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Greece sells 1.56 bln euros in Treasury bills
April 13, 2010--Debt-ridden Greece raised 1.56 billion euros in a heavily oversubscribed auction for 26- and 52-week treasury bills Tuesday, in a successful first attempt to borrow since details were announced of a eurozone and International Monetary Fund rescue package over the weekend.
But although investors flocked to buy the issues, the interest rate was punishingly high compared to Greece’s previous short-term debt auction. Greece’s government has said it can’t go on paying high market interest rates as it seeks to roll over debt and avoid default. It is hoping the eurozone rescue package -- which it could tap as a last resort -- will restore market confidence and eventually drive rates down. Athens’ debt crisis has undermined the euro currency and raised fears of a wider government debt crisis affecting other financially troubled governments such as Portugal and Spain.
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Source: Todays Zaman
Clearstream Organizes First Global Securities Financing Conference in Asia
April 13, 2010--Clearstream, the international central securities depository within Deutsche Boerse Group, is holding its first Global Securities Financing (GSF) conference Asia, in Singapore on April 22.
The keynote speaker will be Ng Nam Sin, Assistant Managing Director, Development Group, the Monetary Authority of Singapore (MAS).
The conference is expected to attract fixed income and equities repo (repurchase agreement) dealers, collateral traders, securities lenders and borrowers, treasury managers and money market professionals from central banks, commercial banks and financial institutions.
For Stefan Lepp, Head of GSF services at Clearstream who will chair the meeting, “this first GSF conference Asia will allow participants to discuss the current market conditions and the future trends in the region. It will also serve to present the global liquidity and risk management solutions which Clearstream is bringing to the Asian markets and it illustrates Clearstream’s commitment towards the APAC region. After establishing a full branch in Singapore last November and extending settlement to 21 hours /24, Clearstream is now pleased to bring its GSF expertise and staff to Asia to support the development of a secured local and cross continental market."
The financial crisis and the subsequent freeze on money markets have shed light on securities financing mechanisms which provide much of the liquidity to the world’s capital market. They involve, among others, the temporary exchange of securities, usually for other securities or for cash of an equivalent value (the collateral) with an obligation to redeliver a like quantity of the same securities at a future date.
Clearstream offers a wide range of collateral management services together with a suite of securities lending products under the name of Global Securities Financing (GSF) services. In 2009, GSF services monthly average outstanding broke the €500 billion mark illustrating the growing importance of secured financing
Source: Clearstream
Pension schemes turn small surplus ECB and European Commission hold joint conference on “Financial integration and stability: the legacy of the crisis”
In his introduction, Jean-Claude Trichet, President of the ECB, said, “This joint conference illustrates the long-standing cooperation between the ECB and the Commission in the area of financial integration. Cooperation has recently included also the preparation for the launch of the European Systemic Risk Board. In the years ahead, preserving financial stability and promoting further integration of European financial markets will require consistent action by all policymakers, at European and national level. ”
read more STOXX Further Expands Strategy Index Series “The STOXX Europe 600 Daily Short and STOXX Europe 600 Daily Double Short Supersector Indices complement our existing range of short and double short index strategies on the STOXX Europe 600 Index and its supersectors,” said Hartmut Graf, chief executive officer, STOXX Ltd. “The new indices are based on a unique and innovative methodology which is aimed at market participants who seek leveraged upside exposure during bearish market environments.” The STOXX Europe 600 Daily Short Index is linked to the daily performance of the STOXX Europe 600 Gross Return Index in an inverse way – a negative performance of the STOXX Europe 600 Gross Return Index results in a positive performance of the STOXX Europe 600 Daily Short Index, and vice versa. The STOXX Europe 600 Supersector Daily Double Short Indices replicate a double short investment strategy that is inversely linked to twice the performance of the STOXX Europe 600 Gross Return Supersector Indices. A negative performance of a STOXX Europe 600 Supersector Index results in twice the positive change in its respective STOXX Europe 600 Supersector Daily Double Short Index, and vice versa. The new indices are calculated in Euro. Daily historical index values are available back to December 31, 1999. The cost of dividends, cost of borrowing and the benefit of earning interest are also taken into account in the calculation of the new indices. The STOXX Europe 600 Daily Short and STOXX Europe 600 Supersector Daily Double Short indices are part of the STOXX Strategy Index family. Further information on the STOXX Strategy Indices is available at read morewww.stoxx.com. ETF Landscape: Celebrating 10 Years of ETFs in Europe to request report Survey reveals better alignment in emerging market private equity read more Germany insists Greece bailout deal is hypothetical
"The fact that a fire extinguisher has been mounted on the wall does not mean that it will be used."
