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Euro-MPs propose amendments to the European Banking Authority establishment
April 16, 2010--MEPs published yesterday draft amendments to the proposal on establishing a European Banking Authority (EBA). The EBA is a part of the proposed EU institutional framework for financial supervision.
The initial legislative document was presented by the European Commission on 23 September 2009, following the experience of the financial crisis. Commission President Barroso requested a group of high level experts, chaired by Mr Jacques de Larosière, to make proposals to strengthen European supervisory arrangements, with the objective of establishing a more efficient, integrated and sustainable European system of supervision.
Based on the experts' report, the Commission proposed the establishments of a European System of Financial Supervisors (ESFS) and a European Systemic Risk Board (ESRB). The existing European supervisory committees are to be transformed into a European Banking Authority (EBA), a European Insurance and Occupational Pensions Authority (EIOPA), and a European Securities and Markets Authority (ESMA) in order to improve the supervision system and make it more efficient.
The European Parliament published a Draft Report on 10 February 2010 and will vote on the adoption of the proposal at first reading on 4 May.
Procedure File: European Banking Authority EBA: establishment
Source: Eurostat
February 2010 - Euro area external trade surplus 2.6 bn euro - 6.0 bn euro deficit for EU27
April 16, 2010--The first estimate for the euro area1 (EA16) trade balance with the rest of the world in February 2010 gave a 2.6 bn euro surplus, compared with -1.2 bn in February 2009. The January 20102 balance was -9.0 bn, compared with
-12.0 bn in January 2009. In February 2010 compared with January 2010, seasonally adjusted exports rose by 2.7% and imports by 1.5%.
The first estimate for the February 2010 extra-EU271 trade balance was a 6.0 bn euro deficit, compared with -10.7 bn in February 2009. In January 20102 the balance was -22.3 bn, compared with -27.8 bn in January 2009. In February 2010 compared with January 2010, seasonally adjusted exports rose by 3.9% and imports by 2.0%.
These data3 are released by Eurostat, the statistical office of the European Union.
EU27 January 2010 detailed results
The EU27 deficit rose for energy (-21.6 bn in January 2010 compared with ‑20.7 bn in January 2009), but decreased for other manufactured goods (-6.6 bn euro compared with -9.7 bn) and for raw materials (-2.1 bn compared with -2.8 bn). The surplus fell for machinery and vehicles (+2.4 bn compared with +2.9 bn), but rose for chemicals (+6.5 bn compared with +4.2 bn).
EU27 exports to most of its major partners grew in January 2010 compared with January 2009, except for Russia (-6%) and the USA (-2%). The most notable increases were recorded for exports to China (+49%), Turkey (+35%) and India (+29%). The largest increases were recorded for imports from Russia and South Korea (both +26%) and Turkey (+14%), and the largest falls for imports from the USA (‑12%), Norway and Japan (both -9%).
March 2010 - Euro area annual inflation up to 1.4% - EU up to 1.9%
April 16, 2010--Euro area1 annual inflation was 1.4% in March 20102, up from 0.9% in February. A year earlier the rate was 0.6%. Monthly inflation was 0.9% in March 2010.
EU3 annual inflation was 1.9% in March 2010, up from 1.5% in February. A year earlier the rate was 1.3%. Monthly inflation was 0.7% in March 2010.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In March 2010, the lowest annual rates were observed in Latvia (-4.0%), Ireland (-2.4%) and Lithuania (-0.4%), and the highest in Hungary (5.7%), Romania (4.2%) and Greece (3.9%). Compared with February 2010, annual inflation fell in five Member States, remained stable in two and rose in nineteen.
The lowest 12-month averages4 up to March 2010 were registered in Ireland (-2.3%), Portugal (-0.8%) and Estonia (-0.7%), and the highest in Romania (5.0%), Hungary (4.8%) and Poland (3.9%).
Euro area
The main components with the highest annual rates in March 2010 were transport (6.1%), alcohol & tobacco (4.0%), miscellaneous goods and services as well as education (both 1.8%), while the lowest annual rates were observed for food (-0.6%), communications (-0.3%) and clothing (-0.1%). Concerning the detailed sub-indices, fuels for transport (+0.76 percentage points), heating oil (+0.19) and tobacco (+0.10) had the largest upward impacts on the headline rate, while gas (-0.30) and cars (-0.10) had the biggest downward impacts.
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Source: Eurostat
Amundi IS has lists one new ETF on NYSE Euronext’s Paris market today:
April 15, 2010--NYSE Euronext is pleased to announce that Amundi IS has listed one new ETF on NYSE Euronext’s Paris market today:
AMUNDI ETF CAC 40 (D)
ETF ISIN:FR0010878033
ETF Symbol:C4D
ETF Bloomberg Ticker
C4D FP
For more info visit: www.euronext.com/etf
Source: NYSE Euronext
France, Italy demand EU consider carbon tax on imports
April 15, 2010--France and Italy urged Brussels Thursday to consider an EU carbon tax on imports, jointly pressuring the bloc after Paris was forced to abandon the initiative at national level.
Sarkozy and Italian Prime Minister Silvio Berlusconi urged the European Commission to set the terms by which the EU could tax imports from non-EU countries whose industries are not subjected to the same pollution-fighting rules.
The bloc's executive arm must "specify without reservation the conditions in which such an adjustment mechanism could be set up" at EU borders, the leaders wrote to the commission's head Jose Manuel Barroso.
