what is capital markets day

Host of the event is Verena Nicolaus-Kronenberg, Head of Investor Relations who leads through the presentations and the Q&A for analysts and investors. General Motors Company Capital Markets Day and Q4 2019 Earnings Webcast. Feb 5, 2020 from 10:00 AM to 2:00 PM EST. General Motors Company hosted a webcast for. 2021 Capital Markets Day. Legrand held a digital Capital Markets Day on September 22, 2021, broadcasted on the Legrand website. During this event, Legrand's.
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Capital Markets Day

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Источник: https://www.unicreditgroup.eu/en/investors/financial-reporting/other-presentations---documents/capital-markets-day.html

Capital market

Finance

A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold,[1] in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments.[a]Financial regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect investors against fraud, among other duties.

Transactions on capital markets are generally managed by entities within the financial sector or the treasury departments of governments and corporations, but some can be accessed directly by the public. As an example, in the United States, any American citizen with an internet connection can create an account with TreasuryDirect and use it to buy bonds in the primary market, though sales to individuals form only a tiny fraction of the total volume of bonds sold. Various private companies provide browser-based platforms that allow individuals to buy shares and sometimes even bonds in the secondary markets. There are many thousands of such systems, most serving only small parts of the overall capital markets. Entities hosting the systems include stock exchanges, investment banks, and government departments. Physically, the systems are hosted all over the world, though they tend to be concentrated in financial centres like London, New York, and Hong Kong.

Definition[edit]

A capital market can be either a primary market or a secondary market. In a primary market, new stock or bond issues are sold to investors, often via a mechanism known as underwriting. The main entities seeking to raise long-term funds on the primary capital markets are governments (which may be municipal, local or national) and business enterprises (companies). Governments issue only bonds, whereas companies often issue both equity and bonds. The main entities purchasing the bonds or stock include pension funds, hedge funds, sovereign wealth funds, and less commonly wealthy individuals and investment banks trading on their own behalf. In the secondary market, existing securities are sold and bought among investors or traders, usually on an exchange, over-the-counter, or elsewhere. The existence of secondary markets increases the willingness of investors in primary markets, as they know they are likely to be able to swiftly cash out their investments if the need arises.[2]

A second important division falls between the stock markets (for equity securities, also known as shares, where investors acquire ownership of companies) and the bond markets (where investors become creditors).[2]

Versus money markets[edit]

The money markets are used for the raising of short-term finance, sometimes for loans that are expected to be paid back as early as overnight. In contrast, the "capital markets" are used for the raising of long-term finance, such as the purchase of shares/equities, or for loans that are not expected to be fully paid back for at least a year.[1]

Funds borrowed from money markets are typically used for general operating expenses, to provide liquid assets for brief periods. For example, a company may have inbound payments from customers that have not yet cleared, but need immediate cash to pay its employees. When a company borrows from the primary capital markets, often the purpose is to invest in additional physical capital goods, which will be used to help increase its income. It can take many months or years before the investment generates sufficient return to pay back its cost, and hence the finance is long term.[2]

Together, money markets and capital markets form the financial markets, as the term is narrowly understood.[b] The capital market is concerned with long-term finance. In the widest sense, it consists of a series of channels through which the savings of the community are made available for industrial and commercial enterprises and public authorities.

Capital market versus bank loans[edit]

Regular bank lending is not usually classed as a capital market transaction, even when loans are extended for a period longer than a year. First, regular bank loans are not securitized (i.e. they do not take the form of a resaleable security like a share or bond that can be traded on the markets). Second, lending from banks is more heavily regulated than capital market lending. Third, bank depositors tend to be more risk-averse than capital market investors. These three differences all act to limit institutional lending as a source of finance. Two additional differences, this time favoring lending by banks, are that banks are more accessible for small and medium-sized companies, and that they have the ability to create money as they lend. In the 20th century, most company finance apart from share issues was raised by bank loans. But since about 1980 there has been an ongoing trend for disintermediation, where large and creditworthy companies have found they effectively have to pay out less interest if they borrow directly from capital markets rather than from banks. The tendency for companies to borrow from capital markets instead of banks has been especially strong in the United States. According to the Financial Times, capital markets overtook bank lending as the leading source of long-term finance in 2009, which reflects the risk aversion and bank regulation in the wake of the 2008 financial crisis.[3]

Compared to in the United States, companies in the European Union have a greater reliance on bank lending for funding. Efforts to enable companies to raise more funding through capital markets are being coordinated through the EU's Capital Markets Union initiative.[4][5][6][7]

History[edit]

While the Italian city-states produced first formal bond markets, they did not develop the other ingredient necessary to produce a fully fledged capital market: the formal stock market.[8] The Dutch were the first who effectively used a fully-fledged capital market (including the bond market and the stock market) to finance companies (such as the Dutch East India Company and the Dutch West India Company). It was in the 17th-century Dutch Republic that the global securities market began to take on its modern form. The Dutch East India Company (VOC) became the first company to offer shares of stock. The dividend averaged around 18% of capital over the course of the Company's 200-year existence. The launch of the Amsterdam Stock Exchange (a.k.a. Beurs van Hendrick de Keyser in Dutch) by the VOC in the early 1600s, has long been recognised as the origin of 'modern' stock exchanges that specialise in creating and sustaining secondary markets in the securities (such as bonds and shares of stock) issued by corporations.[9] Dutch investors were the first to trade their shares at a regular stock exchange. The process of buying and selling these shares of stock in the VOC became the basis of the first official (formal) stock market in history.[10][11]

