Currency ETCs are intended for investors wishing to diversify their portfolio through the addition of a new asset class which has a low correlation with equities and bonds, or for those investors wanting to take advantage of tactical or strategic macro opportunities using the foreign exchange market. The table below shows that the returns of most major market currencies versus the US Dollar outperformed equities, bonds and real estate with lower volatility. For example, the MSFX Long AUD Index outperformed UK equities by 13.4, 55.4 and 37.2 percentage points over one, three and five years respectively with approximately 5% per annum of the total return over the five year period due to local Australian interest rates which have been incorporated into the MSFX Currency Index.

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Source: ETF Securities (ETFS)

Euro-Parliament nod for free emissions permits

November 4, 2009-The European Parliament's environment committee on Wednesday approved a list of 164 industrial sectors that will win free carbon emissions permits for the next five years if no global deal on climate change is negotiated next month.

Members of the powerful committee voted 39 for and 19 against, with one abstention, the parliament said.

A European Union action plan adopted in December 2008 to fight global warming places serious constraints on industry, which must reduce harmful carbon dioxide emissions by 21 percent from 2005 levels by 2020.

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Source: EU Business

ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 30-Oct-09

November 4, 2009--Highlights
Last week saw US$35.3 Mn net outflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Retail with US$17.2 Mn and Food & Beverage with US$12.5 Mn while Banks experienced net outflows of US$37.2 Mn.

Year-to-date, Basic Resources has been the most popular sector with US$411.2 Mn net new assets, followed by Banks with US$351.6 Mn net inflows. Financial Services sector ETFs have been the least popular with US$28.3 Mn net outflows YTD.

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Source: ETF Research and Implementation Strategy, BGI

UK official holdings of International Reserves

November 4, 2009--Part I: UK Government Foreign Currency Assets and Liabilities
October 2009 1. UK Government’s net reserves rose by $555 million in October 2009, bringing the end-October total to $32,580 million (£19,772 million1) compared with $32,025 million (£20,048 million2) at end-September 2009.

Part II: Bank of England Foreign Currency Assets and Liabilities – October 2009.
1. Bank of England’s net holdings of foreign currency and gold fell by $3 million in October 2009 bringing the end-October total to -$1 million (£606,8701) compared with $1 million (£626,0172) at end-September 2009.

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Source: HM Treasury

Michael Foot publishes final report-independent review of British offshore financial centre

November 4, 2009-Michael Foot has today published his independent review of British offshore financial centres.
Michael Foot was asked by the Chancellor of the Exchequer to conduct a review of the long-term opportunities and challenges facing the British Crown Dependencies (CDs) and Overseas Territories (OTs) as financial centres.

The report covers a number of important areas that impact on the future sustainability of these jurisdictions and sets out a series of robust and sensible standards that Crown Dependencies and Overseas Territories will be expected to meet.

The report clearly states that British offshore financial centres must ensure they meet international standards on tax information exchange, financial regulation, anti-money laundering and countering the financing of terrorism, as well as ensuring, they put their public that finances on a firmer footing by diversifying their tax bases.

Financial Secretary to the Treasury, Stephen Timms said:
“I welcome Michael Foot’s report which comes amidst a real step change in the international determination to tackle tax and regulatory havens under the UK’s leadership of the G20.

This report sends a strong signal to overseas financial centres that they must ensure that they have the correct regulation and supervision in place, while also ensuring their tax bases are more diverse and sustainable to withstand economic shocks – this is essential to their long term stability”

Minister for the Overseas Territories, Chris Bryant said:
"I welcome Michael Foot's balanced and intelligent report. I have argued for some time that the Overseas Territories need to have robust governance of financial institutions, transparency in financial systems, proper regulation of off-shore financial services and a broader tax base.

The Overseas Territories have made substantial progress, especially in relation to financial transparency. I shall be working closely with the governments and governors to ensure that these recommendations are taken forward. There is still work to be done, but the Overseas Territories play a unique - and uniquely British - role, which I want to protect. "

Lord Bach, Ministry of Justice Minister for the Crown Dependencies:
“I welcome the publication of this considered and helpful review. As it recognises, the Crown Dependencies have much to be proud of in terms of meeting high international standards.

This is, however, a fast changing and increasingly complex financial environment. The report is clear that there is no room for complacency and we are confident that the Crown Dependencies will continue to lead the way in terms of meeting new standards as they evolve”

Source: HM Treasury

SocGen continues gradual recovery

November 4, 2009--Société Générale on Wednesday lowered its profit outlook in the light of the toughening regulatory environment, as it reported net profits for the three months to the end of September of €426m, continuing its gradual recovery from loss-making territory early this year.

Didier Valet, finance director of France’s number three bank, said: “As we await a definitive regulatory outcome [on global capital requirements], a return on equity of around 15 per cent looks more achievable than previous targets.”

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Source: FT.com

EEX trading results for Natural Gas and CO2 Emission Allowances

November 4, 2009--In October, the total Spot Market volume for Natural Gas (GPL and NCG market areas) was 564,861 MWh (October 2008: 118,890 MWh). This volume includes 9,624 MWh traded in the Natural Gas auction launched on 15 July 2009. The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 6.50 per MWh and EUR 14.90 per MWh.

The volumes on the Derivatives Market for Natural Gas (GPL and NCG market areas) amounted to 1,573,370 MWh (October 2008: 2,763,100 MWh). On 30 October 2009, the open interest was 4,473,651 MWh. On 30 October 2009 Natural Gas prices for delivery in 2010 were fixed at EUR 16.31 per MWh (GPL) and EUR 16.49 per MWh (NCG), respectively.

A total of 494,002 EU Allowances (EUA) was traded on the EEX Spot Market for CO2 Emission Allowances in October. During the month, the Carbix (Carbon Index) ranged between EUR 12.97 per EUA and EUR 14.80 per EUA.

The volume on the EEX Derivatives Market for CO2 Emission Allowances was 2,516,000 EUA (October 2008: 16,666,000 EUA). The 2009 future contract was fixed at EUR 14.56 per EUA on 30 October 2009, and the 2010 future contract at EUR 14.92 per EUA.

On the CO2 Derivatives Market for Certified Emission Reductions a volume of 35,000 CER was traded (October 2008: 175,000 CER). On 30 October 2009, the 2009 future contract was traded at EUR 13.62 per CER and the 2010 future contract at EUR 13.41 per CER.

Source: European Energy Exchange

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