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Deutsche Börse Launches Bonds Trading on Xetra
Specialists to provide liquidity for around 700 corporate bonds/ Investors will benefit from top price quality and commission-free trading for all order sizes
December 1, 2009--On 1 December, Deutsche Börse launched the “Continuous Auction with Specialists” trading model for trading of bonds on Xetra®. Initially around 700 corporate bonds denominated in Euros listed on FWB® Frankfurt Stock Exchange’s Regulated and Open Markets will be tradable in this new model on Xetra. Other types of bonds are to be included gradually.
The model combines the advantages of trading with the support of Specialists and those of fully electronic trading on Xetra. The model allows these Specialists to provide for tradability and high price quality even for small order sizes. With this new trading model, private investors and small to medium-sized institutional investors will benefit not only from the high execution quality in on-exchange bonds trading with continuous quote presence and near-time execution by the Specialists, but particularly since there is no commission fee in the specialist model.
Three brokerage firms fulfill the criteria to act as bonds trading Specialists: Close Brothers Seydler Bank AG, ICF Kursmakler AG and Wolfgang Steubing AG will be responsible for trading in the 700 or so selected corporate bonds on Xetra.
The launch of bonds trading on this pan-European trading platform is yet another milestone in Deutsche Börse’s European growth strategy.
Source: Deutsche Börse
Boerse Stuttgart set to join Federation of European Securities Exchanges (FESE)
Tenth biggest FESE member by total trading in all securities classes
December 1, 2009--Following a unanimous decision by the General Assembly of the Federation of European Securities Exchanges held in Brussels on 1 December 2009, Boerse Stuttgart, Europe’s leading exchange for investment and leverage certificates, will become a member of the FESE on 1 January 2010.
“In recent years, we have seen a tremendous rise in the impact of European legislation such as the Financial Markets Directive (MiFID), so it is very important that we represent our interests at a European level along with other stock exchanges. Boerse Stuttgart would like to use its membership of the Federation as a way of making an active contribution to the debate on the future development of the financial markets,” said Christoph Lammersdorf, Chairman of the Management Board of Boerse Stuttgart Holding GmbH.
Within Europe, Boerse Stuttgart established itself some years ago as the market leader in exchange-based trading of structured securities. Last year, with a view to expanding this position, it took over the Swedish stock exchange Nordic Growth Market NGM AB. Currently, Boerse Stuttgart already derives some twenty percent of its order flow in European countries outside Germany making it the tenth biggest FESE member by total trading in all securities classes, ahead of stock exchanges such as Athens, Warsaw and Vienna.
FESE represents 42 stock exchanges from all EU Member States as well as Iceland, Norway and Switzerland. Through its members’ activities on a global scale, FESE enjoys links with the regulatory community and industry from around the world. FESE’s overarching objectives are to foster the global competitiveness of European exchanges, promote public recognition of the exchanges and their contribution to the European and global economy, and to provide a forum for an open and forward-looking debate on capital markets.
Source: Boerse Stuttgart
Boerse Stuttgart records trading volumes of EUR 7.3 billion in November
Big increase in reverse convertibles / volumes in ETF trading continue to grow / turnover in investment products above previous year's level
December 1, 2009--In November 2009 Boerse Stuttgart’s order book statistics showed a trading volume of EUR 7.3 billion, a 15 percent decline compared with October.
In a year-on-year comparison volumes were down by 10 percent. Investment fund trading at the Stuttgart stock exchange proved to be robust with volumes up by 52 percent to EUR 414 million in comparison with November 2008 and by 7 percent compared with the previous month. Trading in reverse convertibles, accounting for 144 million, was also up sharply. In these products Boerse Stuttgart recorded a growth of 18 percent as compared with October and as much as 788 percent compared with November 2008.
The strong growth in investment fund trading was mainly driven by exchange-traded funds (ETFs), which accounted for some EUR 337 million of the turnover, up by more than 60 percent in comparison with the same month in 2008. “Within just a few years ETFs have become the top performing investment fund category at the Stuttgart stock exchange. We have responded to this development with our new trading segment, ETF Bestx, further improving the terms for trading by private investors and offering the best tradable prices in the whole of Germany,” said Oliver Hans, Managing Director of Baden-Wuerttembergische Wertpapierboerse.
