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Turkey’s ambition to become energy hub remains in place
December 28, 2009--Turkey’s strategic geographic location as the gateway to Europe for the Middle East, Central Asia and the Caspian has historically played in its favor as it became the gatekeeper of goods traveling to the West.
Today the situation is no different, although the goods and their delivery, especially for goods crucial to the energy needs of nearby nations, have change significantly. 2009 was no exception in the importance of Turkey as a trade corridor -- or in this case, an energy corridor.
2009 saw the signing of an intergovernmental agreement in Ankara between Turkey, Romania, Bulgaria, Hungary and Austria that would allow natural gas to be piped through the planned Nabucco pipeline. The signing was seen as a milestone in the development of a pipeline that would provide an alternative for Russia-dependent Europe. The agreement was viewed as a sign of hope that the much-anticipated pipeline would be finished on time in 2014.
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Source: Todays Zaman
DB Index Research -- Weekly ETF Reports -- Europe
December 24, 2009-Highlights
ETF Liquidity Trends
ETF Volume
Exchange based Equity ETF turnover remained at about the same level on the previous week. Daily turnover for the previous week was E1.3bn. European fixed income ETF turnover rose by 5.7% to E190.5m.
In exchange based bond ETFs, iShares € Corporate Bond has the highest daily turnover of E13.16m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E57.82m.
There were 11 new listings last week. ThinkCapital issued five new ETFs on NYSE Euronext Amsterdam. Blackrock Fund Advisors issued three new Bond ETFs and ETFlab Investment issued one new ETF on Deutsche Borse. Moreover, HQ Fonder Sverige launched one new ETF on Stockholmborsen and ETF Securities issued one new ETC on London Stock Exchange. All new listings were primary listings except for three Bond ETFs issued by Blackrock Fund Advisors.
European Regional ETFs rose to the top position as leading product area with total turnover of E358m with 28.40% of total ETF turnover followed by Style ETFs, led by short and leveraged products, with total turnover of E354m accounting for 28.08% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E162m across the fourteen listed products and accounting for 12.9% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 13.2% of turnover trading E166m per day with liquidity split across 17 ETFs and 44 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 36.6% of total turnover. The Euronext NextTrack platform has 20.6% market share. The LSE’s combined Italian Exchange and London market share is now 26.2%.
Assets under Management (AUM)
Total European Equity related AUM rose by 2.2% to E109.5bn during last week. AUM for DJ Euro STOXX 50 ETFs was E21.8bn accounting for 19.9% of total European AUM. Fixed Income ETF AUM rose by 1.8% to E34.6bn.
Overall, the largest ETF by AUM was Lyxor ETF DJ Euro STOXX 50, an Equity based ETF, with AUM of E5.2bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.2bn.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
Crédit Agricole and Société Générale to create Amundi on 31 December
December 24, 2009--Having received all the regulatory approvals needed to create their combined asset management arm, Crédit Agricole and Société Générale are incorporating Amundi on 31 December 2009 and starting operations on 1 January 2010.
Georges Pauget, chief executive officer of Crédit Agricole, will be chairman of the board of directors.
Séverin Cabannes, deputy chief executive officer of Société Générale, will be vice chairman and Yves Perrier (pictured), head of asset management and institutional services at Crédit Agricole and chairman and chief executive officer of CAAM Group, will be Amundi's chief executive.read more
Source: ETF Express
Greek crisis budget heads for parliament vote
December 23, 2009--Greece was to adopt a crisis budget on Wednesday in a bid to bring order to its chaotic public finances and restore its badly dented credibility with foreign investors and the European Union.
The ruling Socialists, who hold a 10-seat edge in the 300-seat parliament, are expected to carry the midnight vote on the 2010 plan aiming to cut Greece's 30.5-billion-euro public deficit by 8.4 billion euros (12 billion dollars).
The Socialists, elected in October on an economy rescue ticket, have already warned that the 2010 budget is the nation's "toughest" since the restoration of democracy in 1974 after seven years of military rule.
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Source: EU Business
Capital markets expect bonanza to go on
December 23, 2009--Capital markets bankers are almost as fixated on merger activity as their investment banking colleagues.
Debt markets have seen record issuance this year while share issues to shore up balance sheets boosted equity markets well beyond most expectations. Both are expecting similarly big business next year for a variety of reasons, though all bankers are hedging their forecasts with one factor: it depends on M&A.
In both cases, big deal-related financings promise fee bonanzas that boost the advising banks’ league table positions.
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Source: FT.com
Rolet's new broom sweeps LSE
December 23, 2009--Xavier Rolet, chief executive of the London Stock Exchange, ushers a visitor into the office on the top floor of the exchange’s headquarters once occupied by his predecessor, Dame Clara Furse.
The desk has gone, replaced by white leather armchairs and glass-topped tables decorated with engraved silver from the exchange’s collection of memorabilia. Commemorative coins and 19th century share certificates decorate the walls.
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Source: FT.com
Macquarie to acquire Sal. Oppenheim’s equity derivatives and structured products business
December 23, 2009--Macquarie To Acquire Sal. Oppenheim’s Equity Derivatives And Structured Products Business
The move complements Macquarie’s existing Asian derivatives operation and adds a wider set of products to its growing European business. Sal. Oppenheim’s derivatives business has market making and issuance operations on exchanges in Germany, Switzerland, Austria and Italy. Under the agreement, more than 90 Sal. Oppenheim staff based in Germany and Switzerland will join Macquarie.
“Sal. Oppenheim’s strong European retail derivatives and structured products business will provide Macquarie with access to a new product suite, an advanced technology platform and a team of high calibre people with deep local experience." said Mark Gilbert, Macquarie’s Head of Derivatives for Europe, Middle East and Africa. “Sal Oppenheim’s clients will benefit from Macquarie’s commitment to growing the business and access to new products which reflect Macquarie’s global scale.”
Sal Oppenheim retail equity derivatives are sold through private banks and retail brokers in Germany, Switzerland, Austria and Italy, accessing a derivatives market with more than 275 billion of issued product.
The retail equity derivatives business will use the Macquarie Oppenheim brand following completion.
Transaction terms and timing
The terms of the transaction are confidential between the parties. The impact on Macquarie's regulatory capital surplus as a result of the acquisition is not expected to be material. The transaction is expected to close at the beginning of the second quarter of 2010, subject to regulatory approvals and other customary closing conditions.
Source: Macquarie
FEAS Newsletter December 2009
December 23, 2009--FEAS Newsletter for December 2009 is now available.
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Source: FEAS
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 18-Dec-09
December 23, 2009--Highlights
Last week saw US$25.0 Mn net outflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$44.1 Mn and Health Care with US$19.0 Mn while Oil & Gas experienced net outflows of US$42.8 Mn.
Year-to-date, Telecommunications has been the most popular sector with US$465.5 Mn net new assets, followed by Basic Resources with US$393.3 Mn net inflows, while Personal & Household Goods sector ETFs have been the least popular with US$11.8 Mn net outflows YTD.
Visit Blackrock for more information.
Source: ETF Research and Implementation Strategy Team, Blackrock
Moody’s downgrades Greece’s credit rating
December 22, 2009--Moody’s Investors Service on Tuesday downgraded Greece’s credit rating, despite efforts by the new Socialist government to slash public spending and pull the country out of an economic crisis.
The government responded with a promise to redouble its cost-cutting efforts, while Greek investors responded with relief that the latest downgrade was not more severe. Moody’s became the third rating agency to downgrade Greek government bonds -- changing them from an A1 category to A2.
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Source: Todays Zaman
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