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Hong Kong Exchanges and Clearing

DB:HK2C
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HK2C
DB
HK$291B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock exchanges and futures exchanges, and related clearing houses in Hong Kong. The last earnings update was 32 days ago. More info.


Add to Portfolio Compare Print
HK2C Share Price and Events
7 Day Returns
-5.7%
DB:HK2C
3%
DE Capital Markets
2.2%
DE Market
1 Year Returns
-15%
DB:HK2C
-6.9%
DE Capital Markets
-17.2%
DE Market
HK2C Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hong Kong Exchanges and Clearing (HK2C) -5.7% -9.5% -11.3% -15% 13.6% -2.1%
DE Capital Markets 3% -17.7% -13.1% -6.9% -24.7% -54.9%
DE Market 2.2% -15.7% -24% -17.2% -23.3% -27.8%
1 Year Return vs Industry and Market
  • HK2C underperformed the Capital Markets industry which returned -6.9% over the past year.
  • HK2C outperformed the Market in Germany which returned -17.2% over the past year.
Price Volatility
HK2C
Industry
5yr Volatility vs Market

Value

 Is Hong Kong Exchanges and Clearing undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hong Kong Exchanges and Clearing to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hong Kong Exchanges and Clearing.

DB:HK2C Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 14 analysts.
= Stable Book Value * Return on Equity
= HK$38.46 * 24.9%
HK$9.59
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. HK$38.46
Discount Rate (Cost of Equity) See below 4.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:HK2C
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.753 (1 + (1- 25%) (1.01%))
0.838
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.838 * 6.07%)
4.7%

Discounted Cash Flow Calculation for DB:HK2C using Excess Returns Model Model

The calculations below outline how an intrinsic value for Hong Kong Exchanges and Clearing is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:HK2C Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (24.9% – 4.7%) * HK$38.46)
HK$7.79
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= HK$7.79 / (4.7% - -0.39%)
HK$153.04
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= HK$38.46 + HK$153.04
HK$191.51
DB:HK2C Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:HK2C represents 0.11515x of SEHK:388
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.11515x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 191.51 x 0.11515
€22.05
Value per share (EUR) From above. €22.05
Current discount Discount to share price of €26.60
= -1 x (€26.60 - €22.05) / €22.05
-20.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Hong Kong Exchanges and Clearing is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hong Kong Exchanges and Clearing's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hong Kong Exchanges and Clearing's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:HK2C PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in HKD HK$7.49
SEHK:388 Share Price ** SEHK (2020-04-01) in HKD HK$231
Germany Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 22.55x
Germany Market PE Ratio Median Figure of 398 Publicly-Listed Companies 16.76x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hong Kong Exchanges and Clearing.

DB:HK2C PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:388 Share Price ÷ EPS (both in HKD)

= 231 ÷ 7.49

30.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hong Kong Exchanges and Clearing is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Hong Kong Exchanges and Clearing is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Hong Kong Exchanges and Clearing's expected growth come at a high price?
Raw Data
DB:HK2C PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
10.8%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 6 Publicly-Listed Capital Markets Companies 1.59x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:HK2C PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 30.84x ÷ 10.8%

2.86x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hong Kong Exchanges and Clearing is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hong Kong Exchanges and Clearing's assets?
Raw Data
DB:HK2C PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in HKD HK$35.12
SEHK:388 Share Price * SEHK (2020-04-01) in HKD HK$231
Germany Capital Markets Industry PB Ratio Median Figure of 31 Publicly-Listed Capital Markets Companies 1.5x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.44x
DB:HK2C PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:388 Share Price ÷ Book Value per Share (both in HKD)

= 231 ÷ 35.12

6.58x

* Primary Listing of Hong Kong Exchanges and Clearing.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hong Kong Exchanges and Clearing is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Hong Kong Exchanges and Clearing's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Hong Kong Exchanges and Clearing has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Hong Kong Exchanges and Clearing expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
10.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hong Kong Exchanges and Clearing expected to grow at an attractive rate?
  • Hong Kong Exchanges and Clearing's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Hong Kong Exchanges and Clearing's earnings growth is positive but not above the Germany market average.
  • Hong Kong Exchanges and Clearing's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:HK2C Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:HK2C Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 10.8%
DB:HK2C Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 9%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 39.4%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:HK2C Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:HK2C Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 17,011
2023-12-31 15,407
2022-12-31 21,303 17,162 13,366 8
2021-12-31 19,678 12,976 12,026 15
2020-12-31 17,901 13,872 10,822 15
2020-04-01
DB:HK2C Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2019-12-31 16,272 10,062 9,391
2019-09-30 16,106 9,240
2019-06-30 16,221 8,354 9,476
2019-03-31 15,975 9,358
2018-12-31 15,816 9,480 9,312
2018-09-30 15,716 9,362
2018-06-30 15,068 9,254 8,952
2018-03-31 14,179 8,250
2017-12-31 13,077 7,413 7,404
2017-09-30 12,247 6,767
2017-06-30 11,660 5,396 6,277
2017-03-31 11,365 6,053

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hong Kong Exchanges and Clearing's earnings are expected to grow by 10.8% yearly, however this is not considered high growth (20% yearly).
  • Hong Kong Exchanges and Clearing's revenue is expected to grow by 9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:HK2C Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Hong Kong Exchanges and Clearing Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HK2C Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 10.22 12.42 8.01 6.00
2021-12-31 9.43 11.04 7.61 13.00
2020-12-31 8.51 9.33 7.13 13.00
2020-04-01
DB:HK2C Past Financials Data
Date (Data in HKD Millions) EPS *
2019-12-31 7.49
2019-09-30 7.39
2019-06-30 7.59
2019-03-31 7.52
2018-12-31 7.50
2018-09-30 7.55
2018-06-30 7.24
2018-03-31 6.69
2017-12-31 6.03
2017-09-30 5.53
2017-06-30 5.14
2017-03-31 4.98

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Hong Kong Exchanges and Clearing is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Hong Kong Exchanges and Clearing's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hong Kong Exchanges and Clearing has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Hong Kong Exchanges and Clearing performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hong Kong Exchanges and Clearing's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hong Kong Exchanges and Clearing's year on year earnings growth rate has been positive over the past 5 years.
  • Hong Kong Exchanges and Clearing's 1-year earnings growth is less than its 5-year average (0.8% vs 9.6%)
  • Hong Kong Exchanges and Clearing's earnings growth has not exceeded the DE Capital Markets industry average in the past year (0.8% vs 3.2%).
Earnings and Revenue History
Hong Kong Exchanges and Clearing's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hong Kong Exchanges and Clearing Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:HK2C Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 16,272.00 9,391.00 3,017.00
2019-09-30 16,106.00 9,240.00 3,066.00
2019-06-30 16,221.00 9,476.00 3,148.00
2019-03-31 15,975.00 9,358.00 3,164.00
2018-12-31 15,816.00 9,312.00 3,161.00
2018-09-30 15,716.00 9,362.00 3,073.00
2018-06-30 15,068.00 8,952.00 2,937.00
2018-03-31 14,179.00 8,250.00 2,874.00
2017-12-31 13,077.00 7,404.00 2,776.00
2017-09-30 12,247.00 6,767.00 2,656.00
2017-06-30 11,660.00 6,277.00 2,593.00
2017-03-31 11,365.00 6,053.00 2,523.00
2016-12-31 11,068.00 5,769.00 2,528.00
2016-09-30 11,185.00 6,059.00 2,430.00
2016-06-30 11,625.00 6,846.00 2,471.00
2016-03-31 12,817.00 7,813.00 2,504.00
2015-12-31 12,862.00 7,956.00 2,454.00
2015-09-30 12,891.00 7,936.00 2,410.00
2015-06-30 12,064.00 6,893.00 2,373.00
2015-03-31 10,289.00 5,562.00 2,241.00
2014-12-31 9,828.00 5,165.00 2,195.00
2014-09-30 9,213.00 4,678.00 2,120.00
2014-06-30 8,876.00 4,591.00 2,038.00
2014-03-31 8,818.00 4,572.00 2,005.00
2013-12-31 8,704.00 4,552.00 1,957.00
2013-09-30 8,320.00 4,392.00 1,844.00
2013-06-30 7,873.00 4,196.00 1,725.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hong Kong Exchanges and Clearing has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Hong Kong Exchanges and Clearing used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Hong Kong Exchanges and Clearing has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hong Kong Exchanges and Clearing's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hong Kong Exchanges and Clearing has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Hong Kong Exchanges and Clearing's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hong Kong Exchanges and Clearing's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hong Kong Exchanges and Clearing is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hong Kong Exchanges and Clearing's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Hong Kong Exchanges and Clearing's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 612.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hong Kong Exchanges and Clearing Company Filings, last reported 3 months ago.

