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Greek bonds falter again, Portugal raises two billion euros
April 14, 2010--Greece was back under pressure on Wednesday as investors demanded higher borrowing rates to take its bonds while Portugal, also facing debt problems, successfully raised two billion euros.
The turnaround for Greece was unwelcome, reversing gains made since an EU-IMF debt contingency plan was agreed Sunday even as the government got its new tax regime through parliament, a key step to improving the public finances.
The yield, or the rate of return paid on Greek 10-year benchmark bonds jumped to 7.034 percent in late trade Wednesday, up from 6.815 percent on Tuesday and 6.637 percent on Monday.
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Source: EUbiusiness
Industrial production up by 0.9% in euro area Up by 0.7% in EU27
February 2010 compared with January 2010
April 14, 2010--In February 2010 compared with January 2010, seasonally adjusted industrial production1 grew by 0.9% in the euro area2 (EA16) and by 0.7% in the EU272.
In January 20103 production increased by 1.6% and 1.7% respectively. In February 2010 compared with February 2009, industrial production increased by 4.1% in the euro area and by 3.5% in the EU27. These estimates are released by Eurostat, the statistical office of the European Union.
Monthly comparison In February 2010 compared with January 2010, production of intermediate goods increased by 1.5% in the euro area and by 1.4% in the EU27. Capital goods rose by 0.9% and 0.6% respectively. Non-durable consumer goods fell by 0.2% in the euro area and by 0.6% in the EU27. Production of energy decreased by 0.4% and 1.6% respectively. Durable consumer goods dropped by 0.6% in the euro area and by 0.2% in the EU27.
Among the Member States for which data are available, industrial production rose in seven, fell in thirteen and remained stable in France and Italy. The highest increases were registered in Slovenia (+6.4%), Luxembourg (+3.6%) and Denmark (+1.8%), and the largest falls in Bulgaria (-5.7%), Latvia (-3.0%) and Greece (-2.9%).
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Source: Eurostat
Greek bailout masks Argentine slippery slope: analysts
April 14, 2010--Europe's bailout will only stick a patch on Greek finances and do nothing for the euro's long-term health, with the slippery slope to an Argentina-style default a real concern, analysts warn.
"It all seems horribly reminiscent to those early days when Argentina slid towards a cruel collapse," said Canadian Peter Boone, a research associate at the London School of Economics, in a detailed paper that argued against International Monetary Fund support.
Money simply "gives time to politicians to understand that the situation is very serious -- and that can have very serious consequences" if leaders do not take appropriate measures, added Zsolt Darvas, a research fellow at the Bruegel Institute in Brussels.
Amundi ETF registers 46 products in the Netherlands Valérie Baudson, Director of Amundi ETF comments: “Our entry into the Dutch market is definitely a key element in our expansion strategy. These newly-registered ETFs will give Dutch investors local access to a wide series of tools, supported by three key strengths which characterise the Amundi ETF range: competitive prices, high quality products and continuous innovation." The Amundi ETF range is distributed throughout Europe by dedicated sales teams at both Amundi and CA Cheuvreux. Thierry Ancona, Head of Sales Continental Europe at CA Cheuvreux, adds, “The Dutch market is one of the leading European markets by volume of ETF transactions. The registration of Amundi ETF products on this market establishes a fundamental step in the development of CA Cheuvreux’s service to Dutch institutions.” “The local registration of ETFs constitutes the first step of our ETF distribution activities in the Netherlands,” added Eric Van Eyken, General Manager at Amundi Benelux. “Thanks to its competiveness, innovation, transparency, and negotiability, our ETF range offers all of the characteristics required to meet the demands of the financial market players in the Netherlands.” read more NASDAQ OMX To Launch Nordic Fund Market
The Swedish fund market has experienced significant growth during the last decades, with over 1.600 billion SEK in AUM (Assets Under Management) in 2009 and more than 4000 funds registered. Funds from Fidelity International, one of the world's leading fund companies, will be available on the new platform from start.
Asgeir Thordarson, Head of Fidelity's business in the Nordic Region commented, "We believe that initiatives to automate fund transactions are positive for the whole industry and that these efficiency gains will benefit all parties, including the end investor." read more Introduction Of The FTSE MIB Dividend Futures On The IDEM, The Derivatives Market Of Borsa Italiana
Liquidity on the new product will be supported by a dedicated market making scheme with obligations on all listed expiries and on a continuous basis.
