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CESR publishes an update on the assessment of the proposals for MiFID pre-trade transparency waivers
January 6, 2010--
06 Jan. 2010 - The MiFID compliance of these functionalities has been assessed at CESR level on the basis of the new joint process that CESR launched in February 2009.
The table (Ref. CESR/09-324) includes information on a new assessments made at CESR level regarding an application for a waiver to be granted on the basis of the MiFID Implementing Regulation that CESR considered not to be compliant with MiFID.
Source: CESR
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows week ending 31-Dec-09
January 7,2010--Highlights
Last week saw US$7.0 Mn net inflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Oil & Gas with US$37.1 Mn and Banks with US$32.7 Mn while Construction & Materials experienced net outflows of US$25.4 Mn.
Year-to-date, Telecommunications has been the most popular sector with US$409.2 Mn net new assets, followed by Basic Resources with US$402.5 Mn net inflows. Financial Services ETFs have been the least popular with US$35.6 Mn net outflows YTD.
Visit Blackrock for more information. 61% believe supertax on bankers’ bonuses is unjustified, says CISI survey
Other comments included:
"Most of the people working in this industry are both diligent and competent. I cannot understand how it is fair or ethical to target a specific group of individuals with a different rate of tax on their earnings, purely on the basis of who their employer is.”
“No account has been taken of the longer-term impact this and similar measures will have on the City of London and other highly productive sectors of the British economy.”
Among the 39 per cent of respondents supporting the tax, comments included: “It is important that the industry cleans itself up” and “Most bankers would not have a job without the direct input of public money.”
Source offers investors access to US sector ETF
The nine indices were developed by S&P specifically in order for Source to be able to deliver Ucits III compliant US sector ETFs. read more
World giants eye $20 bln nuclear energy market in Turkey
The Turkish Electricity Trading and Contracting Company (TETAª) held the tender for the construction and first 15 years of operation of the nuclear power plant on Sept. 24, 2008, which a consortium composed of Russian companies Atomstroyexport and Inter RAO UES and the Ciner Group’s Park Teknik won as the sole bidder. The Turkish Atomic Energy Agency (TAEK) approved the technical aspects of the consortium’s bid and sent the bid for the Cabinet’s evaluation. The Cabinet sent its opinion to TETAª, which announced that it canceled the tender on Nov. 20.
read more
EEX Primary market auction of EU emission allowances on Spot Market launched successfully read more ECX Monthly Report December 2009 Dec’09 expiry & delivery: The December 2009 EUA and CER futures contracts expired on December 14th and saw record volumes taken to physical delivery. Over 134 Mt EUAs and 16 Mt CERs were transferred amongst market participants, a 28% increase over 2008. Year end open interest across all contracts stands at 548 Mt – up by 193 Mt from 2008. view more Share of foreign investors in Turkish stock market up
On December 25, the share of foreign investors was 67.19 percent. (1 USD equals 1.5 TL)
Cashmarket Turned Over 1.14 Trillion Euros Last Year
According to the Xetra liquidity measure (XLM), Siemens AG was the most liquid DAX blue chip in December with 7 basis points (bp) for an order volume of €100,000. Heidelberg Cement AG was the most liquid MDAX stock with 19 bp. The most liquid ETF was db x-trackers ETF II-EONIA T.R. 1C with 0.4 bp. The most liquid foreign stock was Total S.A. with 15 bp. XLM measures liquidity in electronic securities trading on the basis of the implicit transaction costs. It is expressed in basis points (1 bp = 0.01 percent); a low XLM denotes high liquidity in a security.
Siemens AG was the strongest DAX stock on Xetra in December at €5.2 billion. Heidelberg Cement AG was the top MDAX stock at €631.2 million, while Deutsche Wohnen AG led the SDAX at €25.8 million and Aixtron AG headed the TecDAX at €607.6 million. At €1.0 billion, the iShares DAX was the exchange-traded fund with the largest turnover.