Examples[edit]

Government on primary markets[edit]

When a government wants to raise long-term finance it will often sell bonds in the capital markets. In the 20th and early 21st centuries, many governments would use investment banks to organize the sale of their bonds. The leading bank would underwrite the bonds, and would often head up a syndicate of brokers, some of whom might be based in other investment banks. The syndicate would then sell to various investors. For developing countries, a multilateral development bank would sometimes provide an additional layer of underwriting, resulting in risk being shared between the investment bank(s), the multilateral organization, and the end investors. However, since 1997 it has been increasingly common for governments of the larger nations to bypass investment banks by making their bonds directly available for purchase online. Many governments now sell most of their bonds by computerized auction. Typically, large volumes are put up for sale in one go; a government may only hold a small number of auctions each year. Some governments will also sell a continuous stream of bonds through other channels. The biggest single seller of debt is the U.S. government; there are usually several transactions for such sales every second,[c] which corresponds to the continuous updating of the U.S. real-time debt clock.[12][13][14]

Company on primary markets[edit]

When a company wants to raise money for long-term investment, one of its first decisions is whether to do so by issuing bonds or shares. If it chooses shares, it avoids increasing its debt, and in some cases the new shareholders may also provide non-monetary help, such as expertise or useful contacts. On the other hand, a new issue of shares will dilute the ownership rights of the existing shareholders, and if they gain a controlling interest, the new shareholders may even replace senior managers. From an investor's point of view, shares offer the potential for higher returns and capital gains if the company does well. Conversely, bonds are safer if the company does poorly, as they are less prone to severe falls in price, and in the event of bankruptcy, bond owners may be paid something, while shareholders will receive nothing.

When a company raises finance from the primary market, the process is more likely to involve face-to-face meetings than other capital market transactions. Whether they choose to issue bonds or shares,[d] companies will typically enlist the services of an investment bank to mediate between themselves and the market. A team from the investment bank often meets with the company's senior managers to ensure their plans are sound. The bank then acts as an underwriter, and will arrange for a network of brokers to sell the bonds or shares to investors. This second stage is usually done mostly through computerized systems, though brokers will often phone up their favored clients to advise them of the opportunity. Companies can avoid paying fees to investment banks by using a direct public offering, though this is not a common practice as it incurs other legal costs and can take up considerable management time.[12][15]

Secondary market trading[edit]

Most capital market transactions take place on the secondary market. On the primary market, each security can be sold only once, and the process to create batches of new shares or bonds is often lengthy due to regulatory requirements. On the secondary markets, there is no limit to the number of times a security can be traded, and the process is usually very quick. With the rise of strategies such as high-frequency trading, a single security could in theory be traded thousands of times within a single hour.[e] Transactions on the secondary market do not directly raise finance, but they do make it easier for companies and governments to raise finance on the primary market, as investors know that if they want to get their money back quickly, they will usually be easily able to re-sell their securities. Sometimes, however, secondary capital market transactions can have a negative effect on the primary borrowers: for example, if a large proportion of investors try to sell their bonds, this can push up the yields for future issues from the same entity. An extreme example occurred shortly after Bill Clinton began his first term as President of the United States; Clinton was forced to abandon some of the spending increases he had promised in his election campaign due to pressure from the bond markets [source?]. In the 21st century, several governments have tried to lock in as much as possible of their borrowing into long-dated bonds, so they are less vulnerable to pressure from the markets. Following the financial crisis of 2007–08, the introduction of quantitative easing further reduced the ability of private actors to push up the yields of government bonds, at least for countries with a central bank able to engage in substantial open market operations.[12][14][15][16]

A variety of different players are active in the secondary markets. Individual investors account for a small proportion of trading, though their share has slightly increased; in the 20th century it was mostly only a few wealthy individuals who could afford an account with a broker, but accounts are now much cheaper and accessible over the internet. There are now numerous small traders who can buy and sell on the secondary markets using platforms provided by brokers which are accessible via web browsers. When such an individual trades on the capital markets, it will often involve a two-stage transaction. First they place an order with their broker, then the broker executes the trade. If the trade can be done on an exchange, the process will often be fully automated. If a dealer needs to manually intervene, this will often mean a larger fee. Traders in investment banks will often make deals on their bank's behalf, as well as executing trades for their clients. Investment banks will often have a division (or department) called "capital markets": staff in this division try to keep aware of the various opportunities in both the primary and secondary markets, and will advise major clients accordingly. Pension and sovereign wealth funds tend to have the largest holdings, though they tend to buy only the highest grade (safest) types of bonds and shares, and some of them do not trade all that frequently. According to a 2012 Financial Times article, hedge funds are increasingly making most of the short-term trades in large sections of the capital market (like the UK and US stock exchanges), which is making it harder for them to maintain their historically high returns, as they are increasingly finding themselves trading with each other rather than with less sophisticated investors.[12][14][15][17]

There are several ways to invest in the secondary market without directly buying shares or bonds. A common method is to invest in mutual funds[f] or exchange-traded funds. It is also possible to buy and sell derivatives that are based on the secondary market; one of the most common type of these is contracts for difference – these can provide rapid profits, but can also cause buyers to lose more money than they originally invested.[12]

Size[edit]

All figures given are in billions of US$ and are sourced to the IMF. There is no universally recognized standard for measuring all of these figures, so other estimates may vary. A GDP column is included as a comparison.

