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Eurozone manufacturing hits two-year high
February 1, 2010--Manufacturing in the eurozone hit a two-year high in January, with Germany and France leading the way for post-recession Europe as Spain and Greece fell further behind, a survey showed Monday.
The 16-nation euro currency bloc's purchasing managers' index (PMI) for the manufacturing sector, published by data and research group Markit, rose to 52.4 points in January from 51.6 points in December.
This was the highest level for two years and continued the upward progression from a record low seen last February.
18 percent rise in turnover on Deutsche Börse’s cash markets in January
14.5 million trades executed on Xetra/ Total volume of 118.7 billion euros traded on all stock exchanges in Germany
February 01, 2010--In January, 106.2 billion euros were traded on Xetra® and on the floor at Börse Frankfurt – an increase of 18 percent year-on-year (January 2009: 90.1 billion euros). Of the 106.2 billion euros, 98.9 billion euros were traded on Xetra, an increase of 17 percent year-on-year (January 2009: 84.2 billion euros). 7.4 billion euros were traded on the floor, an increase of 26 percent (January 2009: 5.8 billion euros).
Turnover in German equities amounted to 89.9 billion euros, while foreign equities turnover stood at 12.8 billion euros. Xetra and the floor at Börse Frankfurt accounted for 97 percent of the transaction volume in German equities on all stock exchanges in Germany. 91 percent of foreign equities traded on stock exchanges in Germany were traded on Xetra and on the floor in Frankfurt.
In January, 14.5 million transactions were executed on Xetra, a slight decrease against the same period last year (January 2009: 14.6 million).
According to the Xetra liquidity measure (XLM), Siemens AG was the most liquid DAX® blue chip in January with 6.5 basis points (bp) for an order volume of 100,000 euros. HeidelbergCement AG was the most liquid MDAX® stock with 15.6 bp. The most liquid ETF was the db-x-trackers II EONIA T.R. 1C with 0.4 bp. The most liquid foreign stock was Total S.A. with 14.1 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 January at 6.6 billion euros. HeidelbergCement AG was the top MDAX stock at 1.2 billion euros, while KUKA AG led the SDAX® stocks at 29.4 million euros and Aixtron AG headed the TecDAX® at 715.0 million euros. At 1.5 billion euros, the iShares DAX was the exchange-traded fund with the highest turnover.
On all stock exchanges in Germany 118.7 billion euros were traded in January according to orderbook turnover statistics – an increase of 13 percent compared year-on-year (January 2009: 105.5 billion euros). This total includes 109.3 billion euros in equities, warrants and exchange-traded funds, as well as 9.4 billion euros in fixed-income securities.
Flash estimate - January 2010 Euro area inflation estimated at 1.0%
January 29, 2010--Euro area1 annual inflation2 is expected to be 1.0% in January 2010 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 0.9% in December 2009..
Computation of flash estimates Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available4 as well as early information about energy prices.
The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro area. No detailed breakdown is available. Experience has shown the procedure to be reliable (18 times exactly anticipating the inflation rate and 6 times differing by 0.1 over the last two years). Further information can be found in Eurostat News Release 113/2001 of 5 November 2001.
EU clears Deutsche deal for Sal. Oppenheim
January 29, 2010--European regulators on Friday cleared a 1.0-billion-euro (1.39 billion dollars) deal for Germany's biggest lender Deutsche Bank to buy Sal. Oppenheim, a Luxembourg-based private banking group.
The takeover marks the end of Sal. Oppenheim's independence since it was founded in 1789.
"The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the banking group Sal. Oppenheim by Deutsche Bank," a statement said.
A European Commission investigation found that "the horizontal overlaps between the activities of Deutsche Bank and Sal. Oppenheim, such as the distribution of mutual funds and the provision of private banking services, are limited" and therefore no impediment to approval.
UBS launches ETN linked to S&P 500 Gold Hedged Index
January 29, 2010--UBS Investment Bank has expanded its UBS E-Tracs exchange-traded notes platform by adding an ETN linked to the S&P 500 Gold Hedged Index.
The UBS E-Tracs S&P 500 Gold Hedged ETN has begun trading on NYSE Arca under the ticker symbol, SPGH, and provides an accessible way to gain exposure to the S&P 500 while using gold as a hedge against declines in the value of the US dollar.
SOURCE Announces Launch Of Its Russian ETF: (RDX Source ETF)
January 28, 2010--Source is pleased to announce the launch of its Russian ETF
(RDX Source ETF) which is linked to the Wiener Börse’s Russia Depository Price Return Index (RDX). This is the first Russian ETF in the European Market to be denominated and traded in US dollars.
The ETF pays quarterly dividends distribution. In Russia there are often discrepancies between announced and paid dividend which leads to inefficiencies and smaller payouts to
ETF investors. The RDX Source ETF will distribute the dividend equivalent to the amounts actually received with respect to the companies included in the RDX index, creating a more
effective passive trading product.
