Online brokerage in CEE/SEE region
Online brokerage in CEE/SEE region
Online brokerage in CEE/SEE region
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<strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> <strong>in</strong> <strong>CEE</strong>/<strong>SEE</strong> <strong>region</strong><br />
Market survey & experience of provid<strong>in</strong>g<br />
onl<strong>in</strong>e <strong>brokerage</strong> services <strong>in</strong> <strong>CEE</strong>/<strong>SEE</strong><br />
Michel Vukusic<br />
17th Zagreb Stock Exchange Conference<br />
Hvar, October 11-14, 2007
Agenda<br />
1. Introduction<br />
2. Benefits and Risks of <strong>Onl<strong>in</strong>e</strong> Brokerage<br />
3. Prerequisites for Market Entry<br />
4. Contribution of <strong>Onl<strong>in</strong>e</strong> Brokers<br />
5. Experience <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
6. Conclusion & Challenges<br />
ecetra Internet Services AG 2<br />
11.10.2007
1. Introduction<br />
Provid<strong>in</strong>g <strong>Onl<strong>in</strong>e</strong> Brokerage & Portal/Content solutions<br />
founded <strong>in</strong> 2000<br />
100% subsidiary of Erste Bank Group<br />
~ 180 employees<br />
Turnover ~ € 24 Mio. (FC 2007)<br />
Profit ~ € 3-4 Mio. (FC 2007)<br />
ecetra-Group<br />
ecetra Internet Services AG, a 100% subsidiary of Erste Bank is responsible for<br />
development of e-F<strong>in</strong>ance products and services and the related technical and bus<strong>in</strong>ess<br />
operations.<br />
ecetra Central European e-F<strong>in</strong>ance AG, a 100% subsidiary of ecetra Internet Services<br />
AG, with a full bank<strong>in</strong>g licence, runs the B2C-bus<strong>in</strong>ess <strong>in</strong> <strong>Onl<strong>in</strong>e</strong> Brokerage under the it´s<br />
brand „brokerjet“.<br />
brokerjet Ceske Sporitelny is a Jo<strong>in</strong>t Venture of Ceska Sporitelna and ecetra Internet<br />
Services AG and is responsible for the <strong>Onl<strong>in</strong>e</strong> Brokerage Bus<strong>in</strong>ess <strong>in</strong> the Czech Republic<br />
brokerjet Slovenia is a Jo<strong>in</strong>t Venture of Banka Sparkasse and ecetra Internet Services<br />
AG. It is planned to start bus<strong>in</strong>ess <strong>in</strong> Summer 2008 and will offer <strong>Onl<strong>in</strong>e</strong> Brokerage services<br />
<strong>in</strong> Slovenia.<br />
Branches <strong>in</strong> Vienna, Salzburg, Graz, Prague<br />
ecetra Internet Services AG 3<br />
11.10.2007
okerjet<br />
ecetra Internet Services AG 4<br />
11.10.2007
WP-ISI – Portal/Content solution<br />
ecetra Internet Services AG 5<br />
11.10.2007
Netbank<strong>in</strong>g WP-Service (Multi-Channel-solution)<br />
ecetra Internet Services AG 6<br />
11.10.2007
2. Benefits and Risks of <strong>Onl<strong>in</strong>e</strong> Brokerage<br />
What are the benefits of of provid<strong>in</strong>g <strong>Onl<strong>in</strong>e</strong><br />
Brokerage Services <strong>in</strong> <strong>CEE</strong>/<strong>SEE</strong> ?<br />
Contribution to the local capital market<br />
Transparent and real time execution service via the local exchange<br />
Enlarg<strong>in</strong>g number of (private) <strong>in</strong>vestors/traders<br />
Additional liquidity/volume from foreign <strong>in</strong>vestors (broker clients from other<br />
countries)<br />
New/additional member for the local exchange<br />
Knwoledge/Education of <strong>in</strong>vestors/trades<br />
Investment mentality: Structured <strong>in</strong>formation and education of <strong>in</strong>vestors/traders<br />
capital markets knowledge and <strong>in</strong>vestment skills<br />
Risk management (diversification, money management, leverage)<br />
Channels: e-learn<strong>in</strong>g (<strong>in</strong>ternet portal, web<strong>in</strong>ars), roadshows, personal tra<strong>in</strong><strong>in</strong>gs<br />