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Source: Boerse Stuttgart
FRC launches proposed reforms to the UK Corporate Governance Code
December 1, 2009--The FRC has today launched a consultation on its proposals to reform the UK’s Corporate Governance Code (formerly the Combined Code). The Code has been revised regularly to ensure it reflects changing governance concerns and practices and economic circumstances. The latest proposals take into account those lessons of the recent financial crisis that are relevant to all companies.
Sir Christopher Hogg, Chairman of the FRC, has led the latest review. He said:
“The principal lesson of the financial crisis is that those on boards must think deeply about their individual and collective roles and responsibilities. The chairman has a vital role to play in ensuring that the executives have appropriate freedom to manage the business but also accept the importance of opening themselves to challenge and earning the trust of the whole board. For their part, the non-executives must have the skills, experience and courage to provide such challenge.
“We have also seen that, in order for UK corporate governance to be strong, boards must embrace the spirit of the code and shareholders must play their part. The Code is made up of strong principles that require careful thought and application to the circumstances of each company. The Code is not a set of rules to be applied unthinkingly. It demands that boards seriously and self-critically assess their performance and openly explain themselves to shareholders. And their assessments must be considered equally seriously by major shareholders if the board’s efforts are to be sustained. The FRC therefore welcomes the Government’s request that it takes on the stewardship of the new code on the responsibilities of institutional shareholders.
“The FRC has not found evidence of serious failings in the governance of British business outside the banking sector. However, the proposed changes to the Code are in our view sensible improvements that would benefit governance in all major businesses. They are therefore commended for widespread adoption through the Code.”
2009 Review of the Combined Code: Final Report
Consultation on the Revised UK Corporate Governance Code
Source: Financial Reporting Company
Pensions Regulator asks trustees to focus on managing scheme risk
December 1, 2009-Aimed at focusing greater attention on risks facing pension scheme members, the Pensions Regulator has today published revised internal controls guidance for consultation, alongside new 'bite-sized' e-learning modules which provide an overview of the topic.
This forms a vital part of the current regulator campaign focused on improving standards in scheme governance and administration.
The new guidance aims to ensure that trustees, especially of smaller schemes, have the tools to perform their critical role in protecting pensions, particularly in the current economic climate.
The implementation of robust internal controls is a legal requirement for trustees and the failure to put processes in place can result in scheme members being exposed to the risks associated with poor record-keeping, inappropriate investment allocation and conflicts of interest in trustee boards.
Information for trustees about good governance and administration
Source: Pension Regulator
Turkey-Consumer confidence drops in November
November 30, 2009--Consumer confidence in Turkey continued its decline in November, decreasing by 4 points over the previous month, according to the GfK Turkey Consumer Confidence Index, which reported last month’s index at 74, suggesting a pessimistic view for the coming 12 months.
The index ranges from zero to 200. An index value greater than 100 implies consumers are overall optimistic. Similarly, an index value of less than 100 indicates pessimism. The index had dropped by one point in October from the previous month.
Turkish consumers cited the government’s democratic initiative, swine flu and terrorism as the country’s most pressing issues in November.
Source: Todays Zaman
Hedge fund to depart from model
November 30, 2009--Start-up hedge fund Northlight aims to draw attention to its launch this week with a shake-up of the traditional operating model and about $100m (£61m) in commitments from clients.
The fund, which is being set up by a team of traders including Cyril Armleder, former head of GLG’s credit fund, will market itself to investors as departing from the orthodox model.
Half of the Northlight’s annual performance fees – the most lucrative source of income for most hedge fund managers – will be reinvested into the fund alongside client money and will remain locked in until clients themselves withdraw their capital.
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Source: FT.com
Pension schemes warned to prepare inflation-proof strategies
November 30, 2009--Pension funds and other institutional investors, particularly those with inflation-linked liabilities, have been advised by Watson Wyatt to plan ahead for a return to high inflation, even though suitable investments could in some cases prove expensive.
In a report on world inflation, the consultancy firm's Global Investment Committee admitted that accurately timing protection strategies against rising inflation would be difficult because the impact of varying factors could make it volatile.
