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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.
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Source: Mondovisione
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
Source: HM Treasury
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.
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Source: Boerse Stuttgart
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).
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Source: Xetra
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
Source: Europa
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.
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Source: Boerse Stuttgart
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.
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Source: Eurex
NASDAQ OMX-Trading Statistics September 2012
Significant increase in trading volumes compared to August-volumes still down from last year
October 1, 2012--NASDAQ OMX today publishes monthly trade statistics for the Nordic and Baltic markets.
Below follows a summary of the statistics for September 2012:
The share trading on NASDAQ OMX Nordic decreased by 15.1 % to a daily average of 2.0bn EUR, compared to 2.4bn EUR in September 2011. Compared to the previous month, August 2012, the daily average increased by 26.7%.
Derivatives trading decreased by 10 % to a daily average of 519,069 contracts, compared with 577,456 contracts in September 2011.
ETF trading1 (Exchange Traded Funds) decreased by 52.6 % to a daily average of 55m EUR compared to 115m EUR in September 2011.
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Source: NASDAQ OMX
UniCredit launches products on all short and leverage indices of the Vienna Stock Exchange
October 1, 2012--The Vienna Stock Exchange welcomes UniCredit onemarkets as the first issuer of structured products on all short and leverage indices calculated by the exchange. UniCredit is one of the most active issuers of products on indices of the Vienna Stock Exchange.
Short and leverage indices address investors who are willing to take risks and who want to participate in the development of a specific index. The indices are tied to an underlying index and reproduce its daily performance with a fixed leverage. The Vienna Stock Exchange offers short indices as well as double short indices (factor 2) and leverage indices with factors 2 and 4 on the following reference indices: ATX, CECE EUR and RDX EUR. All indices are designed to be used as underlying for structured products.
The index range of the Vienna Stock Exchange enjoys high popularity among international investors because of the high quality, uniform calculation methodology and preciseness. Products issued on the indices can be traded on all European markets. Most products worldwide with a reference to Eastern Europe are based on indices of the Vienna Stock Exchange. Most of the issuers and licensees come from the United Kingdom (21%), followed by Germany (11%), Scandinavia (11%) and Austria (11%).
For further information on the indices of the Vienna Stock Exchange, please visit www.indices.cc.
Source: Wiener Börse AG
IMKB and Vienna Stock Exchange join forces to launch two new indices
October 1, 2012--The stock exchanges of Istanbul and Vienna have joined forces in a unique cooperation project and launched the IBTX (Istanbul Traded Index) and IBTX Banking today.
The IBTX is calculated based on the prices of the twenty most actively traded shares of the Istanbul Stock Exchange. The IBTX Banking index consists of the most liquid Turkish banking stocks. Both indices can be used as a benchmark and underlying for standardized derivatives (futures and options) as well as an underlying for structured products (warrants, index certificates and ETFs). Investors have already demonstrated keen interest, especially in the IBTX, and two Austrian issuers have already announced their intention to immediately start issuing IBTX certificates.
“We, as Borsa İstanbul, are very glad to have signed such an agreement with the Vienna Stock Exchange. We believe that this index project will serve the interests of both exchanges, strengthening cooperation and contributing to our efforts in dealing with the global challenges faced by regional exchanges,” said Ibrahim M. Turhan, Ph.D., Chairman & CEO of the Istanbul Stock Exchange. The Istanbul Stock Exchange is one of the fastest-growing markets in the world, with a market capitalization that increased steadily over the past few years and reached EUR 210.4 billion by the end of August. Currently 398 companies can be traded on the Istanbul Stock Exchange and the monthly trading volume stands at approx. EUR 33.1 billion. This cooperation highlights the international index competence displayed by the Vienna Stock Exchange, with most CEE-related structured products worldwide being currently based on its indices. The Vienna Stock Exchange calculates a total of 82 indices, whereof 62 track national, regional and sector developments in the CEE/CIS area.
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Source: Istanbul Stock Exchange
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