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EEX trading results for Natural Gas and CO2 Emission Rights in January
February 4, 2010--In January, the trading volume on the EEX Spot Market for
Natural Gas amounted to 885,696 MWh (Gaspool and NCG market areas) compared to 244,800 MWh in January 2009. On 27 January 2010 a volume of 153,312 MWh was reached, which has been the highest daily volume on the EEX Spot Market so far.
The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 11.70 per MWh and EUR 17.25 per MWh.
The volumes on the Derivatives Market for Natural Gas (Gaspool and NCG market areas) amounted to 1,079,750 MWh (January 2009: 1,124,220 MWh). On 29 January 2010, the open interest was 5,916,592 MWh. On 29 January 2010 Natural Gas prices for delivery in 2011 were fixed at EUR 17.85 per MWh (Gaspool) and EUR 17.98 per MWh (NCG), respectively.
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Source: European Energy Exchange AG (EEX)
Xtrakter: Capital Market Grows By 14.8% To USD 14.7, EURO 10.3 Trillion
February 4, 2010--Xtrakter, the fixed income specialist, released the following figures today: End of year fixed income new issuance was valued at USD 3.7, Euro 2.6 trillion for 2009, representing an 8.2% (USD 280, EURO 195 billion) rise on 2008 figures. During the same period asset backed new issuance accounted for 12.6% (USD 469, EURO 289 billion) of all issues and the size of the international capital market rose by 14.8% (USD 2.0, 1.4 EURO trillion) to a total of USD 14.7, EURO 10.3 trillion.
Yannic Weber, Chief Executive Officer, Xtrakter commented: “In line with market expectations, 2009 saw a rise in sovereign new issuance; this demand was primarily driven by the need to support differing liquidity schemes and stimulate the financial markets. As related economies start to recover, it is likely such liquidity measures will dry up and we will see an increase in corporate new issuance.”
The Euro was again the preferred currency in 2009 capturing 48.8% (USD 1.8, EURO 1.2 trillion) of total fixed income new issuance; US Dollar was selected for 37.9% (USD 1.4 trillion, EURO 982 billion) and Pound Sterling was chosen for 6.6% (USD 246, EURO 171 billion)
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Source: Xtracker
DB Index Research -- Weekly ETF reports -- Europe
February 2, 2010--Highlights
ETF Volume
Exchange based Equity ETF turnover rose by 18.7% on the previous week. Daily turnover for the previous week was E1.3bn. European fixed income ETF turnover rose by 18.1% to E238.7m.
In exchange based bond ETFs, db x-trackers II EONIA TR Index ETF has the highest daily turnover of E17.44m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E65.46m.
There were 22 new listings last week. Blackrock Fund Advisors issued eight new ETFs on London Stock Exchange followed by Credit Suisse AM which issued six new ETFs on Swiss Stock Exchange. Moreover, ETF Securities Ltd. issued four new ETFs on Borsa Italiana. Db x-trackers listed two new Bond ETFs and Comstage issued one new Bond ETF on Deutsche Borse. Source launched one new ETF on London Stock Exchange. All the new listings were primary listings except those issued by ETF Securities Ltd. and four out of eight issued by Blackrock Fund Advisors.
European Regional ETFs remained at the top position as leading product area with total turnover of E380m with 29.01% of total ETF turnover followed by Style ETFs with total turnover of E339m accounting for 25.88% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E150m across the fourteen listed products and accounting for 11.4% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 14.5% of turnover trading E189m per day with liquidity split across 17 ETFs and 44 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 37.0% of total turnover. The Euronext NextTrack platform has 19.7% market share. The LSE’s combined Italian Exchange and London market share is now 27.2%.
Assets under Management (AUM)
Total European Equity related AUM remained at about the same level at E111bn during last week. AUM for DJ Euro STOXX 50 ETFs was E21.7bn accounting for 19.5% of total European AUM. Fixed Income ETF AUM remained at about the same level at E36.7bn.
Overall, the largest ETF by AUM was Lyxor ETF DJ Euro STOXX 50, an Equity based ETF, with AUM of E4.9bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.3bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 29-Jan-10
January 2, 2010--Last week saw US$24.6 Mn net outflows from DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$75.0 Mn and Media with US$36.4 Mn while Basic Resources experienced net outflows of US$92.9 Mn.
Year-to-date, Utilities has been the most popular sector with US$176.4 Mn net new assets, followed by Oil & Gas with US$117.3 Mn net inflows. Food & Beverage ETFs have been the least popular with US$104.8 Mn net outflows YTD.
Visit Blackrock for more information. Credit Suisse Appoints Dan Draper Head of Exchange Traded Funds Mr. Draper joins Credit Suisse from Lyxor Asset Management, a division of Societe Generale, where he was Managing Director and Global Head of ETFs. Prior to joining Lyxor, Mr. Draper was the Director of UK and Ireland Business Development at iShares, a division of Barclays Global Investors. He received an M.B.A. from The University of North Carolina at Chapel Hill and a B.A. from The College of William and Mary. He is a CFA, CMT, CAIA and FRM charterholder and also serves on the Board of Advisors for the William and Mary Mason School of Business. Number of Dutch schemes with SRI policies doubles within three years, say pension associations read more Unscheduled Free Float Adjustment in MDAX
The adjustment will be effective next Friday, 5 February 2010.
The next regular review of the Deutsche Börse equity indices is scheduled for 3 March 2010.
