Global markets will take time to revive: Euronext
Things may be looking up, but it would take a little more time before financial markets around the world turn the corner, according to Ronald Kent, newly-appointed executive vice-president, head of international listings at NYSE Euronext. HT Correspondent reports.business Updated: May 06, 2009 23:40 IST
Things may be looking up, but it would take a little more time before financial markets around the world turn the corner, according to Ronald Kent, newly-appointed executive vice-president, head of international listings at NYSE Euronext.
“The New York Stock Exchange has seen a number of initial public offerings (IPOs) in the first three months of the year. Together, they have raised just under a billion dollars on the market, a fraction of what we were seeing last year,” Kent said.
NYSE Euronext is a joint venture between Paris-headquartered exchange Euronext and US-based New York Stock Exchange (NYSE) and the group’s equities markets. The NYSE, Euronext, NYSE Arca and NYSE Amex represent nearly 40 per cent of the world’s cash equities trading volume.
Kent, in India to meet existing and potential clients who see the need to grow their capital through the international capital market, was bullish about getting investments from India despite the long-standing barriers that make listing in the US markets a difficult proposition.
“In the last decade, of the $13 billion worth capital raised by Indian companies, 70 per cent was raised on the NYSE,” said Kent, adding, the US government was in the process of introducing reforms that would make raising capital on the exchange less challenging.
Speaking on their synergies with Indian exchanges where the NYSE holds a small stake in both the National Stock Exchange (NSE) and the Multi Commodity Exchange (MCX), Kent said they regarded Indian exchanges as their partners. “We regard them as absolutely critical components of the Indian capital markets and we hope and expect that this will be a mutually fruitful partnership,” he said.