Stimulation for securities trad<strong>in</strong>g<br />
Convenient, fast and cost effective channel for <strong>in</strong>vestment/trad<strong>in</strong>g<br />
Enlarg<strong>in</strong>g <strong>in</strong>vestment opportunities (new products, asset classes, markets)<br />
Technology booster<br />
Amplify the usage and acceptance of the Internet for f<strong>in</strong>ancial services by<br />
offer<strong>in</strong>g a secure and trustworthy onl<strong>in</strong>e <strong>brokerage</strong> system<br />
ecetra Internet Services AG 7<br />
11.10.2007
2. Benefits and Risks of <strong>Onl<strong>in</strong>e</strong> Brokerage<br />
What are the risks?<br />
IT related risks<br />
Performance, stability, scalability<br />
Proprietory & non-standard/stable <strong>in</strong>terfaces to local trad<strong>in</strong>g/clear<strong>in</strong>g systems<br />
Local (chang<strong>in</strong>g) regulations<br />
Security issues (phish<strong>in</strong>g, pump & dump etc.)<br />
Legal and regulatory uncerta<strong>in</strong>ty<br />
Transition of EU law/directives <strong>in</strong>to national law (time horizon, <strong>in</strong>terpretation)<br />
dur<strong>in</strong>g setup / application phase (e.g. MiFID)<br />
licence application and extension of services (Cooperation with Local Regulators,<br />
Exchange Commissions, National Banks etc.)<br />
Knowledge & <strong>in</strong>vestment culture<br />
Lack of trad<strong>in</strong>g/ <strong>in</strong>vestment experience<br />
Lack of trad<strong>in</strong>g/<strong>in</strong>vestment products<br />
Non-exist<strong>in</strong>g/conservative <strong>in</strong>vestment mentality (deposits)<br />
Economic & political risks/uncerta<strong>in</strong>ty<br />
Cooperation model with local sales/distribution partners<br />
ecetra Internet Services AG 8<br />
11.10.2007
MiFID and <strong>Onl<strong>in</strong>e</strong> Brokerage<br />
MiFID – Challenges/Topics for <strong>Onl<strong>in</strong>e</strong> Brokers<br />
Execution policy (Best execution)<br />
Pre-/ post transparency<br />
Inducements - transparency of commisions<br />
Client risk assessment<br />
Suitability test<br />
Appropriateness test<br />
ecetra Internet Services AG 9<br />
11.10.2007
3. Prerequisites for Market Entry<br />
Prerequisites for market entry?<br />
a) Macroeconomic bus<strong>in</strong>ess <strong>in</strong>dicators for onl<strong>in</strong>e <strong>brokerage</strong> and<br />
Investment mentality/culture<br />
b) Local market requirements for onl<strong>in</strong>e brokers<br />
ecetra Internet Services AG 10<br />
11.10.2007
3. Prerequisites for Market Entry<br />
a) Macroeconomic Bus<strong>in</strong>ess Indicators for <strong>Onl<strong>in</strong>e</strong><br />
Brokerage<br />
GDP per capita<br />
signal about the general demand for f<strong>in</strong>ancial products<br />
Demand for securities: > appr. 7.500 EUR<br />
Internet penetration<br />
<strong>in</strong>ternet is a must for onl<strong>in</strong>e <strong>brokerage</strong> bus<strong>in</strong>ess<br />
broadband connection (xDSL) preferred<br />
PC penetration normally no issue, as it is higher than <strong>in</strong>ternet penetration<br />
Internet bank<strong>in</strong>g penetration<br />
<strong>in</strong>dicates read<strong>in</strong>ess to use the <strong>in</strong>ternet for f<strong>in</strong>ancial transactions<br />
Pre-stage before onl<strong>in</strong>e <strong>brokerage</strong><br />
Croatia 2006: 6,6% (Slovenia: 18%, Austria: 27%)<br />
Interest for securities & <strong>in</strong>vestment mentality<br />
National habits, to be considered <strong>in</strong> the product offer<strong>in</strong>g<br />
Focused f<strong>in</strong>ancial products/exchanges<br />
Investment/time horizon<br />
risk attitude<br />
ecetra Internet Services AG 11<br />
11.10.2007