RDX is a capitalisation-weighted price index and is made up of ADRs/GDRs of Russian blue chip stocks, which are continuously traded at London Stock Exchange (LSE). Calculated in
USD and disseminated in real-time by Wiener Börse. The initial level of the RDX was set to 1,000 as of 8 October 1997.
Product Name :RDX Source ETF
Bloomberg Ticker:RDXS LN
Fund and trading currency :USD
Listing :London Stock Exchange (LSE)
Index Name :Russian Depository Price Return Index (RDX)
Index Ticker:RDXUSD
Hampton review concludes the Pensions Regulator has successfully embedded Better Regulation
January 29, 2010--The Better Regulation Executive (BRE) and National Audit Office (NAO) have today published the report of their independent review into the Pensions Regulator's risk-based approach to regulation.
One of a series of reviews to audit national regulators' performance against the Better Regulation agenda, the report concludes that the regulator has thoroughly embedded the Hampton principles at both operational and strategic levels - and identifies examples of good practice across the range of areas.
The report highlights a number of key strengths at the regulator, including:
a pragmatic approach - responsive to changing economic circumstances and business needs;
a risk-based approach integrated in the culture of the organisation; good stakeholder relations and a willingness to consult meaningfully and transparently with the pensions community;
effective systems for identifying and addressing risks to pension schemes proportionately, allocating resources to the most serious issues on the basis of an assessment of these risks;
a learning culture within the organisation; a clear and developing evidence base as the foundation for regulation.
Welcoming the report, Angela Eagle, Minister of State for Pensions and the Ageing Society said:
"Effective regulation to protect members' benefits is essential work. Recognition for implementing good practice is a testament to the ongoing efforts of this important organisation."
view the The Pensions Regulator
A Hampton Implementation Review Report
Review of internal controls code of practice and guidance
January 29 2010--A review of the Pensions Regulator's Internal Controls code of practice and guidance is underway.
A questionnaire has today been published on the Pensions Regulator website and we are calling for views from the industry to help aid the review - we would be grateful for your input. To give your feedback visit:
http://www.thepensionsregulator.gov.uk/surveys/internalcontrols/intcontrolssurvey.htm
The regulator is reviewing the code and guidance as part of its commitment to ensuring that materials available for trustees, employers and professionals remain fit for purpose.
The Internal Controls code, published in November 2006, and supporting documents help trustees and managers of occupational pension schemes to meet legislative requirements, and outline the regulator's expectations in relation to the assessment of risk, implementation and review of adequate internal controls.
CESR reviews the application of guidelines to simplify the notification procedures of UCITS across Europe
January 29, 2010--CESR publishes today the results of a peer review (Ref. CESR/09-1134) of how its Members across Europe apply CESR guidelines to simplify the notification procedures of Undertakings for Collective Investments in Transferable Securities (UCITS). A stock-take has been conducted during the course of 2008, looking into the degree of application of 13 CESR guidelines for the notification of UCITS by the 27 CESR Members. The results published today reflect the situation of the cut-off day set for the review which was 1 April 2008.
The work carried out by the Review Panel in the form of peer reviews contributes to achieve CESR’s objectives of increasing supervisory convergence amongst its Members through peer pressure as well as increasing transparency of implementation.
Carlos Tavares, Vice-Chair of CESR and Chair of the Portuguese Comissão do Mercado de Valores Mobiliários (CMMV), Chair of the Review Panel that conducted the survey, stated:
“Today’s publication shows the importance of creating peer pressure amongst CESR Members in order to achieve greater convergence. The Review Panel will continue to maintain pressure for supervisory convergence and notes that with the implementation of the UCITS IV Directive and following Level 2 legislation, remaining uneven levels, for instance with regard to electronic filing, will be resolved.”
The report provides evidence of the level of application of the CESR guidelines on notification procedures for UCITS in the CESR Membership. Out of the 13 CESR guidelines for UCITS notification, seven had been identified as key guidelines according to the CESR self-assessment (Ref. 08-113) published on the CESR website, namely the notification letter (guideline 1), possible grounds to refuse notification (guideline 2), the starting of the two-month notification period (guideline 4), the maximum two-months period to check information (guideline 5), the requirement to submit the latest version of the notification documents and certification of them (guideline 7), and marketing of only part of an umbrella fund and the single notification letter for several sub-funds and cross-reference (guideline 10).
CESR starts consulting on guidance how to report transactions on OTC derivative instruments
January 29, 2010--CESR published today a consultation paper on guidance how to report transactions on OTC derivative instruments. The consultations seeks vies by market participants on the proposed guidance by CESR.
Today's publication is accompanied by a feedback statement on the consultation on “Classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports amongst CESR Members” and a second paper summarising decision on the technical standards by CESR Members.