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Source: EUbusiness
STOXX launches EURO STOXX 50 Dividend Points Futures Index
April 14, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the EURO STOXX 50 Dividend Points Futures Index. The new index measures the performance of a hypothetical portfolio, in which an equal amount is invested into the one to five year EUREX futures contracts listed on the EURO STOXX 50 Dividend Points (DVP). The futures contracts are fully collateralized by a daily investment into the EONIA market (Euro OverNight Index Average).
The EURO STOXX 50 Dividend Points Futures Index has been licensed to Lyxor ETF to underlie an exchange-traded fund (ETF) which will be available in the next couple of weeks.
“The EURO STOXX 50 Dividend Points Futures Index is the newest addition to STOXX’s strategy index family, and also proof of our commitment to the development of innovative index concepts,” said Hartmut Graf, chief executive officer, STOXX Ltd. “The unique methodology of this new index provides market participants with a single sophisticated tool to measure the performance of a portfolio of multiple equal weighted futures contracts listed on the pure dividend points of the EURO STOXX 50 Index. Dividends as a separate asset class are becoming directly investable for the first time through this new index.”
"With the launch of the Euro STOXX 50 Dividend Points Futures Index, STOXX has brought a major innovation to the investment world, and is now able to provide investors with a privileged access on dividends as a true asset class. This new index constitutes an additional building block to investors seeking diversification and a reduced volatility,” said Isabelle Bourcier, global head of Lyxor ETF. The EURO STOXX 50 Dividend Points Futures Index replicates an investment strategy in which -- at a futures settlement date -- an equal amount of money is invested into the one, two, three, four and five year EUREX futures contracts listed on the EURO STOXX 50 Dividend Points (DVP). The investment in these contracts is fully collateralized by an investment of the index notional into the EONIA market. The interest earned from this collateralization is re-invested into the futures portfolio on a daily basis. Until the next settlement date, the index value represents the value of this portfolio of futures contracts. At the next settlement date, the shortest futures contract is settled and the portfolio is re-invested into an equal amount of one, two, three, four and five year futures contracts – the index rolls into its next stage.
The EURO STOXX 50 Dividend Points Futures Index is part of the STOXX Strategy Index family. It is based on the EURO STOXX 50 DVP, which is the first official calculation product to provide pure dividend data of the EURO STOXX 50 Index. Further information on the STOXX Strategy Indices is available at www.stoxx.com
Source: STOXX
EuroCCP Launches Clearing Service For US Equity Issues - First European Equities Clearing Service That Supports Trading Of US Securities During European Trading Hours With Settlement In DTC
April 14, 2010-- EuroCCP announced today that it has launched a new service offering central counterpary clearing of trades in US stocks and US exchange-traded funds (ETFs) to European trading firms. EuroCCP is the first European equities central counterparty (CCP) clearing US securities and settling them directly in the central securities depository in their home market of issue, The Depository Trust Company (DTC).
EuroCCP’s new service gives European trading firms their first-ever opportunity to trade US securities on a variety of pan-European platforms during European trading hours and to settle those trades in DTC. By offering a service where US securities settle directly at the US CSD, EuroCCP provides European trading firms with a more cost-effective post-trade solution.
Its clearing service for US issues allows EuroCCP to extend the efficiency, cost-saving and counterparty risk protection benefits it already provides to clients’ European-listed securities transactions to US stock and US ETF transactions. Initially, the US securities eligible for clearing through EuroCCP include approximately 100 stock issues and 50 ETFs. EuroCCP expects over time to expand the scope of eligible instruments to further equities, ETFs, and to ADRs.
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Source: EuroCCP
FESE European Equity Market Report – March 2010 Figures
April 14, 2010--The March FESE European Equity Market Report is now available.
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Source: FESE
EEX copes with financial market crisis with a dip in growth in
April 14, 2010--Sales and profit situation stable in spite of decline in trading by participants from
the financial markets – Trade volumes from energy sector increase further –
Cooperation with Powernext implemented – Structures and processes strengthened
further – Positive outlook for 2010
The financial market crisis has had a considerable impact on
the past financial year 2009 of European Energy Exchange AG (EEX). This was primarily
due to the decline in trading activities by participants from the financial market
sector on the Power Derivatives Market, which could not be fully offset by the
increased trade volumes generated by the participants from the energy sector. In spite
of these adverse effects, however, the sales and profit situation of EEX remained stable
during the financial year 2009. “EEX has generated good results even under the difficult
conditions of the past year“, Iris Weidinger, Chief Financial Officer of EEX AG,
comments.
The consistently high trust which the market, the trading participants and the partners place in the stability of the EEX exchange platform, its structures, processes and the security constituted an essential factor for the development of business which was satisfactory overall with regard to the economic situation. “
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Source: EEX
Turquoise To Launch US Equity Trading
April 14, 2010--The London Stock Exchange PLC (LSE.LN) said Wednesday that Turquoise is to expand its trading services into U.S. securities, leveraging the relationship between Euro CPP and DTCC.
-From April 23, Turquoise will offer trading in 175 of the most liquid U.S. equities, ADRs and ETFs.
-Trading will be in U.S. dollars, with clearing through Euro CCP and settlement in DTC.
-Trading service will be free for three months, with a maker-taker basis points tariff introduced thereafter.
-Shares at 0905 GMT up 1 pence, or 0.1%, at 758.5 pence valuing the company at GBP2.06 billion.
Source: ADVFN
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