3. Prerequisites for Market Entry<br />
b) Local market requirements for onl<strong>in</strong>e brokers<br />
Legal framework<br />
Market access (membership, services)<br />
MifID support<br />
Insider regulations<br />
Support of EU market usances (e.g. passport<strong>in</strong>g of certificates)<br />
Legal certa<strong>in</strong>ty<br />
Tax<br />
Support & framework from regulators, Securities Exchanges/Commissions, National<br />
Banks and Central Depositories<br />
Support of defacto standards for securities process<strong>in</strong>g<br />
(e.g. omnibus account at national depository)<br />
Mistrade regulations (derivatives quotation)<br />
Market & Static Data (RT-quotes, Level 2 <strong>in</strong>formation etc.)<br />
Technical support<br />
Stable & robus solutions from Sec. Exchanges & Custodians<br />
STP processes (real-time order management, without manual <strong>in</strong>tervention)<br />
standardized <strong>in</strong>terfaces & message protocols (FIX, Swift etc.)<br />
Liquidity<br />
Market makers<br />
ecetra Internet Services AG 12<br />
11.10.2007
4. Contribution of <strong>Onl<strong>in</strong>e</strong> Brokers<br />
<strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> know how & <strong>in</strong>ternational experience<br />
Organisational model for <strong>in</strong>ternational securities bus<strong>in</strong>ess<br />
Bus<strong>in</strong>ess setup / Experience with <strong>in</strong>ternational roll outs<br />
Strong project management<br />
(centralised) bus<strong>in</strong>ess operation for onl<strong>in</strong>e <strong>brokerage</strong>/services<br />
<strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> tools & services<br />
Real time execution & book<strong>in</strong>g<br />
Analyz<strong>in</strong>g & Chart<strong>in</strong>g<br />
Research & News<br />
Support of new and/or local products issued <strong>in</strong> local currencies<br />
Tra<strong>in</strong><strong>in</strong>gs/Information (Bulls & Bears Acadamy)<br />
Competitive pric<strong>in</strong>g<br />
Technology & System architecture<br />
Scalability<br />
Interfaces to local markets<br />
Language / special characters support<br />
IT-Security<br />
ecetra Internet Services AG 13<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
Experiences of ecetra <strong>in</strong> <strong>CEE</strong>/<strong>SEE</strong> markets<br />
a) Our estimation of opportunities <strong>in</strong> <strong>CEE</strong>/<strong>SEE</strong> markets<br />
b) Problems encountered<br />
c) USP‘s<br />
d) Bus<strong>in</strong>ess development<br />
ecetra Internet Services AG 14<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
a) Our Estimation of Opportunities <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong> markets<br />
<strong>CEE</strong>/ <strong>SEE</strong> <strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> potential <strong>in</strong>dex<br />
AT<br />
25,4<br />
CZ<br />
SI<br />
15,9<br />
17,3<br />
29<br />
HR<br />
BA<br />
PL<br />
9,8<br />
ecetra Internet Services AG 15<br />
SK<br />
HU<br />
21,4<br />
15,6<br />
17,6<br />
SCG<br />
13,4<br />
AL<br />
MK<br />
GR<br />
17<br />
RO<br />
BG<br />
UA<br />
MD<br />
12,3<br />
TU<br />
5,5<br />
results as of 09.2006<br />
brokerjet subsidiary<br />
established<br />
High potential<br />
Medium potential<br />
Low potential<br />
Not analysed<br />
11.10.2007
<strong>CEE</strong>/<strong>SEE</strong> <strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> potential <strong>in</strong>dex<br />
results as of 09.2006<br />
30,0<br />
25,0<br />
20,0<br />
15,0<br />
10,0<br />
5,0<br />
0,0<br />
AT SI PL HU CZ GR HR SK SCG RO BA TU<br />
Internet penetration 10,0 10,0 5,3 3,1 6,7 4,7 6,3 7,1 5,5 3,3 2,9 1,1<br />
Internet bank<strong>in</strong>g penetration 4,4 1,8 1,8 2,6 1,9 1,1 1,8 0,9 0,1 0,3 0,0 1,1<br />
