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EuroCCP Introduces Comparability Of All-In Trading Costs - First European Equities CCP To Provide Clearing Cost Data In Same Format As Trading Fees
-First European Equities CCP to provide clearing cost data in same format as trading fees
March 23, 2010--EuroCCP announced today it has introduced an enhanced billing feature that provides a new level of cost transparency to its customers. The new feature enables customers to easily aggregate trading and clearing costs into a single unit to arrive at an all-inclusive cost of trading, clearing and settlement.
EuroCCP now provides a monthly billing supplement to customers that shows clearing costs on the value of trades cleared. Settlement costs are likewise shown on the value of trades cleared.
Clearing fees are typically based on a fixed fee per trade cleared, irrespective of value, while trading fees are based on the value of the trade. The difference in fee structure has made it difficult for firms to estimate and compare all-in costs on trading venues, particularly if they use different CCPs.
EuroCCP is the first equities central counterparty in Europe to present post-trade and trading costs in equivalent terms to enable an estimation and comparison of all-in costs. Clearing and settlement costs billed to customers are shown in basis points on the value cleared, consistent with fees charged by trading venues on the value of trade executions. A basis point is 100th of one percent.
EuroCCP’s presentation of clearing costs in basis-point terms also facilitates the inclusion of clearing and settlement costs in smart order routers, enhancing trading firms’ ability to manage clearing costs effectively. Cost predictability is essential for trading firms.
Robert Barnes, Managing Director, Equities, at UBS Investment Bank commented, “EuroCCP should be commended for enhancing tariff transparency. Cost-per-ticket trends are subject to bias, for example as electronic trade sizes shrink. By adding value processed on its invoices, EuroCCP enables basis-point comparability, a more meaningful metric for competitive landscape cost analysis.”
Source: About EuroCCP
Turkish construction market to attract European firms
March 23, 2010--Several of Europe’s prominent construction firms will try to find ways to enter the Turkish housing and real estate market in the next five years, Martin Langen, founding partner of B+L Marktdaten GmbH, a European construction and housing markets research firm, has said.
Turkey is one of the countries that European firms have the most interest in, Langen stated, attributing this to the country’s rapid rate of growth. Predicting that construction needs in Turkey will increase in the next five to 10 years, he said: “Several important building firms based in Europe will try to find ways to expand into the Turkish market. Two important factors will lead to this: business opportunities and a growing population.”
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Source: Todays Zaman
Deutsche Börse Group: Next Phase of Program to Optimize Operational Processes and Costs Decided
March 23, 2010--Deutsche Börse AG has completed its review of potential measures to further increase the efficiency of Deutsche Börse Group and resolved today the next phase of a multi-year program to optimize operational processes and structures across the Group. As already communicated, the objective of the program is to improve flexibility and effectiveness of using resources across the Group, to reduce time to market, and to further increase Deutsche Börse Group’s efficiency while at the same time identifying and realizing new growth opportunities.
The company expects additional savings in operating costs of around €100 million per year. This program complements the cost measures initiated between 2007 and February 2010.
Therewith, Deutsche Börse Group is taking another step in addressing structural changes in financial markets as well as new customer requirements. At the same time, the Company steps up investments to seize growth opportunities. Consequently, the budget for growth initiatives has already been increased by more than 50 percent as against the previous year to around €100 million in 2010. As a result of this step, Deutsche Börse Group is well-positioned to assume a leading role amongst the operators of financial markets infrastructure also in the future. This includes in particular the Company’s strengths in technology, risk management and product innovation.
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Source: Deutsche Börse
Eurex to Launch First European Futures on Butter and Skimmed Milk Powder
Launch of the two new agricultural futures planned for end of Q2 2010/ Extension of the agricultural derivatives segment
March 23, 2010-- Eurex, the international derivatives exchange, today announced the expansion of its product range in the agricultural derivatives asset class.
At the end of Q2 2010, the exchange will offer trading of two futures based on butter and skimmed milk powder in Europe. Both futures are based on established reference prices from the respective spot markets and will be settled in cash.
“We along with major market participants believe that the volatility of dairy markets will increase over the next few years. The use of derivatives to hedge against higher prices and fluctuating costs is expected to rise, thus the introduction of our new futures is a logical step,” said Peter Reitz, member of the Eurex Executive Board. “We also want to contribute our known strengths, particularly our global distribution network and central clearing services, to this growing market.”
Eurex has intensively prepared its market launch together with key players in this market segment, including the German and European dairy industry associations (MIV and Eucolait) and important market participants in the European and U.S. dairy industry. The participants in the spot market for these agricultural products have indicated a keen interest in collaborating with a major international derivatives exchange.
