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Activists stir among UK investment trusts
April 2, 2010--Activism is returning to the investment trust sector as shareholders seek to improve returns from struggling trusts.
A number of investment companies have suffered in the downturn. They have lost assets under management and seen their shares slide to wide discounts to their underlying holdings.
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Source: FT.com
Italian official public deficit is 5.2 per cent of GDP
April 1, 2010-- Italy's public deficit shot up to 5.2 percent of output in 2009 from 2.7 percent in 2008, the statistics agency ISTAT said on Friday in a downward revision of a previous estimate of 5.3 percent.
The deficit, far above the eurozone limit of 3.0 percent of gross domestic product (GDP), is lower than that of many other countries in the 16-nation zone which, unlike Italy, funded stimulus programmes to fight the global financial crisis.
ISTAT said it revised downward its March 1 estimate by one-tenth of a percentage point after leaving out certain financial operations.
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Source: EUbusiness
NASDAQ OMX Starts Trading in Ten New ETFs From Deutsche Bank
April 1, 2010--NASDAQ OMX today starts trading in ten new Exchange Traded Funds (EFTs) from Deutsche Bank's db x-trackers ETF platform. The ETFs from Deutsche Bank that are available for trading on NASDAQ OMX Stockholm as of today are based on the following indexes:
MSCI World Index
MSCI Europe Index
MSCI Japan Index
MSCI USA Index
DAX Index
Short Dax Index
DJ Stoxx Banks Index
DJ Euro Stoxx 50 Short Index
S&P 500 Inverse Index
DJ Stoxx 600 Banks Short Index
Jenny Rosberg, Senior Vice President NASDAQ OMX, said, "We are pleased to today be able to expand on our ETF offering from Deutsche Bank with ten new exciting products. Deutsche Bank's entry into the Nordic ETF market provides easy and cost-efficient access to a wide variety internationally recognized indices, and will act to grow the interest for ETFs in the region."
Thorsten Michalik, Head of db x-trackers ETFs at Deutsche Bank, commented, "We want to broaden the choice of ETF products available to Nordic investors. As the first foreign ETF issuer in the Nordic region we look forward to growing the popularity of ETFs in the region and will continue to introduce further products on international indexes as well as asset classes like commodities and fixed income."
Source: NASDAQ OMX
CESR consults on micro-structural issues of the European equity markets
April 1, 2010--CESR publised today a call for evidence on micro-structural issues of the European equity markets.
This call for evidence shall assess the impact of some of the latest developments in European equity markets and may also inform aspects of this year’s MiFID review. Specifically, CESR seeks information on high frequency trading, sponsored access, co-location services, fee structures, tick size regimes, and indications of interest.
CESR invites responses to this call for evidence by 30 April 2010. All contributions should be submitted online via CESR’s website under the heading ‘Consultations’
view the Call for Evidence-Micro-structural issues of the European equity markets
Source: CESR
Xetra turnover up 10 percent in March
April 1, 2010--In March, 110.2 billion euros were traded on Xetra and on the floor at Börse Frankfurt – an increase of 9 percent year-on-year (March 2009: 100.9 billion euros). Of the 110.2 billion euros, 103.3 billion euros were traded on Xetra, an increase of 10 percent year-on-year (March 2009: 93.8 billion euros). 6.9 billion euros were traded on the floor, a decrease of 3 percent (March 2009: 7.1 billion euros).
Turnover in German equities on Deutsche Börse’s cash markets amounted to 95.2 billion euros, while foreign equities turnover stood at 11.9 billion euros. Xetra and the floor at Börse Frankfurt accounted for 96 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 March, 14.9 million transactions were executed on Xetra, a decrease of 5 percent against the same period last year (March 2009: 15.7 million).
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Source: Deutsche Börse
Massimo Capuano To Leave London Stock Exchange Group - Raffaele Jerusalmi To Become CEO Of Borsa Italiana
April 1, 2010--London Stock Exchange Group (LSEG) announces today that Massimo Capuano Deputy CEO of LSEG and CEO of Borsa Italiana has resigned from the Company, handing over the role of CEO of Borsa Italiana to Raffaele Jerusalmi.
