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The systemic importance of collateral and the role of the repo market-ICMA European Repo Council paper highlights the disruptive impact of the proposed FTT on the widespread use of collateral that underpins the modern financial system
May 7, 2013--A supplementary paper from the ICMA's European Repo Council explains the importance of collateral to the stability and efficiency of the financial system.
It highlights how the proposed Financial Transaction Tax (FTT) would impact the movement of collateral, posing significant systemic risks and interrupting the flow of money between banks, to governments and to the real economy.
The paper notes that global regulatory initiatives such as Basel III are built on the even more extensive use of collateral. Collateral is essential to the intermediation of credit through the financial system to the real economy, which makes it of macro-economic importance. Furthermore collateral is also the link between the financial markets and central banks and therefore crucial to the conduct of monetary policy.
view A supplementary note on the systemic importance of collateral and the role of the repo market paper
Source: ICMA
Boost Research-WTI Crude Prices Approaching Resistance
May 7, 2013--WTI Crude Oil futures prices have rallied over 10% from the 18 April 2013 low of $85.61/bbl but the price gains are expected to stall ahead of $97.00/bbl to $98.24/bbl. resistance.
Prices are expected to drop to $86.00/bbl on a consolidative range trade.
Investors who believe that WTI Crude Oil futures will fall may consider buying the Boost WTI Oil 3x Short Daily ETP (3OIS)
view report
Source: BOOST
FTSE climbs to five-and-a-half year peak as HSBC rallies
May 7, 2013--A surge in banking shares lifted the FTSE 100 to a 5-1/2 year high on Tuesday after Europe's largest lender HSBC reported estimate-beating results.
Shares in HSBC rose 3 percent after the bank posted a near doubling in first quarter earnings, reaping the benefit of its restructuring plan and echoing strong results from several lenders across Europe in recent weeks.
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Source: Reuters
Deutsche Borse creates new business segment for IT and Market Data
"Market Data + Services" to drive further innovation and growth
MAy 6, 2013--Deutsche Börse today announced the formation of a new "Market Data +Services" segment that combines its Market Data & Analytics unit with its external technology and connectivity services.
The Market Data + Services segment will be part of the division IT & MD+S headed by Executive Board Member Hauke Stars. The new segment is headed by Managing Director Holger Wohlenberg.
“The new Market Data + Services segment allows us to combine our strong expertise in technology and market data to better respond to client needs and offer innovative solutions,” said Executive Board Member Hauke Stars. “We look forward to expanding our product and service offerings to further benefit the global investment and trading community.”
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Source: Deutsche Börse
BNY Mellon Nabs First Russian Exchange-listed ETF Client
May 4, 2013--Russia's investment management firm FinEx Group has selected BNY Mellon to provide custody and fund administration services for the first exchange-traded fund to be listed in Russia.
The new FinEx ETF is one of a handful of ETFs specialising in Russian companies, but it is the only one denominated in rubles and listed on the Moscow Exchange. As is the case with previous FinEx sponsored ETFs listed on the Irish and London Stock Exchanges, the new domestic-listed ETF is geared to following the performance of the Barclays Emerging Markets Tradable Russian Corporate Bond Index, which focuses on eurobonds with short maturities issued by large Russian companies such as gas giant Gazprom and oil giant Lukoil.
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Source: Global Custody
New db X-trackers money market ETF launched on Xetra
May 3, 2013--A new exchange traded fund issued by db X-trackers has been tradable in the XTF segment on Xetra since Friday.
ETF name: db X-trackers II Australian Dollar Cash UCITS ETF
Asset class: money market ETF
ISIN: LU0482518031
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Deutsche Bank Australia Overnight Money Market TRI
The new db X-trackers money market ETF gives investors access for the first time via an ETF to the Australian dollar overnight money market rate. The reference index is the daily money market reference interest rate, which represents the weighted average of interbank overnight rates.
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Source: Xetra
Statistical release: UK official holdings of international reserves, April 2013
May 3, 2013--In summary this month's release shows that, in April 2013:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Spring forecast 2013-The EU economy: adjustment continues
May 3, 2013--The EU economy is projected to return to growth in the second half of 2013. Annual GDP is forecast to contract by 0.1% in the EU and 0.4% in the euro area this year.
Following the recession that marked 2012, the EU economy is expected to stabilise in the first half of 2013. GDP growth is projected to turn positive gradually in the second half of the year before gaining some traction in 2014. Annual GDP this year is now forecast to contract 0.1% in the EU and 0.4% in the euro area. For 2014, economic activity is projected to expand by 1.4% in the EU and 1.2% in the euro area.
view the European Economic Forecast EUROPEAN ECONOMY 2|2013
Source: European Commission
NYSE Euronext Monthly ETF Activity Report
May 2, 2013--In April 2013 there were two new ETF listings from Lyxor:
ETF Symbol: MFED
Listing date: 25/04/2013
ETF Trading name: LYX ETF SXXT DR
Underlying index: EURO STOXX
TER: 0.30%
ETF Symbol: EMBD
Listing date: 25/04/2013
ETF Trading name:LYX ETF EMD DR
Underlying index: N/A*
TER:0.55%
At the end of April, NYSE Euronext's European markets had 666 listings of 577 ETFs from 16 issuers.
Trading activity
Average daily value traded on-book in April of €281.2 million, an increase of 13.4% vs March 2013, and up 4.82% vs April 2012.
Total value traded on-book amounted to €5.90 billion, an increase of 19.06% vs March 2013, and up 4.82% vs April 2012.
Average of 7,099 on-book trades (single-counted) executed daily last month, an increase of 10.58% vs March 2013, and down 0.36% vs April 2012.
Total of €2.08 billion exchanged in block trades in April, up 78.57% from the €1.16 billion in March.
Overall, block trade volume represented 35.21% of total regulated market ETF trading activity on NYSE Euronext.
view US Monthly report
Source: NYSE Euronext
Boerse Stuttgart reports April turnover in region of EUR 7.4 billion
Trading volume up in securitised derivatives and exchange-traded products
May 2, 2013--According to the order book statistics, the volume of securities traded at Boerse Stuttgart in April 2013 was around EUR 7.4 billion, slightly below the figure for March.
Trading in securitised derivatives accounted for the lion’s share of turnover. This asset class generated a trading volume of around EUR 3.5 billion, over 6 percent up on the previous month. At around EUR 1.5 billion, turnover for leverage products was roughly 10 percent higher in April. Investment products contributed around EUR 2 billion to the total figure. Turnover for both bonus and tracker certificates rose by around 15 percent compared to the figures for March.
Trading in debt instruments was slightly higher than in April 2012 at roughly EUR 2 billion. At around EUR 894 million, the biggest share of total turnover was attributable to corporate bonds.
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Source: Boerse Stuttgart
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