrants and certificates. On the other hand, it was also decided to increase the fees charged for the settlement operations of warrants and certificates.
As a result, items 6.5 and 6.7 have been created in the Fee Book of Financial Intermediaries and items 3.2 and 5.9 of the Fee Book of the Issuer Entities have been amended.
Funds
In order to encourage the integration of fund units into the centralised securities system, Euronext Securities Porto has decided to reduce the processing fee for corporate events (namely, capital reduction, income payment and split and reverse split) to meet the specific needs of these products. On the other hand, it was decided to increase the fee charged on subscription/redemption operations of open-ended funds that do not use order routing functionality, in order to encourage the use of this functionality, thus reducing manual procedures and the inherent risk.
To give form to these changes, the table in point 6.10 of the Fee Book of the Issuer Entities has been changed, points 5.3, 5.6 and 6.5 of the same Fee Book have been added and the text of point 5.2 has been changed, excluding funds and ETFs from the application of the fees established therein.
Settlement Transactions carried out by CSD Investor
In order to encourage the settlement of cross-border operations performed by investor CSDs, Euronext Securities Porto decided to apply only T2S pricing to these operations. As a result, point 6.10 was added to the Financial Intermediaries’ Fee Book.
Family Fee
In order to encourage direct participation of Financial Intermediaries in several Euronext Group CSDs, it was decided to create a Family fee across Euronext Securities Milan, Euronext Securities Copenhagen and Euronext Securities Porto , which will allow Financial Intermediaries to obtain discounts on the settlement operations processed in the T2S platform that they execute in each CSD, i.e. the discount will be based on the sum of the settlement operations executed in T2S by (common) participants of Euronext Group CSDs. To give shape to this change, items 2.8 and 2.9 have been added to the Financial Intermediaries Fee Book.
Connection to Euronext Securities Porto private network
Euronext Securities Porto has decided to reduce the fee it charges for connection via VPN to its private communications network. For this purpose, the fee set out in table 7.1 “Primary connection to systems via VPN” of the Financial Intermediaries’ Fee Book has been amended.
Notification and/or confirmation of events and general meetings
Euronext Securities Porto has decided to discontinue the fee charged to Financial Intermediaries for subscribing to the service of notification/confirmation of events and general meetings. As a result of this change, the first paragraph of point 8.2 of the Fee Book for Financial Intermediaries has been removed.
Registration and Cancellation of Issues
With the purpose of responding to the request of clients, it has been decided to charge the minimum amount established in the registrations and cancellations table of the Issuers’ Fee Book to operations resulting from the transfer of values between different security codes, belonging to the same bond issue. Therefore, a paragraph has been added to the text of point 3.1 and point 5.8 of the Issuers’ Fee Book.
Other changes have also been made to the Fee Books, with no impact on the fees charged, and some items in the Fee Books have been renumbered, following the addition of new items.
Weather patterns and geopolitical factors continue to be the main drivers shaping volatility and price dynamics in grain and oilseed markets. Despite a bearish trend throughout the second quarter, prices became tense in June, with a dynamic weather market, due to adverse climate conditions impacting the coming harvest across the northern hemisphere and seeding in the south. Additionally, the Black Sea situation and the closure of the Black Sea grain corridor increase the uncertainties for the new campaign.
Last week, we reached another high stress point, and the Euronext MATIF commodity markets continued to offer the users safe and liquid hedging tools. 20 July in fact marked the all-time daily volume record on our Milling Wheat Futures with 187,898 lots traded, equivalent to 9.4 million tonnes of physical products.
During Q2-2023, prices on Euronext commodities contracts remained bearish, with an average price of €238/T vs €393/T in Q2-2022 for Wheat Futures, €435/T vs €834/T in Q2-2022 for Rapeseed Futures and €240/T vs €338/T in Q2-2022 for Corn Futures.
Volumes were up by +23% vs Q2-2022, led by Rapeseed Futures (+81% vs Q2-22) and Wheat Futures (+25% vs Q2-2022).
Average daily volumes were at 89K lots per day, including 62K lots of Wheat Futures, 2K lots of Corn Futures, 15.5K lots of Rapeseed Futures, 8K of Wheat Options and 1.2K lots of Corn and Rapeseed Options.
We are running a market consultation about the Corn Futures contract to further its traction and expand the current liquidity. Feel free to contact us at commodities@euronext.com to share your input/opinion on this product.
