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1 THE EFFECTS OF THE PROJECT SEM-ON.NET AND PRESUMPTIONS FOR THE FUNCTIONAL INTEGRATION Andrej Šketa Executive Vice President & COO Ljubljana Stock Exchange November 2007 Regional perspective + High growth economies + Capital markets reforms + Pension reforms ~ Capital markets as source of founds for development – Fragmented markets – Low international visibility – Ineffective infrastructure 3 INDUSTRY STRUCTURE Vertical Marketing Listing Other instruments Derivatives Structured products Block trading Bonds Equities Information control Trading Clearing and settlement Registry Horizontal Instruments National market Regional market Global market 4 SEM-ON.NET • Project 2002 - 2006: Joint presentation of the markets Access to the on-line data Rising of the standards Target groups: investment firms stock exchanges Results: development of national markets awareness of the region 5 OPPORTUNITIES IN THE REGION • Short term (2008-09): International marketing of the region: Defining the region Regional Blue chips International Road shows New - regional indices • Medium term (2009-11): Structured products for cross-exposing the markets Cross membership Clearing and settlement, CCP Derivatives • Long term (2011-): Full MiFID environment 6 MARKET 2 MARKET 1 Marketing International Marketing Marketing Information Control Statistics – Regional Derivatives Information Control Trading New Regional Products Trading Listing Listing Clearing and settlement Clearing and settlement Registry Registry Key success factors • Forward looking • Business approach • Focusing on regional attributes • Support by regulators • Part of EU accession process • Institualisation of cooperation – Model of ‘Star alliance’ • Separate and focused entity • Sharing regional concepts and infrastructure • Being focused locally 8 THANK YOU FOR YOUR ATTENTION. http://www.ljse.si Andrej Šketa Executive Vice President & COO Ljubljana Stock Exchange 9