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Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
November 9, 2009--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, November 9, 2009:
The shares of Cadan Resources Corporation (TSXVN:CNF) will trade on a consolidated basis following a 1-for-5 consolidation.
The new CUSIP number will be 12721D 20 3 and the new ticker symbol will be CXD.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Spain buys EUR 25m carbon emission rights from Poland
November 9, 2009-Spanish Prime Minister Jose Luis Zapatero Monday signed an agreement for the purchase of carbon dioxide emission rights from Poland worth 25 million euros.
"This agreement is beneficial to Spain and to Poland and also for limiting the influence of (greenhouse gas) emissions on climate change," Zapatero said at a joint press conference with Polish Prime Minister Donald Tusk in Poland's Baltic Sea resort of Sopot.
The Polish leader said the agreement would "provide ample resources for investment" to "effectively reduce CO2 emissions in Poland."
"This means that Spanish money will work in Poland to improve environmental protection," Tusk added.
read more
Source: EU Business
UK commercial property values surge
November 9, 2009--A rapid recovery in UK commercial property values from the deepest slump on record to near bubble-like conditions could see the sector turn positive this year, a leading property consultancy has forecast.
Real estate values are set to overturn most of the losses suffered in the first half, according to research by Colliers CRE, as booming investor demand has taken prices back to near peak levels in some sectors.read more
Source: FT.com
FSA sees fall in applicants for authorisation
November 9, 2009--The number of new financial firms and individuals seeking regulatory authorisation fell in the third quarter to the lowest levels in at least three years, suggesting that the worst is not yet over for the City.
Only 247 new banks, brokers and insurance firms sought authorisation from the Financial Services Authority in the three months to September 30, while 643 firms cancelled their registration, according to data compiled by IMAS Corporate Advisors.read more
Source: FT.com
FSA chief says cultural change needed to drive reform
Reform will only come if both the regulator and the regulated are committed to genuine change, according to Financial Services Authority (FSA) chief executive Hector Sants.
November 9, 2009--Speaking today at Bloomberg, London, Hector Sants emphasised how the FSA has changed and how its radical new intensive supervisory regime is already delivering the right outcomes for firms, consumers and for financial stability, but that there needs to be genuine cultural and behavioural change within the financial industry to ensure the lessons of the crisis provide the outcomes society expects.
Hector Sants warned:
"There remains, I believe, an absence of the acceptance of collective responsibility for what has happened. I personally remain unconvinced that all senior management have taken on board the need to change and operate in a genuinely different manner."
Hector Sants demonstrated how the experience of the past two years has equipped the UK regulator to deliver a new, stronger supervisory approach. Having completed the implementation of its Supervisory Enhancement Programme (SEP), it now has 280 more supervisory and specialist staff, a new training regime and a new risk identification process. Supervisors are now judging firms on the likely consequences of their decisions and proactively challenging business models.
This radical new approach to supervision has successfully delivered results on both prudential and conduct issues; helping to protect consumers and secure financially stronger, more resilient firms. This year, the FSA has taken action and secured redress for consumers in respect of payment protection insurance for both mortgages and personal loans (MPPI and PPI), for mortgage arrears handling and pension switching. It will be increasingly proactive in testing risks inherent in products from their development and using techniques such as mystery shopping to test the true outcome for consumers.
Stronger prudential supervision is already ensuring that firms are able to better deal with financial pressures, enhancing financial stability throughout the crisis. Without the FSA’s rigorous stress tests the recent bank recapitalisations would not have been possible and the FSA was the first major regulator, globally, to introduce new rules to tackle liquidity risk.
However, Hector Sants continued:
"I believe it is important to recognise that there are limits to what regulatory rules can achieve. It would be a mistake not to recognise that some of the failures which have occurred have their roots in the issues of culture and behaviour."
The FSA has already introduced a tougher approval process for senior management and has seen a number of applicants withdraw as a result of greater challenge, but is now looking to explore an individual’s ability to create a strong ethical framework. Acknowledging that culture is driven by those at the top of an organisation, the FSA will be opening the debate on how it can assess a senior executive’s impact on an institution’s culture as part of its authorisation regime. This topic will be included in a forthcoming FSA discussion paper.
Commenting on the current debate on regulatory structure, Hector Sants stated that all organisational structures will have fault lines but given the demonstrable effectiveness of the revised FSA approach of integrated supervision of individual firms it is critical that "society must not lose the benefits of the hard learning experience the FSA has been through".
Source: Financial Services Authority (FSA)
Two New ETFs From XACT Fonder start trading on NASDAQ OMX
November 6, 2009--NASDAQ OMX Stockholm AB, part of the NASDAQ OMX Group (NASDAQ:NDAQ), today starts trading in two new exchange traded funds (ETFs), XACT Bull 2 and XACT Bear 2.
The two ETFs issued by XACT Fonder are based on the OMXS30 (OMX Stockholm 30) index which reflects the performance of the 30 most traded shares on NASDAQ OMX Stockholm. The OMXS30 index is in 2009 the third most traded domestic index in Europe with more than 400 million derivatives contracts since its start in 1986.