<strong>in</strong>terest for securities 9,6 11,4 13,8 10,8 7,5 8,6 7,2 6,9 7,8 8,7 6,9 3,3<br />
GDP level 5,0 2,2 0,5 1,1 1,2 2,6 0,6 0,7 0,0 0,0 0,0 0,0<br />
Total 29,0 25,4 21,4 17,6 17,3 17,0 15,9 15,6 13,4 12,3 9,8 5,5<br />
ecetra Internet Services AG 16<br />
11.10.2007
Market potential for onl<strong>in</strong>e <strong>brokerage</strong> (II)<br />
Usage of <strong>in</strong>ternet per country as of July 2007<br />
Source: GfK Austria, July 2007<br />
ecetra Internet Services AG 17<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
a) Our Estimation of Opportunities <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong> markets<br />
2006<br />
Bank<strong>in</strong>g assets as % of GDP<br />
200%<br />
150%<br />
100%<br />
50%<br />
0%<br />
Product focus /<br />
earn<strong>in</strong>gs<br />
drivers<br />
Ukra<strong>in</strong>e<br />
Bulgaria<br />
Serbia<br />
0 2,500 5,000 7,500 10,000<br />
GDP per capita (EUR)<br />
20,000 30,000<br />
Sav<strong>in</strong>gs, payment transfers<br />
Source: Erste Bank Conference call BCR acquisition, 21.12.05<br />
Emerg<strong>in</strong>g Develop<strong>in</strong>g Mature<br />
Bosnia<br />
Turkey<br />
Romania<br />
Croatia<br />
Slovakia<br />
Poland<br />
ecetra Internet Services AG 18<br />
Hungary<br />
Czech<br />
Republic<br />
Greece<br />
Slovenia<br />
Current accounts, debit cards, mortgages<br />
Credit cards, consumer f<strong>in</strong>ance<br />
Austria<br />
= Population of 5 million<br />
Asset and wealth management,<br />
<strong>in</strong>surance and pensions<br />
<strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> potential<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
a) Our Estimation of Opportunities <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong> markets<br />
Forecast 2009<br />
Bank<strong>in</strong>g assets as % of GDP<br />
200%<br />
150%<br />
100%<br />
50%<br />
0%<br />
Product focus /<br />
earn<strong>in</strong>gs<br />
drivers<br />
Ukra<strong>in</strong>e<br />
0 2,500 5,000 7,500 10,000<br />
GDP per capita (EUR)<br />
20,000 30,000<br />
Sav<strong>in</strong>gs, payment transfers<br />
Source: Erste Bank Conference call BCR acquisition, 21.12.05<br />
Emerg<strong>in</strong>g Develop<strong>in</strong>g Mature<br />
Bosnia<br />
Serbia<br />
Bulgaria<br />
Turkey<br />
Romania<br />
Poland<br />
ecetra Internet Services AG 19<br />
Croatia<br />
Slovakia<br />
Czech<br />
Republic<br />
Hungary<br />
Current accounts, debit cards, mortgages<br />
Greece<br />
Slovenia<br />
Credit cards, consumer f<strong>in</strong>ance<br />
Asset and wealth management,<br />
<strong>in</strong>surance and pensions<br />
<strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> potential<br />
Austria<br />
= Population of 5 million<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
b) Problems encountered<br />
Licence application process<br />
Changes of legal regulations<br />
<strong>Onl<strong>in</strong>e</strong> <strong>brokerage</strong> = new bus<strong>in</strong>ess model for authorities<br />
<strong>Onl<strong>in</strong>e</strong> Brokerage System with local adaptations not available dur<strong>in</strong>g application<br />
phase<br />
dependency of total project timel<strong>in</strong>e on licence application<br />
IT effort for local adaptations<br />
Non standardised requirements => Increas<strong>in</strong>g implementation costs & timel<strong>in</strong>e<br />
Negative impact on bus<strong>in</strong>ess case<br />
Product position<strong>in</strong>g<br />
How to position aga<strong>in</strong>st competitors / USP?<br />
Pric<strong>in</strong>g of new products (fee schedule)<br />
Distribution/Sales Partners:<br />
Crucial for customer acquisition<br />
Client motivation and tra<strong>in</strong><strong>in</strong>g<br />
ecetra Internet Services AG 20<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
c) ecetra‘s USPs<br />