DB:HK2C Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 44,501.00 418.00 28,420.00
2019-09-30 42,815.00 417.00 222,019.00
2019-06-30 44,433.00 415.00 27,464.00
2019-03-31 39,789.00 414.00 228,801.00
2018-12-31 40,903.00 1,166.00 24,435.00
2018-09-30 39,484.00 1,870.00 223,097.00
2018-06-30 40,734.00 1,872.00 25,787.00
2018-03-31 39,996.00 1,869.00 264,384.00
2017-12-31 37,375.00 1,860.00 21,404.00
2017-09-30 35,643.00 1,856.00 249,044.00
2017-06-30 34,988.00 3,450.00 20,415.00
2017-03-31 34,177.00 3,433.00 213,778.00
2016-12-31 32,384.00 3,422.00 17,582.00
2016-09-30 31,284.00 3,420.00 188,530.00
2016-06-30 31,120.00 3,418.00 16,918.00
2016-03-31 31,456.00 3,415.00 194,607.00
2015-12-31 29,962.00 3,409.00 15,573.00
2015-09-30 28,604.00 3,406.00 252,687.00
2015-06-30 28,031.00 3,329.00 13,780.00
2015-03-31 22,973.00 7,056.00 229,849.00
2014-12-31 21,359.00 7,026.00 10,193.00
2014-09-30 20,734.00 8,365.00 210,369.00
2014-06-30 22,278.00 6,976.00 10,086.00
2014-03-31 21,853.00 6,961.00 53,855.00
2013-12-31 20,518.00 6,921.00 9,941.00
2013-09-30 19,019.00 6,692.00 9,181.00
2013-06-30 17,834.00 6,665.00 8,698.00
  • Hong Kong Exchanges and Clearing's level of debt (0.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (32.9% vs 0.9% today).
  • Debt is well covered by operating cash flow (2407.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 89.4x coverage).
X
Financial health checks
We assess Hong Kong Exchanges and Clearing's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hong Kong Exchanges and Clearing has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Hong Kong Exchanges and Clearing's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.9%
Current annual income from Hong Kong Exchanges and Clearing dividends. Estimated to be 3.53% next year.
If you bought €2,000 of Hong Kong Exchanges and Clearing shares you are expected to receive €58 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hong Kong Exchanges and Clearing's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Hong Kong Exchanges and Clearing's dividend is below the markets top 25% of dividend payers in Germany (4.87%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:HK2C Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 322 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:HK2C Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 9.01 9.00
2021-12-31 8.34 16.00
2020-12-31 7.50 16.00
2020-04-01
DB:HK2C Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2020-03-02 6.710 2.843
2020-02-26 6.710 2.593
2019-03-19 6.710 2.621
2019-02-25 7.280 2.655
2018-11-07 7.280 3.094
2018-08-20 7.280 3.362
2018-08-08 7.280 3.234
2018-04-25 5.400 2.202
2017-08-09 4.590 1.896
2017-03-20 4.080 2.023
2017-02-27 4.080 2.110
2016-03-21 5.950 3.091
2016-03-02 5.950 3.410
2015-11-11 6.160 3.316
2015-08-24 6.160 3.211
2015-08-12 6.160 3.095
2015-04-15 3.980 1.528
2015-03-23 3.980 1.899
2015-03-05 3.980 2.258
2014-08-25 3.550 2.024
2014-04-29 3.540 2.313
2013-09-04 3.280 2.586
2013-02-27 2.920 2.307
2012-11-19 3.700 2.696
2012-11-07 3.700 2.950
2012-08-20 3.700 3.207
2012-08-08 3.700 3.433
2012-03-12 4.250 3.689
2012-02-29 4.250 3.049
2011-03-02 4.200 2.916
2010-03-04 3.930 2.711
2009-12-31 3.930 2.887
2009-08-12 3.640 2.585

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Hong Kong Exchanges and Clearing's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess Hong Kong Exchanges and Clearing's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hong Kong Exchanges and Clearing afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hong Kong Exchanges and Clearing has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Hong Kong Exchanges and Clearing's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Charles Li
COMPENSATION HK$51,105,000
AGE 58
TENURE AS CEO 10.3 years
CEO Bio

Mr. Xiaojia Li, also known as Charles, has been the Chief Executive Officer and Executive Director of Hong Kong Exchanges & Clearing Limited since January 16, 2010. Before joining JP Morgan in 2003, Mr. Li served as President at Merrill Lynch China from 1999 to 2003 and its Managing Director, where he had worked for more than 8 years. He served at Merrill Lynch from 1994 to 2003. He was an Associate at Davis Polk & Wardwell, New York from 1991 to 1993 and Brown & Wood, New York from 1993 to 1994. Mr. Li served as an Independent Director of China Vanke Co. Ltd., since 2008 until December 2009. Mr. Li served as the Chairman of JP Morgan China from 2003 to 2009 and was responsible for all of JP Morgan's businesses in China. Mr. Li serves as an Executive Director of Hong Kong Exchanges & Clearing Ltd. He serves as a Director of LME Holdings Limited. He has been a Director of The London Metal Exchange Limited since December 6, 2012. He holds a Bachelor of Arts degree in English Literature from Xiamen University in China, a Master of Arts degree in Journalism from the University of Alabama and a Juris Doctor from Columbia University in the US.

CEO Compensation
  • Charles's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Charles's remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Hong Kong Exchanges and Clearing management team in years:

3.2
Average Tenure
55
Average Age
  • The tenure for the Hong Kong Exchanges and Clearing management team is about average.
Management Team

Charles Li

TITLE
CEO & Executive Director
COMPENSATION
HK$51M
AGE
58
TENURE
10.3 yrs

Romnesh Lamba

TITLE
Co-President
COMPENSATION
HK$16M
AGE
55
TENURE
1.3 yrs

Calvin Tai

TITLE
Co-President & COO
COMPENSATION
HK$14M
AGE
57
TENURE
1.1 yrs

Vanessa Lau

TITLE
Group Chief Financial Officer
AGE
46
TENURE
0.2 yrs

Ferheen Mahomed

TITLE
Group General Counsel
COMPENSATION
HK$12M
AGE
53
TENURE
3.2 yrs

Tori Cowley

TITLE
Group Chief Communications Officer
COMPENSATION
HK$2M
TENURE
1.6 yrs

Eva Chau

TITLE
Group Head of Human Resources
COMPENSATION
HK$9M
AGE
56
TENURE
3.7 yrs

Richard Leung

TITLE
Group Chief Technology Officer
COMPENSATION
HK$11M
AGE
55
TENURE
8.6 yrs

Vincent Kwong

TITLE
Deputy Chief Financial Officer

Felix Wang

TITLE
Head of Clearing Risk Management - Hong Kong
AGE
52
TENURE
7.3 yrs
Board of Directors Tenure

Average tenure and age of the Hong Kong Exchanges and Clearing board of directors in years:

5
Average Tenure
59.5
Average Age
  • The tenure for the Hong Kong Exchanges and Clearing board of directors is about average.
Board of Directors