Source: Eurex
Qbasis launches ETF managed futures fund
March 23, 2010--Managed futures specialist Qbasis Invest has launched an exchange-traded fund, the Qbasis Futures Fund, which will commence trading on the Hamburg stock exchange on 1 April.
The Qbasis Futures Fund is the only onshore fund that enables retail investors to access the firm’s flagship managed futures strategy.
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Source: ETF Express
Mismatch between performance of commodity ETPs and spot prices
March 23, 2010--Research by Moonraker Fund Management suggests that several of the commodity indexes tracked by exchange-traded products have significantly under-performed the spot prices of their underlying commodities over the last year, sometimes delivering double digit underperformance.
The findings highlight the impact of the “negative roll yield” and raise serious questions about whether investors should find alternative vehicles to invest in commodities over the long term.
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Source: ETF Express
Structured products regain trust with German pension funds
March 23, 2010--Retirement funds in Germany are showing increased interest in structured products, hedge funds and infrastructure as well as LDI and SRI, a recent survey by IPE Institutional Investment reveals.
One fifth of the 42 pension funds that took part in the 2010 online survey Requirements of German Institutional Investors said they were looking at structured products while the year before only 7% (out of 34) said they were considering such investments.
Interest in hedge funds has tripled which means that now almost half of all pension funds are looking into this asset class and 19% are already invested compared to 9% in 2008.
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Source: IP&E
UK government ‘seeks £1bn’ from pension funds for new green
March 23, 2010--The UK government is seeking investment of up to £1bn (€1.1bn) from investors such as pension funds for a new £2bn green technology fund, according to reports. The new fund is expected be announced in tomorrow’s (March 24) UK budget. The government says it wants pension funds to become a source of finance for the billions of pounds of new investment that the UK needs in clean energy as well as transport, telecoms and waste management.
It’s not clear how the proposed new fund, which would also use the proceeds from the sale of government assets, would sit with the new Innovation Investment Fund (UKIIF). That has received the backing of just one pension fund so far, that of the former state-owned British Telecom.
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Source: Responsible Investor
Value of European buy-out deals plunges
March 22, 2010--The value of European private equity deals fell by three-quarters last year to a 15-year low of €17.3bn ($23.4bn), in spite of a slight rebound in the fourth quarter, according to research published on Tuesday.
In the final quarter of 2009 there were €5.5bn of European private equity deals, compared with €2.9bn in the previous quarter, according to the research from the Centre for Management Buy-Out Research (CMBOR) at Nottingham University
Figures due to be published by CMBOR next week for UK buy-outs in the first quarter are expected ..
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Source: FT.com
Dow Jones-UBS Commodity 3-Month Forward Index to Underlie ETF in the U.K.
March 22, 2010--Dow Jones Indexes, a leading global index provider, today announced that the Dow Jones-UBS Commodity 3-Month Forward Index has been licensed to ETF Securities (ETFS), a London-based provider of commodity and currency ETCs and 3rd generation ETFs.
The Dow Jones-UBS Commodity 3-Month Forward Index measures the performance of 3-month-dated futures contracts.
The ETFX DJ-UBS All Commodities Forward 3-Month Fund is available on the London Stock Exchange (LSE) today.
“Forward commodity futures markets have seen a strong increase in both trading volume and liquidity over the past few years. The Dow Jones-UBS Commodity Forward Indexes are sophisticated tools that measure the performance of these longer-dated futures contracts and allow market participants to further diversify their commodities exposure,” said Michael A. Petronella, president, Dow Jones Indexes.
“ETF Securities is pleased to offer investors another world’s first,” said Mark Weeks, Chief Executive Officer, ETF Exchange. “The Dow Jones-UBS Commodity 3-Month Forward Index is now available through an ETF which offers a compelling compromise between reduced roll yield impact and high correlation to commodity spot prices, while following a plain and transparent index methodology.”
The Dow Jones-UBS Commodity Forward Indexes consist of the DJ-UBS Commodity 1-Month Forward Index, the DJ-UBS Commodity 2-Month Forward Index and 3-month forward versions of the DJ-UBS Commodity Index, its 9 Dow Jones-UBS Commodity Sector Sub-Indexes and the 23 Dow Jones-UBS Single Commodity Subindexes.
Further information on the Dow Jones-UBS Commodity Forward Indexes can be found at http://www.djindexes.com.
Source: Dow Jones Indexes
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