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Eurex Clearing to launch Europe's first central clearing service for the bilateral securities lending market
Pilot phase to commence operation on November 22/ Unique clearing service to mitigate counterparty risk and increase capital efficiency/ Partnership with leading service providers for trading and collateral management
November 5, 2012--Eurex Clearing, one of the leading CCPs globally, announced today that it will go live with Europe's first central counterparty (CCP) service for the bilateral securities lending market on 22 November.
In order to ensure a smooth and efficient market establishment, Eurex Clearing’s lending CCP will commence operations with an initial group of banks and asset classes; at the start, German and Swiss blue chip equities and Exchange Traded Funds (ETFs) will be available for pilot clients. This initial phase will allow clearing members to lay the necessary foundations for the alignment of their systems and processes and extensively test the infrastructure to access this innovative CCP offering. Building on this, the product scope will be extended to include additional European markets for loans in equities, fixed income products (such as European government bonds, corporate and covered bonds) and further ETFs.
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Source: Eurex
BME expands its IBEX 35(R) index family
The new indices will be calculated and disseminated in real time as of 22nd November
November 5, 2012--BME expands its IBEX 35(R) index family with three new tradable indices, all of which are based on the IBEX 35(R).
The new indices, called IBEX 35® TRIPLE LEVERAGE NET, IBEX 35® X5 LEVERAGE NET and IBEX 35® X5 SHORT will start to be calculated and disseminated in real time from November 22nd.
The IBEX 35® TRIPLE LEVERAGE NET, which offers triple exposure to the daily return on the IBEX 35® NET RETURN, through the investment of an initial capital plus an equivalent loaned capital. A positive daily return on the IBEX35® NET RETURN yields an also positive return, but triple that amount for the IBEX 35® TRIPLE LEVERAGE NET and vice versa, if we refer to a daily calculation basis.
The IBEX 35® X5 LEVERAGE NET which offers quintuple exposure to the daily return on the IBEX 35® NET RETURN through the investment of an initial capital plus an equivalent loaned capital. A positive daily return on the IBEX 35® NET RETURN yields a positive return, but quintuple that amount for the IBEX 35® DOUBLE LEVERAGE NET and vice versa, if we refer to a daily calculation basis.
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Source: Bolsas y Mercados Españoles
UK Official holdings of international reserves, October 2012
November 5, 2012--This monthly release shows details of movements in October 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: No intervention operations were undertaken.
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Source: HM Treasury
Decision on inducement ban sparks criticism
November 4, 2012--Politics. Damn politics. That is what lay behind the European parliamentarians' recent refusal to agree to an outright ban on the payment of commissions to banks and advisers who peddle investment products, say cynics.
Europe’s consumer advocates are aggrieved about the lobbying that went on in the run-up to last month’s vote in Brussels on the Markets in Financial Instruments Directive (Mifid II). On the issue of inducements, they accuse German banks of “browbeating” politicians to back policies that will not disrupt the profits their high-margin asset management businesses generate.
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Source: FT.com
Greek PM warns of euro exit
November 4, 2012--Greek Prime Minister Antonis Samaras warned again on Sunday that the debt-crippled country could be forced out of the euro if parliament fails to approve a new round of austerity measures needed for a lifeline from creditors.
"We must save the country from catastrophe... if we fail to stay in the euro nothing will make sense," he told lawmakers from his conservative party.
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Source: FIN24
Nasdaq woos traders to back new European futures market
November 1, 2012--Nasdaq OMX is offering incentives to European trading firms in a bid to win support for its nascent futures exchange and ensure a strong start for a market aiming to boost competition in European futures trading.
The New York-based exchange is talking with banks and other trading houses, encouraging them to use NLX, a London-based futures exchange set to debut in the first quarter of next year, subject to regulatory approval.
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Source: Reuters
'IMKB rally' enters 3rd day, inches toward new record
November 1, 2012--The Istanbul Stock Exchange (IMKB) maintained its march towards setting a new "all-time high" on Thursday for the second day in a row, after closing at a record high a day earlier.
The stock market's benchmark İMKB-100 index reached an all-time high of 72.528 points by the end Wednesday, more than 41 percent higher than the level seen at the beginning of this year. Tuesday's close was 71,716 points.
The index opened Thursday's opening session with shares gaining 0.06 percent in value at 72,574 points.
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Source: Todays Zaman
ETF Securities Precious Metals Weekly: Gold rises even as Boerse Stuttgart reports turnover of around EUR 7 billion in October
Significant increase in debt instrument trading/Corporate bonds and German Bunds in demand
November 1, 2012--Boerse Stuttgart's order book statistics show that its turnover reached around EUR 7 billion in October 2012. The trading volume therefore fell slightly month on month.
At around EUR 3.2 billion, securitised derivatives accounted for the largest share of turnover in October. This means that the transaction volume was around 10 percent below the previous month’s figures in a generally weak market environment. On the whole, the volume of investment products traded at Boerse Stuttgart stood at more than EUR 1.9 billion. Leverage products contributed around EUR 1.3 billion to the total turnover.
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Source: Boerse Stuttgart
Lyxor switches to FTSE for its Global Real Estate Indices
November 1, 2012--Lyxor, a leader in innovative asset management and the third largest ETF provider in Europe (by AUM) , has chosen to replace the indices it uses as the basis for its Global Real Estate ETFs, switching to the FTSE EPRA/NAREIT Developed Global Real Estate indices. FTSE EPRA/NAREIT benchmarks are the leaders in the listed real estate sector globally.
Francois Millet, Head of Business Development – Indexing at Lyxor, said "We have chosen to replace MSCI Real Estate Index with FTSE EPRA/NAREIT because of its high standards of investability and transparency. Further, FTSE EPRA/NAREIT indices are the most widely used global benchmarks for listed real estate and are endorsed by the leading real estate industry associations.” These indices will support Lyxor’s planned growth within the real estate ETF market. “Choosing the right index partner is an important part of providing high quality products" said Millet.
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Source: FTSE
Average daily volume of 7.6 million contracts at Eurex Group in October
November 1, 2012-- In October 2012, the international derivatives markets of Eurex Group recorded an average daily volume of 7.6 million contracts (October 2011: 10.7 million).
Of those, 5.3 million were Eurex Exchange contracts (October 2011: 7.3 million), and 2.4 million contracts (October 2011: 3.4 million) were traded at the U.S.-based International Securities Exchange (ISE).
At Eurex Exchange, the equity index derivatives segment totaled 54.0 million contracts (October 2011: 82.3 million). The single largest contract was the future on the EURO STOXX 50 Index with 22.0 million contracts. The option on this blue chip index totaled 20.8 million contracts. Futures on the DAX index recorded 2.7 million contracts while the DAX options reached another 3.6 million contracts. The Eurex KOSPI Product recorded 2.0 million contracts.
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Source: Eurex
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