Laura Cha

TITLE
Independent Chairman of the Board
COMPENSATION
HK$5M
AGE
69
TENURE
1.9 yrs

Charles Li

TITLE
CEO & Executive Director
COMPENSATION
HK$51M
AGE
58
TENURE
10.3 yrs

John Mackay Williamson

TITLE
Independent Non-Executive Director
COMPENSATION
HK$2M
AGE
60
TENURE
11.8 yrs

Rafael Gil-Tienda

TITLE
Independent Non-Executive Director
COMPENSATION
HK$2M
AGE
66
TENURE
5 yrs

Cheng Hye Cheah

TITLE
Independent Non-Executive Director
COMPENSATION
HK$2M
AGE
65
TENURE
3 yrs

Stephen Yiu

TITLE
Independent Non-Executive Director
COMPENSATION
HK$3M
AGE
58
TENURE
3 yrs

Benjamin Hung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$973K
AGE
54
TENURE
2 yrs

Ignatius Chan

TITLE
Independent Non-Executive Director
COMPENSATION
HK$1M
AGE
62
TENURE
11 yrs

Fred Hu

TITLE
Independent Non-Executive Director
COMPENSATION
HK$1M
AGE
56
TENURE
5.4 yrs

Anita Fung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$1M
AGE
59
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
26. Mar 20 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 23. Mar 20 23. Mar 20 -4,207,292 €26.64 €-112,097,713
26. Mar 20 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 23. Mar 20 23. Mar 20 -43,511 €26.64 €-1,159,293
26. Mar 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 23. Mar 20 23. Mar 20 22,301 €26.64 €594,181
26. Mar 20 Sell J.P. Morgan Asset Management, Inc. Company 23. Mar 20 23. Mar 20 -23,500 €26.64 €-626,126
26. Mar 20 Buy J.P. Morgan Asset Management, Inc. Company 23. Mar 20 23. Mar 20 7,200 €26.64 €191,834
25. Mar 20 Buy J.P. Morgan Asset Management, Inc. Company 20. Mar 20 20. Mar 20 4,271,840 €26.39 €112,712,632
18. Mar 20 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 13. Mar 20 13. Mar 20 -13,524,498 €27.13 €-366,910,456
13. Mar 20 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 10. Mar 20 10. Mar 20 3,986,989 €28.35 €113,025,254
13. Mar 20 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Mar 20 10. Mar 20 -5,000 €28.35 €-141,743
13. Mar 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 10. Mar 20 10. Mar 20 7,095,486 €28.35 €201,146,557
13. Mar 20 Sell J.P. Morgan Asset Management, Inc. Company 10. Mar 20 10. Mar 20 -4,044 €28.35 €-114,641
13. Mar 20 Buy J.P. Morgan Asset Management, Inc. Company 10. Mar 20 10. Mar 20 20,000 €28.35 €566,970
09. Oct 19 Sell Barclays Bank PLC, Securities Investments Company 08. Oct 19 08. Oct 19 -104,000 €27.20 €-2,828,517
09. Oct 19 Buy Barclays Bank PLC, Securities Investments Company 08. Oct 19 08. Oct 19 239,500 €27.20 €6,513,748
19. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 18. Sep 19 18. Sep 19 -219,700 €27.06 €-5,944,764
19. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 18. Sep 19 18. Sep 19 45,300 €27.06 €1,225,752
23. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 20. Sep 19 20. Sep 19 -118,600 €26.92 €-3,193,021
23. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 20. Sep 19 20. Sep 19 95,700 €26.90 €2,574,274
20. Jan 20 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 15. Jan 20 15. Jan 20 37,933 €32.05 €1,215,839
20. Jan 20 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 15. Jan 20 15. Jan 20 -45,000 €32.05 €-1,442,352
20. Jan 20 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 15. Jan 20 15. Jan 20 77,816 €32.05 €2,494,180
20. Jan 20 Buy J.P. Morgan Asset Management, Inc. Company 15. Jan 20 15. Jan 20 57,542 €32.05 €1,844,352
19. Dec 19 Sell Xiaojia Li Individual 18. Dec 19 18. Dec 19 -650,000 €29.63 €-19,256,473
09. Oct 19 Sell BlackRock, Inc. Company 08. Oct 19 08. Oct 19 -98,600 €27.03 €-2,664,927
09. Oct 19 Buy BlackRock, Inc. Company 08. Oct 19 08. Oct 19 74,700 €27.03 €2,017,624
03. Oct 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 02. Oct 19 02. Oct 19 -63,600 €26.43 €-1,681,187
03. Oct 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 02. Oct 19 02. Oct 19 63,600 €26.63 €1,693,831
09. Oct 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 08. Oct 19 08. Oct 19 -467,600 €27.07 €-12,659,376
09. Oct 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 08. Oct 19 08. Oct 19 467,600 €27.22 €12,728,336
07. Oct 19 Sell BlackRock, Inc. Company 04. Oct 19 04. Oct 19 -1,100 €26.25 €-28,874
07. Oct 19 Buy BlackRock, Inc. Company 04. Oct 19 04. Oct 19 14,200 €26.25 €372,733
04. Oct 19 Sell HSBC Global Asset Management (UK) Limited Company 03. Oct 19 03. Oct 19 -94,240 €26.68 €-2,514,501
07. Oct 19 Sell American Century Investment Management Inc. Company 04. Oct 19 04. Oct 19 -10,800 €26.55 €-286,730
07. Oct 19 Buy T. Rowe Price Group, Inc. Company 04. Oct 19 04. Oct 19 100 €26.46 €2,646
09. Oct 19 Sell Capital Research and Management Company Company 08. Oct 19 08. Oct 19 -300 €26.92 €-8,075
09. Oct 19 Buy Capital Research and Management Company Company 08. Oct 19 08. Oct 19 15,800 €27.03 €427,142
09. Oct 19 Sell Aviva Investors Global Services Limited Company 08. Oct 19 08. Oct 19 -500 €27.03 €-13,517
09. Oct 19 Buy Aviva Investors Global Services Limited Company 08. Oct 19 08. Oct 19 1,052 €27.03 €28,440
03. Oct 19 Sell Legal & General Investment Management Limited Company 02. Oct 19 02. Oct 19 -600 €26.42 €-15,854
03. Oct 19 Buy Legal & General Investment Management Limited Company 02. Oct 19 02. Oct 19 12,700 €26.59 €337,642
03. Oct 19 Buy T. Rowe Price Group, Inc. Company 02. Oct 19 02. Oct 19 2,800 €26.40 €73,924
09. Oct 19 Sell Wellington Management Group LLP Company 08. Oct 19 08. Oct 19 -18,339 €26.98 €-494,776
09. Oct 19 Buy Wellington Management Group LLP Company 08. Oct 19 08. Oct 19 435,000 €27.06 €11,769,885
03. Oct 19 Sell HSBC Global Asset Management (UK) Limited Company 02. Oct 19 02. Oct 19 -35,640 €26.59 €-947,525
03. Oct 19 Buy HSBC Global Asset Management (UK) Limited Company 02. Oct 19 02. Oct 19 214,521 €26.59 €5,703,257
07. Oct 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 04. Oct 19 04. Oct 19 -261,563 €26.60 €-6,956,848
07. Oct 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 04. Oct 19 04. Oct 19 261,563 €26.60 €6,956,848
07. Oct 19 Sell Wellington Management Group LLP Company 04. Oct 19 04. Oct 19 -1 €26.64 €-27
07. Oct 19 Sell J.P. Morgan Asset Management, Inc. Company 04. Oct 19 04. Oct 19 -4,200 €26.54 €-111,478
07. Oct 19 Buy J.P. Morgan Asset Management, Inc. Company 04. Oct 19 04. Oct 19 24,400 €26.54 €647,646
07. Oct 19 Sell Barclays Bank PLC, Securities Investments Company 04. Oct 19 04. Oct 19 -164,600 €26.62 €-4,381,726
07. Oct 19 Buy Barclays Bank PLC, Securities Investments Company 04. Oct 19 04. Oct 19 164,400 €26.62 €4,376,401
07. Oct 19 Sell UBS Asset Management Company 04. Oct 19 04. Oct 19 -2,000 €26.25 €-52,498
