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61% believe supertax on bankers’ bonuses is unjustified, says CISI survey
January 6, 2010--Sixty-one per cent of financial services practitioners believe the supertax on bankers’ bonuses imposed by Chancellor Alistair Darling is unjustified, a survey by the Chartered Institute for Securities & Investment (CISI) shows.
In his pre-budget report, the Chancellor unveiled a one-off 50 per cent tax on bank bonuses over £25,000. Respondents to the CISI survey were invited to give their views and a concern raised by many was that the tax could force bankers to leave the UK. “This is blatant electoral opportunism and will see wealth generators leave this country in their droves,” said one opponent of the measure, while another warned: “In the long term, talent will be driven away, London will be less competitive and we will no longer be at the forefront of the financial industry.”
Other comments included:
"Most of the people working in this industry are both diligent and competent. I cannot understand how it is fair or ethical to target a specific group of individuals with a different rate of tax on their earnings, purely on the basis of who their employer is.” “No account has been taken of the longer-term impact this and similar measures will have on the City of London and other highly productive sectors of the British economy.”
Among the 39 per cent of respondents supporting the tax, comments included: “It is important that the industry cleans itself up” and “Most bankers would not have a job without the direct input of public money.”
Source: Chartered Institute for Securities & Investment (CISI)
Source offers investors access to US sector ETF
January 5, 2009--Source has launched nine US sector exchange traded funds, giving UK investors access to a derivative of the S&P US Select sector indices.
The S&P Select Sector Capped 20 per cent indices will cover consumer discretionary, consumer staples, energy, financials, health care, industrials, materials, technology and utilities.
The nine indices were developed by S&P specifically in order for Source to be able to deliver Ucits III compliant US sector ETFs.
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Source: FT.com
World giants eye $20 bln nuclear energy market in Turkey
January 5, 2010--Turkey is preparing to hold another tender for the construction and operation of the country’s first nuclear power plant after canceling the last one
Several corporations from the United States, South Korea, France and China as well as Canada, Russia and Japan are showing keen interest in the new tender.
The Turkish Electricity Trading and Contracting Company (TETAª) held the tender for the construction and first 15 years of operation of the nuclear power plant on Sept. 24, 2008, which a consortium composed of Russian companies Atomstroyexport and Inter RAO UES and the Ciner Group’s Park Teknik won as the sole bidder. The Turkish Atomic Energy Agency (TAEK) approved the technical aspects of the consortium’s bid and sent the bid for the Cabinet’s evaluation. The Cabinet sent its opinion to TETAª, which announced that it canceled the tender on Nov. 20.
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Source: Todays Zaman
EEX Primary market auction of EU emission allowances on Spot Market launched successfully
January 2010--Primary market auctioning of European emission allowances (EUA), which EEX runs on behalf of the Federal Environment Ministry, was launched on the Spot Market of European Energy Exchange AG (EEX) today. The first auction on the Spot Market of the exchange was held at 11:00 am.
The envisaged volume of 300,000 EUA was sold as planned. The total bidding amount exceeded, with roughly two million EUA, the specified auction volume considerably – participants bidded more than 6-fold the auction volume. In the auction, the price was
established at EUR 12.67 per EUA.
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Source: European Energy Exchange (EEX)
ECX Monthly Report December 2009
January 4, 2010--Highlights
Despite the disappointing lack of progress from COP 15, 2009 was another year of strong growth for the European carbon markets. Average daily volumes exceeded 20 Mt making a total of over 5.1 billion tons traded on ECX/ ICE, an increase of 80% over 2008.
ECX appreciate the continued support of the members and clients throughout the world and look forward to working with you in 2010.
Dec’09 expiry & delivery: The December 2009 EUA and CER futures contracts expired on December 14th and saw record volumes taken to physical delivery. Over 134 Mt EUAs and 16 Mt CERs were transferred amongst market participants, a 28% increase over 2008. Year end open interest across all contracts stands at 548 Mt – up by 193 Mt from 2008.
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Source: European Climate Exchange (ECX)
Share of foreign investors in Turkish stock market up
January 4, 2010-Share of foreign investors in Turkey's main stock market was up last week.
The share of foreign investors in Ýstanbul Stock Exchange (ÝMKB) increased to 67.29 percent amounting to 83.6 billion Turkish liras in stock value on January 1, officials said on Monday.
On December 25, the share of foreign investors was 67.19 percent. (1 USD equals 1.5 TL)
Source: Todays Zaman
Cashmarket Turned Over 1.14 Trillion Euros Last Year
Securities worth €1.31 trillion traded on all exchanges in Germany in 2009/
Cashmarket turnover in December at 81.2 billion euros
January 4, 2010--In 2009 1.14 trillion euros were turned over at the cashmarket of Deutsche Börse. This is a decline of 50 percent compared to 2008 (€2.26 trillion). With 1.06 trillion euros the major parts falls upon the fully electronic trading system Xetra (2008: €2.26 trillion), 77.4 billion euros were traded on the floor (2008: €112.9 billion). All exchanges in Germany turned over 1.3 billion euros, a decline by 52 percent (2008: € 2.47 trillion).
