Europe ETP News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Swiss bourse SIX determined to resist foreign merger
Too few synergies in tie-up with bigger exchange-SIX chairman
SIX intends to sell remainder of Deutsche Boerse shares
October 3, 2012--The Swiss bourse SIX said it had no interest in being taken over by Deutsche Boerse and told its northern neighbour it had the unanimous backing of shareholders to resist a move that made no business sense.
"We want to remain independent," Peter Gomez, chairman of SIX's supervisory board, told journalists on Wednesday.
He said SIX decided a month ago - after a year-long investigation - that a merger with a bigger exchange would not help control costs through economies of scale.
Eurozone slumps as France offsets German improvement
October 3, 2012--Eurozone private sector business activity remained firmly stuck in the doldrums in September, with the key services sector suffering a very sharp fall, a survey showed Wednesday.
The closely-watched Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses compiled by Markit research firm, came in at 46.1 for September, up from an initial reading of 45.9 but down from 46.3 in August.
The survey put services alone at 46.1 in September, better than the preliminary estimate of 46 but well short of 47.2 in August, with the sector downturn accelerating to the fastest pace since July 2009, Markit said.
EU single market reforms to boost growth: Barnier
Ocober 3, 2012--Reforms of the EU single market could spark growth of up to four percentage points, Internal Markets Commissioner Michel Barnier said Wednesday.
Outlining proposals adopted by the European Commission, Barnier said that combined, they "could generate two to four percentage points of growth" in time, an enormous achievement especially given the current economic slump.
U.K. Bond Managers Adjust To Asset Growth
U.K. fixed-income managers have responded with differing tactics to the continuing growth in assets under management, according to S&P Capital IQ's latest sector trends paper.
October 3, 2012--UK fixed income managers have responded with differing tactics to the continuing growth in assets under management,
says S&P Capital IQ in its latest sector trends paper, available at www.marketscopeadvisor.com
Assets under management continue to grow as investors search for yield in an environment of low interest rates. According to IMA data, UK fixed income assets have increased by around 11.5% annually in the period from June 2009 to June 2012.
One of the major beneficiaries has been M&G - Richard Woolnough's Strategic Corporate Bond and Corporate Bond funds held £5.16bn and £6.31bn, respectively, as at the end of June. In the summer, Woolnough became concerned that further asset growth would start to limit his ability to manage the portfolios most effectively. However, he was not concerned about liquidity; he was more concerned with the ability to add value through stock selection. M&G has tried to limit flows into these funds by persuasion rather than closing the vehicles.
UK Official holdings of international reserves, September 2012
October 3, 2012--This monthly release shows details of movements in September in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in September 2012:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
view the UK Official holdings of international reserves, September 2012
Boerse Stuttgart generates turnover of around EUR 7.2 billion in August
Two-digit growth in investment products compared with previous month//
Total turnover below record levels of August 2011
October 2, 2012--According to its order book statistics, the Stuttgart Stock Exchange generated turnover of around EUR 7.2 billion in August 2012.
The trading volume was around the same as in July 2012, but below the outstandingly high trading volume recorded in August 2011 when strong market turbulence resulted in a temporary collapse in markets around the world and an extraordinary increase in trading volumes.
Securitised derivatives accounted for the largest share of the transaction volume. Turnover in this asset class in August was more than EUR 3.6 billion, an increase of just under 2 percent in comparison with the previous month. However, the turnover trend of investment products was very different from that of leverage products. The transaction volume in leverage products was slightly weaker than in July, totalling almost EUR 1.4 billion. By contrast, trading in investment products was up around 12 percent to more than EUR 2.2 billion.
Xetra orderbook turnover at 91 billion euros in September
October 2, 2012-- Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €95.8 billion in September -a decrease by 27 percent year-on-year (September 2011: €131.7 billion).
Of the €95.8 billion, €91.1 billion were attributable to Xetra (September 2011: €126.1 billion). €4.7 billion were attributable to the Xetra Frankfurt specialist trading (September 2011: €5.5 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.1 billion in September.
In equities, turnover reached €81.8 billion on Deutsche Börse’s cash markets (Xetra: €79.9 billion, Xetra Frankfurt specialist trading: €1.9 billion). Turnover in bonds was €1.5 billion, and in structured products on Scoach €1.4 billion. Order book turnover in funds and ETFs/ETCs/ETNs amounted to €11.2 billion.
A total of 14.8 million transactions were executed on Xetra in September, a decrease of 41 percent y-o-y (September 2011: 25.3 million).
High-level Expert group on reforming the structure of the EU banking sector presents its report
October 2, 2012--The Commission has today received the report prepared by the High-level Expert Group on reforming the structure of the EU banking sector (MEMO/12/129). The Group chaired by Erkki Liikanen presented the main findings to Michel Barnier, Commissioner for internal market and services.
Governor Erkki Liikanen said "The report contains the Group's recommendations for further reforms of the banking sector, including structural reform. Building on the substantial measures already under way, I believe that the Group's recommendations would if implemented provide for a safer, more stable and efficient banking system serving the needs of citizens, the EU economy and the internal market."
Internal Market and Services Commissioner Michel Barnier said "I would like to extend my thanks to Erkki Liikanen and the members of the group. This is an important report that will inform our policy on regulating the financial sector. The report underlines the excessive risks taken by banks in the past, and makes important recommendations to make sure that banks work in the interest of their customers". He continued: "This report will feed our reflections on the need for further action. I will now consider the next steps, in which the Commission will look at the impact of these recommendations both on growth and on the safety and integrity of financial services. We need to look at these questions also in light of the financial reforms that I have already put on the table of the European Parliament and the Council".
In brief, the Group recommends actions in the five following areas:
Mandatory separation of proprietary trading and other high-risk trading activities,
Possible additional separation of activities conditional on the recovery and resolution plan
view the High-level Expert Group on reforming the structure of the EU banking sector report
September's turnover at Boerse Stuttgart around EUR 7.2 billion
Increase in equity and investment fund trading// Large increase in turnover in German government bonds ('Bunds')
October 2, 2012--According to its order book statistics, Boerse Stuttgart generated turnover of about EUR 7.2 billion in September 2012.
The trading volume was therefore around the same as in August 2012. At more than EUR 3.5 billion, securitised derivatives accounted for the largest share of the turnover in September. Turnover in this asset class was also almost unchanged in comparison with the previous month. The transaction volume in leverage products amounted to almost EUR 1.4 billion, while investment products contributed more than EUR 2.1 billion to the total turnover.
Average daily volume of 10.2 million contracts at Eurex Group in September
October 1, 2012--In September 2012, the international derivatives markets of Eurex Group recorded an average daily volume of 10.2 million contracts (September 2011: 12.4 million).
Of those, 7.5 million were Eurex Exchange contracts (September 2011: 9.1 million), and 2.7 million contracts (September 2011: 3.3 million) were traded at the U.S.-based International Securities Exchange (ISE).
At Eurex Exchange, the equity index derivatives segment totaled 68.9 million contracts (September 2011: 112.6 million). The single largest contract was the future on the EURO STOXX 50® Index with 30.6 million contracts. The option on this blue chip index totaled 23.5 million contracts. Futures on the DAX index recorded 3.1 million contracts while the DAX options reached another 3.8 million contracts. The Eurex KOSPI Product recorded 1.7 million contracts.