Year[18]StocksBondsBank assets[19]Total of stocks,
bonds and
bank assets[20]
World GDP
2013[21]62,552.0099,788.80120,421.60282,762.4074,699.30
2012[22]52,494.9099,134.20116,956.10268,585.2072,216.40
2011[23]47,089.2398,388.10110,378.24255,855.5769,899.22

Forecasting and analyses[edit]

A great deal of work goes into analysing capital markets and predicting their future movements. This includes academic study; work from within the financial industry for the purposes of making money and reducing risk; and work by governments and multilateral institutions for the purposes of regulation and understanding the impact of capital markets on the wider economy. Methods range from the gut instincts of experienced traders, to various forms of stochastic calculus and algorithms such as Stratonovich-Kalman-Bucy filtering algorithm.[24][25]

Capital controls[edit]

Main article: Capital control

Capital controls are measures imposed by a state's government aimed at managing capital account transactions – in other words, capital market transactions where one of the counter-parties[g] involved is in a foreign country. Whereas domestic regulatory authorities try to ensure that capital market participants trade fairly with each other, and sometimes to ensure institutions like banks do not take excessive risks, capital controls aim to ensure that the macroeconomic effects of the capital markets do not have a negative impact. Most advanced nations like to use capital controls sparingly if at all, as in theory allowing markets freedom is a win-win situation for all involved: investors are free to seek maximum returns, and countries can benefit from investments that will develop their industry and infrastructure. However, sometimes capital market transactions can have a net negative effect: for example, in a financial crisis, there can be a mass withdrawal of capital, leaving a nation without sufficient foreign-exchange reserves to pay for needed imports. On the other hand, if too much capital is flowing into a country, it can increase inflation and the value of the nation's currency, making its exports uncompetitive. Countries like India employ capital controls to ensure that their citizens' money is invested at home rather than abroad.[26]

See also[edit]

Notes[edit]

  1. ^The idea of governments making investments may be less familiar than the case involving companies. A government can make investments that are expected to develop a nation's economy, by improving a nation's physical infrastructure, such as by building roads, or by improving public education.
  2. ^Note however that the term "financial markets" is also often used to refer all the different sorts of markets in the financial sector, including those that are not directly concerned with raising finance, such as commodity markets and foreign exchange.
  3. ^Even if there is no activity from big players, U.S. citizens might be making small investments through channels like Treasury Direct.
  4. ^Sometimes the company will consult with the investment bank for advice before they make this decision.
  5. ^This is far more likely to occur with shares, as exchanges that allow the automated trading of bonds are not as common, and bonds are generally traded less frequently.
  6. ^A mutual fund itself will sometimes purchase securities from the primary markets as well as the secondary.
  7. ^i.e., either the buyer or the seller.

References[edit]

  1. ^ abO'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, NJ: Pearson Prentice Hall. p. 283. ISBN .
  2. ^ abcPrivatization and Capital Market Development: Strategies to Promote Economic Growth, Michael McLindon (1996)
  3. ^Lena Komileva (2009-09-16). "Market Insight: Can the rally end the crisis?". The Financial Times. Retrieved 2012-09-06.
  4. ^"EU's capital markets union 2.0, explained". POLITICO. 2017-06-08. Retrieved 2018-03-07.
  5. ^"What is the capital markets union?". European Commission - European Commission. Retrieved 2018-03-07.
  6. ^"EU Capital Markets Union". Financial Times. Retrieved 2018-03-07.
  7. ^White, Lucy (2018-04-24). "EU's Dombrovskis ignites fresh row over City's market access post-Brexit". Archived from the original on 2018-04-24. Retrieved 2018-04-25.
  8. ^Boettke, Peter J.; Coyne, Christopher J. (eds.): The Oxford Handbook of Austrian Economics. (Oxford University Press, 2015, ISBN 978-0199811762), pp. 324–344
  9. ^Neal, Larry (2005), 'Venture Shares of the Dutch East India Company,'; in The Origins of Value: The Financial Innovations that Created Modern Capital Markets, edited by Goetzmann & Rouwenhorst. (Oxford University Press, 2005), pp. 165–175
  10. ^Murphy, Richard McGill (1 July 2014). "Is Asia the next financial center of the world?". CNBC. Retrieved 11 March 2017.
  11. ^Macaulay, Catherine R. (2015). 'Capitalism's renaissance? The potential of repositioning the financial 'meta-economy,'. Futures 68: 5–18
  12. ^ abcdeAn Introduction to International Capital Markets: Products, Strategies, Participants , Andrew M. Chisholm, (2009), Wiley, see esp Chapters 1, 4 & 8
  13. ^"U.S. National Debt Clock : Real Time". usdebtclock.org.
  14. ^ abcWilliam C. Spaulding (2011). "The Primary Bond Market". thisMatter.com. Retrieved 2012-09-06.
  15. ^ abcWilliam C. Spaulding (2011). Investment Banking—Issuing and Selling New Securities. thisMatter.com. Retrieved 2012-09-06.
  16. ^Gillian Tett (September 28, 2014). "After a life of trend spotting, Bill Gross missed the big shift". The Financial Times. Retrieved October 14, 2014.
  17. ^Jonathan Ford (2012-08-24). "The hedge funds are playing a loser's game". The Financial Times. Retrieved 2012-09-06.
  18. ^Refer to the references used for each year to find a breakdown of capital market size for individual countries and regions.
  19. ^Bank assets are mainly regular bank loans. The IMF reports used to source these figures do recognize the distinction between capital markets and regular bank lending, but bank assets are traditionally included in their tables on overall capital market size.
  20. ^The table may slightly overstate the total size of the capital markets, as in some cases the IMF data used to source the reports may double-count stocks and bonds as bank assets.
  21. ^IMF Global Financial Stability Report Oct 2014
  22. ^IMF Global Financial Stability Report Oct 2013
  23. ^IMF Global Financial Stability Report Oct 2012
  24. ^Clive Cookson (2016-09-19). "Man v machine: 'Gut feelings' key to financial trading success". Financial Times. Retrieved 2016-09-19.
  25. ^Paul Wilmott (2007). Paul Wilmott Introduces Quantitative Finance. Wiley. ISBN .
  26. ^Carmen Reinhart & Kenneth Rogoff (2010). This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. pp. passim, esp. 66, 92–94, 205, 403. ISBN .
Источник: https://en.wikipedia.org/wiki/Capital_market
Dr. Benno Quade Chief Operations Officer
Источник: https://investors.softwareag.com/en_en/financial-results--news--events/events/capital-markets-day.html

