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ISE introduces new departments and amendments to its regulations
February 18, 2010--The amendments to the “Regulation of the Istanbul Stock Exchange (ISE) Organization, Duties and Principles of Operation” and some revisions in the market regulations went into force after being published in the Official Gazette dated February 16, 2010.
• The “Marketing Department” was established. The Marketing Department will be responsible for determining the marketing strategy for the Istanbul Stock Exchange markets and the securities traded, or to be traded on such markets, and also for determining, developing, and applying the marketing methods in harmony with such strategies, and reporting the results of the above mentioned activities.
• The International Relations Department was re-structured and the functions of the relevant department will henceforth be carried out by the following two separate departments:
-The “International Relations Department” will be responsible for establishing, developing and maintaining links between the Istanbul Stock Exchange and its counterparts worldwide, as well as foreign capital markets institutions, international investors and other related persons/institutions; and within this framework, to carry out the necessary arrangements within and outside the Istanbul Stock Exchange, to coordinate the related activities and to realize all relevant correspondence and research.
-The “Media and Public Relations Department” will be responsible for the ISE’s media and public relations, organization, advertisement and sponsorship activities within the framework of promoting the institutional identity of the Istanbul Stock Exchange; all activities related to Right to Information Law; investor relations and consultancy services.
• The following amendments were made in the ISE regulations:
-The accounts to be used by the market makers and the principles of using such accounts were amended in the ISE “Stock Market Regulation” and “Emerging Companies Market Regulation”.
-As a result of the amendments, primary market operations were allowed in the ISE “Bonds and Bills Market Regulation”.
-The rules pertaining to the Istanbul Stock Exchange membership admission fee, membership collaterals, types of collaterals, and reimbursement of collaterals were re-arranged in the “Istanbul Stock Exchange Regulation”.
Source: Istanbul Stock Exchange (ISE)
SocGen eyes 'bounce-back' in 2010
February 18, 2010--Société Générale reported a slim profit for the fourth quarter as it looks to “bounce back” from a year where its performance was badly marred by its exposure to risky assets.
France’s second-largest bank by market value said net income for the three months ended December 31 increased to €221m ($300m), up from €87m for the same period in 2008.
The meagre profit was slightly better than analysts’ expectations after SocGen rattled markets in January by issuing an unexpected profit warning, caused by a fresh €1.4bn hit on assets linked to the subprime mortgage market.
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Source: FT.com
New capital rules seen to threaten Europe
February 18, 2010--Henri de Castries, Axa chief executive, warned regulators on Thursday that the level of prudence currently envisaged in the new capital rules for insurers being designed in Europe would threaten the continent’s long-term economic prospects.
Mr de Castries said that the principles behind the so-called Solvency II rules, which are meant to better match capital held with risks taken, were good but that supervisors would have to adjust their requirements to come back into line with the framework established by the European Parliament last year.
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Source: FT.com
February 2010: Flash Consumer Confidence Indicator
February 18, 2010-In February 2010, the DG ECFIN flash estimate of the consumer confidence indicator for the euro area signals the first fall after 10 months of improvement (down to -17.4 from -15.8 in January). Confidence declined also among EU consumers, but to a lesser extent (down to -13.6 from -13.1 in January).
The next Business and Consumer Survey is due to be published on 25 February 2010.
Full tables are available on:
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Source: EUROPA
FSA crackdown on takeover rule breaches
February 17, 2010--Companies will face unlimited fines if they break rules on reporting takeovers, the financial watchdog said on Wednesday after a penalty of only £1,000 was imposed on a billion-pound property fund.
Semperian PPP Investment Partners pleaded guilty at a court hearing packed with lawyers whose combined hourly rates – a good part of them paid by the taxpayer – were many times the fine imposed.
The Financial Services Authority said later: “Future cases will face a very different set of sanctions
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Source: FT.com
Bank of Ireland to change year end
February 17, 2010--Bank of Ireland has announced that it will change its year end, increasing speculation about an imminent rights issue to avoid having to take further government investment as it struggles to absorb large property loan write downs.
The bank, which hitherto used a March 31 year end, said on Wednesday that it would revert to a calendar year system, reporting the nine months results to December 31 in late March.
Sebastian Orsi, banks analyst with Merrion Capital, a Dublin stockbroker, said the change “provides the flexibility to attempt a rights issue in the second quarter”. He added: “I can see no other reason for doing this at this time.”
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Source: FT.com
First estimate for 2009--Euro area external trade surplus 22.3 bn euro-105.5 bn euro deficit for EU27
February 17, 2010--The first estimate for the euro area1 (EA16) trade balance with the rest of the world in December 2009 gave a 4.4 bn euro surplus, compared with -1.8 bn in December 2008. The November 20092 balance was +4.0 bn, compared with -6.9 bn in November 2008. In December 2009 compared with November 2009, seasonally adjusted exports rose by 3.1% and imports by 1.7%.
