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European Financial Transaction Tax Will Not Hit End Investors, Claims Report
January 4, 2013--Despite repeated warnings from many in the industry that Europe's proposed financial transaction tax-which is aimed at curbing high-frequency trading-will be flawed and lead to end investors suffering, one recent report claims that the levy will actually benefit end investors such as pension funds.
The tax, which received a resounding go-ahead from the European parliament last month, now only needs to secure a qualified majority vote from the Council of Ministers before the controversial enhanced co-operation agreement—which will see the levy introduced in 11 of the 27 member states—is enacted.
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Source: Markets Media
Flash estimate-December 2012 Euro area inflation estimated at 2.2%
January 4, 2013--Euro area1 annual inflation2 is expected to be 2.2% in December 2012, the same as in November3, according to a flash estimate from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, energy (5.2% compared with 5.7% in November) is expected to have the highest annual rate in December, followed by food, alcohol & tobacco (3.1% compared with 3.0% in November), services (1.8%, compared with 1.6% in November) and non-energy industrial goods (1.1%, stable compared with November).
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Source: Eurostat
Scoach retains highest turnover in structured products of all European exchanges
Consolidated trading volume of €42.6 billion
January 4, 2013--
Scoach achieved a trading volume of €42.6 billion in Zurich and Frankfurt in 2012.
Since it was founded, Scoach has held its number one position in Europe continually and ranks third in global terms behind the Hong Kong Exchange and the Korean Exchange. Its total offering of more than 950,000 tradable products is the largest in the world.
Turnover in Frankfurt stood at €16.1 billion in 2012, 18 percent less than in 2011. At 1.8 million, the number of transactions was 34 percent lower than in 2011. The average order volume increased by 25 percent to approximately €9,000 per transaction.
Turnover in the Swiss market was around 31.9 billion Swiss francs (€26.4 billion), making it about 38 percent less than in 2011. The number of listings fell by 14 percent to over 45,000 products.
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Source: Scoach
UK Official holdings of international reserves, December 2012
January 4, 2013--This monthly press notice shows details of movements in December 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 December 2012: No intervention operations were undertaken. Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Monetary developments in the euro area
January 2, 2013--The annual growth rate of the broad monetary aggregate M3 stood at 3.8% in November 2012, compared
with 3.9% in October 2012.1
The three-month average of the annual growth rates of M3 in the period from
September 2012 to November 2012 increased to 3.4%, from 3.1% in the period from August 2012 to
October 2012.
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Source: ECB
Boerse Stuttgart reports 2012 turnover of almost EUR 90 billion
Trading volume down relative to 2011 due to a generally difficult market environment // Corporate bonds and reverse convertibles register significant year-on-year growth // Europe's market leader for securitised derivatives and Germany's market leader for corporate bonds
January 2, 2013--According to Boerse Stuttgart's order book statistics, aggregate turnover for 2012 amounted to more than EUR 89.2 billion.
This means that total trading volume was down almost 18 percent relative to the previous year's figures. The main reason was a generally difficult market environment, one characterised by uncertainty and hesitancy on the part of investors in the wake of the protracted European debt crisis. The rate of decline varied widely by asset class, however. Thus, debt instrument (bond) trading registered the smallest drop in turnover, while trading in investment fund units took the biggest hit.
With a trading volume of more than EUR 42 billion for securitised derivatives, Boerse Stuttgart retained its position as Europe's market leader for this asset class. There was particularly strong growth in the trading of reverse convertibles, which recorded an increase of over 25 percent.
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Source: Boerse Stuttgart
French transaction tax favours structured products and swap-based ETFs
January 2, 2013--The introduction of a new financial tax in France towards the end of 2012 could work in favour of structured products and ETFs
With derivatives so far immune to the French Financial Transaction Tax (FTT), which came into force in August, banks and providers are seeing the resulting benefits to sales of swap-based exchange-traded funds (ETFs) and structured products.
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Source: Risk.net
As the trading year draws to a close, private investors remain highly cautious
Christoph Lammersdorf delivers a mixed assessment of the trading year just ended/ Boerse Stuttgart records aggregate turnover of around EUR 90 billion in 2012/ positive forecast for 2013
January 2, 2013--Boerse Stuttgart marked the end of trading for 2012 with its traditional year-end event on 28 December.
Representatives of the stock exchange were joined by around a hundred guests from business, politics and society to take stock of the year. Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH, looked back on an eventful year that was marked by the continuing European debt crisis and yet culminated in a year-end DAX rally.
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Source: Boerse Stuttgart
Turnover at Deutsche Boerse's cash markets at 1.16 trillion euros in 2012
67.9 billion euros turnover in December
January 2, 2013-- In 2012, €1.16 trillion were turned over at the cash markets of Deutsche Börse (2011: €1.51 trillion).
Order book turnover on Xetra, the Xetra Frankfurt specialist trading and Tradegate stood at €67.9 billion in December (December 2011: €88.4 billion).
Of the €67.9 billion, €62.5 billion were attributable to Xetra (December 2011: €82.7 billion). €3.1 billion were attributable to the Xetra Frankfurt specialist trading (December 2011: €3.8 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.4 billion in December (December 2011: €1.8 billion).
In equities, turnover reached €57.6 billion on Deutsche Börse’s cash markets (Xetra: €54.0 billion, Xetra Frankfurt specialist trading: €1.5 billion, Tradegate Exchange: €2.2 billion). Turnover in bonds was €649.1 million, and in structured products on Scoach €955.4 million. Order book turnover in ETFs/ETCs/ETNs amounted to €8.6 billion.
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Source: Deutsche Börse
Mifid II promises a new era for European ETF trading
December 28, 2012--Despite the name, exchange traded funds (ETFs) are largely traded off-exchange in Europe among big institutions.
Although this might seem like a harmless paradox, most over-the-counter (OTC) trades are not reported.
As a result, investors cannot easily gain an accurate idea of secondary market liquidity and pricing, ultimately hindering the industry’s growth on the continent.
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Source: CityWire
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