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Lloyds feels wrath of investors over CoCos

November 13, 2009-Britain’s small investors have worked themselves into a lather over the terms of the bond exchange proposal outlined last week by Lloyds Banking Group, which they said was unfair.

Bondholders are angry that they risk being frozen out of the offer, which involves Lloyds swapping existing bonds, on which it has been barred by the European Commission from paying coupons, for new “enhanced capital notes”, or contingent convertible instruments. These would convert into higher-risk equity in the event that Lloyds’ capital base came under stress.

The contingent convertibles, or CoCos, are part of a £22.5bn ($37.5bn) capital-raising exercise by Lloyds, designed to strengthen its finances and allow it to wriggle free of a government insurance plan.

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Source: FT.com

Dollar Overwhelms Central Banks From Brazil to Korea

November 13, 2009--Brazil, South Korea and Russia are losing the battle among developing nations to reduce gains in their currencies and keep exports competitive as the demand for their financial assets, driven by the slumping dollar, is proving more than central banks can handle.

South Korea Deputy Finance Minister Shin Je Yoon said yesterday the country will leave the level of its currency to market forces after adding about $63 billion to its foreign exchange reserves this year to slow the appreciation of the won. Chile Finance Minister Andres Velasco said the same day that lawmakers approved an increase in local debt sales to finance spending, a move that will allow the government to keep more of its dollar-based savings overseas and slow the peso’s rally.

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.

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Source: EU Business

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.

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Source: ETFS Securities

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.”

Source: NASDAQ OMX

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

Source: European Central Bank

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