Europe ETP News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Europe to formally exit recession
November 12, 2009--Europe's deepest recession since World War II should officially come to an end on Friday when the European Union publishes figures universally expected to show a collective return to growth.
Data particularly focused on the 16 countries that use the euro currency -- led by France and Germany, already out of the mire between April and June -- is tipped by analysts to show July-September growth of at least 0.5 percent.
Oil ETC innovator ETF Securities extends world’s largest oil ETC platform with launch of ETFS Forward Crude Oil
ETFS Forward Crude Oil (“FCRU”) will track the DJ-UBS Crude Oil 3 Month Forward Sub-Index
The index has historically outperformed other enhanced oil indices over different time periods
ETFS Forward Crude Oil will complement world’s largest oil ETC platform of 14 oil ETCs
ETF Securities’ oil ETC platform hits $10bn of exchange traded volume for 2009 as oil ETC assets reach $1.4bn
November 12, 2009-- ETF Securities (ETFS), the award winning* oil ETC pioneer and global pioneer in Exchange Traded Commodities (Commodity ETCs) and 3rd generation Exchange Traded Funds (ETFs) will expand its oil ETC offering with the listing of ETF Forward Crude Oil (FCRU) later this week on the London Stock Exchange (LSE).
ETFS created the world’s first oil ETC with Shell Trading in July 2005. More than four years later, the ETFS oil ETC platform now enables investors to invest in oil through long, short, forward (from front month to 3 years) and leveraged ETCs, and to choose which part of the oil futures curve they would like exposure to. Investors also have the choice of being exposed to either ICE Futures’ Brent or NYMEX’s WTI, the world’s two most traded oil benchmarks. In addition, investors are able to gain exposure to oil equities through the ETFX Dow Jones STOXX 600 Oil & Gas Fund (OILG). ETFS launched the world’s first Commodity ETC platform in Europe between 2003 and 2006 accumulating over $15.8 billion in assets as of 9th November 2009.
ETFS Forward Crude Oil (FCRU) will track the DJ-UBS Crude Oil 3 Month Forward Sub-IndexSM, completing ETF Securities’ oil ETC platform of 14 oil ETCs. With 14 oil ETCs, ETF Securities has the world’s largest oil ETC platform and with $1.4bn assets and $220m of average weekly trading volume in oil ETCs since the beginning of the year (approx $10bn year-to-date), it provides investors with the largest choice and highest trading liquidity in oil ETCs in Europe. ETFS Crude Oil (CRUD), ETFS Brent 1mth (OILB) and ETFS Leveraged Crude Oil (CRUD) have consistently been in the top 10 traded ETCs/ETFs on the LSE over the past year.
| ETC | LSE Code | Exposure |
| ETFS Crude Oil | CRUD | DJ-UBS Crude Oil Sub-IndexSM |
| ETFS Forward Crude Oil | FCRU | DJ-UBS Crude Oil 3 Month Forward Sub-IndexSM |
| ETFS Short Crude Oil | SOIL | -100% of the daily % change in the DJ-UBS Crude Oil Sub-IndexSM |
| ETFS Leverage Crude Oil | LOIL | 200% of the daily % change in the DJ-UBS Crude Oil Sub-IndexSM |
| ETFS Brent 1mth | OILB | ICE Futures’ Brent oil 1st or 2nd month futures contract |
| ETFS Brent 1mth £* | OLBP | ICE Futures’ Brent oil 1st or 2nd month futures contract |
| ETFS Brent 1 yr | OSB1 | ICE Futures’ Brent oil contracts with an average maturity of approx. 1 yr |
| ETFS Brent 2 yr | OSB2 | ICE Futures’ Brent oil contracts with an average maturity of approx. 2 yrs |
| ETFS Brent 3 yr | OSB3 | ICE Futures’ Brent oil contracts with an average maturity of approx. 3 yrs |
| ETFS WTI 2 mth yr | OILW | NYMEX WTI oil 2nd or 3rd month futures contract |
| ETFS WTI 2 mth £* | OLWP | NYMEX WTI oil 2nd or 3rd month futures contract |
| ETFS WTI 1 yr | OSW1 | NYMEX WTI oil contracts with an average maturity of approx. 1 yr |
| ETFS WTI 2 yr | OSW2 | NYMEX WTI oil contracts with an average maturity of approx. 2 yrs |
| ETFS WTI 3 yr | OSW3 | NYMEX WTI oil contracts with an average maturity of approx. 3 yrs |
NASDAQ OMX Expands Norwegian Securities Offering
- Admits Four New Shares To Trading And Introduces CCP On All Norwegian Shares
November 12, 2009--NASDAQ OMX Stockholm AB, part of The NASDAQ OMX Group (NASDAQ:NDAQ), continues to expand and enhance its offering on Norwegian securities by admitting an additional four shares to trading, thus extending its offering to include the 30 largest Norwegian shares. The four new shares that will be tradable on NASDAQ OMX Stockholm as of November 20 are Tomra Systems, PA Resources, Atea and Cermaq.
