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Eurex Admits First Chinese Broker
March 8, 2010--The international derivatives exchange Eurex announced today that it admitted the first broker headquartered in the People’s Republic of China through its Hong Kong subsidiary. GF Futures (Hong Kong) Co. Ltd. became a trading member of Eurex effective on 3 March 2010.
Dr. Cheng Xiao, the General Manager of GF Futures, said ”We are honored to be the first Chinese broker as a member of Eurex. We will have a better understanding of the European market together with our customers. Being a member of Eurex represents another major step to offer access to international business opportunities to our customers as well as a further commitment to the internationalization of GF Group.“
“We are very pleased to welcome the first Chinese broker as a member of Eurex”, said Michael Peters, member of the Eurex Executive Board. “Through their connection to Eurex, GF Futures (Hong Kong) is the first Chinese broker to give its customer base direct and reliable access to our international trading network out of Hong Kong. Over the last two years we have seen a fast growing interest from Asian clients demanding direct access to our products.”
Eurex is strongly committed to further expanding its business in the Asia-Pacific region. Representative offices in Hong Kong, Singapore and Tokyo were opened last year. Currently there are 10 members admitted out of Asia-Pacific, and several firms are in the admission process. The volume generated by the Asian members has tripled in 2009 compared with 2008.
GF Futures (Hong Kong) Co. Ltd is a subsidiary company fully owned by GF Futures Co. Ltd. Its establishment was approved by China Securities Regulatory Commission as one of the first three Futures Commission Merchants (FCMS) to launch business in the Hong Kong market.
Source: Eurex
ETF Exchange (ETFX) is Granted Distributing Fund Status for all of its 3rd Generation ETFs
March 8, 2010--The ETF Exchange has been granted distributing fund status by HM Revenue & Customs for the accounting period 15 July 2008 to 30 June 2009. The status has been granted to all 21 ETFs on the ETF Exchange. The ETF Exchange is the world’s first 3rd generation ETF platform which is supported by Bank of America Merrill Lynch, Barclays Capital, Citi, and Rabobank International who are participants on the platform.
Distribution fund status means that the tax on any gains by UK tax residents will be treated as a capital gain rather than income. This could make a huge difference for higher rate tax payers as the current rate of capital gains tax is 18% versus a 40% income tax rate which will increase to 50% from 6 April 2010 onwards.
Distributing fund status is also advantageous for UK authorised investment funds and investment trusts as they will be exempt from tax on any chargeable gain. In addition non UK investment funds who themselves seek distributor status (or are reporting funds) will not need to distribute/report any gain.
Mark Weeks, CEO of the ETFX Exchange commented: “This is another step forward in providing UK investors a tax efficient way to gain exposure to a unique range of real asset and tactical asset allocation ETFs".
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Source: ETFS Securities
Trading volumes in Europe’s first Currency ETC platform hit new high as GBP was the worst performing G-10 currency, down 5% in February
ETFS Short GBP Long USD (SGBP) rose 5.1% in February as investors’ turn their focus on weak UK fundamentals
Turnover on ETF Securities’ currency ETC platform surged 173% in February to a record high with ETFS Short EUR Long USD (SEUR) and ETFS Short GBP Long USD (SGBP) making up 60% of trading
Long USD and short G10 Currency ETCs have seen the strongest interest, capturing 81% of total AUM
Currencies have outperformed equities* over 3 years, with AUD outperforming by 46.5%
Currency ETCs provide investors with an easy way to implement both long and short currency views in a convenient exchange traded product
March 8, 2010--Turnover on ETF Securities’ Currency ETC platform surged 173% in February to a record high as investors use Europe’s first Currency ETCs to implement long and short tactical and strategic currency views. As the European sovereign debt crisis spread over the past two months, investors have focused on taking short positions in EUR and GBP vs. USD, with ETFS Short EUR Long USD (SEUR) and ETFS Short GBP Long USD (SGBP) making up 60% of trading volumes and 35% of AUM. As a result of credit concerns amongst various EU member countries and a worsening outlook for the UK economy, both the EUR and GBP have been the worst performing G-10 currencies versus USD in February and year to date.
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Source: ETF Securities
Liquidity Calibration statement
The Financial Services Authority (FSA) published its enhanced liquidity regime in October 2009. This introduced both tougher qualitative and quantitative standards for firms.