Nicolas Bertrand - Head of Equity Markets and IDEM of London Stock Exchange Group – said “the launch of these new futures contracts will allow traders to hedge their position against dividend risk on the Italian market. FTSE MIB Dividend Futures are complementing the range of products available on IDEM, giving traders further opportunities to structure trading strategies on the basis of their dividend expectations.
We are also very pleased to welcome BNP Paribas and Société Générale as market makers on the new contract; this will allow the new contracts to develop thanks to enhanced liquidity provided on a continuous basis”.
Mark Makepeace - CEO, FTSE Group - commented that “the new FTSE MIB Dividend index futures will be useful to both local and international investors and will help to promote further investment in the Italian market place.” New issuer lists exchange traded funds (ETFs) on SIX Swiss Exchange
Bond underlyings
Crédit Agricole Cheuvreux will be acting as market maker for all ETFs on equity
underlyings. For all ETFs on bond underlyings, Société Générale will be acting
as market maker. London Stock Exchange celebrates ten years of ETF trading Trading activity in ETFs has seen constant year-on-year growth. There has been an average annual growth rate of 69 per cent in the value of ETFs traded, and an average annual growth rate of 100 per cent in the total number of trades. The range of products available has diversified to include ETFs which track indices based on companies in emerging economies, cleantech and carbon neutral firms and businesses which are Shariah compliant.
To mark the occasion, the Exchange is today welcoming ETF industry specialists to a series of presentations, panel discussions and seminars at its Paternoster Square headquarters. read more Oslo Børs: New Trading System For Equities And Fixed Income Instruments
"We are delighted that Oslo Børs' migration has been successfully completed. Our strategic partnership with Oslo is an important relationship for the Exchange and we are pleased to be able support Oslo Børs in its ongoing development of a more efficient and liquid Scandinavian marketplace.", says Xavier Rolet, Chief Executive of London Stock Exchange Group.
The strategic partnership between the London Stock Exchange Group (LSEG) and Oslo Børs was announced in March 2009. In December 2009, both Oslo Børs and LSEG’s subsidiary EDX London implemented the SOLA trading system for derivatives. Now that TradElect and Infolect are in production, all trading carried out on the marketplaces operated by Oslo Børs uses technology supplied by LSEG. Oslo Børs is an international marketplace, and foreign investors account for a large proportion of daily trading. More than half the exchange’s members are foreign investment firms, and a large proportion of these are based in London. TradElect has been in use for trading on the London Stock Exchange for several years, so many of the Oslo Børs member firms are already familiar with this system.
“The London Stock Exchange has over 400 members, and we believe that Oslo Børs will now be able to attract even more investment firms as members and so increase both distribution and liquidity for our marketplaces”, adds Bente A. Landsnes. read more CESR Begins Overhauling MiFID By Consulting On Policy Options CESR Technical Advice to the European Commission in the Context of the MiFID Review - Equity Markets View the CESR Technical Advice to the European Commission in the context of the MiFID Review – Transaction Reporting If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: EUbusiness
April 14, 2010--Amundi ETF, expertise of Amundi group – the asset management company of Crédit Agricole and Société Générale – today announces the registration of 46 Exchange Traded Funds (ETFs) in the Netherlands. This registration is in line with the international development strategy of Amundi ETF which consists of launching cross-registrations and/or multi-listings processes throughout Europe.
The Amundi ETF range comprises 78 products which, with management fees 20% below the average in Europe*, are characterised by their highly competitive price structure. European investors had access to the Amundi ETF range products on three major European stock exchanges: NYSE Euronext Paris, Deutsche Borse and Borsa Italia. As of now, Dutch investors have access through a local registration.
Source: Amundi
April 14, 2010--NASDAQ OMX announces that it will launch a new Nordic fund market aimed at investment fund distributors. The Nordic Fund Market (NFM) intends to provide an electronic alternative to manage the transactions between fund distributors and fund management companies. Today these transactions are predominately handled manually via fax. NFM will launch in Sweden at the end of April this year with the goal to eventually roll out the offering in all Nordic countries.