Watson Wyatt suggested inflation is likely to stay low for several years – because of the weak global economic recovery – before increasing significantly in the medium to long-term. But it warned potential downside risks include a further economic or political crisis that reduces economic activity and maintain deflationary pressure. And this could lead to inflation rates in some areas of close to zero.
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Source: IPE.com
Deutsche Börse becomes majority shareholder in Tradegate Exchange to be formed in Berlin
Expansion of stock exchange offering for private investors/
Deutsche Börse reinforces its position in European retail business
November 30, 2009-Deutsche Börse is to acquire a 75-percent holding plus one share in Tradegate Exchange GmbH, Berlin, with effect from 8 January 2010. Tradegate Exchange GmbH operates the off-exchange trading platform (MTF) TRADEGATE, which has been running successfully since 2001. At the beginning of 2010 it will commence operation as a stock exchange; the former MTF TRADEGATE will receive the status of “Regulated market within the meaning of MiFID”, becoming Tradegate Exchange.
Deutsche Börse AG will also acquire a 5-percent share in Tradegate AG Wertpapierhandelsbank, one of the market makers in TRADEGATE/the future Tradegate Exchange. Deutsche Börse will also have the option of gradually increasing its share in Tradegate AG to a maximum of 20 percent.
Deutsche Börse is investing an amount in the single-figure million euro range for its share in Tradegate Exchange GmbH and the initial 5-percent holding in Tradegate AG.
“The transition of the successful MTF TRADEGATE into a regulated trading venue as Tradegate Exchange is an opportunity for Deutsche Börse to employ its core competency and to operate an additional stock exchange in Germany. Our common objective is to expand retail business across Europe,” said Frank Gerstenschläger, member of the Executive Board of Deutsche Börse AG and responsible for the Xetra business area.
“The market share of the MTF TRADEGATE has grown continuously and significantly in recent years. This shows that our strategy to develop a trading platform in tune with the needs of private investors has borne fruit. We are pursuing further growth of the platform into the rest of Europe with Deutsche Börse’s renown and strength in terms of distribution,” said Holger Timm, CEO of Tradegate AG.
Deutsche Börse’s majority interest in Tradegate Exchange GmbH will serve to expand its trading offering for private investors and strengthen its position in the European retail market; with the Tradegate Exchange, it will be operating a platform which offers particularly online brokers new trading functions, longer trading hours and innovative order types at attractive prices.
Source: Deutsche Börse
The share of China in EU27 trade in goods continued to rise in the first six months of 2009
EU27 deficit fell in the first half of 2009
November 27, 2009--In the first half of 2009 the value of EU27 exports to China fell to 37 bn euro, compared with 39 bn in the first half of 2008, and imports decreased to 103 bn from 112 bn. As a result, the EU27 trade deficit with China dropped from 73 bn in the first half of 2008 to 65 bn in the same period of 2009 .
The fall in EU27 trade with China recorded between the first halves of 2008 and 2009 was less steep than the general downward trend in the EU27 's total external trade, leading to an increase in the share of China in the EU27 's total external trade in goods to more than 7% of exports and 17% of imports in the first half of 2009, compared with 6% and 14% respectively in the first half of 2008. China is the EU27 's second most important trading partner, after the USA .
It should be noted that between 2000 and 2008, EU27 trade in goods with China had more than tripled in value, and the share of China in the EU27 's total external trade in goods doubled.
On the occasion of the 12 th European Union - China summit, which will take place on 30 November in Nanjing , Eurostat, the Statistical Office of the European Communities , issues data on trade in goods between China and the EU . Data on trade in services and investments can be found in the recent News Release published for the previous EU - China summit.
Germany, the Netherlands and the United Kingdom: largest trading partners of China
Among the EU27 Member States, Germany (16.2 bn euro or 43% of EU exports) was by far the largest exporter to China in the first half of 2009, followed by France (3.7 bn or 10%), Italy (3.4 bn or 9%), the United Kingdom (2.5 bn or 7%) and the Netherlands 2 (2.1 bn or 6%). Germany (21.9 bn or 21%) was also the largest importer, followed by the Netherlands 2 (16.0 bn or 16%), the United Kingdom (13.9 bn or 14%), Italy (9.9 bn or 10%) and France (8.7 bn or 9%). .
view EU-China Trade figures
Source: Eurostat
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