The first estimate for the December 2009 extra-EU271 trade balance was a 2.5 bn euro deficit, compared with -11.3 bn in December 2008. In November 20092 the balance was -6.8 bn, compared with -24.4 bn in November 2008. In December 2009 compared with November 2009, seasonally adjusted exports rose by 2.0% and imports by 0.5%.
During 2009, euro area trade recorded a surplus of 22.3 bn euro, compared with -54.7 bn in 2008. The EU27 recorded a deficit of 105.5 bn in 2009, compared with -258.4 bn in 2008.
These data3 are released by Eurostat, the statistical office of the European Union.
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Source: Eurostat
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 12-Feb-10
February 17, 2010--Last week saw US$220.1 Mn net outflows from DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Health Care with US$56.7 Mn and Media with US$44.1 Mn while Telecommunications experienced net outflows of US$105.3 Mn.
Year-to-date, Utilities has been the most popular sector with US$174.9 Mn net new assets, followed by Media with US$159.2 Mn net inflows. Telecommunications ETFs have been the least popular with US$169.3 Mn net outflows YTD.
Visit Blackrock for more information
Source: ETF Research and Implementation Strategy Team, Blackrock
Deutsche Börse Publishes Preliminary Results for 2009
Earnings of €1,053 million before interest, taxes and ISE impairment/ Sales revenue down to €2,062 million/ Impairment charge relating to US subsidiary ISE reduces earnings/ Costs below 2009 guidance before impairment/ Expenses for growth initiatives to be increased by more than 50 percent in 2010/ Streamlining of management structure/ Initiatives resolved to reduce annual costs by some €50 million/ Proposed dividend of €2.10 per share for 2009
February 16, 2010--Based on preliminary figures published by the Company on Tuesday, Deutsche Börse AG generated earnings before interest, taxes and the impairment charge for US options exchange ISE of €1,053.4 million in 2009 (2008: €1,508.4 million). Including the ISE impairment charge of €415.6 million, EBIT amounted to €637.8 million.
Sales revenue for the year was €2,061.7 million (2008: €2,455.1 million). The 16 percent decline was largely due to the reluctance of market participants to trade on the cash and derivatives markets as a result of the financial and economic crisis. Costs before the ISE impairment amounted to €1,264.4 million in 2009, down on the previous year (2008: €1,284.0 million). Net income for 2009 amounted to €496.1 million, as against the previous year’s €1,033.3 million. Adjusted for the ISE impairment, this results in a decrease in net income of 32 percent to €700.2 million.
The company’s Executive Board decided today to streamline the Group’s management structure and to implement further cost initiatives with sustainable cost savings totaling approximately €50 million per year. With these steps Deutsche Börse accelerates its ongoing efforts to further increase operational efficiency. At the same time, the Company will increase its expenses for growth initiatives in 2010 by more than 50 percent to around €100 million. The cost initiatives will be started with immediate effect and are due to be fully implemented by 2011. The Company expects implementation costs of around €40 million, the majority of which will be provisioned in the first half of 2010. The Company reduces its cost guidance for 2010 to a maximum of €1,250 million before taking into account provisions for the cost initiatives of around €40 million. The forecast includes a planned increase in expenses for growth initiatives of more than 50 percent to around €100 million in 2010. The Executive Board proposes a stable dividend of €2.10 per share. Beyond the proposed dividend, the company does not currently plan any distributions in the form of share buybacks.
Reto Francioni, CEO of Deutsche Börse AG, said, “Financial year 2009 was shaped by the effects of the financial market crisis on our clients. Nevertheless, we closed the financial year with a clear profit. This is primarily due to our diversified business model, which is already showing a return to growth in some areas and products. We will further expand our clear strengths in technology, risk management services and product innovation while maintaining our strict approach to cost management.”
Streamlining of management structure and further cost initiatives totaling around €50 million per year
The financial crisis will result in structural changes in the financial markets as well as new customer needs. We will increase expenses for growth initiatives in 2010 by more than 50 percent over the previous year, to around €100 million, in order to seize opportunities arising from the changing market environment. This will serve to expand the Company’s strengths in technology, risk management services and product innovation. At the same time, the Company continues its strict approach to cost management in light of a changing market environment.
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Source: Deutsche Börse
Fund managers desert European banks
February 16, 2010--The popularity of the European banking sector among fund managers fell by the biggest margin ever seen in a single month, according to a survey carried out by Bank of America Merrill Lynch.
The sector’s popularity rating dropped from 16 per cent in January to minus 53 per cent in February, the biggest monthly fall in the survey’s history.
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Source: FT.com
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