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Overseas unlikely to follow levy move

January 14, 2010--While responding positively to the proposed US levy on banks, which brings the Obama administration closer to European thinking, the international community is unlikely to follow suit, officials in London predicted on Thursday.

The main international reaction this week to the US move has been surprise. This is because the administration has opposed financial transaction and bonus taxes when other countries have proposed them, to the embarrassment of figures such as Gordon Brown, Britain’s prime minister.

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Source: FT.com


Power Trading Results on EPEX Spot and EEX Power Derivatives in 2009

January 13, 2010--In the framework of their cooperation European Energy Exchange AG (EEX) and the French Powernext SA successfully integrated their Power Spot and Derivatives Markets during 2009.

The extensive cooperation project of EEX and Powernext was formally completed in autumn 2009 and pertains to the integration of the German/Austrian, Swiss and French power markets, covering more than one third of the European power consumption. In 2009, a total power volume of 1,228 TWh was traded on the subsidiaries EPEX Spot and EEX Power Derivatives.

The 2009 trading volume in the day-ahead auction for the market areas Germany/ Austria, France and Switzerland on EPEX Spot accounted for 196.3 TWh.

The auction volume can be broken down as follows:read more

Source: European Energy Exchange AG (EEX)


EEX: Trading results 2009 for Natural Gas and CO2 Emission Allowances

January13, 2010--The European Energy Exchange concludes 2009 with a satisfactory performance of trading volumes on the market for Natural Gas and CO2 Emission Allowances.

EEX noted a positive development of the short-dated trade with Natural Gas in 2009.

The trading volume on the Spot Market (Gaspool and NCG market areas) tripled to 3,515,567 MWh (2008: 1,169,780 MWh)....

The volumes on the Derivatives Market for Natural Gas (Gaspool and NCG market areas) amounted to 11,360,866 MWh in 2009 (2008: 16,340,980 MWh).

A total of 9,708,541 EU Allowances (EUA) was traded on the EEX Spot Market for CO2 Emission Allowances in 2009. EEX launched the second period of trading CO2 Emission Allowances (EUA) on the Spot Market on 16th January 2010. Since the first trading period expired in 2008 there is no comparison possible.

The volume on the EEX Derivatives Market for CO2 Emission Allowances decreased compared to 2008. The volume of EUA futures was 22,993,00 EUA (2008: 80,084,000 EUA). On the CO2 Derivatives Market for Certified Emission Reductions a volume of 649,000 CER was traded in the corresponding period (2008: 2,440,000 CER).

As of 31 December 2009, the European Energy Exchange registered 191 trading participants from 19 countries.

Source: EEX


New EuroCCP White Paper Offers Proposals to Reduce Risks of Interoperability

January 13, 2010--In a white paper published today, EuroCCP presents a series of recommendations to address regulatory concerns about potential systemic risk problems that may result when multiple equities central counterparties (CCPs) in Europe interoperate.

Regulators have put on hold interoperability arrangements in Europe pending a full review of the systemic risks attached to multi-CCP interoperability. The paper released today provides EuroCCP’s perspective and outlines possible approaches to mitigating these risks.

“We share the regulators’ concerns. Arrangements between multiple, competing CCPs, where each CCP becomes a counterparty to the other interoperating CCPs, requires a new framework for managing the liquidity and credit risks such arrangements may create,” said Diana Chan, CEO of EuroCCP. “EuroCCP wishes to work with others in the industry to craft an approach that manages these risks properly, in both normal and extreme market conditions. Proposals have to be scalable and allow competition to flourish in Europe’s equity markets.”

The paper, Recommendations for Reducing Risks Among Interoperating CCPs, discusses several options and offers four primary recommendations:

CCPs should augment their existing default funds to cover potential close-out losses in the event of an interoperating CCP’s default.

An Interoperability Convention, to provide transparency of arrangements between interoperating CCPs, should replace confidential bilateral agreements.

Commercial barriers to interoperability should be removed. Each market participant should be able to choose which CCP they use.

Longer term, further consideration should be given to inter-CCP netting, whereby a netting agent would be established to determine each CCP’s net securities and cash position against the other CCPs.

“EuroCCP aims to make interoperability safer and easier. Collective action among CCPs and engagement with market participants and regulators is essential to delivering the benefits of interoperability,” Chan said.

The paper is part of EuroCCP’s drive to build a stronger European equities market through promoting competition, reducing frictional costs and strengthening risk standards.

view Recommendations for Reducing Risks Among Interoperating CCPs

Source: Euro CCP


New Exchange Traded Funds (ETFs) on SIX Swiss Exchange

January 13, 2010--Seven new products have been listed in the Exchanged Traded Funds segment of SIX Swiss Exchange, taking the total to 312 ETFs. The new funds are:
Xmtch (IE) on MSCI Pacific ex Japan Xmtch (IE) on MSCI Canada


Xmtch (IE) on MSCI UK
Xmtch (IE) on MSCI USA
Xmtch (IE) on MSCI Japan
Xmtch (IE) on MSCI Europe
Xmtch (IE) on MSCI EMU

Credit Suisse will perform the market making for these funds.