March 8, 2010--At that stage the FSA said that it would not tighten quantitative standards before economic recovery is assured given that all firms were experiencing a market-wide stress. The FSA committed to giving a further update in the first quarter of 2010.
The FSA believes that it would be premature to increase liquidity requirements across the industry at the current time. This position will be reviewed later on in the year with a further announcement in Q4, 2010.
Meanwhile, the FSA is continuing to work with firms that are most affected by the new regime focusing on the steps they are taking to mitigate liquidity risk and on the additional impact of our progressively tightening quantitative requirements.
The FSA is also actively contributing to the international debate on liquidity.
Enhanced liquidity regime
Source: FSA.gov.uk
CESR Members provide commonly agreed answers to questions on EU CRA Regulation
March 8, 2010--CESR published today a FAQ document summing up questions received and, at the same time, providing commonly agreed answers by CESR Members to the EU Regulation on Credit Rating Agencies (CRA).
view FAQ: CESR Members provide commonly agreed answers to questions on EU CRA Regulation
Source: CESR
Largest UK groups take pensions bet
March 8, 2010--Britain’s 350 largest companies are taking big bets with their pension scheme investments that would, on average, leave them with losses equal to a fifth of their market capitalisation if stock markets moved against them, according to a study to be published on Tuesday.
The study, prepared by actuarial consultants Hymans Robertson, concluded that most pension schemes run by FTSE 350 companies were not a significant financial burden. Although accounting rules will make corporate pension schemes appear to have much larger deficits for 2009 than they did in 2008, schemes are not substantially weaker than they had been, the study concluded.
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Source: FT.com
UBS to set up dark pool in Europe
March 8, 2010--UBS will on Tuesday unveil plans for a European “dark pool” structured as a “multilateral trading facility” in the latest example of how trading platforms are still proliferating across Europe.
UBS already operates a platform known as UBS PIN on which it matches client orders, often over a period of hours throughout the trading day.
However the bank believes there are opportunities to attract other types of orders that need matched more quickly from other sources – such as high-frequency traders – on a separate platform.
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Source: FT.com
EU leaders eye new rules on derivatives
March 8, 2010-German Chancellor Angela Merkel and French President Nicolas Sarkozy are working on new rules for derivatives markets including controversial credit default swaps (CDS), Germany said on Monday.
"A joint proposal", also backed by Luxembourg Prime Minister Jean-Claude Juncker, head of the Eurogroup of eurozone finance ministers, will be presented to the European Commission, Merkel's spokesman Ulrich Wilhelm told reporters.
Derivatives -- complex and high-risk financial instruments -- have come under close scrutiny since the outbreak of the global financial crisis.
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Source: EU Business
Europe moves to create rescue fund
March 8, 2010--- Europe moved on Monday to create its own financial rescue fund, designed to shore up the euro currency should spiralling debts among wayward eurozone members like Greece trigger fresh market mayhem.
But German-driven plans immediately hit obstacles as the European Central Bank's top economist warned that such a fund would create the "wrong incentives" and France countered that it could take "years" to set up.
The European Commission said it would float proposals on Tuesday to create a "European" version of the International Monetary Fund.
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Source: EUbusiness
Deutsche Bank startet Plattform für Exchange Traded Commodities („ETC“)
08 März 2010 – Die Deutsche Bank gibt heute den Start ihrer nach modernsten Standards aufgebauten Plattform für börsengehandelte Rohstoffprodukte (Exchange Traded Commodities, ETC) bekannt. Die ersten vier
Rohstoffprodukte werden heute an der Deutschen Börse im Xetra Handelssystem
gelistet. Die neue Plattform wird im Laufe des Jahres 2010 unter dem Namen „db ETC“ in ganz Europa angeboten und unter anderem ETCs enthalten, die die Entwicklung der
Notierungen von Gold, Silber, Platin und Palladium abbilden
Bei den Rohstoffprodukten
handelt es sich um von db ETC Index plc emittierte Inhaberschuldverschreibungen.
Der ETC Markt ist einer der am stärksten wachsenden Segmente im Markt für börsengehandelte Investmentprodukte.