170.000+ Securities:<br />
• Shares<br />
• Funds & ETFs<br />
• Warrants<br />
• Certificates<br />
Related Products/<br />
Asset Classes:<br />
• Futures & Options<br />
• CFDs<br />
• FX<br />
Real Time<br />
Trad<strong>in</strong>g<br />
ecetra Internet Services AG 21<br />
• 27 Stock Exchanges<br />
• 20+ OTC trad<strong>in</strong>g<br />
partners<br />
• 260+ Fund Companies<br />
• 20+ Certificate Issuers<br />
• 20+ Warrant Issuers<br />
• Competitive prices<br />
• Order execution<br />
with<strong>in</strong> seconds<br />
• Real time quotes<br />
11.10.2007
F<strong>in</strong>ancial Portal Members<br />
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
d) brokerjet– Bus<strong>in</strong>ess Development<br />
f<strong>in</strong>ancial portal members AT and CZ<br />
250.000<br />
200.000<br />
150.000<br />
100.000<br />
50.000<br />
0<br />
+74%<br />
+30%<br />
+45%<br />
2001 2002 2003 2004 2005 2006 2007 FC 2008 FC<br />
ecetra Internet Services AG 22<br />
Period<br />
+50%<br />
+58%<br />
+26%<br />
+27%<br />
11.10.2007
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
d) brokerjet – Bus<strong>in</strong>ess Development<br />
Clients<br />
client growth AT, CZ, and SI<br />
60.000<br />
50.000<br />
40.000<br />
30.000<br />
20.000<br />
10.000<br />
0<br />
+215% +95%+80%<br />
+129%<br />
2001 2002 2003 2004 2005 2006 2007<br />
FC<br />
Period<br />
ecetra Internet Services AG 23<br />
+72%<br />
+34%<br />
+28%<br />
2008<br />
FC<br />
+27%<br />
2009<br />
FC<br />
+22%<br />
2010<br />
FC<br />
SI<br />
CZ<br />
AT<br />
11.10.2007
Trades<br />
4. ecetra Experiences <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong><br />
d) brokerjet – Bus<strong>in</strong>ess Development<br />
transaction growth AT, CZ, and SI<br />
2.500.000<br />
2.000.000<br />
1.500.000<br />
1.000.000<br />
500.000<br />
0<br />
+614% +200%+67%<br />
+139%<br />
2001 2002 2003 2004 2005 2006 2007<br />
FC<br />
ecetra Internet Services AG 24<br />
Period<br />
+85%<br />
+42%<br />
+20%<br />
2008<br />
FC<br />
+15%<br />
2009<br />
FC<br />
+19%<br />
2010<br />
FC<br />
11.10.2007<br />
SI<br />
CZ<br />
AT
5. Conclusion & Challenges<br />
Conclusion & Challenges<br />
Attractiveness of <strong>CEE</strong>/ <strong>SEE</strong> countries for onl<strong>in</strong>e <strong>brokerage</strong> depends on<br />
Macroeconomic factors (GDP per capita, Internet & <strong>in</strong>ternet bank<strong>in</strong>g penetration<br />
Interest for securities/<strong>in</strong>vestment mentality<br />
Liquidity and offered products/<strong>in</strong>struments/companies<br />
and is <strong>in</strong>creas<strong>in</strong>g/improv<strong>in</strong>g fast<br />
In order to enter new <strong>CEE</strong>/ <strong>SEE</strong> markets, onl<strong>in</strong>e brokers have to assess<br />
the local legal framework <strong>in</strong>cl. the licence application process<br />
technical implementation <strong>in</strong>cl. the effort for local adaptions<br />
committment of sales/distribution partners<br />
Enter<strong>in</strong>g of onl<strong>in</strong>e brokers <strong>in</strong> <strong>CEE</strong>/ <strong>SEE</strong> markets provides:<br />
(additional) stimulation of the local capital market<br />
Education/knowledge & stimulation of the <strong>in</strong>vestors/traders for securities trad<strong>in</strong>g<br />
ecetra Internet Services AG 25<br />
11.10.2007
Thank you !<br />
ecetra Internet Services AG 26<br />
11.10.2007
BACK-UP SLIDES<br />
ecetra Internet Services AG 27<br />
11.10.2007
Organisational model – brokerjet <strong>in</strong>ternational<br />
Local entrepeneur with central know how<br />
Market<strong>in</strong>g Central<br />
Strategic Sales<br />
ecetra INTERNATIONAL<br />
Headquarter, Vienna<br />
Strateg. Productmgmt.<br />
Productdevelopment<br />
Operat<strong>in</strong>g<br />