Source: SIX Swiss Exchange


FESE European Equity Market Report

January 13, 2010--The European Equity Market Report updated with December 2009 figures is now available.

view the report

Source: FESE


The game is not over for the services directive!

January 13, 2010--On 28 December 2009, the Services Directive entered into force after three years of transposition into the various national legal orders. This is just the first important step towards realisation of the single market for services in Europe. 2010 will be a decisive year to judge through the mutual evaluation process whether theory in laws turns into tangible benefits for services providers and consumers so much needed in the current economic downturn.

The Commission will play a key role in ensuring a robust and high-quality transposition and even enforcement. Equally important is to inform and raise awareness among citizens and particularly SMEs about those expected benefits. In this regard, the Commission has made available extensive information material.

Pension funds tap growing prospects for emerging markets

January 13, 2010--Two European pension funds are pursuing the predicted surge of interest in emerging markets equity investments and have launched searches for suitable EM managers, using IPE-Quest.

Details of QN1073 reveal a Swiss pension fund may invest CHF400m-600m (€271m-€407m) in passive long-only emerging marketing equities, benchmarked to the MSCI EM Total Return local index.

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Source: IP&E


ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 08-Jan-10

January 13, 2010--Last week saw US$1.0 Mn net outflows from DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Basic Resources with US$131.9 Mn and Oil & Gas with US$29.3 Mn while Food & Beverage experienced net outflows of US$104.1 Mn.

Year-to-date, Basic Resources has been the most popular sector with US$131.9 Mn net new assets, followed by Oil & Gas with US$29.3 Mn net inflows. Food & Beverage ETFs have been the least popular with US$104.1 Mn net outflows YTD.

The assets invested in the ETFs are greater than the open interest in the corresponding futures contract in all 19 sectors.

Visit Blackrock for more information.

Source: ETF Research and Implementation Strategy Team, Blackrock


Stock market most profitable investment

January 12, 2010--Investors who directed their money toward the stock exchange in 2009 ended the year with an average 84.56 percent net profit, despite a shaky economy during the global financial crisis.

Data from the Turkish Statistics Institute (TurkStat) released yesterday revealed that the greatest income gained from financial instruments was obtained from the stock market, with a whopping 84.56 percent inflation-adjusted profit, with gold bullion, usually deemed one of the safest investments, trailing behind with a still abnormally high profit rate of 26.03 percent in 2009.

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Source: Todays Zaman


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Americas


July 08, 2025 American Century ETF Trust files with the SEC-Avantis Total Equity Markets ETF
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July 08, 2025 Invesco Actively Managed Exchange-Traded Fund Trust files with the SEC-Invesco Global Equity Net Zero ETF
July 08, 2025 Series Portfolios Trust files with the SEC-Myriad Dynamic Asset Allocation ETF
July 08, 2025 Gabelli ETFs Trust files with the SEC-Gabelli High Income ETF

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Asia ETF News


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June 13, 2025 Post-Adjustment ChiNext Index Attracts Global Assets with Low Valuation and High Growth Potential
June 13, 2025 Unlocking Consumption to Sustain Growth in China -World Bank Economic Update

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Global ETP News


July 07, 2025 WTO issues new edition of World Tariff Profiles
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June 10, 2025 Global Economy Set for Weakest Run Since 2008 Outside of Recessions

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Middle East ETP News


June 19, 2025 GCC: Growth on the Rise, but Smart Spending Will Shape a Thriving Future
June 16, 2025 Saudi Exchange leads market losses across the GCC

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Africa ETF News


July 04, 2025 South Africa: African Development Bank Country Focus Report highlights urgent need for economic transformation as GDP growth remains subdued
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June 26, 2025 National stock exchange launched in Somalia
June 24, 2025 East Africa's regional 20 share index
June 16, 2025 African Credit Rating Agency to Launch September 2025

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ESG and Of Interest News


June 30, 2025 OECD-Environment at a Glance Indicators
June 18, 2025 Global Energy Transition Gains Ground, but Security and Capital Challenges Persist
June 17, 2025 Pacific Economic Update: Slowing Growth Highlights Need for More Inclusive Workforce
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June 07, 2025 Accelerating Blue Finance: Instruments, Case Studies, and Pathways to Scale

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White Papers


May 30, 2025 IMF Working Paper-Interest Rate Sensitivity Scenarios to Guide Monetary Policy

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