On the Right Side of History

Storebrand held a Capital Markets Day on 10 December 2020.

Strategy 2021-2023: 

Leading The Way In Sustainable Value Creation 

– Storebrand has followed an active and consistent strategy with a proven track record of shifting the business mix towards capital light savings and insurance products, replacing legacy guaranteed business. The Storebrand of the future will be a market leader in occupational pensions, a Nordic powerhouse in asset management, combined with a broad retail offering driven by insurance growth. Our ambition is to deliver NOK 4 billion in Group profit (before amortisation and tax) in 2023. We reaffirm our commitment to create a compelling combination of self-funded growth and increasing capital return for our shareholders. Earnings growth will support a growing dividend. In addition, the run-off of the guaranteed business is expected to return around NOK 10 billion of capital to shareholders until 2030, says Odd Arild Grefstad, Chief Executive Officer of Storebrand.

– This is not the time to be on the wrong side of history as transition risk is increasing for financial investments. We believe that a robust and well-proven sustainable framework is crucial to navigate through transition risk into a low emission society. We will demonstrate how Storebrand adds value beyond return for customers and shareholders by uncompromisingly setting the standard, and we aim to be the world's most sustainable financial company, says Odd Arild Grefstad, Chief Executive Officer of Storebrand.

Источник: https://www.storebrand.no/en/investor-relations/capital-markets-day

Legrand Live

Finance start of webcast

Otmar Winzig
Head of Investor Relations

Helix Year 2 – Momentum & Impact

Sanjay Brahmawar
Chief Executive Officer

Financial Metrics and KPIs

Arnd Zinnhardt
Chief Financial Officer

Go-to-Market Growth Strategy

John Schweitzer
Chief Revenue Officer what is capital markets day

Sanjay Brahmawar
Arnd Zinnhardt
John Schweitzer

Dr. Stefan Sigg
Chief Product Officer

Market Vision & Strategy

Bernd Groß
Chief Technology Officer

Paz Macdonald
Chief Marketing Officer

Dr. Elke Frank
Chief Human Resources Officer

Closing remarks presentation session

 Capital Markets Day 

Registration and Refreshments

Welcome & opening remarks Dr. Benno Quade Chief Operations Officer

Источник: https://investors.softwareag.com/en_en/financial-results--news--events/events/capital-markets-day.html
what is capital markets day 11.04.2021 07:30

Release for the first nine months of 2021

Strong rise in financial results

Organic rise in sales: +16.0%

Adjusted operating margin: 21.4% of sales

Rise in net profit: +42%

Full-year 2021 targets specified

 

Benoît Coquart, Legrand’s Chief Executive Officer, commented:

“Sales for the first nine months of the year were up +15.0% year on year, i.e. +5.7% over two years.

Read the news spirit airlines phone number usa

Group

Capital Markets Day 2021


Realising our full potential as a global green energy major.


Watch a recording of the full event, where we launched our new strategic ambition and financial guidance metrics, including our ambition for ~50 GW of installed renewable capacity by 2030. Scroll down to see specific sessions.

Download

Presentation slides 
Transcript
Press release

Explore previous Capital Union savings bank com Day


Download presentations and bnc bank vinton va recordings of our previous events below.

  • Capital Markets Day 2018

    Ørsteds first Capital Markets Day what is capital markets day 2018, was an event that provided a full review of Ørsted´s strategy, operations and financial targets. All presentations and information from the Capital Markets Day in 2018 you will find here.