07. Oct 19 Sell State Street Global Advisors, Inc. Company 04. Oct 19 04. Oct 19 -1,100 €26.25 €-28,874
07. Oct 19 Sell Jefferies Group LLC, Asset Management Arm Company 04. Oct 19 04. Oct 19 -60,000 €26.42 €-1,585,239
07. Oct 19 Buy Jefferies Group LLC, Asset Management Arm Company 04. Oct 19 04. Oct 19 60,000 €26.43 €0
04. Oct 19 Buy T. Rowe Price Group, Inc. Company 03. Oct 19 03. Oct 19 9,300 €26.27 €244,276
04. Oct 19 Buy BlackRock, Inc. Company 03. Oct 19 03. Oct 19 13,600 €26.61 €361,927
03. Oct 19 Sell Jefferies Group LLC, Asset Management Arm Company 02. Oct 19 02. Oct 19 -215,500 €26.54 €-5,719,251
03. Oct 19 Buy Jefferies Group LLC, Asset Management Arm Company 02. Oct 19 02. Oct 19 215,500 €26.46 €5,702,550
03. Oct 19 Sell American Century Investment Management Inc. Company 02. Oct 19 02. Oct 19 -2,800 €26.77 €-74,962
03. Oct 19 Buy American Century Investment Management Inc. Company 02. Oct 19 02. Oct 19 700 €26.77 €18,517
03. Oct 19 Sell Baillie Gifford & Co. Company 02. Oct 19 02. Oct 19 -1,300 €26.42 €-34,350
03. Oct 19 Sell J.P. Morgan Asset Management, Inc. Company 02. Oct 19 02. Oct 19 -110,400 €26.33 €-2,906,431
03. Oct 19 Buy J.P. Morgan Asset Management, Inc. Company 02. Oct 19 02. Oct 19 17,400 €26.59 €461,684
03. Oct 19 Sell Standard Life Aberdeen plc Company 02. Oct 19 02. Oct 19 -800 €26.59 €-21,269
03. Oct 19 Buy Standard Life Aberdeen plc Company 02. Oct 19 02. Oct 19 12,800 €26.59 €340,301
03. Oct 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 02. Oct 19 02. Oct 19 -1,136,146 €26.61 €-30,232,038
03. Oct 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 02. Oct 19 02. Oct 19 1,136,146 €26.59 €30,205,588
03. Oct 19 Sell BlackRock, Inc. Company 02. Oct 19 02. Oct 19 -40,600 €26.59 €-1,074,720
03. Oct 19 Buy BlackRock, Inc. Company 02. Oct 19 02. Oct 19 44,200 €26.59 €1,166,548
01. Oct 19 Sell Legal & General Investment Management Limited Company 30. Sep 19 30. Sep 19 -3,800 €26.90 €-102,225
01. Oct 19 Buy Legal & General Investment Management Limited Company 30. Sep 19 30. Sep 19 61,900 €26.90 €1,663,292
04. Oct 19 Buy Invesco Ltd. Company 03. Oct 19 03. Oct 19 53,200 €26.45 €1,405,316
04. Oct 19 Buy UBS Asset Management Company 03. Oct 19 03. Oct 19 546,900 €26.59 €14,544,520
04. Oct 19 Buy State Street Global Advisors, Inc. Company 03. Oct 19 03. Oct 19 3,000 €26.61 €79,837
04. Oct 19 Sell Baillie Gifford & Co. Company 03. Oct 19 03. Oct 19 -1,800 €26.17 €-47,109
04. Oct 19 Buy Baillie Gifford & Co. Company 03. Oct 19 03. Oct 19 5,900 €26.33 €155,242
04. Oct 19 Sell J.P. Morgan Asset Management, Inc. Company 03. Oct 19 03. Oct 19 -32,800 €26.18 €-858,699
04. Oct 19 Buy J.P. Morgan Asset Management, Inc. Company 03. Oct 19 03. Oct 19 6,000 €26.19 €157,135
04. Oct 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 03. Oct 19 03. Oct 19 -254,100 €26.66 €-6,773,973
04. Oct 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 03. Oct 19 03. Oct 19 254,100 €26.61 €6,762,182
04. Oct 19 Sell Barclays Bank PLC, Securities Investments Company 03. Oct 19 03. Oct 19 -30,800 €26.64 €-820,373
04. Oct 19 Buy Barclays Bank PLC, Securities Investments Company 03. Oct 19 03. Oct 19 179,800 €26.66 €4,793,232
03. Oct 19 Sell Capital Research and Management Company Company 02. Oct 19 02. Oct 19 -300 €26.42 €-7,927
03. Oct 19 Buy Capital Research and Management Company Company 02. Oct 19 02. Oct 19 7,000 €26.43 €184,978
03. Oct 19 Buy State Street Global Advisors, Inc. Company 02. Oct 19 02. Oct 19 15,500 €26.42 €409,557
03. Oct 19 Buy FMR LLC Company 02. Oct 19 02. Oct 19 300 €26.42 €7,927
03. Oct 19 Sell Wellington Management Group LLP Company 02. Oct 19 02. Oct 19 -629,850 €26.45 €-16,660,284
30. Sep 19 Sell HSBC Global Asset Management (UK) Limited Company 27. Sep 19 27. Sep 19 -28,920 €26.44 €-760,664
30. Sep 19 Buy HSBC Global Asset Management (UK) Limited Company 27. Sep 19 27. Sep 19 28,920 €26.44 €760,664
01. Oct 19 Sell Wellington Management Group LLP Company 30. Sep 19 30. Sep 19 -47,585 €26.93 €-1,281,552
30. Sep 19 Sell Invesco Ltd. Company 27. Sep 19 27. Sep 19 -107 €26.42 €-2,827
02. Oct 19 Buy Capital Research and Management Company Company 30. Sep 19 30. Sep 19 350,000 €26.82 €9,386,843
01. Oct 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 30. Sep 19 30. Sep 19 -1,081,806 €27.18 €-29,405,798
01. Oct 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 30. Sep 19 30. Sep 19 1,081,806 €27.14 €29,364,801
01. Oct 19 Buy FMR LLC Company 30. Sep 19 30. Sep 19 196,900 €27.08 €5,331,436
01. Oct 19 Sell BlackRock, Inc. Company 30. Sep 19 30. Sep 19 -1,200 €26.85 €-32,223
01. Oct 19 Buy BlackRock, Inc. Company 30. Sep 19 30. Sep 19 82,100 €27.05 €2,206,703
01. Oct 19 Sell Barclays Bank PLC, Securities Investments Company 30. Sep 19 30. Sep 19 -406,948 €27.18 €-11,061,716
01. Oct 19 Buy Barclays Bank PLC, Securities Investments Company 30. Sep 19 30. Sep 19 113,024 €27.14 €3,066,946
30. Sep 19 Sell Capital Research and Management Company Company 27. Sep 19 27. Sep 19 -100 €26.22 €-2,622
30. Sep 19 Buy Capital Research and Management Company Company 27. Sep 19 27. Sep 19 1,200 €26.24 €31,488
30. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 27. Sep 19 27. Sep 19 40,900 €26.23 €1,073,007
30. Sep 19 Buy State Street Global Advisors, Inc. Company 27. Sep 19 27. Sep 19 24,200 €26.43 €639,239
30. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 27. Sep 19 27. Sep 19 -217,300 €26.47 €-5,752,583
30. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 27. Sep 19 27. Sep 19 108,100 €26.45 €2,859,212
30. Sep 19 Sell Wellington Management Group LLP Company 27. Sep 19 27. Sep 19 -176,900 €26.43 €-4,669,148
30. Sep 19 Buy Wellington Management Group LLP Company 27. Sep 19 27. Sep 19 800 €26.43 €21,141
01. Oct 19 Sell State Street Global Advisors, Inc. Company 30. Sep 19 30. Sep 19 -20,800 €26.90 €-559,538
01. Oct 19 Buy State Street Global Advisors, Inc. Company 30. Sep 19 30. Sep 19 72,300 €26.90 €1,944,276
01. Oct 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 30. Sep 19 30. Sep 19 -1,701 €27.02 €-45,958
01. Oct 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 30. Sep 19 30. Sep 19 1,701 €27.02 €45,958
01. Oct 19 Sell Jefferies Group LLC, Asset Management Arm Company 30. Sep 19 30. Sep 19 -40,000 €27.06 €-1,082,302
01. Oct 19 Buy Jefferies Group LLC, Asset Management Arm Company 30. Sep 19 30. Sep 19 40,000 €27.16 €0
01. Oct 19 Sell J.P. Morgan Asset Management, Inc. Company 30. Sep 19 30. Sep 19 -7,400 €26.54 €-196,397
01. Oct 19 Buy UBS Asset Management Company 30. Sep 19 30. Sep 19 8,000 €26.90 €215,211
30. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 27. Sep 19 27. Sep 19 -600 €26.32 €-15,793
30. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 27. Sep 19 27. Sep 19 600 €26.43 €0
30. Sep 19 Sell BlackRock, Inc. Company 27. Sep 19 27. Sep 19 -19,300 €26.43 €-505,690
30. Sep 19 Buy BlackRock, Inc. Company 27. Sep 19 27. Sep 19 37,000 €26.43 €977,776
27. Sep 19 Sell HSBC Global Asset Management (UK) Limited Company 26. Sep 19 26. Sep 19 -291,500 €26.34 €-7,679,488
30. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 25. Sep 19 25. Sep 19 -2,201,033 €25.98 €-57,177,392
26. Sep 19 Buy HSBC Global Asset Management (UK) Limited Company 24. Sep 19 24. Sep 19 501,522 €28.05 €14,065,801
25. Sep 19 Sell Artisan Partners Limited Partnership Company 24. Sep 19 24. Sep 19 -689,000 €26.08 €-17,972,444
24. Sep 19 Sell Artisan Partners Limited Partnership Company 23. Sep 19 23. Sep 19 -104,600 €26.16 €-2,736,108
27. Sep 19 Sell Capital Research and Management Company Company 26. Sep 19 26. Sep 19 -713 €26.18 €-18,666
27. Sep 19 Buy Capital Research and Management Company Company 26. Sep 19 26. Sep 19 6,100 €26.23 €160,009
27. Sep 19 Buy Invesco Ltd. Company 26. Sep 19 26. Sep 19 50,000 €26.25 €1,312,569
27. Sep 19 Buy Legal & General Investment Management Limited Company 26. Sep 19 26. Sep 19 55,900 €26.23 €1,466,062
25. Sep 19 Buy Norges Bank Investment Management Company 24. Sep 19 24. Sep 19 34,000 €26.06 €886,035
27. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 26. Sep 19 26. Sep 19 -14,000 €26.27 €-367,846
27. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 26. Sep 19 26. Sep 19 14,000 €26.27 €367,846
27. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 26. Sep 19 26. Sep 19 -305,100 €26.30 €-8,023,537
27. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 26. Sep 19 26. Sep 19 13,200 €26.27 €346,826
27. Sep 19 Sell BlackRock, Inc. Company 26. Sep 19 26. Sep 19 -4,700 €26.27 €-123,491
27. Sep 19 Buy BlackRock, Inc. Company 26. Sep 19 26. Sep 19 23,400 €26.24 €613,913
27. Sep 19 Buy UBS Asset Management Company 26. Sep 19 26. Sep 19 16,200 €26.27 €425,651
27. Sep 19 Sell State Street Global Advisors, Inc. Company 26. Sep 19 26. Sep 19 -6,400 €26.27 €-168,140
27. Sep 19 Buy State Street Global Advisors, Inc. Company 26. Sep 19 26. Sep 19 1,800 €26.18 €47,126
27. Sep 19 Sell T. Rowe Price Group, Inc. Company 26. Sep 19 26. Sep 19 -1,100 €26.23 €-28,858
27. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 26. Sep 19 26. Sep 19 1,500 €26.18 €39,272
27. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 26. Sep 19 26. Sep 19 -21,000 €26.27 €-551,769
27. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 26. Sep 19 26. Sep 19 21,000 €26.27 €551,769
27. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 26. Sep 19 26. Sep 19 -515,620 €26.32 €-13,571,836
27. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 26. Sep 19 26. Sep 19 515,620 €26.32 €13,571,836
27. Sep 19 Sell Baillie Gifford & Co. Company 26. Sep 19 26. Sep 19 -74,000 €26.23 €-1,940,892
26. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 25. Sep 19 25. Sep 19 -76,700 €26.18 €-2,008,271
26. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 25. Sep 19 25. Sep 19 71,800 €26.13 €1,875,793
26. Sep 19 Buy Invesco Ltd. Company 25. Sep 19 25. Sep 19 600 €25.93 €15,556
26. Sep 19 Sell Legal & General Investment Management Limited Company 25. Sep 19 25. Sep 19 -9,445 €26.09 €-246,416
26. Sep 19 Buy Legal & General Investment Management Limited Company 25. Sep 19 25. Sep 19 38,002 €25.98 €987,259
26. Sep 19 Sell BlackRock, Inc. Company 25. Sep 19 25. Sep 19 -5,800 €25.93 €-150,378
26. Sep 19 Buy BlackRock, Inc. Company 25. Sep 19 25. Sep 19 33,900 €26.01 €880,735
26. Sep 19 Sell Capital Research and Management Company Company 25. Sep 19 25. Sep 19 -6,256 €26.09 €-163,243
26. Sep 19 Buy Capital Research and Management Company Company 25. Sep 19 25. Sep 19 6,300 €26.09 €164,376
26. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 25. Sep 19 25. Sep 19 -91,700 €26.01 €-2,385,403
26. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 25. Sep 19 25. Sep 19 37,400 €26.09 €975,734
26. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 25. Sep 19 25. Sep 19 3,100 €26.14 €81,024
26. Sep 19 Sell UBS Asset Management Company 25. Sep 19 25. Sep 19 -10,200 €25.93 €-264,458
26. Sep 19 Buy UBS Asset Management Company 25. Sep 19 25. Sep 19 5,300 €25.93 €137,414
26. Sep 19 Sell Wellington Management Group LLP Company 25. Sep 19 25. Sep 19 -245,214 €26.09 €-6,361,254
26. Sep 19 Buy Wellington Management Group LLP Company 25. Sep 19 25. Sep 19 20,800 €25.93 €539,286
26. Sep 19 Buy State Street Global Advisors, Inc. Company 25. Sep 19 25. Sep 19 2,600 €25.93 €67,411
26. Sep 19 Sell Baillie Gifford & Co. Company 25. Sep 19 25. Sep 19 -1,600 €25.98 €-41,570
26. Sep 19 Buy Baillie Gifford & Co. Company 25. Sep 19 25. Sep 19 2,100 €26.09 €54,627
26. Sep 19 Sell Standard Life Aberdeen plc Company 25. Sep 19 25. Sep 19 -243,129 €25.99 €-6,320,081
26. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 25. Sep 19 25. Sep 19 -312,656 €26.18 €-8,186,414
26. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 25. Sep 19 25. Sep 19 312,656 €26.18 €8,186,414
26. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 25. Sep 19 25. Sep 19 -100 €26.09 €-2,609
26. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 25. Sep 19 25. Sep 19 100 €26.09 €2,609
25. Sep 19 Sell Baillie Gifford & Co. Company 24. Sep 19 24. Sep 19 -100 €26.18 €-2,618
25. Sep 19 Sell Legal & General Investment Management Limited Company 24. Sep 19 24. Sep 19 -84,998 €26.18 €-2,224,843
25. Sep 19 Buy Legal & General Investment Management Limited Company 24. Sep 19 24. Sep 19 84,998 €26.18 €2,224,843
25. Sep 19 Buy Aviva Investors Global Services Limited Company 24. Sep 19 24. Sep 19 920 €26.18 €24,081
25. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 24. Sep 19 24. Sep 19 -1,001,900 €26.18 €-26,105,471
25. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 24. Sep 19 24. Sep 19 6,800 €25.90 €176,101
25. Sep 19 Sell Standard Life Aberdeen plc Company 24. Sep 19 24. Sep 19 -480,700 €26.10 €-12,547,111
25. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 24. Sep 19 24. Sep 19 -1,509,608 €26.24 €-39,619,356
25. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 24. Sep 19 24. Sep 19 1,509,608 €26.22 €39,584,357
25. Sep 19 Sell Wellington Management Group LLP Company 24. Sep 19 24. Sep 19 -200,820 €26.02 €-5,225,993
25. Sep 19 Buy Wellington Management Group LLP Company 24. Sep 19 24. Sep 19 83,000 €26.10 €2,166,035
25. Sep 19 Sell BlackRock, Inc. Company 24. Sep 19 24. Sep 19 -6,300 €26.18 €-164,904
