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FESE European Equity Market Report – November 2009 Figures
December 8, 2009--The ‘European Equity Market Report’ which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market is now available.
The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
view European Equity Market Report - Year 2009
Bank of Ireland Securities Services has launched a pan-European exchange traded fund settlement platform for ETF issuers, called BoISS ETP Direct.
Bank of Ireland Securities Services has launched a pan-European exchange traded fund settlement platform for ETF issuers, called BoISS ETP Direct.
December 8, 2009--The product is designed to permit ETFs to settle delivery against payment directly in multiple jurisdictions across the European Union.
Fearghal Woods, director of business development of Bank of Ireland Securities Services, said: "The product is designed to provide a more transparent, cost effective and efficient ETF settlement mechanism across the European depositary network."
The platform is expected to streamline the trading activities of ETF market makers through reducing costs, minimising risks and improving timeliness of settlement.
HSBC lists three ETFs on the NYSE Euronext HSBC CAC 40 ETF NYSE Euronext now has 492 listings of 444 ETFs based on more than 290 indices. So far this year, 102 ETFs have been listed on NYSE Euronext’s European markets. HM Treasury publishes details of Asset Protection Scheme
The Treasury has also announced the launch of the Asset Protection Agency that will administer the scheme in order to protect the taxpayer’s interest.
“The Government’s decisive action to stabilise the financial system has succeeded in protecting the savings of British families. We have strived throughout our interventions to ensure maximum value for the taxpayer, charging commercial rates for our support for the banks and making supported firms pick up the tab for extra operating costs.
“The agreement we have reached with RBS follows this approach. This final agreement sees a much-improved position for the taxpayer compared to the initial deal announced in February. RBS will bear a much greater share of the burden, with the first loss increasing by £18bn. The bank will also pay the full operational costs of the Asset Protection Agency. 16.4 million electronic equity trades in November
UK Cash Equities
During the month, the average daily value traded on the UK equity order book was £3.8 billion (€4.3 billion), a decrease of 29 per cent year on year, while the average daily number of trades was 509,078, down 30 per cent on the same month last year. EDX London and Oslo Børs launch on SOLA®
A range of new Nordic products has been introduced, including an improved suite of Nordic indices, a broadened choice of Finnish derivatives and Fixed Income futures. Together, EDX London and Oslo Børs are now the most comprehensive trading venues for Nordic and Russian derivatives, offering a unique combination of products not available for trading anywhere else.
The migration of EDX London onto SOLA® marks the completion of the first step in the development of the previously-announced strategic partnership in derivatives between TMX Group and London Stock Exchange Group. This strategic partnership was cemented when TMX Group took a 19.9% ownership stake in EDX London in May 2009.
CFA Institute Centre Study Reveals Market Fragmentation Has Had No Material Impact on Price Formation To complement the empirical analysis contained within the study, independent views of 962 investor users1, drawn from a CFA Institute member survey, were incorporated to build a qualitative and quantitative picture on the impact of market fragmentation. The results highlight that market fragmentation has created mixed views amongst investor users, with their primary concern being the difficulty in obtaining a complete and clear picture of market prices. The study identifies the following: Dow Jones STOXX 600 Factoids - December 4, 2009 Ucits hedge funds tipped to be top The first fund on the platform will be a European equity long/short fund run by Tressis, a Spanish group, due to launch this week. Post-retirement investment options need improvement
In the paper, entitled Managing risk around retirement, Watson Wyatt outlines a number of market-based and regulatory developments that could improve pre- and at-retirement investment and points to three specific examples for doing so:
Introducing flexibility around retirement date
Deferring the date of annuity purchases and adopting a draw down strategy
Expanding annuity-type products
Gary Smith said: “Delaying retirement dates is becoming increasingly popular, but members should be careful to use this time to increase contributions while de-risking given their ability to take investment risk will be diminishing.”
The paper includes the recommendation that the adoption of an income drawdown strategy should be considered by members because it provides greater control over their assets, while still allowing them to benefit from purchasing an annuity later. This would also potentially allow them to retain an exposure to growth assets for a longer period, according to the firm. view Managing risk
around retirement-Improving DC design report
December 8, 2009-- NYSE Euronext is pleased to announce that a new issuer, HSBC ETFs, has listed its first three ETFs on the NYSE Euronext European markets today:
HSBC FTSE 100 ETF
ISIN: IE00B42TW061
Ticker:UKX
Bloomberg Ticker: UKX FP
HSBC DJ EURO STOXX 50 ETF
Ticker:50E
Bloomberg Ticker:50E FP
ISIN: IE00B4L49M32
Ticker:K40
Bloomberg Ticker: K40 FP
December 7, 2009--The Treasury has today published its final agreement with the Royal Bank of Scotland on the bank’s participation in the Asset Protection Scheme, along with further detail of the scheme’s operation and the assets it covers.