    Download the full presentation

     

    Subject

     

    Presentation

    The presentations was live streamed and available here

      

    Update on Strategy & Capital Allocation
    Henrik Poulsen, President & CEO

     

    Update on Strategy & Capital Allocation
    Watch the video of the presentation here 

    US Acquisitions

    Deepwater Wind
    Thomas Brostrøm, CEO Ørsted US Offshore Wind
    Jeff Grybowski, Co-CEO Ørsted US Offshore Wind

    Lincoln Clean Energy
    Ole K. Sørensen, EVP Onshore Wind and M&A 
    Declan Flanagan,  CEO Lincoln Clean Energy



    US Acquisition

    Watch the video of the presentation here

     

     Break-out sessions


    Global Offshore Wind Markets
    Martin Neubert, CEO Offshore Wind
    Thyge Boserup, SVP Offshore Wind 
    Development, Regulatory and Markets

    Offshore Wind EPC Excellence
    Anders Lindberg, EVP Offshore Wind EPC & QHSE 

    Offshore Wind O&M Excellence
    Mark Porter, SVP Offshore Wind Operations  

    Customer Solutions
    Morten H. Buchgreitz, CEO Customer Solutions

     



    Global Offshore Wind Markets
     
    Watch the video of the presentation here

    Offshore Wind O&M Excellence
    Watch the video of the presentation here

    Offshore Wind EPC Exellence
    Watch the video of the presentation here

    Customer Solutions
    Watch the video of the presentation here

    Financials
    Marianne Wiinholt, CFO 

    Wrap up
    Henrik Poulsen, CEO 

      how to use velo

    Financials & wrap up
    Watch the video of the presentation here 

     

     

  • Capital Markets Day 2017

    Ørsteds first Capital Markets Day in 2017, was an event that provided a full review of Ørsted´s strategy, operations and financial targets.

    All presentations and information from the Capital Markets Day in 2017 you will find here.

    Subject 

    Presentation and livestreamning video 

    Strategic progress by Henrik Poulsen, CEO 

    Presentation (PDF)

    The presentation was live streamed and is available here. 

    Financial performance including Q&A by Marianne Wiinholt, CFO 

    Presentation (PDF)

    The presentation was live streamed and is available here.

     Bioenergy & Thermal Power: Biomass conversions and Renescience 

     Presentation (PDF)

    The presentation was live streamed and is available here.

     Wind Power: EPC & Operations 

     Presentation (PDF)

    The presentation was live streamed and is what is capital markets day Power: Post 2020 pipeline 

     Presentation (PDF)

    The presentation was live streamed and is available here.

     Financial modelling of Ørsted 

     Presentation (PDF)

    The presentation was live streamed and is available here.

     Final Q&A Presentation

     

Our green energy transformation

To realise our vision – a world that runs entirely on green energy – all levels of society need to embrace the green transformation

Ørsted’s transformation from a European fossil fuel company to a global renewable energy leader took hard work and difficult strategic choices. But it was worth it. 

Learn more

Источник: https://orsted.com/en/capital-markets-day-2021
05.06.2021 07:30

2021 first-quarter results

Strong growth in sales and financial results 

Organic rise in sales: +13.1% 

Adjusted operating margin before acquisitions:  21.9% of sales

Net profit attributable to the Group: +36.4%

Full-year 2021 targets raised

Benoît Coquart, Legrand’s Chief Executive Officer, commented:

“In the first quarter of 2021, our revenues showed a steep rise in all regions.

Read the news

Источник: https://www.legrandgroup.com/en/investors-and-shareholders/investor-day/capital-markets-day-2021

Capital market

Finance

A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold,[1] in contrast to a money market where short-term debt is bought and sold. Capital what is capital markets day channel the wealth of savers to those who can put it to long-term productive use, such as companies or governments making long-term investments.[a]Financial regulators like Securities and Exchange Board of India (SEBI), Bank of England (BoE) and the U.S. Securities and Exchange Commission (SEC) oversee capital markets to protect investors against fraud, among other duties.

Transactions on capital markets are generally managed by entities within the financial sector or the treasury departments of governments and corporations, but some can be accessed directly by the public. As an example, in the United States, any American citizen with an internet connection can create an account with TreasuryDirect and use it to buy bonds in the primary what is capital markets day, though sales to individuals form only a tiny fraction of the total volume of bonds sold. Various private companies provide browser-based platforms that allow individuals to buy shares and sometimes even bonds in the secondary markets. There are many thousands of such systems, most serving only small parts of the overall capital markets. Entities hosting the systems include stock exchanges, investment banks, and government departments. Physically, the systems are hosted all over the world, though they tend to be concentrated in financial centres like London, New York, and Hong Kong.

Definition[edit]

A capital market can be either a primary market or a secondary market. In a primary market, new stock or bond issues are sold to investors, often via a mechanism known as underwriting. The main entities seeking to raise long-term funds on the primary capital markets are governments (which may be municipal, local or national) and business enterprises (companies). Governments issue only bonds, whereas companies often issue both equity and bonds. The main entities purchasing the bonds or stock include pension funds, hedge funds, sovereign wealth funds, and less commonly wealthy individuals and investment banks trading on their own behalf. In the secondary market, existing securities are sold and bought among investors or traders, usually on an exchange, over-the-counter, or elsewhere. The existence of secondary markets increases the willingness of investors in primary markets, as they know they are likely to be able to swiftly cash out their investments if the need arises.[2]

A second important division falls between the stock markets (for equity securities, also known as shares, where investors acquire ownership of companies) and the bond markets (where investors become creditors).[2]

Versus money markets[edit]

The money markets are used for the raising of short-term finance, sometimes for loans that are expected to be paid back as early as overnight. In contrast, the "capital markets" are used for the raising of long-term finance, such as the purchase of shares/equities, or for loans that are not expected to be fully paid back for at least a year.[1]

Funds borrowed from money markets are typically used for general operating expenses, to provide liquid assets for brief periods. For example, a company may have inbound payments from customers that have not yet cleared, but need immediate cash to pay its employees. When a company borrows from the primary capital markets, often the purpose is to invest in additional physical capital goods, which will be used to help increase its income. It can take many months or years before the investment generates sufficient return to pay back its cost, and hence the finance is long term.[2]

Together, money markets and capital markets form the financial markets, as the term is narrowly understood.[b] The capital market is concerned with long-term finance. In the widest sense, it consists of a series of channels through which the savings of the community are made available for industrial and commercial enterprises and public authorities.