On November 13, 2009, NASDAQ OMX Stockholm will be the first regulated exchange to offer Central Counterparty clearing (CCP) for trading of Norwegian equities, enabling significant cost, risk and liquidity advantages. CCP will be introduced for the 26 Norwegian shares that are currently admitted to trading on NASDAQ OMX Stockholm, and as of November 20, will also encompass the four new shares. CCP services will be provided by European Multilateral Clearing Facility (EMCF) and all clearing fees will be waived by EMCF until December 8, 2009, as part of their fee holiday.
In addition to offering CCP services, NASDAQ OMX in September introduced 15 Norwegian single-stock derivatives as well as a new tradable index - OMX Oslo 20 (OMXO20) - based on the 20 most liquid Norwegian shares. In October three Norwegian Exchange Traded Funds issued by XACT Fonder were admitted to trading on NASDAQ OMX Stockholm.
“We are very pleased with the development of our Norwegian market and are looking forward to further expanding our offering for customers interested in trading all Nordic securities on one market and through one trading system,” said Hans-Ole Jochumsen, President NASDAQ OMX Nordic. “We have had a steady inflow of new members connecting to this market and we feel comfortable reaching our goal of five percent market share in Norwegian securities by year-end.”
Publication of the Eurosystem Oversight Report
November 12, 2009--The Eurosystem will publish today for the first time the Eurosystem Oversight Report. With this new publication, the Eurosystem seeks to inform public authorities, market infrastructure providers and their participants, as well as the general public, on the performance of its oversight function and its assessment of the safety and soundness of euro area payment, clearing and settlement infrastructures. The aim is to raise awareness regarding relevant developments in these infrastructures and the Eurosystem’s role in monitoring such developments and in addressing potential risks and inefficiencies.
The Eurosystem Oversight Report 2009 describes the performance of the Eurosystem’s oversight function in 2008, as well as the most relevant developments in 2009. It comprises three main chapters. Chapter 1 provides an overview of the Eurosystem’s oversight function, focusing on the institutional framework, the main Eurosystem oversight standards and requirements, and the practical arrangements for conducting system oversight and cooperation. Chapter 2 provides information on the Eurosystem’s oversight activities, including standard-setting, monitoring and assessment, and analysis of selected topics. Chapter 3 reports on future work priorities. In response to the lessons drawn from the financial market turmoil, the Eurosystem expects to devote particular attention to the role of overseers in the forthcoming financial architecture, as well as to market infrastructures and oversight arrangements for over-the-counter derivatives, especially for the euro-denominated market segments. In addition, the Eurosystem intends to further develop its role with regard to securities settlement systems and central counterparties.
View Eurosystem Oversight Report 2009
Turkey's largest commercial bank granted license to operate from DIFC
Becoming the first commercial Turkish Bank to join the DIFC community
November 12, 2009--Akbank, Turkey’s most valuable bank and company in terms of market capitalization, has received a license to operate from the Dubai International Financial Centre (DIFC).
The Dubai office is named Akbank (Dubai) Ltd. and is the first Turkish Bank to set up at the DIFC. It aims to become one of the preferred consultants in Investment Banking & Corporate Finance in the region by leveraging the expertise and knowledge of its parent company and its local staff in the Dubai office. It will be headed by Mr. Cem Atac, who has vast experience in the banking sector throughout the region.
Abdulla Mohammed Al Awar, CEO, DIFC Authority said, “DIFC is the ideal gateway for Akbank to launch its operations in the region, particularly as Turkish-GCC business relations continues to grow positively. We are delighted to welcome Akbank to the DIFC family, and look forward to a fruitful relationship that will bring these two high-potential markets closer together. The move is proof-positive that Dubai and Turkey have remained largely resilient during the ongoing global economic crisis, and re-affirms the vast potential in region.”
“We are pleased to launch our operations in Dubai which has proven to be a highly dynamic city replete with opportunity. Its geographical positioning makes it vital in international business, hence our strategic decision to open offices in DIFC, which is the ideal hub for the growth opportunities we seek. Akbank will be reaching towards both the West and the East with its best-in-class banking services. Akbank NV (Netherlands) is our base in the West and our Dubai Office will be the center in the East,” stated Suzan Sabancý Dinçer, Chairman and Executive Board Member of Akbank.
The core competence of Akbank Dubai will be its ability to intermediate in Mergers & Acquisitions, manage IPO’s and dual listings of Turkish companies. It will also act as placement agent or arranger of funds, give advice on financing long/medium term projects and provide private banking services.
“Akbank Dubai aims to act as a catalyst in the development of enhanced economic cooperation and dialogue between Turkey and the GCC, serving the needs of its clients both in the region and in Turkey, by offering the highest professional standards,” commented Mr. Atac, Senior Executive Officer of Akbank (Dubai) Ltd.