25. Sep 19 Buy BlackRock, Inc. Company 24. Sep 19 24. Sep 19 30,700 €26.18 €801,310
25. Sep 19 Sell Invesco Ltd. Company 24. Sep 19 24. Sep 19 -4,300 €26.09 €-112,205
25. Sep 19 Buy Invesco Ltd. Company 24. Sep 19 24. Sep 19 4 €26.18 €105
25. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 24. Sep 19 24. Sep 19 -160,600 €26.22 €-4,211,191
25. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 24. Sep 19 24. Sep 19 381,900 €26.22 €10,014,034
25. Sep 19 Sell FMR LLC Company 24. Sep 19 24. Sep 19 -9,300 €26.11 €-242,869
25. Sep 19 Buy American Century Investment Management Inc. Company 24. Sep 19 24. Sep 19 200 €26.18 €5,235
25. Sep 19 Buy Capital Research and Management Company Company 24. Sep 19 24. Sep 19 76,600 €26.18 €2,004,242
25. Sep 19 Sell State Street Global Advisors, Inc. Company 24. Sep 19 24. Sep 19 -2,900 €26.18 €-75,908
25. Sep 19 Buy State Street Global Advisors, Inc. Company 24. Sep 19 24. Sep 19 7,200 €26.18 €188,462
20. Sep 19 Sell Standard Life Aberdeen plc Company 19. Sep 19 19. Sep 19 -8,000 €26.94 €-215,551
20. Sep 19 Buy T. Rowe Price Group, Inc. Company 19. Sep 19 19. Sep 19 500 €26.62 €13,310
26. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 23. Sep 19 23. Sep 19 1,083,451 €26.18 €28,368,300
26. Sep 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 23. Sep 19 23. Sep 19 6,700 €26.18 €175,428
26. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 23. Sep 19 23. Sep 19 -71,958 €26.18 €-1,884,096
25. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 20. Sep 19 20. Sep 19 -3,394,795 €26.75 €-90,822,567
23. Sep 19 Sell UBS Asset Management Company 20. Sep 19 20. Sep 19 -98,420 €26.75 €-2,631,489
23. Sep 19 Buy UBS Asset Management Company 20. Sep 19 20. Sep 19 19,000 €26.77 €508,619
24. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 23. Sep 19 23. Sep 19 115,542 €26.56 €3,069,236
24. Sep 19 Sell Capital Research and Management Company Company 23. Sep 19 23. Sep 19 -676 €26.48 €-17,900
24. Sep 19 Buy Capital Research and Management Company Company 23. Sep 19 23. Sep 19 3,100 €26.49 €82,132
24. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 23. Sep 19 23. Sep 19 -116,700 €26.63 €-3,108,119
24. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 23. Sep 19 23. Sep 19 284,000 €26.59 €7,550,712
24. Sep 19 Buy Legal & General Investment Management Limited Company 23. Sep 19 23. Sep 19 4,700 €26.34 €123,785
24. Sep 19 Buy Aviva Investors Global Services Limited Company 23. Sep 19 23. Sep 19 2,082 €26.19 €54,533
24. Sep 19 Sell T. Rowe Price Group, Inc. Company 23. Sep 19 23. Sep 19 -359,900 €26.20 €-9,428,351
24. Sep 19 Buy T. Rowe Price Group, Inc. Company 23. Sep 19 23. Sep 19 100 €26.15 €2,615
24. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 23. Sep 19 23. Sep 19 -1,322,400 €26.26 €-34,638,419
24. Sep 19 Buy Baillie Gifford & Co. Company 23. Sep 19 23. Sep 19 3,400 €26.22 €89,137
24. Sep 19 Sell Wellington Management Group LLP Company 23. Sep 19 23. Sep 19 -474,200 €26.36 €-12,418,929
24. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 23. Sep 19 23. Sep 19 -825,729 €26.63 €-21,991,982
24. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 23. Sep 19 23. Sep 19 825,729 €26.49 €21,877,042
23. Sep 19 Sell UBS Asset Management Company 20. Sep 19 20. Sep 19 -600 €26.69 €-16,014
23. Sep 19 Buy UBS Asset Management Company 20. Sep 19 20. Sep 19 1,800 €26.69 €48,043
23. Sep 19 Buy Legal & General Investment Management Limited Company 20. Sep 19 20. Sep 19 3,300 €26.69 €88,079
23. Sep 19 Sell BlackRock, Inc. Company 20. Sep 19 20. Sep 19 -30,000 €26.69 €-800,721
23. Sep 19 Buy BlackRock, Inc. Company 20. Sep 19 20. Sep 19 56,300 €26.79 €1,503,548
23. Sep 19 Buy T. Rowe Price Group, Inc. Company 20. Sep 19 20. Sep 19 500 €26.88 €13,438
23. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 20. Sep 19 20. Sep 19 -18,600 €26.69 €-496,424
23. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 20. Sep 19 20. Sep 19 400 €26.67 €10,667
23. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 20. Sep 19 -771,000 €26.95 €-20,775,208
23. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 20. Sep 19 20. Sep 19 771,000 €26.95 €20,775,208
23. Sep 19 Buy Invesco Ltd. Company 20. Sep 19 20. Sep 19 4 €26.69 €107
23. Sep 19 Sell FMR LLC Company 20. Sep 19 20. Sep 19 -297,700 €26.75 €-7,964,465
23. Sep 19 Sell State Street Global Advisors, Inc. Company 20. Sep 19 20. Sep 19 -18,700 €26.79 €-499,759
23. Sep 19 Buy State Street Global Advisors, Inc. Company 20. Sep 19 20. Sep 19 19,100 €26.74 €510,349
20. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 19. Sep 19 19. Sep 19 -278,500 €26.92 €-7,497,180
20. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 19. Sep 19 19. Sep 19 130,000 €27.10 €3,523,613
20. Sep 19 Sell Artisan Partners Limited Partnership Company 19. Sep 19 19. Sep 19 -289,100 €26.63 €-7,696,132
18. Sep 19 Sell Artisan Partners Limited Partnership Company 17. Sep 19 17. Sep 19 -779,200 €27.03 €-21,061,126
20. Sep 19 Buy Legal & General Investment Management Limited Company 19. Sep 19 19. Sep 19 10,500 €26.60 €279,262
19. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 13. Sep 19 13. Sep 19 -300 €27.47 €-8,242
19. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 13. Sep 19 13. Sep 19 4,600 €27.47 €126,372
19. Sep 19 Sell Baillie Gifford & Co. Company 18. Sep 19 18. Sep 19 -35,600 €26.96 €-959,869
20. Sep 19 Sell Capital Research and Management Company Company 19. Sep 19 19. Sep 19 -9,600 €26.62 €-255,547
20. Sep 19 Buy Capital Research and Management Company Company 19. Sep 19 19. Sep 19 100 €27.10 €2,710
20. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 19. Sep 19 19. Sep 19 -12,600 €26.69 €0
20. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 19. Sep 19 19. Sep 19 12,600 €26.63 €335,485
20. Sep 19 Buy State Street Global Advisors, Inc. Company 19. Sep 19 19. Sep 19 2,000 €26.60 €53,193
20. Sep 19 Sell Morgan Stanley Investment Management Inc. Company 19. Sep 19 19. Sep 19 -5,400 €26.68 €-144,071
20. Sep 19 Buy UBS Asset Management Company 19. Sep 19 19. Sep 19 500 €27.10 €13,552
20. Sep 19 Buy American Century Investment Management Inc. Company 19. Sep 19 19. Sep 19 6,400 €26.94 €172,435
20. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 19. Sep 19 19. Sep 19 -29,000 €26.80 €-777,300
20. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 19. Sep 19 19. Sep 19 12,100 €27.10 €327,858
20. Sep 19 Sell BlackRock, Inc. Company 19. Sep 19 19. Sep 19 -8,200 €26.60 €-218,090
20. Sep 19 Buy BlackRock, Inc. Company 19. Sep 19 19. Sep 19 4,900 €27.10 €132,813
19. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 18. Sep 19 18. Sep 19 -3,700 €26.97 €-99,774
19. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 18. Sep 19 18. Sep 19 3,700 €27.04 €0
19. Sep 19 Sell Capital Research and Management Company Company 18. Sep 19 18. Sep 19 -500 €26.87 €-13,437
19. Sep 19 Buy State Street Global Advisors, Inc. Company 18. Sep 19 18. Sep 19 2,500 €26.87 €67,185
19. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 18. Sep 19 18. Sep 19 -55,000 €26.98 €-1,483,758
19. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 18. Sep 19 18. Sep 19 16,700 €26.92 €449,495
19. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 17. Sep 19 17. Sep 19 -15,800 €27.16 €-428,762
19. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 17. Sep 19 17. Sep 19 3,300 €27.20 €89,746
19. Sep 19 Sell UBS Asset Management Company 18. Sep 19 18. Sep 19 -2,200 €26.92 €-59,224
17. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 16. Sep 19 16. Sep 19 -45,300 €27.47 €-1,244,464
17. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 16. Sep 19 16. Sep 19 45,300 €27.52 €1,246,572
19. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 18. Sep 19 18. Sep 19 -4,800 €26.96 €-129,420
20. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Sep 19 19. Sep 19 -1,832,148 €27.10 €-49,659,848
20. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 19. Sep 19 19. Sep 19 1,832,148 €27.10 €49,659,848
20. Sep 19 Sell FMR LLC Company 19. Sep 19 19. Sep 19 -11,000 €26.92 €-296,106
20. Sep 19 Buy Wellington Management Group LLP Company 19. Sep 19 19. Sep 19 27,100 €26.99 €731,317
19. Sep 19 Sell BlackRock, Inc. Company 18. Sep 19 18. Sep 19 -3,243 €26.92 €-87,300
19. Sep 19 Buy BlackRock, Inc. Company 18. Sep 19 18. Sep 19 17,719 €26.97 €477,471
16. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 13. Sep 19 13. Sep 19 -75,400 €27.86 €-2,100,991
16. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 13. Sep 19 13. Sep 19 75,400 €27.80 €2,095,769
16. Sep 19 Sell Wellington Management Group LLP Company 13. Sep 19 13. Sep 19 -311,600 €27.47 €-8,559,376
17. Sep 19 Sell J.P. Morgan Asset Management, Inc. Company 16. Sep 19 16. Sep 19 -792,300 €27.68 €-21,782,269
17. Sep 19 Buy J.P. Morgan Asset Management, Inc. Company 16. Sep 19 16. Sep 19 400 €27.68 €11,072
16. Sep 19 Sell Morgan Stanley Investment Management Inc. Company 13. Sep 19 13. Sep 19 -5,400 €27.41 €-147,999
19. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 18. Sep 19 18. Sep 19 -163,300 €27.08 €-4,422,432
19. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 18. Sep 19 18. Sep 19 163,300 €27.04 €4,414,892
19. Sep 19 Sell FMR LLC Company 18. Sep 19 18. Sep 19 -6,300 €26.94 €-169,734
19. Sep 19 Sell Standard Life Aberdeen plc Company 18. Sep 19 18. Sep 19 -763,500 €26.96 €-20,586,493
18. Sep 19 Buy BlackRock, Inc. Company 17. Sep 19 17. Sep 19 97,100 €27.19 €2,612,522
18. Sep 19 Buy Wellington Management Group LLP Company 17. Sep 19 17. Sep 19 145 €26.88 €3,898
18. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 16. Sep 19 16. Sep 19 -176,500 €27.68 €-4,885,691
18. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 16. Sep 19 16. Sep 19 345,500 €27.75 €9,587,885
18. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 17. Sep 19 17. Sep 19 -393,300 €27.27 €-10,723,343
18. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 17. Sep 19 17. Sep 19 199,500 €27.20 €5,425,536
18. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 17. Sep 19 17. Sep 19 -588,244 €27.27 €-16,038,500
18. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 17. Sep 19 17. Sep 19 588,244 €27.27 €16,038,500
17. Sep 19 Sell T. Rowe Price Group, Inc. Company 16. Sep 19 16. Sep 19 -254,600 €27.40 €-6,962,791
18. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 17. Sep 19 17. Sep 19 -100 €27.07 €-2,707
18. Sep 19 Sell M&G Investment Management Limited Company 17. Sep 19 17. Sep 19 -22,500 €27.03 €-608,279
18. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 17. Sep 19 17. Sep 19 -300 €27.17 €-8,152
18. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 17. Sep 19 17. Sep 19 300 €27.17 €8,152
18. Sep 19 Sell Capital Research and Management Company Company 17. Sep 19 17. Sep 19 -29,540 €27.20 €-800,452
18. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 17. Sep 19 17. Sep 19 -230,300 €27.20 €-6,263,163
18. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 17. Sep 19 17. Sep 19 230,300 €27.22 €6,268,489
18. Sep 19 Buy GIC Pte. Ltd. Company 17. Sep 19 17. Sep 19 19,500 €26.90 €524,453
18. Sep 19 Sell Legal & General Investment Management Limited Company 17. Sep 19 17. Sep 19 -6,300 €26.90 €-169,439
18. Sep 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 17. Sep 19 17. Sep 19 -7,800 €26.90 €-209,781
18. Sep 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 17. Sep 19 17. Sep 19 7,800 €26.90 €209,781
18. Sep 19 Sell Standard Life Aberdeen plc Company 17. Sep 19 17. Sep 19 -873,800 €26.84 €-23,452,285
18. Sep 19 Sell GIC Pte. Ltd. Company 13. Sep 19 13. Sep 19 -1,900 €27.58 €-52,399
16. Sep 19 Sell Baillie Gifford & Co. Company 13. Sep 19 13. Sep 19 -2,000 €27.57 €-55,150
16. Sep 19 Sell Capital Research and Management Company Company 13. Sep 19 13. Sep 19 -1,295,239 €27.58 €-35,720,534
16. Sep 19 Buy Capital Research and Management Company Company 13. Sep 19 13. Sep 19 3,600 €27.47 €98,900
16. Sep 19 Buy T. Rowe Price Group, Inc. Company 13. Sep 19 13. Sep 19 1,800 €27.80 €50,032
13. Sep 19 Sell Morgan Stanley Investment Management Inc. Company 12. Sep 19 12. Sep 19 -5,400 €27.57 €-148,894
17. Sep 19 Sell Invesco Ltd. Company 16. Sep 19 16. Sep 19 -1,590,800 €27.38 €-43,557,530
17. Sep 19 Sell BlackRock, Inc. Company 16. Sep 19 16. Sep 19 -218,300 €27.33 €-5,966,949
17. Sep 19 Buy BlackRock, Inc. Company 16. Sep 19 16. Sep 19 300 €27.68 €8,269
17. Sep 19 Buy UBS Asset Management Company 16. Sep 19 16. Sep 19 1,500 €27.33 €40,998
16. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 13. Sep 19 13. Sep 19 -218,772 €27.71 €-6,062,557
16. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 13. Sep 19 13. Sep 19 218,772 €27.84 €6,090,943
12. Sep 19 Buy State Street Global Advisors, Inc. Company 11. Sep 19 11. Sep 19 3,500 €28.53 €99,657
16. Sep 19 Sell Aviva Investors Global Services Limited Company 13. Sep 19 13. Sep 19 -200 €27.47 €-5,494
16. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 13. Sep 19 13. Sep 19 -24,700 €27.80 €-686,545
16. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 13. Sep 19 13. Sep 19 235,200 €27.84 €6,548,324
16. Sep 19 Buy UBS Asset Management Company 13. Sep 19 13. Sep 19 201,600 €27.71 €5,586,691
16. Sep 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 11. Sep 19 11. Sep 19 3,430,565 €28.13 €96,504,317
