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Eurozone industrial prices rise in November

January 6, 2010--Eurozone industrial production prices rose by 0.1 percent in November, in a retreat from an upwardly-revised 0.3 percent recorded in October, official EU statistics showed on Wednesday.

Across the 27-nation European Union as a whole, which also includes Britain and eastern industrial powerhouse Poland, the prices rise was pegged at 0.2 percent, down from the previous month's similarly-revised 0.6 percent.

Compared to one year earlier, November industrial producer prices dropped by a significantly less severe 4.4 percent in the euro area and by 3.2 percent across the full bloc.

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EEX trading results for Natural Gas and CO2 Emission Allowances in December

January 6, 2010--2010. In December, the total Spot Market volume for Natural Gas (Gaspool and NCG market areas) was 502,488 MWh (December 2008: 88,080 MWh). This volume includes 7,656 MWh traded in the Natural Gas auction launched on 15 July 2009.

The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 7.50 per MWh and EUR 15.05 per MWh.

The volumes on the Derivatives Market for Natural Gas (Gaspool and NCG market areas) amounted to 930,160 MWh (December 2008: 778,470 MWh). On 30 December 2009, the open interest was 5,849,270 MWh. On 28 December 2009 Natural Gas prices for delivery in 2010 were fixed at EUR 13.87 per MWh (Gaspool) and EUR 14.10 per MWh (NCG), respectively.

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EEX Power Derivatives/EPEX Spot: Power Trading Results in December

January 6, 2010--In the framework of their cooperation European Energy Exchange AG (EEX) and the French Powernext SA have integrated their Power Spot and Derivatives Markets.

In December 2009, a total volume of 85.7 TWh was traded on the joint subsidiaries EPEX Spot SE and EEX Power Derivatives.

Power trading in the day-ahead auction on EPEX Spot accounted for in total 17,984,051 MWh of this and can be broken down as follows:

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CESR publishes an update on the assessment of the proposals for MiFID pre-trade transparency waivers

January 6, 2010-- 06 Jan. 2010 - The MiFID compliance of these functionalities has been assessed at CESR level on the basis of the new joint process that CESR launched in February 2009.

The table (Ref. CESR/09-324) includes information on a new assessments made at CESR level regarding an application for a waiver to be granted on the basis of the MiFID Implementing Regulation that CESR considered not to be compliant with MiFID.

ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows week ending 31-Dec-09

January 7,2010--Highlights
Last week saw US$7.0 Mn net inflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Oil & Gas with US$37.1 Mn and Banks with US$32.7 Mn while Construction & Materials experienced net outflows of US$25.4 Mn.

Year-to-date, Telecommunications has been the most popular sector with US$409.2 Mn net new assets, followed by Basic Resources with US$402.5 Mn net inflows. Financial Services ETFs have been the least popular with US$35.6 Mn net outflows YTD.

Visit Blackrock for more information.

61% believe supertax on bankers’ bonuses is unjustified, says CISI survey

January 6, 2010--Sixty-one per cent of financial services practitioners believe the supertax on bankers’ bonuses imposed by Chancellor Alistair Darling is unjustified, a survey by the Chartered Institute for Securities & Investment (CISI) shows.

In his pre-budget report, the Chancellor unveiled a one-off 50 per cent tax on bank bonuses over £25,000. Respondents to the CISI survey were invited to give their views and a concern raised by many was that the tax could force bankers to leave the UK. “This is blatant electoral opportunism and will see wealth generators leave this country in their droves,” said one opponent of the measure, while another warned: “In the long term, talent will be driven away, London will be less competitive and we will no longer be at the forefront of the financial industry.”

Other comments included:

"Most of the people working in this industry are both diligent and competent. I cannot understand how it is fair or ethical to target a specific group of individuals with a different rate of tax on their earnings, purely on the basis of who their employer is.” “No account has been taken of the longer-term impact this and similar measures will have on the City of London and other highly productive sectors of the British economy.”

Among the 39 per cent of respondents supporting the tax, comments included: “It is important that the industry cleans itself up” and “Most bankers would not have a job without the direct input of public money.”

Source offers investors access to US sector ETF

January 5, 2009--Source has launched nine US sector exchange traded funds, giving UK investors access to a derivative of the S&P US Select sector indices.

The S&P Select Sector Capped 20 per cent indices will cover consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, technology and utilities.

The nine indices were developed by S&P specifically in order for Source to be able to deliver Ucits III compliant US sector ETFs.

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World giants eye $20 bln nuclear energy market in Turkey

January 5, 2010--Turkey is preparing to hold another tender for the construction and operation of the country’s first nuclear power plant after canceling the last one

Several corporations from the United States, South Korea, France and China as well as Canada, Russia and Japan are showing keen interest in the new tender.

The Turkish Electricity Trading and Contracting Company (TETAª) held the tender for the construction and first 15 years of operation of the nuclear power plant on Sept. 24, 2008, which a consortium composed of Russian companies Atomstroyexport and Inter RAO UES and the Ciner Group’s Park Teknik won as the sole bidder. The Turkish Atomic Energy Agency (TAEK) approved the technical aspects of the consortium’s bid and sent the bid for the Cabinet’s evaluation. The Cabinet sent its opinion to TETAª, which announced that it canceled the tender on Nov. 20.

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EEX Primary market auction of EU emission allowances on Spot Market launched successfully

January 2010--Primary market auctioning of European emission allowances (EUA), which EEX runs on behalf of the Federal Environment Ministry, was launched on the Spot Market of European Energy Exchange AG (EEX) today. The first auction on the Spot Market of the exchange was held at 11:00 am.

The envisaged volume of 300,000 EUA was sold as planned. The total bidding amount exceeded, with roughly two million EUA, the specified auction volume considerably – participants bidded more than 6-fold the auction volume. In the auction, the price was established at EUR 12.67 per EUA.

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ECX Monthly Report December 2009

January 4, 2010--Highlights
Despite the disappointing lack of progress from COP 15, 2009 was another year of strong growth for the European carbon markets. Average daily volumes exceeded 20 Mt making a total of over 5.1 billion tons traded on ECX/ ICE, an increase of 80% over 2008.

ECX appreciate the continued support of the members and clients throughout the world and look forward to working with you in 2010.

Dec’09 expiry & delivery: The December 2009 EUA and CER futures contracts expired on December 14th and saw record volumes taken to physical delivery. Over 134 Mt EUAs and 16 Mt CERs were transferred amongst market participants, a 28% increase over 2008. Year end open interest across all contracts stands at 548 Mt – up by 193 Mt from 2008.

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