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Retrocession ban still on the cards
August 5, 2012--An EU-wide ban on inducements for some intermediaries is still expected even if it is ruled out of the upcoming Mifid II directive, according to some industry commentators.
The European Commission’s move to ban retrocession fees is widely expected to be absent from Mifid II, after an influential European Parliament committee opposed the proposal.
Global fund pool shrinks as launches on the wane
August 5, 2012--The European investment industry's seemingly endless roll-out of new funds is slowing dramatically as banks focus on building deposits rather than selling funds and investors become more selective in their fund choices in an uncertain economic environment.
Closures and mergers of mutual funds and exchange traded funds outweighed launches in the first six months of the year with 1,620 shutting down compared to 1,104 launches, reinforcing the trend at the end of 2011, according to data from Lipper.
UK Official holdings of international reserves July 2012
August 3, 2012--This monthly press notice shows details of movements in July 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 July 2012:
No intervention operations were undertaken.
view the UK Official holdings of international reserves
July 2012
NYSE Euronext Monthly ETF Activity Report - July 2012
August 3, 2012--Listings
July 2012 saw three new ETF listings from iShares on NYSE Euronext Amsterdam:
Trading Name:ISH BEL TREAS BD
ISIN: IE00B7RRKB38
Symbol:IBEL
Underlying index: Barclays Belgium Treas Bond
TER: 0.20
Trading Name:ISH FR TREAS BD
ISIN: IE00B7LGZ558
Symbol: IFRB
Underlying index: Barclays France Treasury Bond
TER: 0.20
Trading Name:ISH NLD TREAS BD
ISIN:IE00B7L7Z140
Symbol: INLD
Underlying index: Barclays Netherlands Trea Bond
TER: 0.20
At the end of the month NYSE Euronext European markets had 687 listings of 593 ETFs from 16 issuers.
Trading activity
The average daily value traded on-book last month was €239.7 million, down 45.9% vs. July 2011. The total value traded on-book amounted to €5.3 billion, down 2.6% month-on-month;
An average of 6,4877 on-book trades (single-counted) was executed daily last month, a decrease of 26.4% vs July 2011, and down 0.31% month-on-month;
A total of €741.5 million was exchanged in block trades in July, up 1.10% from the €733.4 million in the previous month. Overall, block trade volume represented 14.1% of total regulated market ETF trading activity on NYSE Euronext.
Assets Under Management (AUM)
At the end of July 2012, the combined AUM of all ETFs listed on the NYSE Euronext European markets totalled €141.2 billion.
Market Quality
Several LPs expanded their LP activity in July. In total, 3 LPs took on liquidity responsabilities for 72 additional LP contracts on 65 ETFs:
SUSQUEHANNA took the lead on the 3 newly listed iShares ETFs, while also adding 34 new ETFs to their already extensive list: 2 Amundi ETFs, 7 db x-trackers, 2 EasyETFs, 22 Lyxor ETFs, and 1 SPDR.
COMMERZBANK built on their expansion seen in the beginnng of the year by adding an impressive 32 ETFs to their LP activity: 4 Amundi ETFs, 1 Credit Suisse ETF, 2 db x-trackers, 3 EasyETFs, 9 iShares ETFs, 12 Lyxor ETFs, and 1 SPDR.
OPTIVER started LP activity on a total of 3 ETFs: 1 Credit Suisse ETF, 1 db x-tracker, and 1 HSBC ETF.
view the NYSE Euronext Monthly ETF Activity Report-July 2012
IMF Country report-Russian Federation: Selected Issues
August 3, 2012--I. RUSSIAN FEDERATION-POTENTIAL GROWTH: THE PAST AND THE FUTURE1
Russia's fast growth in the past decade was driven mainly by TFP growth. The increased demand for capital was mostly met by heavier utilization of the existing stock. While some moderation of TFP growth is expected in the next decade, the scope for more intense use of capital is limited, implying that investment and capital accumulation should play a bigger role than in the past.
Given the unfavorable demographic trend in Russia, this highlights the
urgent need for structural reforms to improve the investment climate and labor participation.