Financial Services Secretary to the Treasury Paul Myners said:
Year on year trading growth in Italian equities, derivatives, fixed income and ETFs and ETCs
December 7, 2009--
A total of 16.4 million equity trades with a combined value of £149.0 billion (€165.7 billion) were carried out across the electronic order books of London Stock Exchange Group during November. The average daily number of trades was 781,875, 21 per cent lower than November 2008, while the average daily value traded was £7.1 billion (€7.9billion), a decrease of seven per cent on the same month last year.
Increased trading activity in the Italian equity market and a recovery in the FTSE MIB index led to 38 per cent year on year growth in the average daily value traded on the Italian equity order book, while the average daily number of trades was up three per cent. A number of the Group’s other markets also recorded strong performances during the month, with the total number of trades in derivatives, ETFs and ETCs, and on the MTS cash markets growing by 77 per cent, 91 per cent and 60 per cent respectively on last year.
The total value traded on the UK order book in November was £80.4 billion (€89.4 billion) and the total number of trades was 10.7 million.
December 7, 2009--EDX London and Oslo Børs have today successfully begun trading derivatives on TMX Group’s SOLA® trading system.
The new platform’s superior technology brings increased speed and functionality to participants trading derivatives and for the first time London Stock Exchange Group’s clearing house CC&G will be providing clearing services in the UK to EDX London.
Risk and central counterparty clearing will continue to be provided by LCH.Clearnet and for Oslo Børs members through Oslo Clearing, a company in the Oslo Børs VPS Group.
Investors voice concern over transparency, trade reporting obligations, and dark pools
December 7, 2009 − A study released today by the CFA Institute Centre for Financial Market Integrity, the policy arm of CFA Institute, has found no empirical evidence to suggest market fragmentation has had any material impact on the quality of the price formation process for equities traded under the Markets in Financial Instruments Directive (MiFID) regime.
The study was undertaken to establish whether the proliferation of new trading platforms under MiFID has affected transparency, costs and price formation to the detriment of investors. The study will be used to support the CFA Institute Centre’s call for a consolidated system (or ‘tape’) for quote and trade data for European Equity Markets.
CFA Institute Centre finds no empirical evidence that fragmentation has been detrimental to the quality of the price-formation process
70 percent of survey respondents concluded that dark pools are problematic for price discovery
December 7, 2009--As of December 4, 2009
Dow Jones STOXX 600
Dow Jones STOXX 600, up 6.43 points this week, or 2.65%, to 249.03.
Snaps a two week losing streak.
Today, it is up 2.70 points, or 1.10%.
Up three of the past four trading days.
Highest closing value since Wednesday, November 18, 2009.
Off 38.59% from its record closing high of 405.50, hit on Monday, March 06, 2000.
Rose 31.18% from 52 weeks ago.
Off 0.92% from its 2009 closing high of 251.34, hit on Monday, November 16, 2009.
Up 57.64% from its 2009 closing low of 157.97, hit on Monday, March 09, 2009.
Month-to-date it is up 4.12%.
Year-to-date it is up 26.48%.
December 7, 2009--Almost half of the money flowing into the new generation of Ucits hedge funds is coming from investors outside the European Union, according to the developers of a new platform for the funds.
Merchant Capital is launching a Dublin-based umbrella structure to help smaller hedge fund managers create regulated, onshore, Ucits-compliant versions of their funds.
December 7, 2009---The increasing number of Defined Contribution (DC) scheme members approaching retirement age without sufficient savings will drive innovation for post retirement solutions according to a new paper from Watson Wyatt. In the paper the firm suggests that the DC post-retirement hedging and de-risking market is currently under-developed and opportunities exist for greater product development.
Gary Smith, senior consultant at Watson Wyatt, said: “The current practice of formulaic switching from growth assets to protection assets as DC members approach retirement age is too simplistic and will prevent many members from participating in strategies that can enhance the purchasing power of their portfolios. Fiduciaries of DC schemes will also need to increasingly engage older members on this subject.”