In December 2009 on Xetra and the Frankfurt floor €81.2 billion were turned over. The amount is down 21.7 percent compared to December 2008 (€103.7). Thereof 75.5 billion were traded on Xetra (down 19.9 percent; December 2008: €94.3 billion) and 5.7 billion euros on the floor. 68.7 billion euros were turned over in German equities and €9.8 billion in foreign shares. 96.7 percent of the transaction volume with German equities and 92 percent of foreign equities were traded on Xetra and on the floor at Börse Frankfurt.
According to the Xetra liquidity measure (XLM), Siemens AG was the most liquid DAX blue chip in December with 7 basis points (bp) for an order volume of €100,000. Heidelberg Cement AG was the most liquid MDAX stock with 19 bp. The most liquid ETF was db x-trackers ETF II-EONIA T.R. 1C with 0.4 bp. The most liquid foreign stock was Total S.A. with 15 bp. XLM measures liquidity in electronic securities trading on the basis of the implicit transaction costs. It is expressed in basis points (1 bp = 0.01 percent); a low XLM denotes high liquidity in a security.
Siemens AG was the strongest DAX stock on Xetra in December at €5.2 billion. Heidelberg Cement AG was the top MDAX stock at €631.2 million, while Deutsche Wohnen AG led the SDAX at €25.8 million and Aixtron AG headed the TecDAX at €607.6 million. At €1.0 billion, the iShares DAX was the exchange-traded fund with the largest turnover.
On all stock exchanges in Germany €92.3 billion were traded in December according to order book turnover statistics – a decline by 24 percent compared year-on-year (December 2008: €122 billion). This total includes €83.9 billion in equities, warrants and exchange-traded funds, as well as €8.4 billion in fixed-income securities.
Source: Deutsche Börse
Private equity faces fundraising battle
January 4, 2010--As private equity bosses consider their New Year resolutions, many are likely to commit themselves to overcoming the meanest fundraising market in the industry’s history by raising a fresh pool of capital.
This tough challenge will separate the buy-out industry’s sheep from its goats as increasingly choosy investors decide which groups deserve to be given more money to invest and which should be left to wither away.
Being starved of fresh capital is the kiss of death for a private equity group, giving it little option but to go into run-off, slowly selling off assets to return cash to investors.
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Source: FT.com
Euro manufacturing output narrowly up in December
January 4, 2010--Manufacturing activity across the eurozone expanded in December but at a slower pace than initially detected and with the shadow of price pressures building, a survey showed on Monday.
The 16-nation euro currency bloc's purchasing managers' index (PMI) for the manufacturing sector, published by data and research group Markit, rose to 51.6 points in December, from 51.2 points in November.
It was the third month running in which the widely-watched reading has been above the crucial 50.0 boom-or-bust line, but the readings were uneven.
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Source: EU Business
The Spanish stock exchange traded €82.86 billion in December, up 36% year on year.
Trading in Equities on the Spanish stock market in 2009 reached €897.15 bn.
The number of trades on the ETF segment in 2009 was up 99% from a year earlier.
Annual record trading in 2009 in Futures and Options, at 93.1 million contracts, up 12% from the previous year.
Trading volume on the Corporate Debt market in 2009 hit an annual record high, at €3.69 trillion, up 53.8% from a year earlier.
January 4, 2010-Equities
The trading volume on the Spanish Stock Exchange in December was €82.86 million, up 36% from a year earlier.
The trading volume in 2009 totaled €897.15bn, down 27.8% from the previous year.
In December the number of shares traded reached 7,953, up 9.9% from the same month in 2008. The number of shares executed in 2009 totaled 114.18bn, down 4.6% from 2008.
The number of trades in December was 2.32 million, up 9.7% from December 2008. The total number of trades in 2009 was 31.60 million, down 14.4% from the previous year.
As for the ETF segment, the number of trades in December came in at 3,966, up 43% from December 2008. The trading volume in 2009 totaled €303.9 million, up 29.5% from the same month in 2008. The number of trades reported by this segment in 2009 was 99% higher than in 2008, at 50,789, and the trading volume in 2009 totaled €3.47bn.
Warrants and Certificates
The number of warrants admitted to trading in 2009 was 7,237. Trading volume in December on the warrants and certificates market came in at €104 million, down 35.2% from December 2008. The number of trades in December was 21,629, down 30.1% from the same month a year earlier.
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Source: Bolsas y Mercados Españoles
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