A. Introduction
1. After almost a decade of impressive growth performance, Russia suffered a
sharp contraction in 2009 with GDP falling by 8 percent. The sharp and costly adjustments during the crisis raise important but hard-to-answer questions: how would Russia’s potential growth in the next decade be compared to that in the past; and what needs
to be done to help the Russian economy grow again at the impressive pace during the intercrisis period.
read the IMF Country report-Russian Federation: Selected Issues
Eurozone business downturn 'entrenched' in Germany: survey
August 3, 2012-- Eurozone private sector activity contracted for the 10th time in 11 months in July, with data now consistently showing the downturn becoming "entrenched" in Germany, a key survey showed Friday.
The Purchasing Managers Index (PMI) compiled by business research firm Markit was stuck at 46.5 in July according to a final reading, indicating another month of contraction in activity.
"The final PMI data for July confirm the message from the earlier flash estimate that the eurozone continued to contract at a quarterly rate of approximately 0.6% in July, suggesting the region looks set for a second consecutive quarterly decline," Markit said.
The Europe Dow Rose 0.47% In July, According To S&P Dow Jones Indices
19 of The Europe Dow's 30 Stocks Closed July in Positive Territory
Daimler AG Topped All 30 Europe Dow Components With 11.78% Gain for the Month
August 2, 2012--The Europe Dow, an equal-weighted index that measures 30 of the region's leading blue-chip stocks, gained 0.47% in July, according to data compiled by S&P Dow Jones Indices
-the world’s largest provider of financial market indices.
The index’s top component performer for July was Daimler AG of Germany, which closed up 11.78%. Shares of ABB Ltd. (Switzerland) and Novo Nordisk A/S Series B (Denmark), up 7.27% and 6.78%, respectively, were the second- and third-leading stocks on The Europe Dow. Telefonica S.A. (Spain), which fell 13.65, was The Europe Dow’s worst-performing stock in July.
By comparison, the Dow Jones Industrial Average ended July up 1.00%, The Asia Dow rose 3.05% and The Global Dow finished up 0.14%. The Asia Dow is an equal-weighted, 30-stock index that measures leading blue-chips traded in the Asia/Pacific region; The Global Dow measures the performance of 150 leading companies from around the world.
Boerse Stuttgart reports July trading in excess of EUR 7.3 billion (monthly stats)
Big increase in investment products/Securitised derivatives and equities both up/Trading in corporate bonds remains buoyant
August 1, 2012--According to the order book statistics, Boerse Stuttgart generated turnover in excess of EUR 7.3 billion in July 2012, an increase of nearly 5 percent on the figure for June.
Trading in securitised derivatives accounted for the lion’s share of total turnover in July at over EUR 3.5 billion, more than 5 percent up on last month. At EUR 2 billion, the contribution from investment products was over 8 percent higher compared to June, while leverage products generated more than EUR 1.5 billion towards the total.
Debt instrument trading was virtually unchanged on the previous month. Overall, July turnover in this asset class was in excess of EUR 2.3 billion. The main factor here was trading in corporate bonds, which rose by more than a quarter on the June figure to end the month at over EUR 1.3 billion.
The Autorite des Marches Financiers launches a public consultation on certain provisions regarding the auctioning of greenhouse gas emission allowances
August 1, 2012--The AMF is initiating a public consultation on a draft version of its General Regulation amending certain
provisions concerning the authorisation to take part in greenhouse gas emission allowance auctions (Book
VII, Title IV),
in application of Article L. 621-18-5 of the Monetary and Financial Code.
The proposed modifications have been made subsequent to Articles 19, 20 and 22 of Order n° 2012-827 of 28 June 2012 on the greenhouse gas allowance trading system which empowers the AMF to deliver an authorisation to certain entities to apply for admission to bid in greenhouse gas emission allowance auctions.
Xetra orderbook turnover at 91 billion euros in July
August 1, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €94.3 billion in July-a decrease by 21 percent year-on-year (July 2011: €118.8 billion). Of the €94.3 billion, €90.7 billion were attributable to Xetra-a decrease by 20 percent y-o-y (July 2011: €113.3 billion).
€3.6 billion were attributable to the Xetra Frankfurt specialist trading – a decrease by 34 percent y-o-y (July 2011: €5.5 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.9 billion in July.
In equities, turnover reached €80.8 billion on Deutsche Börse’s cash markets (Xetra: €79.0 billion, Xetra Frankfurt specialist trading: €1.7 billion). Turnover in bonds was €1.4 billion, and in structured products on Scoach €1.0 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €11.1 billion.
A total of 16.8 million transactions were executed on Xetra in July, a decrease of 8 percent y-o-y (July 2011: 18.3 million).