Following the communication made back in 2022, the Euronext Group has initiated a large reorganisation of its post-trade services with the deployment of its newly acquired clearing house, Euronext Clearing on all Euronext segments.
At this stage, the project is on track: a first milestone with the migration of the cash equity segment by Q4-2023 will be followed by the Euronext MATIF migration in June 2024.
The average daily volumes traded in commodity options on Euronext have increased by 120% since 2018, exceeding 10K lots per day in 2023, an important milestone. This growth has resulted from a strong interest from market participants and confirms the importance of the Euronext MATIF franchise as an efficient tool for price risk management in highly volatile markets.
To accelerate liquidity building in the commodity options markets, we introduced as of 1 July 2023 a trading fee holiday for options executed in the Central Order Book.
|
Options Central Order Book Trades |
Trading fees |
|---|---|
|
Milling Wheat, Corn, Rapeseed |
€0 per lot |
|
Milling Wheat, Corn, Rapeseed - strategies legs |
€0 per let |
To further boost the liquidity in the Central Order Book, we introduced a liquidity provision programme at the same time as the trading fees holiday programme.
We publish every Monday the weekly average of the Sitagri European Durum Wheat Index (SEDWI) provided by FinanceAgri for the calculation of the EDW Futures EDSP.
View the weekly average of the index
Two new Commodities Insights articles were released. Read the articles on:
The Durum Wheat market
Black Sea Grains
We also released a second version of the Commitments of Traders (COT) report, in addition to the mandatory one. It includes historical graphs, making it easier to read and understand.
Access the additional COT report
During Q2-2023, we were pleased to take part in several events such as the Bourse de Sète, Euro Grain Hub Exchange & Forum in Bucharest, GrainCom in Geneva, the International Grains Conference and FIA IDX in London, and the Bourse Internationale de Paris.
These events are an opportunity for us to meet all the European agricultural industry.
See all our MATIF Commodities contracts on the Euronext Live Markets website.
Contact our team: commodities@euronext.com
Weather patterns and geopolitical factors continue to be the main drivers shaping volatility and price dynamics in grain and oilseed markets. Despite a bearish trend throughout the second quarter, prices became tense in June, with a dynamic weather market, due to adverse climate conditions impacting the coming harvest across the northern hemisphere and seeding in the south. Additionally, the Black Sea situation and the closure of the Black Sea grain corridor increase the uncertainties for the new campaign.
Last week, we reached another high stress point, and the Euronext MATIF commodity markets continued to offer the users safe and liquid hedging tools. 20 July in fact marked the all-time daily volume record on our Milling Wheat Futures with 187,898 lots traded, equivalent to 9.4 million tonnes of physical products.
During Q2-2023, prices on Euronext commodities contracts remained bearish, with an average price of €238/T vs €393/T in Q2-2022 for Wheat Futures, €435/T vs €834/T in Q2-2022 for Rapeseed Futures and €240/T vs €338/T in Q2-2022 for Corn Futures.
Volumes were up by +23% vs Q2-2022, led by Rapeseed Futures (+81% vs Q2-22) and Wheat Futures (+25% vs Q2-2022).
Average daily volumes were at 89K lots per day, including 62K lots of Wheat Futures, 2K lots of Corn Futures, 15.5K lots of Rapeseed Futures, 8K of Wheat Options and 1.2K lots of Corn and Rapeseed Options.
We are running a market consultation about the Corn Futures contract to further its traction and expand the current liquidity. Feel free to contact us at commodities@euronext.com to share your input/opinion on this product.
Following the communication made back in 2022, the Euronext Group has initiated a large reorganisation of its post-trade services with the deployment of its newly acquired clearing house, Euronext Clearing on all Euronext segments.
At this stage, the project is on track: a first milestone with the migration of the cash equity segment by Q4-2023 will be followed by the Euronext MATIF migration in June 2024.
The average daily volumes traded in commodity options on Euronext have increased by 120% since 2018, exceeding 10K lots per day in 2023, an important milestone. This growth has resulted from a strong interest from market participants and confirms the importance of the Euronext MATIF franchise as an efficient tool for price risk management in highly volatile markets.
To accelerate liquidity building in the commodity options markets, we introduced as of 1 July 2023 a trading fee holiday for options executed in the Central Order Book.
| Options Central Order Book Trades | Trading fees |
|---|---|
| Milling Wheat, Corn, Rapeseed | €0 per lot |
| Milling Wheat, Corn, Rapeseed - strategies legs | €0 per let |
To further boost the liquidity in the Central Order Book, we introduced a liquidity provision programme at the same time as the trading fees holiday programme.