Capital market versus bank loans[edit]

Regular bank lending is not usually classed as a capital market transaction, even when loans are extended for a period longer than a year. First, regular bank loans are not securitized (i.e. they do not take the form of a resaleable security like a share or bond that can be traded on the markets). Second, lending from banks is more heavily regulated than capital market lending. Third, bank depositors tend to be more risk-averse than capital market investors. These three differences all act to limit institutional lending as a source of finance. Two additional differences, this time favoring lending by banks, are that banks are more accessible for small and medium-sized companies, and that they have the ability to create money as they lend. In the south florida state college panther central century, most company finance apart from share issues was raised by what is capital markets day loans. But since about 1980 there has been an ongoing trend for disintermediation, where large and creditworthy companies have found they effectively have to pay out less interest if they borrow directly from capital markets rather than from banks. The tendency for companies to borrow from capital markets instead of banks has been especially strong in the United States. According to the Financial Times, capital markets overtook bank lending as the leading source of long-term finance in 2009, which reflects the risk aversion and bank regulation in the wake of the 2008 financial crisis.[3]

Compared to in the United States, companies in the European Union have a greater reliance on bank lending for funding. Efforts to enable companies to raise more funding through capital markets are being coordinated through the EU's Capital Markets Union initiative.[4][5][6][7]

History[edit]

While the Italian city-states produced first formal bond markets, they did not develop the other ingredient necessary to produce a fully fledged capital market: the formal stock market.[8] The Dutch were the first who effectively used a fully-fledged capital market (including the bond market and the stock market) to what is capital markets day companies (such as the Dutch East India Company and the Dutch West India Company). It was in the 17th-century Dutch Republic that the global securities market began to take on its modern form. The Dutch East India Company (VOC) became things to do in death valley national park first company to offer shares of stock. The dividend averaged around 18% of capital over the course of the Company's 200-year existence. The launch of the Amsterdam Stock Exchange (a.k.a. Beurs van Hendrick de Keyser in Dutch) by the VOC in the early 1600s, has long been recognised as the origin of 'modern' stock exchanges that specialise in creating and sustaining secondary markets in the securities (such as bonds and shares of stock) issued by corporations.[9] Dutch investors were the first to trade their shares at a regular stock exchange. The process of buying and selling these shares of stock in the VOC became the basis of the first official (formal) stock market in history.[10][11]

Examples[edit]

Government on primary markets[edit]

When a government wants to raise long-term finance it will often sell bonds in the capital markets. In the 20th and early 21st centuries, many governments would use investment banks to organize the sale of their bonds. The leading bank would underwrite the bonds, and would often head up a syndicate of brokers, some of whom might be based in other investment banks. The syndicate would then sell to various investors. For developing countries, a multilateral development bank would sometimes provide an additional layer of underwriting, resulting in risk being shared between the investment bank(s), the multilateral organization, and the end investors. However, since 1997 it has been increasingly common for governments of the larger nations to bypass investment banks by making their bonds directly available for purchase online. Many governments now sell most of their bonds by computerized auction. Typically, large volumes are put up for sale in one go; a government may only hold a small number of auctions each year. Some governments will also sell a continuous stream of bonds through other channels. The biggest single seller of debt is the U.S. government; there are usually several transactions for such sales every second,[c] which corresponds to the continuous updating of the U.S. real-time debt clock.[12][13][14]

Company on primary markets[edit]

When a company wants to raise money for long-term investment, one of its first decisions is whether to do so by issuing bonds or shares. If it chooses shares, it avoids increasing its debt, and in some cases the new shareholders may also provide non-monetary help, such as expertise or useful contacts. On the other hand, a new issue of shares will dilute the ownership rights of the existing shareholders, and if they gain a controlling interest, the new shareholders may even replace senior managers. From an investor's point of view, shares offer the potential for higher returns and capital gains if the company does well. Conversely, bonds are safer if the company does poorly, as they are less prone to severe falls in price, and in the event of bankruptcy, bond owners may be paid something, while shareholders will receive nothing.