Akbank’s successful performance was recently awarded by prestigious international publications such as Euromoney and Global Finance. Euromoney recognized Akbank as “The Best Bank of Turkey” under “Awards of Excellence - 2009” in July 2009. Global Finance also selected Akbank as “Turkey’s Best Bank”, “Best FX Bank” and “Best Trade Finance Bank” in 2009.
ETF Statistics October 2009-London Stock Exchange
November 12, 2009--The ETF Statistics October 2009 are available.
view report
Calyon to Expand Commodity Team; May Add Exchange-Traded Funds
November 12, 2009-- Calyon, the investment-banking arm of Credit Agricole SA, is expanding its commodities group and may introduce exchange-traded funds as investor demand for raw materials strengthens.
The commodities team has 70 so-called front office workers, which includes traders, analysts and sales people, said Martin Fraenkel, global head of commodities. He didn’t say how many the bank would hire. A venture with EDF Trading Ltd., which started this month, is adding 12 people by the end of the year, he said.
New OMX Copenhagen Benchmark Portfolio Selected - The New Portfolio Of The OMX Copenhagen Benchmark Index Will Become Effective On December 1, 2009
November 11, 2009--New OMX Copenhagen Benchmark Portfolio Selected - The New Portfolio Of The OMX Copenhagen Benchmark Index Will Become Effective On December 1, 2009
Schaumann Properties (SCHAUP), Søndagsavisen A-S (SOEN) and Rockwool International B (ROCK B) will be added to the index.
Østasiatiske Kompagni (EAC) and Ringkjøbing Landbobank (RILBA) will be removed from the index.
The OMXCB index is a free float adjusted index designed to act as a transparent and liquid benchmark with low transaction costs for the investors while maintaining a high correlation to the Danish market.
OMXCB is sector diversified and major sectors represented are Industrials, Financials and Health Care. The securities must also meet other eligibility criteria including a turnover screening. The OMXCB index is evaluated on a semi-annual basis in May and November, and the new index portfolio becomes effective on the first trading day in June and December respectively.
FSA proposes to strengthen prudential standards for credit unions
November 11, 2009--The Financial Services Authority (FSA) has today set out its proposals for strengthening the financial resilience of the credit union sector and ensuring that its customers are adequately protected.
The proposals aim to raise prudential standards in the sector, particularly on capital and liquidity. The proposed regime could also help ensure credit unions are prepared for the new government legislation allowing them to carry out a wider range of financial activities.
The main proposals are set out below:
Introduction of a minimum capital to assets ratio of at least 3% for smaller credit unions;
Higher initial start up capital for new credit unions - £10,000 for small start-ups and £50,000 for larger ones; and
An increase in the minimum liquidity requirement to 10% of total liabilities for all credit unions.
These changes will be phased in over two to three years to give firms enough time to comply with any new rules.
Paul Sharma, FSA director of prudential policy, said:
"Our reforms for credit unions will ensure they are financially sounder, well managed with fewer failures and defaults. Raising the standards will also enable firms to be better placed to take advantage of the proposed legislative changes."
The FSA is also proposing to reduce the submission period for annual financial returns from seven to four months so that financial information received from credit unions is more timely and consistent.
Knight Introduces Knight Link: A New Source of Liquidity for Europe
November 11, 2009--Knight Capital Group, Inc. today announced the official launch of Knight Link in Europe, an innovative trading model for European equities which provides institutional and retail broker-dealers with access to Knight's unique liquidity.
"We are very excited to be launching Knight Link in Europe," said Kee-Meng Tan, Managing Director, Head of the Electronic Trading Group in Europe. "Knight Link is designed to bring European clients quality executions with high fulfilment rates and low cost on a low-latency platform."
Knight Link is authorised and regulated by the UK Financial Service Authority as a Systematic Internaliser, in accordance with the Markets in Financial Instruments Directive. Knight Link helps clients to achieve MiFID-mandated best execution requirements through a combination of high-quality stock execution and low transaction costs.
"Knight Link is customisable to each client's needs and preferences," Mr. Tan added. "We accommodate a wide range of trading architectures and capacity requirements based on our leading technology, extensive market-making operation, and connectivity to the full range of trading venues in Europe."
Knight introduced Knight Link to a handful of institutions with European operations in January 2009, and Knight Capital Europe Limited commenced business as a Retail Service Provider in the U.K. in June 2009. Knight also will begin offering its market-making services on the Equiduct regulated market shortly, bringing best execution to the continental European retail market. Knight Link offers rapid order execution in a broad and growing range of pan-European large- and mid-cap equities, bringing together execution of institutional and retail flow. Since early 2009, Knight Link has added both institutional and retail broker-dealer clients, regularly trading more than US$100 million (euro 67 million) daily.
Knight Link in Europe is based on the highly successful model Knight developed for trading in the U.S. equity markets. In the U.S., Knight Link provides access to one of the largest sources of off-exchange liquidity in the marketplace with 129 million U.S. equity shares traded daily in October 2009.
Knight provides clients with voice and electronic access and trading in Europe through our London-based trading operations. Knight is a direct member of more than 20 European exchanges and multilateral trading facilities (MTFs).