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Deutsche Bank Research: Europäischer Markt für ETFs und verwandte Indexprodukte wächst um 8,5 Prozent im 1. Quartal 2010 In dem quartalsweise erscheinenden Report werden ETFs (Exchange Traded Funds,
börsennotierte Indexfonds) und verwandte börsennotierte Indexprodukte wie ETCs
(Exchange Traded Commodities) oder ETN (Exchange Traded Notes) analysiert.
Gemeinsam bilden sie die Gruppe der Exchange Traded Products (ETPs), wobei
ETFs den mit Abstand größten Teil darstellen. Zusätzlich zur ersten Ausgabe des
Reports wurden dieses Mal auch der Asiatisch/Pazifische ETP-Markt analysiert und
das gehandelte Volumen mit ETPs außerhalb der Börse.
Die wichtigsten Ergebnisse des aktuellen Reports: Verwaltetes Vermögen im 1. Quartal 2010: Stabiles Wachstum
- Das weltweit verwaltete Vermögen in Exchange Traded Products (ETPs) ist im
1. Quartal 2010 um 3,5 Prozent auf 1,14 Billionen US-Dollar gestiegen
- In Europa stieg das verwaltete Vermögen in ETPs um 8,5 Prozent auf 184 Milliarden Euro. Die Analysten der Deutschen Bank bleiben bei ihrer Prognose
eines Marktwachstums von 20-25 Prozent in Europa in 2010 Zuflüsse im 1.Quartal 2010 im Detail:
- Obwohl der US-Markt für ETPs nach verwaltetem Vermögen drei Mail so groß
ist wie der europäische Markt, verzeichneten beide Regionen Mittelzuflüsse in
fast derselben Höhe (US: 9,3 Milliarden US-Dollar; Europa: 9,9 Milliarden USDollar
- Während im US-Markt Aktien-ETPs starke Abflüsse aufwiesen, haben in
Europa alle Anlageklassen Zuflüsse registriert. Aktien und Alternative
Anlageklassen haben in Europa besonders starke Zuflüsse bei ETPs gezeigt,
obwohl dies angesichts abnehmender Volatilität an den Aktienmärkten nicht
zu erwarten gewesen wäre. Anbieterentwicklung: Top-3-Anbieter mit hohen Zuflüssen
- Im europäischen ETP-Markt behauptet BlackRock seine Position als größter
ETP-Anbieter. Jedoch können Deutsche Bank und Lyxor im 1. Quartal 2010
höhere Zuflüsse für sich vereinnahmen. European ETF activity highlights for March 2010: * On March 1, 222 additional ETFs having Euronext Paris as their Market of Reference became eligible to the Deferred Settlement Service (SRD). All 369 ETFs with Market of Reference NYSE Euronext Paris are now eligible to this service. These ETFs are not, however, admitted to trading on NYSE Euronext’s centralized borrowing and lending market. This category of assets, that is eligible to the SRD but not available for trading on the borrowing and lending market, is named “eligible to the SRD, long only”. This evolution offers investors the unique opportunity to link the advantages of ETFs to that of the Deferred Settlement Service, notably the efficient access with leverage to a broad range of asset classes within a secured regulated environment.
* Following the impressive growth seen in both January and February 2010 for the daily average number of trades and daily average turnover, March 2010 was a month in which these figures remained stable compared with March 2009. On average, there were 7 024 trades on a daily basis, which was slightly down from 7 489 in March 2009. Daily average turnover reached €291 million in March 2010, virtually the same as in March 2009.