HW/SW Invest<br />
• Stratey Market<strong>in</strong>g<br />
• Templates<br />
• Bus<strong>in</strong>ess Development<br />
• Bus<strong>in</strong>ess<br />
• Development<br />
Channel Mgmt.<br />
• Channel Product def<strong>in</strong>ition Mgmt.<br />
• Monitor<strong>in</strong>g<br />
• Further development<br />
• 2nd level Support.<br />
Support • Developm.<br />
• Operat<strong>in</strong>g<br />
• Asset Management<br />
ecetra Internet Services AG 28<br />
ecetra NATIONAL<br />
subsidiary<br />
Market<strong>in</strong>g Local<br />
Sales Local<br />
Customer Support<br />
Productmgmt. Local<br />
e.g. CZ<br />
e.g. SI<br />
e.g. Austria<br />
11.10.2007
Case study brokerjet Ceske<br />
Brokerjet ‚ceske‘ was founded <strong>in</strong> 2003 and is <strong>in</strong> production s<strong>in</strong>ce<br />
11/2003<br />
The company is a Jo<strong>in</strong>t Venture of Ceska Sporitelna (51 %) and ecetra<br />
Internet Services AG (49 %)<br />
The company holds a broker licence (not a bank licence) as per Czech<br />
law and as per requirements from local SEC<br />
The company <strong>in</strong>troduced new f<strong>in</strong>ancial products like warrants,<br />
certificates, mutual funds, sav<strong>in</strong>gs plans to the Czech onl<strong>in</strong>e <strong>in</strong>vestors,<br />
and quickly ga<strong>in</strong>ed market share (18% by Q1.2006)<br />
Ma<strong>in</strong> advantage aga<strong>in</strong>st local competitors<br />
Broad product, serv<strong>in</strong>g both the conservative and<br />
speculative <strong>in</strong>vestors<br />
New trad<strong>in</strong>g facilities (OTC trad<strong>in</strong>g)<br />
Bulls & bears academy<br />
2005 Brokerjet Ceske had been rated by the <strong>in</strong>dependent<br />
f<strong>in</strong>ancial portal idnez as best onl<strong>in</strong>e broker of CZ Republic<br />
ecetra Internet Services AG 29<br />
11.10.2007
Case study brokerjet Slovenia<br />
benefits of expansion to Slovenia<br />
Stimulation of the Slovenian capital and <strong>brokerage</strong> market by a new<br />
market player<br />
Enrichment of the Slovenian <strong>brokerage</strong> market by offer<strong>in</strong>g new and<br />
comprehensive products and services to the Slovenian <strong>in</strong>vestors<br />
Stimulation of the LJSE trad<strong>in</strong>g (Slovenian citizens, additional clients<br />
from exist<strong>in</strong>g ecetra client base)<br />
Attractive new <strong>in</strong>vestment possibilities for the grow<strong>in</strong>g <strong>in</strong>ternet-aff<strong>in</strong>,<br />
well educated and well situated „young generation“<br />
Additional services for conservative <strong>in</strong>vestors (eg. Sav<strong>in</strong>gs plans)<br />
Education of <strong>in</strong>terested people on capital markets know how (Bulls &<br />
Bears Academy)<br />
Amplify the usage and acceptance of Internet for bus<strong>in</strong>ess<br />
applications by provision of a trustworthy onl<strong>in</strong>e <strong>brokerage</strong> application<br />
ecetra Internet Services AG 30<br />
11.10.2007
Improv<strong>in</strong>g Market Liquidity<br />
How to Improve Market Liquidity?<br />
Remov<strong>in</strong>g barriers which prevent market access:<br />
Harmoniz<strong>in</strong>g legal framework<br />
Support<strong>in</strong>g technical <strong>in</strong>terface standards (FIX, Swift etc.)<br />
Acceptance of EU standards (e.g. admission of foreign securities, MiFID)<br />
Provid<strong>in</strong>g support for market participants:<br />
market data for <strong>in</strong> depth analysis (RT-quotes, Level II <strong>in</strong>formation etc.)<br />
Attract<strong>in</strong>g <strong>in</strong>vestors and capital takers alike by transparent usances and<br />
competitive fees<br />
ecetra Internet Services AG 31<br />
11.10.2007
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