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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).
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Source: Xetra
Average daily volume of 8.1 million contracts at Eurex Group in July
August 1, 2012--In July 2012, the international derivatives markets of Eurex Group recorded an average daily volume of 8.1 million contracts (July 2011: 10.1 million).
Of those, 5.8 million were Eurex Exchange contracts (July 2011: 7.2 million), and 2.3 million contracts (July 2011: 2.9 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 127.6 million contracts were traded at Eurex Exchange and 48.1 million at ISE.
At Eurex Exchange, the equity index derivatives segment totaled 63.8 million contracts (July 2011: 72.5 million). The single largest contract was the future on the EURO STOXX 50® Index with 25.8 million contracts. The option on this blue chip index totaled 25.3 million contracts. Futures on the DAX index recorded 3.1 million contracts while the DAX options reached another 4.6 million contracts. The Eurex KOSPI Product recorded 1.8 million contracts (July 2011: 1.7 million). Options on the RDX index achieved around 100,000 contracts for the first time.
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Source: Eurex
iShares unveils world's first GBP currency-hedged Japanese ETF
iShares MSCI Japan Monthly GBP Hedged ETF gives UK investors exposure to
Japan with managed currency risk.
August 1, 2012--iShares, the exchange traded funds ('ETF') platform of BlackRock, Inc. (NYSE: BLK) has launched the world's first Japanese equity ETF which aims to minimise currency risk for UK and sterling investors.
Listed on the London Stock Exchange, the iShares MSCI Japan Monthly GBP Hedged ETF provides exposure to over 300 of the largest Japanese companies, with a particular focus on industrial, consumer discretionary and financial companies.
The fund is physically-backed, investing in individual securities, and is optimized to track the performance of the MSCI Japan 100% Hedged to GBP Net Total Return Index, holding a sub-set of the index’s constituents. The index offers exposure to Japanese stocks and complies with MSCI's size, liquidity, and free float criteria.
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Source: BlackRock
ETF Securities sale 'off the table'
August 1, 2012--A sale of ETF Securities is "off the table", according to exchange traded fund industry sources, some seven months after chief executive Graham Tuckwell enlisted the help of Goldman Sachs to try and sell the firm.
Mr Tuckwell, who is also chairman and majority shareholder of ETF Securities, was reportedly on the hunt in December for someone to snap up the London-based provider, with unconditional offers expected before Christmas.
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Source: FT.com
Home > ESMA calls for candidates to join its consultative working group on investor protection and intermediaries
August 1, 2012--ESMA has launched today a call for expressions of interest for its Consultative Working Group (CWG) for ESMA's Investor Protection and Intermediaries Standing Committee (IPISC).
CWG members are selected for a renewable term of two years. Appointments are done on a personal basis, and are bound by confidentiality requirements in relation to all non-public information they are provided with while performing their tasks.
IPISC undertakes ESMA’s work relating to the provision of investment services and activities by investment firms and credit institutions. Particular regard is made to investor protection, including the Markets in Financial Instruments Directive (MiFID) conduct of business and organisational requirements and their technical implementation, and the distribution of investment products.
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Source: ESMA
Europe's top banks feel pain from debt crisis
July 31, 2012--Europe's biggest banks on Tuesday took massive hits on their second-quarter profits as the eurozone debt crisis sliced into earnings and added to pressure to boost their capital defences.
In Germany, the biggest lender Deutsche Bank said it would axe 1,900 jobs as the crisis slashed its bottom-line profit nearly in half in the period from April to June.
In neighbouring Switzerland, giant UBS blamed a 58-percent slump in second-quarter net profit on lower trading and services revenues while operating costs rose.
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Source: EUbusiness
ETF guidelines will see investors reclaim securities lending profits
July 31, 2012--The guidelines released by the European Securities and Markets Authority (ESMA) last week will help exchange-traded fund (ETF) providers who have chosen physical replication to adapt their business model and will lead to greater transparency among funds, according to the EDHEC-Risk Institute.
In a statement, the institute said it welcomed the guidelines, which also touched on issues relating to UCITS, released on 25 July by ESMA, which indicated that all profits from securities lending should be returned to the fund.
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Source: IP&E
Boerse Stuttgart welcomes draft law to control high-frequency trading
Precise definitions needed for different investor groups
July 31, 2012--Dr Christoph Boschan, Managing Director of the Stuttgart Stock Exchange, described the official draft of Germany's proposed high-frequency trading law' published today by the Federal Ministry of Finance,
as a ‘very useful initiative from the perspective of a stock exchange that focuses on private investors’. Boerse Stuttgart is pleased to note that the supervisory body’s powers are to be extended and the obligations of trading platforms and participants are specified. ‘Overall, we see this as confirmation of our own efforts in the area of self-regulation in favour of private investors. In Stuttgart we have had a restrictive approach to high-frequency trading for some time. Furthermore, it is in the interest of all financial market stakeholders that we create greater legal certainty in terms of the way we deal with high-frequency traders,’ observed Dr Boschan.
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Source: Boerse Stuttgart
SIX Swiss Exchange: the world's fastest exchange
100 days after the introduction of X-stream INET, latency measurements confirm that SIX Swiss Exchange currently runs the fastest trading platform.
August 1, 2012--On 23 April 2012, SIX Swiss Exchange introduced X-stream INET, the world's most advanced trading technology for equities.
After the successful launch, the SWXess trading platform has now been running smoothly for a 100 days and the announced average roundtrip latency of just 37 microseconds has been confirmed under production load.
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Source: SIX Swiss Exchange
More Transparency and Protection for Investors: EU Issues Guidelines on ETFs, Other UCITS Issues
July 31, 2012--On 25 July the European Securities and Markets Authority (ESMA) published Guidelines on ETFs and other UCITS issues, following two consultations on ETF-related issues (to which CFA Institute responded) and considerable work on the subject.
ESMA also launched a short consultation on the treatment of repurchase and reverse repurchase agreements (included in Annex IV of the Guidelines document).
The most important changes in ESMA’s proposals pertain to collateral characteristics and disclosure, to securities lending and repos (enhanced disclosure), and to restrictions in the use of indices. New ETF-specific rules are introduced as well.
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Source: Market Integrity Insight
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