* At the end of March, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €118.6 billion, an increase of 67.1% from the €70.9 billion at the end of March 2009. * The combination of the flow of 19 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 25.59 bps of all listed ETFs in March 2010, down from 50.11 bps in March 2009.
* NYSE Euronext’s Liquidity Providers program continued to expand as well over the course of March. At the end of the month, 19 Liquidity Providers had a total of 965 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs. In March, 29 new LP contracts were added.
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April 13, 2010--UK private sector pension schemes saw their fortunes improve over the month of March, with the aggregate funding position of all schemes moving to show a small surplus for the first time since June 2008, according to the latest figures from the Pension Protection Fund, the insurance fund for underfunded schemes of insolvent employers.
The PPF's 7800 Index - which tracks the assets of schemes relative to the liabilities that are insured by the fund - showed that overall, schemes are running a surplus of £300m.
Source: FT.com
April 12, 2010--Today, the European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main.
The conference provides an opportunity for a number of top-level financial market participants, policy-makers and academics to discuss the implications of the financial crisis for the integration and stability of European and international financial markets.
Source: European Central Bank
April 12, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the STOXX Europe 600 Daily Short Index, as well as 19 new sector indices that will replicate a daily double short investment strategy. The new sector indices are based on the STOXX Europe 600 Supersector Indices, which represent the largest European companies in each of the 19 supersectors as defined by the Industry Classification Benchmark (ICB).
The STOXX Europe 600 Daily Short Index and the STOXX Europe 600 Supersector Daily Double Short Indices are designed to underlie financial products such as exchange-traded funds (ETFs) and structured products.
Source: STOXX
April 12, 2010--Ten years ago in April 2000 the first ETFs to be launched in Europe were the iShares DJ STOXX 50 (EUN1 GY) and iShares DJ Euro STOXX 50 (EUN2 GY) listed on 11 April 2000 on the Deutsche Boerse, followed by the iShares FTSE 100 (ISF LN) on the London Stock Exchange extraMARK segment on 28 April 2000.
The first two ETFs were originally branded as 'LDRS', sponsored by Merrill Lynch International and later acquired by iShares in September 2003.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
April 12, 2010--At least 84% of private equity limited partners (LPs) feel their general partners (GPs) for emerging market funds are at least as well-aligned with them as their GPs for developed market funds, according to the latest EMPEA/Coller Capital Emerging Markets Private Equity Survey, published today.
Twenty-three per cent of respondents reported better alignment with emerging market fund GPs, while only 16% felt their interests were less well-aligned. The findings are significant for an industry that has been plagued by accusations suggesting compensation structures are stacked against investors.
Source: IP&E
April 12, 2010--A bailout for debt-laden Greece remains a "last resort" and an agreement by eurozone finance ministers on the modalities of possible assistance is hypothetical, Germany said on Monday.
"Greece has itself clearly let it be known that the time for an 'ultima ratio' has not yet been reached," Chancellor Angela Merkel's spokesman Christoph Steegmans told a regular briefing in Berlin.
Source: EUbusiness
April 12, 2010--In der zweiten Ausgabe ihres globalen Research über
ETFs & ETPs: „Quaterly ETP Market Update: Growth on Track“ haben die Analysten der Deutschen Bank ein weiterhin starkes Wachstum des weltweit verwalteten
Vermögens in ETFs und verwandten Indexprodukten verzeichnet. Der weltweite Markt für Indexprodukte ist um 3,5 Prozent auf 1,14 Billionen US-Dollar gewachsen.
In Europa ist das verwaltete Vermögen in diesem Segment deutlich schneller
gewachsen, um 8,5 Prozent auf 184 Milliarden Euro.
Source: Deutsche Bank Research
April 9, 2010--Highlights for March 2010
At the end of March, NYSE Euronext had 525 listings of 477 ETFs from 17 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
* In March 2010, the number of ETFs increased by 25.9% compared to end of March 2009. So far this year, 28 new ETFs have already been listed.
Source: NYSE Euronext