UK official holdings of International Reserves EuroCCP to Begin Clearing Exchange-Traded Currencies
Currency ETCs are liquid securities traded on exchange that track the performance of underlying currency indices. EuroCCP initially will clear 18 Currency ETCs, which provide long or short passive exposure to the currencies of G-10 countries versus the US dollar. To view the list of EuroCCP-clearable Currency ETCs, please go to www.euroccp.co.uk.
“EuroCCP is pleased to extend our clearing services to support the trading of Currency ETCs. By providing a safe post-trade environment, we believe this service offering will encourage liquidity,” said Andrew Simpson, head of EuroCCP Product Management in London. “Our ETCs clearing service responds to investor demand for liquid, secure and transparent exchange-traded securities and also reflects increased investor appetite for foreign exchange instruments.”
Adrian Farnham, Chief Operating Officer at Turquoise, commented: “Currency ETCs are presenting the European market with new trading opportunities. Turquoise is delighted to provide highly efficient access to such an expanding market, along with the competitive pricing schedule and robust technology that the Turquoise MTF already offers for equities and depositary receipts.”
Listed in both USD and GBP, ETC transactions cleared through EuroCCP will settle in CREST.
ETCs trade on a regulated exchange, just as an equity is traded. An issuer creates (and redeems) the ETC security with the assistance of an Authorised Participant/Market Maker, and each ETC is assigned an ISIN when listed on exchange. Tougher approach on poor record-keeping
Take-up of this guidance – which set out the common data schemes were required to hold – fell below the levels expected. Only 19% of schemes surveyed had checked that they had all the fundamental common data. Of these, some 53% appeared to be missing more than one item of this data.
The regulator will continue to 'educate and enable' schemes to improve their record keeping performance but is clear now that further measures are needed. Under these proposals, it will now be a requirement for all schemes to maintain high-quality standards of data.
view the Record-keeping:measuring member data-Consultation paper
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Source: ETF Research and Implementation Strategy Team, Blackrock
Appointment reflects Credit Suisse's commitment to the expansion of its ETF platform
February 3, 2010--Credit Suisse today announced that Dan Draper, formerly a Managing Director and Global Head of Exchange Traded Funds (ETFs) at Lyxor Asset Management, will join Credit Suisse in its Asset Management business as Managing Director and Head of ETFs. He will start later this spring, be based in London and report to Oliver Schupp.
Oliver Schupp, Head of Beta Strategies in Asset Management and co-Head of the Bank's ETF Steering Committee, said, "Dan's extensive experience over the past decade in the development and trading of ETFs will be invaluable as we continue to grow this business. Our ETF business is a true One Bank collaboration, and together with our partners in the Investment Bank and Private Bank, we made significant strides in the expansion of our ETF platform in 2009. This included the launch of 16 new ETFs in Switzerland, where we are the largest player by AUM, as well as expansion across Europe with the launch of 17 ETFs in Italy and 16 ETFs in Germany. We also launched a physically backed Gold ETF in October 2009 which has attracted over $1.3 bn since launch."
Source: Credit Suisse AG
Survey by Dutch occupational pension umbrella organisations.
February 3, 2010--Almost three quarters (73%) of Dutch pension schemes surveyed have adopted a responsible investment policy that influences the way they run their assets.
The number has more than doubled since 2006 according to the survey by the country’s umbrella pensions organizations, reports ipe.com. A further 10% of the pension funds polled is understood to be developing an equivalent RI policy, according to the survey of 90 of the country’s schemes by the Association of Dutch Industry-wide Pension Funds (VB), the Foundation for Company Pension Funds (OPF) and the Union of Occupational Pension Funds (UvB). Members of the three associations represent 80% of the estimated e700bn in Dutch occupational pension fund assets, one of the biggest European pensions markets. Just 13 of the plans surveyed said they had decided not to implement an RI policy. The majority of large pension funds with assets over €1bn has an SRI policy in place, the report said. Most of the funds surveyed (56 schemes) say they relate their investment policy to UN Global Compact policy.
Source: Responsible Investor
February 3, 2010--Deutsche Börse has announced an unscheduled adjustment to the free float of Continental AG in MDAX®. Due to an increase in share capital, the free float of Continental AG increased by more than 10 percentage points.
According to the index rules, the company’s free float will be increased from the current 11.1 percent to 24.87 percent.
Source: Deutsche Börse
February 2, 2010--UK official holdings of international reserves - January 2010 are now available.
Part I: UK Government Foreign Currency Assets and Liabilities – January 2010
1. The UK Government’s net reserves fell by $250 million in January 2010, bringing the end-January total to $32,675 million (£20,391 million1) compared with $32,925 million (£20,388
million2) at end-December 2009.
view UK official holdings of international reserves
Source: HM Treasury
New Service Brings Greater Efficiency, Cost Savings and Risk Mitigation
London
February 2, 2010 - EuroCCP today announced that on Friday, the 5th of February, it will launch clearing services for European-listed Exchange-Traded Currencies (Currency ETCs), continuing to extend to new instruments the efficiency, cost-saving and counterparty risk protection benefits it currently provides to clients’ equity and Depositary Receipts transactions.
Turquoise will be the first multilateral trading facility (MTF) to offer trading in Currency ETCs cleared through EuroCCP.
Source: EuroCCP
February 2, 2010--Trustees and those responsible for administering workplace pensions will need to improve standards of record keeping. The Pensions Regulator published a consultation today setting out standards for member records and requiring schemes that fall short to take steps to improve their performance.
Following extensive research and engagement with pension providers and employers during 2009, the regulator has built on guidance published last year, which provided a framework for the clarification and assessment of member records.
Source: Pensions Regulator