Nach einem aktuellen Bericht von Deutsche Bank Research sind die verwalteten Volumen in börsengehandelten Rohstoffprodukten in Europa 2009 um 145 Prozent gestiegen, verglichen mit einem Anstieg von 43 Prozent im Aktien- und 17 Prozent im Rentensegment. Thorsten Michalik, verantwortlich für db x-trackers und db ETC sagte: „Wir planen bis Juni mehr als 30 Rohstoffprodukte aufzulegen. Wir werden die Plattform danach noch weiter ausbauen und die Produkte in ganz Europa anbieten.“
David Silbert, Global Head of Commodities der Deutschen Bank sagte: „Börsengehandelte Rohstoffprodukte auf der db ETC-Plattform der Deutschen Bank bieten eine einfache Möglichkeit für Investoren, sich in der Anlageklasse Rohstoffe zu engagieren, ohne Terminkontrakte handeln oder die entsprechenden Rohstoffe physisch besitzen zu müssen. Unsere an Rohstoffindizes gekoppelten ETCs bieten eine volle Besicherung der im Produkt enthaltenen Swaps. Dies geschieht durch die Hinterlegung mit Gold oder anderen Edelmetallen. Dabei handelt es sich um eine Innovation im Markt. Außerdem unterstützt die Deutsche Bank den laufenden Börsenhandel unserer ETCs als Market Maker.“
Zusätzlich zu den in US-Dollar notierenden ETCs wird die Deutsche Bank währungsgeschützte Produkte in Euro auf der Plattform anbieten (Details zu diesen Produkten finden Sie in der Tabelle unten). Rohstoffprodukte sind zwangsläufig an die Entwicklung des US-Dollars gekoppelt, da die unterliegenden Rohstoffe in US-Dollar gehandelt werden. Die Deutsche Bank will Rohstoffe für Anleger investierbar machen, die sich in dieser Anlageklasse engagieren wollen, ohne das Währungsrisiko in USDollar zu tragen.
Neben den währungsgeschützten Euro- und den US-Dollar-Produkten auf Rohstoff- Indizes wird db ETC Zugang bieten zu den von der Deutschen Bank entwickelten Optimum Yield Rohstoffindizes. Die Optimum Yield Rohstoffindizes zielen darauf ab, in Rohstoffe zu investieren und gleichzeitig die Verluste zu minimieren beziehungsweise
die Gewinne zu maximieren, die beim „Rollen“ der entsprechenden Rohstoff- Terminkontrakte entstehen. Anlageprodukte, die Optimum-Yield-Indizes abbilden, werden bereits erfolgreich von db x-trackers als börsengehandelte Indexfonds (ETFs) angeboten, die das Wort „booster“ in ihrem Namen tragen.
Bei db ETCs handelt es sich um besicherte Schuldverschreibungen der db ETC Index plc, die kontinuierlich an der Börse gehandelt werden können. Sie ermöglichen eine einfache, transparente und effiziente Partizipation an der Wertentwicklung von Rohstoffen. db ETCs, die auf Rohstoff-Indizes basieren, kosten eine Produktgebühr von 0,45 Prozent p.a., die Gebühren für die Plattform sind derzeit die niedrigsten im Markt. Alle Kosten, die mit den Produkten, den unterliegenden Rohstoff-Indizes oder der Besicherung entstehen, werden Anlegern gegenüber transparent ausgewiesen und können beispielsweise unter www.etc.db.com eingesehen werden.
Überblick über die ersten vier db ETCs:
Name : db ETC Brent Crude Oil Euro Hedged
Produktgebühr: 0.45% p.a.
Währung:EUR
(hedged)
ISIN:DE000A1AQGX1
WKN:A1AQGX
Name : db ETC Industrial Metals
Euro Hedged
Produktgebühr:0.45% p.a.
Währung: EUR
(hedged)
ISIN: DE000A1AQGY9
WKN:A1AQGY
Name: db ETC Monthly Short
Brent Crude Oil Euro
Hedged
Produktgebühr:0.45% p.a.
Währung: EUR
(hedged)
ISIN: DE000A1AQGW3
WKN:A1AQGW
Name : db ETC Monthly Short Brent Crude Oil Euro
Hedged
Produktgebühr:0.45% p.a.
Währung:EUR
(hedged)
ISIN:DE000A1AQGW3
WKN:A1AQGW
Name:db ETC Monthly Short Gold Euro Hedged
Produktgebühr:0.45% p.a.
Währung: EUR
(hedged)
ISIN:DE000A1AQGZ6
WKN:A1AQGZ
Source: Deutsche Bank
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