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Xetra Receives Three Global ETF Awards
May 3, 2010--This year's 6th Annual Global ETF Awards® in New York saw Deutsche Börse receive awards in the following categories for the sixth consecutive time: “Exchange with the largest number of primary listed ETFs in Europe”, “Most proactive ETF Exchange in Europe” and “Largest ETF Exchange by Dollar turnover in Europe”.
The 6th Annual Global ETF Awards was organized by exchangetradedfunds.com, an information provider based in New York which specializes in Exchange Traded Funds, Exchange Traded Notes and Exchange Traded Commodities. The Awards reflects outstanding achievements in 2009 by participants in the ETF, ETN and ETC industry. Winners are selected on the basis of votes cast by the global marketplace and statistical data.
Xetra® is Europe's leading trading venue in terms of turnover for exchange traded funds with a market share of 38 percent. Average monthly trading volume in Q1 2010 stood at around €13 billion. Out of 14 issuers, its product offering is the largest in Europe, currently with 651 ETF listings. It enables investors to compile a broadly diversified portfolio of equities, bonds and commodities with low transaction costs. More than 250 market participants from 19 countries have access to trading in exchange-traded index funds at Deutsche Börse.
Deutsche Börse was the first European exchange to launch trading in ETFs, on Xetra on 11 April 2000. Since then, ETFs have become one of the most successful financial products in Europe. Fund assets have increased at an annual average rate of around 90 percent within the last ten years thanks to a continuous inflow of funds. Assets under management totaled a record €134.6 billion at the end of March. The growth has been driven by increasing recognition and the variety of uses for ETFs, which can be used in a growing number of markets and regions thanks to numerous new product launches.
Source: Deutsche Börse
The ISE introduces a new index: "TSKB Energy Index"
May 3, 2010--The Istanbul Stock Exchange (ISE) introduces a new Index jointly with the Industrial Development Bank of Turkey (TSKB), the first private investment and development bank of Turkey. With “TSKB Energy Index”, TSKB aims to offer an alternative investment instrument in Turkey, reflecting its professional know-how on the energy sector in the capital markets. The Index is the first of its kind in Turkey and is launched on May 3, 2010.
“TSKB Energy Index” consists of the ISE-traded companies active in the energy sector, with a minimum of 40 per cent of consolidated revenues generating from the energy sector. The Index is intended to offer a benchmark for domestic and international investors seeking to monitor the performance of the energy sector in Turkey.
Mr. Hüseyin ERKAN, the ISE Chairman & CEO, pointed out to the importance of this cooperation and the energy sector in Turkey, and said, “TSKB Energy Index has been created in order to reflect the price and return performance of the Turkish companies active in the energy sector. The constituent companies will be determined by TSKB and notified to the ISE. The Index will be calculated and maintained by the ISE.
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Source: FT.com
Euro ratings agency idea gains ground
May 3, 2010-- Prospects for a European credit rating agency gained ground on Monday among political leaders reeling from a costly, months-long battering from markets over Greece.
But calls by German Chancellor Angela Merkel and French Finance Minister Christine Lagarde only underlined the power of US adjudicators in a hugely influential finance sector over which Europe has no control.
Rating agencies have come under fire for cutting Greece's sovereign debt to junk status and downgrading the credit-worthiness of Portugal and Spain, in turn unsettling investors and sending borrowing costs for those countries soaring on financial markets.
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Source: EU Business
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 30-Apr-10
May 5, 2010--Last week saw US$233.0 Mn net inflows to STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$218.2 Mn and Basic Resources with US$85.4 Mn while Industrial Goods & Services experienced net outflows of US$36.9 Mn.
Year-to-date, Media has had the largest net inflows with US$346.1 Mn net new assets, followed by Banks with US$117.6 Mn YTD. Telecommunications sector ETFs have had the largest net outflows with US$229.6 Mn YTD. In total, STOXX 600 sector ETFs have seen US$60.4 Mn net inflows YTD.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
European economy making tentative recovery
May 5, 2010--GDP growth in the EU expected to gradually pick up, though recovery less robust than past upturns.