XACT Bull 2 and XACT Bear 2 are leveraged exchange traded funds that offer twice the return of the daily change in the underlying OMXS30 index. Hence, for XACT Bull 2, which has a positive exposure against OMXS30, a daily index increase of 1% means an increase in value of 2%. For XACT Bear 2, which has a negative exposure against OMXS30, a 1% a daily index decrease generates a 2% value return. The leverage increases the potential return but also the risk level.
Jenny Rosberg, Deputy CEO at NASDAQ OMX Nordic said, “These two new products from XACT Fonder will make a good addition to our offering of exchange traded funds and continue to attract investor interest to this exciting market. In 2009 we have seen a significant increase in ETF trading compared to the same period last year, proving that this is a market with great growth potential”.
Source: NASDAQ OMX
Thomson Reuters MiFID Market Share Reports October 2009
November 6, 2009--The spreadsheets below provide monthly reports at a summarised level by markets and index constituents in Pan European Equities. These show the market share in terms of all trades published across the different European exchanges and other reporting venues.
View 2009 Market Share Report (Jan - Oct) XLS
View 2008 Market Share Reports XLS
From March 2009 the Monthly Equity Market Share reports are being sourced from our recently launched Equity Market Share Reporter. Both the Volume and Turnover data are now calculated based on each individual trade reported by all European Exchanges, MTFs, and OTC trade reporting venues rather than the accumulated volume figures for each stock as published by the Exchanges. Trades reported after trade-date are now reflected in these statistics. We are also able to separately identify the trading volumes of the Independent Dark Pools.
The report most recently published spreadsheet for January to July 2009 reflects separate values for all trades published through MiFID trade publication services with the venue name and " - OTC". This reflects feedback to the data published last month requesting that these trades be split out from the totals per venue for trade executed on those venues or reported under the rules of those venues.
This classification of OTC trades differs from that previously used where only trades on the exchanges' MiFID trade reporting services were categorised as OTC. However in our recent review and categorisation of trades into our seven standard trade classifications it was clear that for a number of exchanges including the LSE and NASDAQ OMX, that trades published through their MiFID reporting services in stocks traded on their exchange, trades were included in their main feed with trade flags to identify them as such. As a consequence the totals for OTC trades in the January to July 2009 is higher than previously identified.
The Equity Market Share Reporter in addition provides:
data broken down into more granular trade types such as Transparent Order Book, Dark Order Book, On-Exchange Reported & Off-Exchange (OTC), and
analysis of the trading liquidity of any stock for which trades have been published by any of the comprehensive list of Exchanges, MTFs, Dark Pools & OTC reporting venues covered, and
easy downloading of the data into Excel.
For further information about the Monthly Market Share reports or to request to be added to our distribution list for notification of when new reports are posted please email: mifid@reuters.com.
Source: Thomson Reuters
FSA sets out new prudential regime for personal investment firms
November 6, 2009--The Financial Services Authority (FSA) has today set out its new prudential regime for personal investment firms (PIFs) to ensure that they are better capitalised to withstand any future financial shocks.
Under the new rules, all PIFs will have to hold capital resources worth at least three months of their annual fixed expenditure in realisable assets such as cash. The minimum capital resources threshold for any firm will be set at £20,000.
Requiring PIFs to hold more capital resources will enable firms to provide redress for consumers and limit the compensation due from the Financial Services Compensation Scheme (FSCS) in the event that they are wound up.
Following feedback from the industry, the transition to the new regime has been extended by a year to 31 December 2013, allowing firms more time to comply with the requirements. Firms will also be able to take into account any changes arising from the Retail Distribution Review.
Paul Sharma, FSA director of prudential policy, said:
One of the lessons learned from the current crisis is that firms need to hold enough capital resources in order to weather future financial storms. Having a clear, consistent regime for all personal investment firms will provide better protection for consumers and the industry from the fall-out when firms fail.
"We have listened to the industry and are phasing in the new regime to allow time for them to adapt to the changes. However, we expect firms to start considering now what resources they will need to have in place."
As a follow-up to the consultation, the FSA is considering how expenditure-based capital resources requirements can be applied consistently to all PIFs, particularly those with commission-based business models. The FSA will also consult in 2010 on an appropriate prudential regime for pension and third party administrators.
Source: FSA.gov.uk
Deutsche Bank has appointed Nick Shellard as UK head of exchange-traded fund sales.
November 6, 2009--Deutsche Bank has appointed Nick Shellard as UK head of exchange-traded fund sales.
Shellard, who has over a decade of experience in ETFs, joins from Barclays Global Investors, where he was previously head of iShares ETF sales for the UK and Switzerland.
Tim Hart, co-head of equity sales for Europe, says: “The UK is a strategically important growth market for ETFs.
read more
Source: ETF Express
Eurozone retail sales slide further
November 5, 2009-- Retail sales in the 16 nations using the euro fell again in September, continuing a downward trend as consumers remained cautious, according to official EU data released on Thursday.
The volume of retail sales in the eurozone fell 0.7 percent over the month in the eurozone and 3.6 percent compared to sales in September 2008, the European Union's Eurostat data agency said.
Across the 27-nation bloc as a whole, retail trade also weakened, contracting by 0.4 percent in September and by 2.5 percent over one year.
read more
Source: EU Business
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