While his decision to leave the LSEG Board and hand over executive responsibilities takes effect from the end of the financial year, 31 March 2010, Massimo has agreed to remain a board member of Borsa Italiana for a further four months given his unparalleled experience of, and high standing within, the Italian marketplace.
As CEO of Borsa Italiana since 1997, Massimo led the company’s privatisation and subsequent growth and development into one of Europe’s most successfully integrated and efficient markets. Since the completion of Borsa Italiana’s merger with London Stock Exchange Group in 2007, Massimo has overseen technology integration, post-trade development as well as regulatory and institutional affairs at Group level.
Commenting on Massimo’s decision, Chris Gibson-Smith, Chairman of LSEG, said:
“The Board would like to offer its gratitude to Massimo for his years of service leading Borsa Italiana, and his role in the enlarged group following the merger. Massimo has been a great champion for the increased efficiency, competitiveness and internationalisation of the Italian marketplace, and the success of Borsa Italiana reflects his leadership. He leaves with our best wishes for the future.”
Massimo Capuano said:
“I am proud of Borsa Italiana’s achievements over the past 12 years. We have grown significantly both in size and stature and have developed world-class products and services across different assets classes and through the value chain. The company is now an integral and valued part of London Stock Exchange Group and as such is an important player on the world stage.”
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Source: Borsa Italiana
Publication of the Finance Bill
April 1, 2010--The Government is today publishing the 2010 Finance Bill. The Bill will enact many of the measures that the Chancellor set out in his Budget statement and represents a key step in delivering strong, sustainable growth to secure the recovery and meeting the commitment to halve the deficit over four years.
The Financial Secretary to the Treasury, Stephen Timms, said:
“The Government has taken unprecedented action to support the economy through the recession.The Finance Bill published today will help to secure the recovery by introducing further targeted support for businesses and households. Following its passage, around half the tax measures we have announced to halve the deficit will have been passed into law.”
The Lobby Notes, published today, briefly describe the clauses and schedules in the Bill and can be found on the HM Treasury website.
More detailed Explanatory Notes on clauses are available from Stationery Office bookshops and also on HM Treasury website.
Further details on the Bill will be published on the Parliament website and HM Treasury and HM Revenue & Customs websites as the Bill progresses through Parliament.
view Finance Bill 2010
Source: HM Treasury
France wants new bank tax to cover hedge funds
April 1, 2010--A proposed new French tax on banks could also apply to hedge funds as part of an effort to ward off reckless behaviour, Finance Minister Christine Lagarde said Thursday.
"There has to be a taxation mechanism that makes bankers and other players more responsible," said Lagarde in an interview to Canal+ television.
"In particular, financial players such as hedge funds could very well be subjected to this tax."
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Source: EUbusiness
Euro manufacturing defies March forecast
April 1, 2010-- Manufacturing in the eurozone defied forecasts in March, hitting a 40-month high, according to a sector survey released Thursday by data and research group Markit.
The 16-nation euro currency bloc's purchasing managers' index (PMI) for the manufacturing sector, published by Markit, rose 2.4 points from February to 56.6 points in the month of March.
In an estimate last week, Markit set the March index at 53.3 points.
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Source: EUbusiness
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 26-Mar-10
April 1, 2010--Highlights
The largest sector ETF inflows were in banks with USD158.9m and Telecommunications with USD11.7m.
Utilities experienced net outflows of USD43.5m.
Year-to-date, media has had the largest net inflows with USD290.8m net new assets, followed by banks with USD126.4m YTD.
Telecommunications sector ETFs have had the largest net outflows with USD283.7m YTD.
Stoxx 600 sector ETFs have seen USD243.7m net inflows YTD.
visit Blackrock for more information
Source:ETF Research and Implementation Strategy, Blackrock
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