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Second quarter of 2012 compared with first quarter of 2012-Euro area government debt up to 90.0% of GDP
EU27 debt up to 84.9%
October 24, 2012--At the end of the second quarter of 2012, the government debt1 to GDP ratio2 in the euro area3 (EA17) stood at 90.0%, compared with 88.2% at the end of the first quarter of 2012.
In the EU273 the ratio increased from 83.5% to
84.9%. Compared with the second quarter of 2011, the government debt to GDP ratio rose in both the euro area
(from 87.1% to 90.0%) and the EU27 (from 81.4% to 84.9%). These data are released by Eurostat, the statistical
office of the European Union.
At the end of the second quarter of 2012, securities other than shares accounted for 78.6% of euro area and for 80.1% of EU27 general government debt. Loans made up 18.6% of euro area and 16.1% of EU27 government debt. Currency and deposits represented 2.8% of euro area and 3.7% of EU27 government debt.
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Source: Eurostat
Amundi ETF launches an innovative ETF tracking the TOPIX Euro Daily Hedged strategy index
October 24, 2012--Amundi ETF has launched an innovative product designed for investors seeking to take positions on the Japanese equity market, while benefiting from daily currency hedging, on NYSE Euronext in Paris.
An unprecedented* ETF in Europe
This new ETF offers investors a solution in a context of volatile international markets and uncertainty over the euro/yen exchange rate. Based on the TOPIX Euro Daily Hedged strategy index (Total Return), it combines exposure to Japanese equities with daily euro/yen currency hedging. This ETF has a TER** of only 0.48%.
Daily currency hedging This ETF benefits from hedging against currency risk, which is managed and adjusted daily within the TOPIX Total Return Euro Daily Hedged strategy index through the use of forward contracts expiring at the end of each current month.
This daily readjustment reduces the influence of exchange rate volatility through the optimisation of the currency hedge.
Valérie Baudson, Managing Director of Amundi ETF comments: “Following the success of our ETF launched in 2011 tracking the S&P 500 EUR Daily Hedged strategy index, we wanted to offer investors the same innovative currency hedging solution but this time on the TOPIX, the main Japanese equity market index”.
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Source: Amundi ETF
Eleven EU nations get go-ahead on 'Robin Hood' finance tax
October 23, 2012--The European Commission on Tuesday backed plans by 11 EU nations to launch a hotly contested "Robin Hood" financial transactions tax (FTT) that is tipped to raise billions for the public purse.
After moves to launch the tax across the European Union were scuttled during months of raucous debate by Britain and others, the EU executive proposed that countries in favour, including France, Germany, Italy and Spain, go ahead on their own.
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Source: EUbusiness
NYSE Euronext launches CAC and AEX Low Risk Indices
Low Risk Indices respond to growing demand for better risk control mechanisms
October 23, 2012--NYSE Euronext today announced the expansion of its range of indices with the launch of the CAC(R) Low Risk Index and the AEX® Low Risk Index.
These low risk indices, developed in partnership with Finvex Group, are based on the successful European national blue chip indices and provide new risk adjusted investment possibilities for investors and Exchange Traded Product (ETP) providers.
With the introduction of the new low risk index series NYSE Euronext is responding to growing demand from institutional investors for better risk control mechanisms.
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Source: NYSE Euronext
Banking supervision: an accountable system open to all
October 23, 2012--Draft banking supervision legislation tabled in the Economic and Monetary Affairs Committee on Monday would give national supervisors a greater role than do earlier Commission proposals, while at the same time retaining the European Central Bank's power to decide to supervise any bank directly.
A second text approved by the committee would put the European banking watchdog at the head of a single supervisory system. Both texts would increase the supervisory system's democratic accountability.
The draft texts will now form the basis for work within the committee over the next month with a view to formalising an official committee position by the end of November. Once the committee has adopted its position, it will be ready to enter into negotiations with member states to hammer out a deal.
Accountability is key
Both draft reports propose amendments to the Commission proposals to increase the accountability of the banking supervisor. Powers transferred from the national to the EU level must be accompanied by transparency and accountability arrangements, the texts argue.
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Source: European Parliament
Commission proposes green light for enhanced cooperation on financial transactions tax
October 23, 2012--The 10 Member States that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met.
This is the conclusion of the proposal for a Council Decision adopted by the Commission today. Moreover, enhanced cooperation on the FTT would not only bring "immediate, tangible advantages" for those countries that participate, but would also contribute to a better functioning Single Market for the Union as a whole, the proposal states.
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Source: European Commission
Enhanced Cooperation on Financial Transaction Tax-Questions and Answers
October 23, 2012--In September 2011, the European Commission tabled a proposal for a Directive on a financial transaction tax (see IP/11/1085). The essence of this proposal was that a low-rate, wide-base tax would be applied on all financial transactions with any economic link to the EU. The estimated revenue yield was €57 billion.
Following intense discussions for 9 months on this proposal, Member States concluded that they would not be able to agree upon it unanimously within a reasonable period. Nonetheless, a significant number of Member States were still eager to have a common FTT. Therefore, 10 Member States1 formally requested to proceed through enhanced cooperation. They wrote to the Commission, asking for a Decision to be submitted to ECOFIN to enable them to move ahead as a smaller group. Today's Commission proposal for a Decision authorising enhanced cooperation for a financial transaction tax responds to this request.
What is enhanced cooperation?
Enhanced cooperation is when a group of at least 9 Member States decide that they will move ahead with an initiative proposed by the Commission when it proves impossible to reach unanimous agreement on it. It is only relevant to policy areas which require unanimity, and it aims to overcome the situation whereby certain Member States are prevented from advancing with a common approach due to the reluctance and non-agreement of others.
Clear provisions and conditions for enhanced cooperation are set out in Article 20 of the TEU and Articles 326 to 334 (TFEU).
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Source: European Commission
ETF Stat September 2012--Borsa Italiana
October 23, 2012--The ETF Statistics of the ETF Plus Market for the month of September 2012 are now available.
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Source: Borsa Italiana
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
October 23, 2012--Attached is the most recent issue of the European Weekly ETF Market Review. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe-ETF Research
NYSE Euronext announces new ETF on European markets-Amundi
October 23, 2012--NYSE Euronext is pleased to announce that AMUNDI IS has listed one new ETF on NYSE Euronext's Paris market today:Trading Name: AMUNDI TOPIX HDG
ISIN: FR0011314277
Symbol:TPXH
Underlying index:TOPIX Euro Daily Hedged
TER:0.48
NYSE Euronext has now 679 listings of 589 ETFs based on more than 450 indices.
Source: NYSE Euronext
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