We publish every Monday the weekly average of the Sitagri European Durum Wheat Index (SEDWI) provided by FinanceAgri for the calculation of the EDW Futures EDSP.
View the weekly average of the index
Two new Commodities Insights articles were released. Read the articles on:
The Durum Wheat market
Black Sea Grains
We also released a second version of the Commitments of Traders (COT) report, in addition to the mandatory one. It includes historical graphs, making it easier to read and understand.
Access the additional COT report
During Q2-2022, we were pleased to take part in several events such as the Bourse de Sète, Euro Grain Hub Exchange & Forum in Bucharest, GrainCom in Geneva, the International Grains Conference & FIA IDX in London, and the Bourse Internationale de Paris.
These events are an opportunity for us to meet all the European agricultural industry.
See all our MATIF Commodities contracts on the Euronext Live Markets website.
Contact our team: commodities@euronext.com
Weather patterns and geopolitical factors continue to be the main drivers shaping volatility and price dynamics in grain and oilseed markets. Despite a bearish trend throughout the second quarter, prices became tense in June, with a dynamic weather market, due to adverse climate conditions impacting the coming harvest across the northern hemisphere and seeding in the south. Additionally, the Black Sea situation and the closure of the Black Sea grain corridor increase the uncertainties for the new campaign.
Last week, we reached another high stress point, and the Euronext MATIF commodity markets continued to offer the users safe and liquid hedging tools. 20 July in fact marked the all-time daily volume record on our Milling Wheat Futures with 187,898 lots traded, equivalent to 9.4 million tonnes of physical products.
During Q2-2023, prices on Euronext commodities contracts remained bearish, with an average price of €238/T vs €393/T in Q2-2022 for Wheat Futures, €435/T vs €834/T in Q2-2022 for Rapeseed Futures and €240/T vs €338/T in Q2-2022 for Corn Futures.
Volumes were up by +23% vs Q2-2022, led by Rapeseed Futures (+81% vs Q2-22) and Wheat Futures (+25% vs Q2-2022).
Average daily volumes were at 89K lots per day, including 62K lots of Wheat Futures, 2K lots of Corn Futures, 15.5K lots of Rapeseed Futures, 8K of Wheat Options and 1.2K lots of Corn and Rapeseed Options.
We are running a market consultation about the Corn Futures contract to further its traction and expand the current liquidity. Feel free to contact us at commodities@euronext.com to share your input/opinion on this product.
Following the communication made back in 2022, the Euronext Group has initiated a large reorganisation of its post-trade services with the deployment of its newly acquired clearing house, Euronext Clearing on all Euronext segments.
At this stage, the project is on track: a first milestone with the migration of the cash equity segment by Q4-2023 will be followed by the Euronext MATIF migration in June 2024.
The average daily volumes traded in commodity options on Euronext have increased by 120% since 2018, exceeding 10K lots per day in 2023, an important milestone. This growth has resulted from a strong interest from market participants and confirms the importance of the Euronext MATIF franchise as an efficient tool for price risk management in highly volatile markets.
To accelerate liquidity building in the commodity options markets, we introduced as of 1 July 2023 a trading fee holiday for options executed in the Central Order Book.
| Options Central Order Book Trades | Trading fees |
|---|---|
| Milling Wheat, Corn, Rapeseed | €0 per lot |
| Milling Wheat, Corn, Rapeseed - strategies legs | €0 per let |
To further boost the liquidity in the Central Order Book, we introduced a liquidity provision programme at the same time as the trading fees holiday programme.
We publish every Monday the weekly average of the Sitagri European Durum Wheat Index (SEDWI) provided by FinanceAgri for the calculation of the EDW Futures EDSP.
View the weekly average of the index
Two new Commodities Insights articles were released. Read the articles on:
The Durum Wheat market
Black Sea Grains
We also released a second version of the Commitments of Traders (COT) report, in addition to the mandatory one. It includes historical graphs, making it easier to read and understand.
Access the additional COT report
During Q2-2022, we were pleased to take part in several events such as the Bourse de Sète, Euro Grain Hub Exchange & Forum in Bucharest, GrainCom in Geneva, the International Grains Conference & FIA IDX in London, and the Bourse Internationale de Paris.
These events are an opportunity for us to meet all the European agricultural industry.
See all our MATIF Commodities contracts on the Euronext Live Markets website.
Contact our team: commodities@euronext.com