13. Sep 19 Sell Invesco Ltd. Company 12. Sep 19 12. Sep 19 -1,682,800 €27.51 €-46,298,310
13. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 12. Sep 19 12. Sep 19 -1,800 €27.50 €-49,504
13. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 12. Sep 19 12. Sep 19 -502,200 €27.74 €-13,933,388
13. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 12. Sep 19 12. Sep 19 502,200 €27.70 €13,910,147
13. Sep 19 Buy Capital Research and Management Company Company 12. Sep 19 12. Sep 19 13,500 €27.50 €371,307
13. Sep 19 Sell FMR LLC Company 12. Sep 19 12. Sep 19 -966,800 €27.56 €-26,644,501
12. Sep 19 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 11. Sep 19 11. Sep 19 -384,173 €28.51 €-10,953,380
12. Sep 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 11. Sep 19 11. Sep 19 384,173 €28.37 €10,897,076
12. Sep 19 Buy Capital Research and Management Company Company 11. Sep 19 11. Sep 19 100 €28.26 €2,826
13. Sep 19 Sell Wellington Management Group LLP Company 12. Sep 19 12. Sep 19 -317,800 €27.47 €-8,729,200
12. Sep 19 Sell Barclays Bank PLC, Securities Investments Company 11. Sep 19 11. Sep 19 -125,100 €28.53 €-3,569,701
12. Sep 19 Buy Barclays Bank PLC, Securities Investments Company 11. Sep 19 11. Sep 19 261,500 €28.53 €7,461,845
13. Sep 19 Sell State Street Global Advisors, Inc. Company 12. Sep 19 12. Sep 19 -57,825 €27.47 €-1,588,281
13. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 12. Sep 19 12. Sep 19 -2,260,808 €27.95 €-63,190,256
13. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 12. Sep 19 12. Sep 19 2,260,808 €27.95 €63,190,256
12. Sep 19 Sell Morgan Stanley, Investment Banking and Brokerage Investments Company 11. Sep 19 11. Sep 19 -1,399,972 €28.53 €-39,947,895
12. Sep 19 Buy Morgan Stanley, Investment Banking and Brokerage Investments Company 11. Sep 19 11. Sep 19 1,399,972 €28.53 €39,947,895
13. Sep 19 Sell UBS Asset Management Company 12. Sep 19 12. Sep 19 -1,700 €27.47 €-46,694
13. Sep 19 Buy UBS Asset Management Company 12. Sep 19 12. Sep 19 2,100 €27.47 €57,681
12. Sep 19 Sell BlackRock, Inc. Company 11. Sep 19 11. Sep 19 -14,400 €28.53 €-410,901
12. Sep 19 Buy BlackRock, Inc. Company 11. Sep 19 11. Sep 19 63,400 €28.53 €1,809,105
12. Sep 19 Sell Jefferies Group LLC, Asset Management Arm Company 11. Sep 19 11. Sep 19 -111,600 €28.53 €-3,184,482
12. Sep 19 Buy Jefferies Group LLC, Asset Management Arm Company 11. Sep 19 11. Sep 19 111,600 €28.40 €3,169,514
03. Sep 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 29. Aug 19 29. Aug 19 -21,339,704 €27.78 €-592,895,027
30. Aug 19 Sell JPMorgan Chase & Co, Brokerage and Securities Investments Company 27. Aug 19 27. Aug 19 -113,033 €27.84 €-3,146,693
30. Aug 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 27. Aug 19 27. Aug 19 -737 €27.84 €-20,517
30. Aug 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 27. Aug 19 27. Aug 19 3,569,076 €27.84 €99,358,460
30. Aug 19 Sell J.P. Morgan Asset Management, Inc. Company 27. Aug 19 27. Aug 19 -10,585,129 €27.84 €-294,676,302
30. Aug 19 Buy J.P. Morgan Asset Management, Inc. Company 27. Aug 19 27. Aug 19 10,800 €27.84 €300,658
29. Aug 19 Buy J.P. Morgan Asset Management, Inc. Company 26. Aug 19 26. Aug 19 7,343,215 €28.00 €205,579,908
22. Aug 19 Buy JPMorgan Chase & Co, Brokerage and Securities Investments Company 19. Aug 19 19. Aug 19 9,205,280 €28.88 €265,818,819
22. Aug 19 Sell JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Aug 19 19. Aug 19 -3,467,765 €28.88 €-100,137,877
22. Aug 19 Buy JPMorgan Chase & Co, Private Banking and Investment Banking Investments Company 19. Aug 19 19. Aug 19 8,900 €28.88 €257,003
22. Aug 19 Buy J.P. Morgan Asset Management, Inc. Company 19. Aug 19 19. Aug 19 2,939,803 €28.88 €84,892,036
21. Aug 19 Buy J.P. Morgan Asset Management, Inc. Company 16. Aug 19 16. Aug 19 11,360,841 €27.81 €315,939,993
X
Management checks
We assess Hong Kong Exchanges and Clearing's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hong Kong Exchanges and Clearing has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Hong Kong Exchanges and Clearing Limited, together with its subsidiaries, owns and operates stock exchanges and futures exchanges, and related clearing houses in Hong Kong. It operates in five segments: Cash, Equity and Financial Derivatives, Commodities, Clearing, and Platform and Infrastructure. The Cash segment covers various equity products traded on the cash market platforms, the Shanghai Stock Exchange, and the Shenzhen Stock Exchange; sale of market data relating to the products; and other related activities. The Equity and Financial Derivatives segment provides and maintains trading platforms for a range of equity and financial derivative products, such as stock and equity index futures and options, derivative warrants, and callable bull/bear contracts and warrants, as well as sells related market data. The Commodities segment operates an exchange for the trading of base metals futures and options contracts in the United Kingdom; and operates Qianhai Mercantile Exchange Co., Ltd., a commodity trading platform in the Mainland. This segment also comprises the Asia Commodities contracts, and gold and iron ore futures contracts traded on Hong Kong Futures Exchange Limited. The Clearing segment operates clearing houses that are responsible for clearing and settlement of over-the-counter derivatives contracts. The Platform and Infrastructure segment offers various services that provide users with access to the platform and infrastructure. The company serves issuers and investors. Hong Kong Exchanges and Clearing Limited is based in Central, Hong Kong.

Details
Name: Hong Kong Exchanges and Clearing Limited
HK2C
Exchange: DB
Founded:
HK$34,275,119,552
1,257,926,636
Website: http://www.hkex.com.hk
Address: Hong Kong Exchanges and Clearing Limited
Two Exchange Square,
8th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 388 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 28. Jun 2000
OTCPK HKXC.F Ordinary Shares Pink Sheets LLC US USD 28. Jun 2000
DB HK2C Ordinary Shares Deutsche Boerse AG DE EUR 28. Jun 2000
SHSC 388 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 28. Jun 2000
SZSC 388 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 28. Jun 2000
OTCPK HKXC.Y UNSPONSORED ADR Pink Sheets LLC US USD 23. Oct 2008
Number of employees
Current staff
Staff numbers
2,109
Hong Kong Exchanges and Clearing employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/01 22:13
End of day share price update: 2020/04/01 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/29
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.