Trading Activity
Volatile market conditions contributed to significant growth in the number of trades reported to the Exchange during quarter three. The nine month trade levels of over 1.84 million represent an historical high, exceeding the total number of trades reported to the Exchange in any previous full calendar year. The daily average number of equity trades dealt on the Exchange’s electronic trading platform, ISE Xetra, increased by 52% to 10,934 in the third quarter up from 7,175 in the same period in 2007.
The value of equities traded on the Exchange in the third quarter exceeded €27.2 billion and the total value of equities traded year to date was €95.9 billion, representing a decrease of 47% and 37% on the 2007 comparative figures. These decreases can be attributed to the general fall in the share prices of companies trading on the Exchange as a result of the current market turmoil particularly in the financial sector. Companies raised €65 million in the third quarter of 2008, bringing the total money raised by companies this year to €358 million.
Membership Growth
Two new member firms joined the Exchange in quarter three, increasing the total number of Exchange member firms to thirty five. Amsterdam based Flow Traders, one of the leading liquidity providers in ETFs, joined in September and BNP Paribas were admitted as a primary dealer in Irish government bonds in August.
Listing Activity
While the global financial crisis has seen a downturn in demand for new debt and fund listings in the third quarter when compared to the corresponding period in 2007, the Exchange continued to attract new listings, consolidating its position as a leading international Exchange in this sector. In quarter three 1,208 new debt instruments were listed on the Exchange bringing the total number to 25,374. Notable issuers during quarter three include AIB Mortgage Bank, UBS AG, Banco Santander, EBS Building Society, Irish Life and Permanent, Banco Popular Espanol and West LB Covered Bond Bank.
The third quarter of 2008 also saw 132 new funds and sub-funds listing on the Exchange bringing the total number of investment funds on the Exchange’s markets to 4,290. Notable funds listings in this quarter included funds issued by SGAM, Deutsche Bank, Collins Stewart and ETF Securities.
This quarter also saw the introduction of a new listing regime for investment funds targeted at super sophisticated investors as well as a streamlining of listing rules for closed-end investment funds.
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