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EDHEC-Risk Institute Calls on Investors to Take Better Account of Pension Liabilities when Analysing the Solvability of European Countries
January 24, 2013--While public and private pension systems in the EU are under tremendous pressure, a new study by EDHEC-Risk Institute analyses the explicit and implicit pension liabilities that are weighing on the public finances, and the principal related risks.
As structural deficits become a target in the Eurozone and beyond, it is fundamental to evaluate the extent to which the increasing funding needs, and decreasing funding basis of public pensions, could add to public deficits.
Due to the variety of national systems, obtaining a clear view of pension liabilities is not straightforward. The recent 2012 Ageing Report (European Commission, 2012) goes a long way in providing comparable figures and projections of public pension expenditures. On the basis of these projections to the year 2060, EDHEC-Risk Institute has estimated the net present value of the corresponding liabilities for various discount rates.
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Source: EDHEC
Moscow Exchange Shuns Foreign Stock Markets with IPO
January 23, 2013--The Moscow Exchange announced Monday that it will shun the foreign stock markets traditionally tapped by Russian companies and go ahead with an initial public offering on its own Russian trading platforms.
The size of the stake in the unified exchange being offered to foreign and domestic investors was not disclosed, but the company is looking to raise at least $500 million, said a source familiar with the situation.
The Moscow Exchange was formed by the 2012 merger of MICEX and RTS, the country’s leading bourses, and was supposed to help the Kremlin transform Moscow into an international financial center. Experts said that the success of the IPO could be a litmus test for how far this aspiration has been realized.
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Source: The St. Peterburg Times
EU financial tax might apply from 2015: French minister
January 23, 2013--A new tax on financial transactions cleared for development in 11 EU states by the European Union on Tuesday is unlikely to come in to effect within two years but will then generate substantial revenues, the French finance minister said on Wednesday.
Finance Minister Pierre Moscovici told BFMTV and RMC radio that an analysis would be carried out in 2013 and the measure would be applied from the end of 2014 "without a doubt, I hope," he added.
"We need two years no doubt, so it will be from 2015 (that it could be introduced) unless some states decide to go ahead unilaterally," he said.
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Source: EUbusiness
EU carbon-tax plan just a 'patch', French economist
January 23, 2013--The collapse of Europe's controversial market for carbon emissions rights is "an extremely serious" matter and an EU Comission proposal to freeze a related auction for 2013-2015 is simply a "patch" for the problem, a French economist warned lawmakers on Wednesday.
"We are in an extremely serious situation regarding the development of the European quotas market," Christian de Pertuis told the French Senate's finance commission in a hearing.
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Source: EUbusiness
Critical Challenges Await Russia's Economy, New Report Finds
January 22, 2013--The World Economic Forum publishes today Scenarios for the Russian Federation, which identifies key uncertainties for Russia's long-term economic development through 2030.
The report highlights three key priorities for Russia’s economic future:
Potential for major shifts in the global energy landscape
Domestic institutional environment
Maintaining social cohesion
view the World Economic Forum report-Scenarios for the Russian Federation
Source: World Economic Forum
Europe's 'milestone' financial tax wins approval
January 22, 2013--European Union finance ministers Tuesday gave 11 nations a final go-ahead to launch a controversial financial transactions tax seen by many as a way of making the finance sector pay for the economic crisis.
"For the first time ever, the financial transaction tax will be applied at regional level," said the EU's tax commissioner Algirdas Semeta after the ministers gave their green light.
The new tax will be "a milestone"' the commissioner said. "A block representing around two-thirds of EU GDP (gross domestic product) will implement this fair tax together, answering the long-time calls of their citizens."
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Source: EUbusiness
Financial transactions tax in Europe given go-ahead
January 22, 2013--EU ministers have given the go ahead for 11 eurozone members, including France and Germany, to prepare a new financial transactions tax.
The approval under "enhanced co-operation" rules allows the smaller group to pioneer the tax.
Governments previously failed to agree to impose the tax across the entire 27-member EU or 17-member eurozone.
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Source: BBC News
ETF Securities now also lists ETPs on SIX Swiss Exchange
January 22, 2013--SIX Swiss is pleased to welcome ETF Securities as a new issuer of ETPs. Four months ago, ETF Securities launched the first products on SIX Swiss Exchange and entered the Swiss market with eight Equity ETFs.
Now ETF Securities launches 28 ETPs on the Swiss stock exchange on various commodities such as aluminum, zinc, coffee, cotton or sugar – all with a CHF currency hedging.
The product provider ETF Securities was founded in 2003 and is based in London. ETF Securities is one of the leading European providers of Exchange Traded Products (ETPs), i.e. collateralized, non-interest bearer debt securities that replicate an underlying asset. Alain Picard, Head Product Management at SIX Swiss Exchange, is pleased with this new product launch. "We would again like to extend a warm welcome to ETF Securities on SIX Swiss Exchange and are very happy that ETPs of ETF Securities can now also be traded on our exchange. These 28 ETPs newly listed on the Swiss stock exchange are an exciting addition to our existing offer and enable new investments via ETPs in individual commodities and industrial metals."
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Source: SIX Swiss
Euro area investment fund statistics
January 22, 2013--In November 2012, the amount outstanding of shares/units issued by euro area investment
funds other than money market funds was €82 billion higher than in October 2012.
This increase was due mainly to increases in share/unit prices.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to €6,454 billion in November 2012, from €6,372 billion in
October 2012. Over the same period, the amount outstanding of shares/units issued by euro area money market funds stood at €946 billion, unchanged from the previous month.
Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to €25 billion in November 2012, while transactions in shares/units issued by money market funds amounted to €2 billion.
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Source: ECB
DB-Synthetic Equity & Index Strategy-Europe-European ETF and ETC Product Directory
January 22, 2013--This document includes all European domiciled exchange-traded funds (ETFs) and exchange-traded commodities (ETCs).
The directory is organised by asset class and it has been sorted by benchmark exposure and by ETF issuer, in alphabetical order. A number of key information per product have been included in order to enable the reader to get an overview in their respective area of interest.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
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