The recession ended in the third quarter of 2009, thanks largely to fiscal and monetary measures to stimulate the economy. But temporary factors also played a role, says the latest EU economic forecast.
In 2010, the EU economy looks set to expand by 1% – a ¼ percentage point more than the commission had forecast in the autumn. The increase stems in part from the stronger global economy. In 2011, GDP growth of 1¾% is expected.
Increasingly the speed of recovery will vary across EU countries, reflecting their individual circumstances and policies.
Unemployment rose sharply during the recession, although slightly less than initially thought last autumn. This year, EU unemployment is projected to level off at close to 10%.
Public finances have also been hit hard by the crisis. While national budget deficits are projected to peak this year at 7¼% of GDP, the ratio of public debt to GDP is expected to continue to rise.
Inflation has rebounded a bit from very low levels in 2009, but the slack in the economy is likely to keep wage and price gains in check. This year, inflation is expected to reach 1¾% in the EU and 1½% in the eurozone.
The EU recovery continues to be surrounded by a high degree of uncertainty, as illustrated by recent tensions in government bond markets. Overall, however, the risks to the forecast are broadly balanced.
The commission usually publishes economic forecasts 4 times a year - comprehensive spring and autumn forecasts and smaller interim forecasts in February and September.
view the EU economic forecast – spring 2010
Source: European Commission
Europe's main contributors to Greek bailout
May 3, 2010-Here are the main European contributions to the Greek bailout package, approved by finance ministers on Sunday, out of an 80-billion-euro (105.85-billion-dollar) pot topped up by 30 billion euros of IMF funds.
Figures in brackets are for year one in the three-year programme to which only the nations which use the euro currency are contributing:
GERMANY: 22.4 billion euros (8.4 billion)
FRANCE: 16.8 billion (6.3 billion)
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Source: EU Business
ECB announces change in eligibility
of debt instruments issued or guaranteed
by the Greek government,
May 3, 2010--The Governing Council of the European Central Bank (ECB) has decided to suspend the application of the minimum credit rating threshold in the collateral eligibility requirements for the purposes of the Eurosystem’s credit operations in the case of marketable debt instruments issued or guaranteed by the Greek government. This suspension will be maintained until further notice.
The Greek government has approved an economic and financial adjustment programme, which has been negotiated with the European Commission, in liaison with the ECB, and the International Monetary Fund. The Governing Council has assessed the programme and considers it to be appropriate. This positive assessment and the strong commitment of the Greek government to fully implement the programme are the basis, also from a risk management perspective, for the suspension announced herewith.
The suspension applies to all outstanding and new marketable debt instruments issued or guaranteed by the Greek government.
Source: ECB
Average Daily Volume of 12.7 Million Contracts at Eurex and ISE in April
May 3, 2010--At the international derivatives markets of Eurex an average daily volume of 12.7 million contracts was traded in April compared with 11.8 million in April 2009 – an increase of eight percent. Thereof, 9.4 million contracts were traded at Eurex (April 2009: 7.6 million), reflecting a 24 percent increase y-o-y, while 3.3 million contracts were traded at the ISE (April 2009: 4.2 million). In total, nearly 257 million contracts were traded on both exchanges (Eurex: 187.6 million, ISE: 69.2 million), compared to April 2009 with approximately 240 million contracts.
At Eurex, the equity index derivatives segment totaled at 58.1 million contracts (April 2009: 60.0 million). The future on the Euro STOXX 50 was once again the most successful product with 26.6 million contracts. The option on this blue chip index saw another 20.4 million contracts. Launched on 22 March, the VSTOXX option recorded in its first full trading month at 145,000 contracts with an open interest of almost 110,000 contracts.
Equity-based derivatives were the largest segment this month with 80.2 million contracts (April 2009: 58.6 million). Thereof, equity options totaled at 28.5 million contracts (April 2009: 28.1 million). Single stock futures contributed mostly to the growth with a new monthly record of 51.6 million contracts (April 2009: 30.5 million).