Erik Thedéen, President at NASDAQ OMX Stockholm said, "As the number of fund transactions continues to grow there should also be an infrastructure in place that can accommodate this increase in demand. Through NFM we are offering an electronic platform that will raise the general security in the system and enable efficiency and transparency advantages that will benefit the entire fund industry."
Source: NASDAQ OMX
April 14, 2010--Starting from Monday, 19 April 2010, the futures on the FTSE MIB Dividend index will be listed on the IDEM, the Derivatives Market of Borsa Italiana.
The futures contract on the FTSE MIB Dividend index (FDIV) allows traders to take positions on the basis of their dividends expectations without being exposed to price movements in the FTSE MIB stocks determined by other factors, or to hedge positions taken on the FTSE MIB index from the effects of the dividends distributed by the issuers.
Accordingly, the value of the futures contract incorporates all the expectations for the distribution of dividends made during the year by the companies making up the FTSE MIB index. As companies pay their dividends, the expectations incorporated in the futures price refer only to the distributions made by the remaining companies.
Source: Borsa Italiana
April 13, 2010--SIX Swiss Exchange is pleased to welcome Amundi Investment Solutions as a new issuer in the exchange traded funds segment. Ten new products have been
listed, bringing the total number of ETFs in the segment to 331. They are:
Equity underlyings
AMUNDI ETF DOW JONES EURO STOXX 50
AMUNDI ETF DOW JONES STOXX 600
AMUNDI ETF EURO CORPORATES
AMUNDI ETF GOVT BOND EUROMTS BROAD
AMUNDI ETF LEVERAGED DOW JONES EURO STOXX 50
AMUNDI ETF LEVERAGED MSCI EUROPE DAILY
AMUNDI ETF MSCI EUROPE
AMUNDI ETF MSCI EUROPE EX SWITZERLAND
AMUNDI ETF SHORT DOW JONES EURO STOXX 50
AMUNDI ETF MSCI BRAZIL
AMUNDI ETF EURO CORPORATES
AMUNDI ETF GOVT BOND EUROMTS BROAD
Source: SIX Swiss Exchange
April 13, 2010--The London Stock Exchange is today celebrating ten years since the first Exchange Traded Fund (ETF) was admitted to its markets.
A decade after iShares launched its product tracking the FTSE 100 index, there are now over 240 ETF products available for trading on the Exchange, from nine separate issuers.
Source: London Stock Exchange
April 13, 2010--After a successful launch 12 April, Oslo Børs has now started to use the TradElect trading system for equities and fixed income securities together with the Infolect system for market data. The new trading system will make trading on Oslo Børs even more efficient, and will help to strengthen the Norwegian securities market, improve the profile of listed companies and increase the exchange’s competitiveness.
“An important element of our strategic partnership with the London Stock Exchange Group is using the same trading systems as the London Stock Exchange. Collaborating on technology strengthens our international distribution network, and helps to generate even greater interest in the Norwegian market”, explains Bente A. Landsnes, President and CEO of Oslo Børs.
Source: Oslo Bors
April 13, 2010--CESR publishes today three consultation papers on its technical advice to the Commission. The papers are to be seen in the context of reviewing MiFID, the Markets in Financial Instruments Directive that entered into force in November 2007. The review includes proposed technical advice by CESR on investor protection and intermediaries (Ref. CESR/10-417), equity markets (Ref. CESR/10-394) and transaction reporting (Ref. CESR/10-292). CESR invites stakeholders to comment on all of the three consultation papers by 31 May 2010.
Since MiFID’s entry into force, European financial markets have undergone a fundamental restructuring. For instance, markets have seen greater competition and more pan-European trading, the emergence of dark pools, consolidation between exchanges, improvements in trading technology as well as other innovations, such as smart order routing, algorithmic trading and new clearing arrangements. In its three consultation papers, CESR addresses areas of the MiFID legal framework where it has identified a need for improvement, including quality, cost and consolidation of post-trade transparency data and delays in the publication of such data. Furthermore, with the global financial crisis in the background, regulators have seen a need to focus more on selling practices for certain financial instruments, in order to further improve the protection of investors, in particular retail investors.
Source: CESR