On all stock exchanges in Germany €92.3 billion were traded in December according to order book turnover statistics – a decline by 24 percent compared year-on-year (December 2008: €122 billion). This total includes €83.9 billion in equities, warrants and exchange-traded funds, as well as €8.4 billion in fixed-income securities. Private equity faces fundraising battle
Being starved of fresh capital is the kiss of death for a private equity group, giving it little option but to go into run-off, slowly selling off assets to return cash to investors. read more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: ETF Research and Implementation Strategy Team, Blackrock
January 6, 2010--Sixty-one per cent of financial services practitioners believe the supertax on bankers’ bonuses imposed by Chancellor Alistair Darling is unjustified, a survey by the Chartered Institute for Securities & Investment (CISI) shows.
In his pre-budget report, the Chancellor unveiled a one-off 50 per cent tax on bank bonuses over £25,000. Respondents to the CISI survey were invited to give their views and a concern raised by many was that the tax could force bankers to leave the UK. “This is blatant electoral opportunism and will see wealth generators leave this country in their droves,” said one opponent of the measure, while another warned: “In the long term, talent will be driven away, London will be less competitive and we will no longer be at the forefront of the financial industry.”
Source: Chartered Institute for Securities & Investment (CISI)
January 5, 2009--Source has launched nine US sector exchange traded funds, giving UK investors access to a derivative of the S&P US Select sector indices.
The S&P Select Sector Capped 20 per cent indices will cover consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, technology and utilities.
Source: FT.com
January 5, 2010--Turkey is preparing to hold another tender for the construction and operation of the country’s first nuclear power plant after canceling the last one
Several corporations from the United States, South Korea, France and China as well as Canada, Russia and Japan are showing keen interest in the new tender.
Source: Todays Zaman
January 2010--Primary market auctioning of European emission allowances (EUA), which EEX runs on behalf of the Federal Environment Ministry, was launched on the Spot Market of European Energy Exchange AG (EEX) today. The first auction on the Spot Market of the exchange was held at 11:00 am.
The envisaged volume of 300,000 EUA was sold as planned. The total bidding amount exceeded, with roughly two million EUA, the specified auction volume considerably – participants bidded more than 6-fold the auction volume. In the auction, the price was
established at EUR 12.67 per EUA.
Source: European Energy Exchange (EEX)
January 4, 2010--Highlights
Despite the disappointing lack of progress from COP 15, 2009 was another year of strong growth for the European carbon markets. Average daily volumes exceeded 20 Mt making a total of over 5.1 billion tons traded on ECX/ ICE, an increase of 80% over 2008.
ECX appreciate the continued support of the members and clients throughout the world and look forward to working with you in 2010.
Source: European Climate Exchange (ECX)
January 4, 2010-Share of foreign investors in Turkey's main stock market was up last week.
The share of foreign investors in Ýstanbul Stock Exchange (ÝMKB) increased to 67.29 percent amounting to 83.6 billion Turkish liras in stock value on January 1, officials said on Monday.
Source: Todays Zaman
Securities worth €1.31 trillion traded on all exchanges in Germany in 2009/
Cashmarket turnover in December at 81.2 billion euros
January 4, 2010--In 2009 1.14 trillion euros were turned over at the cashmarket of Deutsche Börse. This is a decline of 50 percent compared to 2008 (€2.26 trillion). With 1.06 trillion euros the major parts falls upon the fully electronic trading system Xetra (2008: €2.26 trillion), 77.4 billion euros were traded on the floor (2008: €112.9 billion). All exchanges in Germany turned over 1.3 billion euros, a decline by 52 percent (2008: € 2.47 trillion).
In December 2009 on Xetra and the Frankfurt floor €81.2 billion were turned over. The amount is down 21.7 percent compared to December 2008 (€103.7). Thereof 75.5 billion were traded on Xetra (down 19.9 percent; December 2008: €94.3 billion) and 5.7 billion euros on the floor. 68.7 billion euros were turned over in German equities and €9.8 billion in foreign shares. 96.7 percent of the transaction volume with German equities and 92 percent of foreign equities were traded on Xetra and on the floor at Börse Frankfurt.
Source: Deutsche Börse
January 4, 2010--As private equity bosses consider their New Year resolutions, many are likely to commit themselves to overcoming the meanest fundraising market in the industry’s history by raising a fresh pool of capital.
This tough challenge will separate the buy-out industry’s sheep from its goats as increasingly choosy investors decide which groups deserve to be given more money to invest and which should be left to wither away.
Source: FT.com