Eurex’s interest rate derivatives segment grew by 46 percent y-o-y with 48.8 million contracts (April 2009: 33.3 million). Roughly 18.9 million contracts were traded in the Euro-Bund-Future, 11.7 million contracts in the Euro-Schatz Future, 11.6 million contracts in the Euro-Bobl-Future and more than 114,000 contracts in the Euro-BTP-Future.
Eurex Repo, which operates CHF- and EUR repo markets, totaled a combined average outstanding volume of 171.5 billion euro (April 2009: 195.3 billion euro). The secured money market segment GC Pooling rose slightly and achieved an average outstanding volume of 80.5 billion euro (April 2009: 75.7 billion euro).
The electronic trading platform Eurex Bonds, which rounds out Eurex’s fixed-income product range, saw a volume of 11.6 billion euro (single counting) in April compared with 13.3 billion euro in March 2010 and 7.1 billion euro in April 2009.
Source: Eurex
Xetra Turnover up 27 Percent in April
15.3 million trades executed on Xetra/ Total volume of 140 billion euros traded on all stock exchanges in Germany
May 3, 2010--In April, 126 billion euros were traded on Xetra and on the floor at Börse Frankfurt – an increase of 26 percent year-on-year (April 2009: 100 billion euros). Of the 126 billion euros, 118.8 billion euros were traded on Xetra, an increase of 27 percent year-on-year (April 2009: 93.4 billion euros). 7.2 billion euros were traded on the floor, an increase by 10 percent (April 2009: 6.5 billion euros).
Turnover in German equities on Deutsche Börse’s cash markets amounted to 109.1 billion euros, while foreign equities turnover stood at 13.5 billion euros. Xetra and the floor at Börse Frankfurt accounted for 95 percent of the transaction volume in German equities on all stock exchanges in Germany. 88 percent of foreign equities traded on stock exchanges in Germany were traded on Xetra and on the floor in Frankfurt.
In April, 15.3 million transactions were executed on Xetra, a slight increase of one percent against the same period last year (April 2009: 15.1 million).
According to the Xetra liquidity measure (XLM), RWE AG was the most liquid DAX blue chip in April with 4.8 basis points (bp) for an order volume of 100,000 euros. Heidelbergcement AG was the most liquid MDAX stock with 15.3 bp. The most liquid ETF was DB X-TR.II-EONIA T.R. 1C with 0.3 bp. The most liquid foreign stock was Air Liquide with 11.1 bp. XLM measures liquidity in electronic securities trading on the basis of the implicit transaction costs. It is expressed in basis points (1 bp = 0.01 percent); a low XLM denotes high liquidity in a security.
Deutsche Bank AG was the DAX stock with the highest turnover on Xetra in April at 8.7 billion euros. Heidelbergcement AG was the top MDAX stock at 1.1 billion euros, while A. Springer AG led the SDAX stocks at 32.1 million euros and Aixtron AG headed the TecDAX at 1.1 billion euros. At 1.8 billion euros, the iShares DAX was the exchange-traded fund with the highest turnover.
On all stock exchanges in Germany 139.9 billion euros were traded in April according to orderbook turnover statistics – an increase of 20 percent compared year-on-year (April 2009: 115.7 billion euros). This total includes 131.3 billion euros in equities, warrants and exchange-traded funds, as well as 8.6 billion euros in fixed-income securities.
Source: Deutsche Börse
ECB assesses the Greek economic and financial adjustment programme
May 2, 2010--The Governing Council of the European Central Bank (ECB) welcomes the economic and financial adjustment programme which was approved today by the Greek government following the successful conclusion of the negotiations with the European Commission, in liaison with the ECB, and the International Monetary Fund.
The ambitious fiscal adjustment and comprehensive structural reforms under the programme are appropriate to achieving the programme’s objectives of stabilising the fiscal and economic situation over time and addressing the fiscal and structural challenges of the Greek economy. The programme is comprehensive and supported by strong conditionality. It addresses the relevant policy challenges in a decisive manner. It will thereby help to restore confidence and safeguard financial stability in the euro area. The Governing Council also considers essential that the Greek public authorities stand ready to take any further measures that may become appropriate to achieve the objectives of the programme.
Source: ECB
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