When a company raises finance from the primary market, the process is more likely to involve face-to-face meetings than other capital market transactions. Whether they choose to issue bonds or shares,[d] companies will typically enlist the services of an investment bank to mediate between themselves and the market. A team from the investment bank often meets with the company's senior managers to ensure their plans are sound. The bank what is capital markets day acts as an underwriter, and will arrange for a network of brokers to sell the bonds or shares to investors. This second stage is usually done mostly through computerized systems, though brokers will often phone up their favored clients to advise them of the opportunity. Companies can avoid paying fees to investment banks by using a direct public offering, though this is not a common practice as it incurs other legal costs and can take up considerable management time.[12][15]

Secondary market trading[edit]

Most capital market transactions take place on the secondary market. On the primary market, each security can be sold only once, and the process to create batches of new shares or bonds is often lengthy due to regulatory requirements. On the secondary markets, there is no limit to the number of times a security can be traded, and the process is usually very quick. With the rise of strategies such as high-frequency trading, a synergy bank in thibodaux security could in theory be traded thousands of times within a single hour.[e] Transactions on the secondary market do not directly raise finance, but they do make it easier for companies and governments to raise finance on the primary market, as investors know that if they want to get their money back quickly, what is capital markets day will usually be easily able to re-sell their securities. Sometimes, however, secondary capital market transactions can have a negative effect on the primary borrowers: for example, if a large proportion of investors try to sell their bonds, this can push up the yields for future issues from the same entity. An extreme example occurred shortly after Bill Clinton began his first term as President of the United States; Clinton was forced to abandon some of the spending increases he had promised in his election campaign due to pressure from the bond markets [source?]. In the 21st century, several governments have tried to lock in as much as possible of their borrowing into long-dated bonds, so they are wayfair credit payment vulnerable to pressure from the markets. Following the financial crisis of 2007–08, the introduction of quantitative easing further reduced the ability of private actors to push up the yields of government bonds, at least for countries with a central bank able to engage in substantial open market operations.[12][14][15][16]

A variety of different players are active in the secondary markets. Individual investors account for a small proportion of trading, though their share has slightly increased; in the 20th century it was mostly only a few wealthy individuals who could afford an account with a broker, but accounts are now much cheaper and accessible over the internet. There are now numerous small traders who can buy and sell on the secondary markets using platforms provided by brokers which are accessible via web browsers. When such an individual trades on the capital markets, it will often involve a two-stage transaction. First they place an order with their broker, then the broker executes the trade. If the trade can be done on an exchange, the process what is capital markets day often be fully automated. If a dealer needs to manually intervene, this will often mean a larger fee. Traders in investment banks will often make deals on their bank's behalf, as well as executing trades for their clients. Investment banks will often have a division (or department) called "capital markets": staff in this division try to keep aware of the various opportunities in both the primary and secondary markets, and will advise major clients accordingly. Pension and sovereign wealth funds tend to have the largest holdings, though they tend to buy only the highest grade (safest) types of bonds and shares, and some of them do not trade all that frequently. According to a 2012 Financial Times article, hedge funds are increasingly making most of the short-term trades in large sections of the capital market (like the UK and US stock exchanges), which is making it harder for them to maintain their historically high returns, as they are increasingly finding themselves trading with each other rather than with less sophisticated investors.[12][14][15][17]

There are several ways to invest in the secondary market without directly buying shares or bonds. A common method is to invest in mutual funds[f] or exchange-traded funds. It is also possible to buy and sell derivatives that are based on the secondary market; one of the most common type of these is contracts for difference – these can provide rapid profits, but can also cause buyers to lose more money than they originally invested.[12]

Size[edit]

All figures given are in billions of US$ and are sourced to the IMF. There is no universally recognized standard for measuring all of these figures, so other estimates may vary. A GDP column is included as a comparison.

Year[18]StocksBondsBank assets[19]Total of stocks,
bonds and
bank assets[20]
World GDP
2013[21]62,552.0099,788.80120,421.60282,762.4074,699.30
2012[22]52,494.9099,134.20116,956.10268,585.2072,216.40
2011[23]47,089.2398,388.10110,378.24255,855.5769,899.22

Forecasting and analyses[edit]

A great deal of work goes into analysing capital markets and predicting their future movements. This includes academic study; work from within the financial industry for the purposes of making money and reducing risk; and work by governments and multilateral institutions for the purposes of regulation and understanding the impact of capital markets on the wider economy. Methods range from the gut instincts of experienced traders, to various forms of stochastic calculus and algorithms such as Stratonovich-Kalman-Bucy filtering algorithm.[24][25]

Capital controls[edit]

Main article: Capital control

Capital controls are measures imposed by a state's government aimed at managing capital account transactions – in other words, capital market transactions where one of the counter-parties[g] involved is in a foreign country. Whereas domestic regulatory authorities try to ensure that capital market participants trade fairly with each other, and sometimes to ensure institutions like banks do not take excessive risks, capital controls aim to ensure that the macroeconomic effects of the capital markets do not have a negative impact. Most advanced nations like to use capital controls sparingly if at all, as in theory allowing markets freedom is a win-win situation for all involved: investors are free to seek maximum returns, and countries can benefit from investments that will develop their industry and infrastructure. However, sometimes capital market transactions can have a net negative effect: for example, in a financial crisis, there can be a mass withdrawal of capital, leaving a nation without sufficient foreign-exchange reserves to pay for needed imports. On the other hand, if too check walmart visa debit gift card balance capital is flowing into a country, it www science teachers com answer key increase inflation and the value of the nation's currency, making its exports uncompetitive. Countries like India employ capital controls to ensure that their citizens' money is invested at home rather than abroad.[26]

See also[edit]

Notes[edit]

  1. ^The idea of governments making investments may be less familiar than the case involving companies. A government can make investments that are expected to develop a nation's economy, by improving a nation's physical infrastructure, such as by building roads, or by improving public education.
  2. ^Note however that the term "financial markets" is also often used to refer all the different sorts of markets in the financial sector, including those that are not directly concerned with raising finance, such as commodity markets and foreign exchange.
  3. ^Even if there is no activity from big players, U.S. citizens might be making small investments through channels like Treasury Direct.
  4. ^Sometimes the company will consult with the investment bank for advice before they make this decision.
  5. ^This is far more likely to occur with shares, as exchanges that allow the automated trading of bonds are not as common, and bonds are generally traded less frequently.
  6. ^A mutual fund itself will what is capital markets day purchase securities from the primary one bedroom mobile homes for rent as well as the secondary.
  7. ^i.e., either the buyer or the seller.

References[edit]

  1. ^ abO'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, NJ: Pearson Prentice Hall. p. 283. ISBN .
  2. ^ abcPrivatization and Capital Market Development: Strategies to Promote Economic Growth, Michael McLindon (1996)
  3. ^Lena Komileva (2009-09-16). "Market Insight: Can the rally end the crisis?". The Financial Times. Retrieved 2012-09-06.
  4. ^"EU's capital markets union 2.0, explained". POLITICO. 2017-06-08. Retrieved 2018-03-07.
  5. ^"What is the capital markets union?". European Commission - European Commission. Retrieved 2018-03-07.
  6. ^"EU Capital Markets Union". Financial Times. Retrieved 2018-03-07.
  7. ^White, Lucy (2018-04-24). "EU's Dombrovskis ignites fresh row over City's market access post-Brexit". Archived from the original on 2018-04-24. Retrieved 2018-04-25.
  8. ^Boettke, Peter J.; Coyne, Christopher J. (eds.): The Oxford Handbook of Austrian Economics. (Oxford University Press, 2015, ISBN 978-0199811762), pp. 324–344
  9. ^Neal, Larry (2005), 'Venture Shares of the Dutch East India Company,'; in The Origins of Value: The Financial Innovations that Created Modern Capital Markets, edited by Goetzmann & Rouwenhorst. (Oxford University Press, 2005), pp. 165–175
  10. ^Murphy, Richard McGill (1 July 2014). "Is Asia the next financial center of the world?". CNBC. Retrieved 11 March 2017.
  11. ^Macaulay, Catherine R. (2015). 'Capitalism's renaissance? The potential of repositioning the financial 'meta-economy,'. Futures 68: 5–18
  12. ^ abcdeAn Introduction to International Capital Markets: Products, Strategies, ParticipantsAndrew M. Chisholm, (2009), Wiley, see esp Chapters 1, 4 & 8
  13. ^"U.S. National Debt Clock : Real Time". usdebtclock.org.
  14. ^ abcWilliam C. Spaulding (2011). "The Primary Bond Market". thisMatter.com. Retrieved 2012-09-06.
  15. ^ abcWilliam C. Spaulding (2011). Investment Banking—Issuing and Selling New Securities. thisMatter.com. Retrieved 2012-09-06.
  16. ^Gillian Tett (September 28, 2014). "After a life of trend spotting, Bill Gross missed the big shift". The Financial Times. Retrieved October 14, 2014.
  17. ^Jonathan Ford (2012-08-24). "The hedge funds are playing a loser's game". The Financial Times. Retrieved 2012-09-06.
  18. ^Refer to the references used for each year to find a breakdown of capital market size for individual countries and regions.
  19. ^Bank assets are mainly regular bank loans. The IMF reports used to source these figures do recognize the distinction between capital markets and regular bank lending, but bank assets are traditionally included in their tables on overall capital market size.
  20. ^The table may slightly overstate the total size of the capital markets, as in some cases the IMF data used to source the reports may double-count stocks and bonds as bank assets.
  21. ^IMF Global Financial Stability Report Oct 2014
  22. ^IMF Global Financial Stability Report Oct 2013
  23. ^IMF Global Financial Stability Report Oct 2012
  24. ^Clive Cookson (2016-09-19). "Man v machine: 'Gut feelings' key to financial trading success". Financial Times. Retrieved 2016-09-19.
  25. ^Paul Wilmott (2007). Paul Wilmott Introduces Quantitative Finance. Wiley. ISBN .
  26. ^Carmen Reinhart & Kenneth Rogoff (2010). This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. pp. passim, esp. 66, 92–94, 205, 403. ISBN .
Источник: https://en.wikipedia.org/wiki/Capital_market

What is capital markets day -

Capital Markets Day

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09.30.2021

Legrand joins the “We Mean Business” coalition

Legrand joins the “We Mean Business” coalition

Legrand has decided to join the “We Mean Business” coalition committed to lowering greenhouse gas emissions. The Group has signed a letter addressed to the governments of G20 member states reminding them of the need to intensify action towards reducing global emissions.

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Group 11.04.2021 07:30

Release for the first nine months of 2021

Strong rise in financial results

Organic rise in sales: +16.0%

Adjusted operating margin: 21.4% of sales

Rise in net profit: +42%

Full-year 2021 targets specified

 

Benoît Coquart, Legrand’s Chief Executive Officer, commented:

“Sales for the first nine months of the year were up +15.0% year on year, i.e. +5.7% over two years...

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Group 05.06.2021 07:30

2021 first-quarter results

Strong growth in sales and financial results 

Organic rise in sales: +13.1% 

Adjusted operating margin before acquisitions:  21.9% of sales

Net profit attributable to the Group: +36.4%

Full-year 2021 targets raised

Benoît Coquart, Legrand’s Chief Executive Officer, commented:

“In the first quarter of 2021, our revenues showed a steep rise in all regions...

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