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Financial News: Exchange Rivals Unite to Forge Single Trading Tape
August 9, 2012--Two former executives from rival European trading platforms have joined forces to accelerate the creation of a consolidated tape of European equity data, which would pull together prices from across all trading venues.
Producing a single pricing tape is one of the most pressing issues facing the industry.
Ex-NYSE Euronext data chief Mark Schaedel and Graham Dick, formerly of Bats Chi-X Europe, have co-founded consultancy The Coba Project, according to recent filings with Companies House.
Coba will focus on pan-European market transparency issues, including the creation of a single feed of equities data, according to sources familiar with the situation
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Source: Wall Street Journal
Commerzbank removes agriculture from fund on food fears
Germany's 2nd largest bank gives few details about move
Lobby group Foodwatch says ethical concerns behind decision
Speculation has been blamed for fuelling food price hikes
S&P Dow Jones Indices says not change indexes based on debates
AUgust 9, 2012--Germany's Commerzbank has removed agricultural products from a commodity index fund after accusations that speculation has pushed up food prices and fuelled unrest in some poor countries.
Commerzbank followed at least two other German banks in restricting investments in agriculture, while most banks and fund managers have defended investment in commodities, saying that price jumps have been due to heavy demand and shortages.
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Source: Reuters
Euro area securities issues statistics-June 2012
August 9, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.9% in June 2012, compared with 4.0% in May.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate decreased from 1.5% in May 2012 to 1.1% in June.
New issuance of debt securities by euro area residents totalled EUR 956 billion in June 2012.
Redemptions stood at EUR 949 billion and net issues amounted to EUR 5 billion.1 The annual growth rate of outstanding debt securities issued by euro area residents was 3.9% in June 2012, compared with 4.0% in May.
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Source: ECB
Analysis: New Eurex platform heralds new age of competition
August 9, 2012--Eurex is set to launch a new platform to trade interest rate derivative products. The gauntlet has been thrown in the next evolution of the markets, says William Mitting.
News that Eurex is considering launching a London-based exchange platform to trade its interest rate product suite, which broke on FOWintelligence.com this morning, sets the cats among the pigeons in the European exchange traded derivatives markets.
The planned launch, on which Eurex has declined to comment but is understood to be at an early stage of development, comes as competition in the European exchange traded interest rates markets, which has been in something of a slumber since the late 1990s, is set increase with the launch of NLX from Nasdaq.
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Source: FOW.com
Embrace morality to regain investor confidence, asset managers told
August 8, 2012--Perhaps the greatest challenge faced by the asset management industry is the European sovereign debt and Euro zone currency crisis, which may give rise to global systemic financial crisis. A new report published online urges asset managers to regain investor confidence by facing up to the moral challenges posed by recent global events.
Based on a 'swift survey' of asset managers, "Success of the Fittest: A Swift Survey of Shifts in Asset Management", assesses the fitness of the asset management sector in the present financial climate.
It looks at five key areas impacting the current and future state of the asset management sector, including the macro-economic and industry environments, and the 'moral issues' confronting those who work in it.
view the report-Success of the Fittest: A Swift Survey of Shifts in Asset Management
Source: CPI
BoE is running out of policy options
August 8, 2012-- Britain's economic recovery is now projected to be weaker and more protracted than had been expected a few months ago, and raises questions about just how far monetary policy can be used to boost demand.
According to the Bank of England’s quarterly inflation report, the economy is expected to be expanding at an annual rate of 2.1 per cent in two years’ time, down from a forecast of 2.6 per cent in May and down from a forecast for early 2015, made just six months ago, of 3.4 per cent.
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Source: FT.com
Time to play ETFs in 'efficient' markets
August 8, 2012--SEB fund selector Andreas Bichler has clear guidelines about when to use active and passive investments. When markets are efficient ETFs are king.
Frankfurt-based Andreas Bichler, head of fund selection at SEB Asset Management, who gives equal weight to the use of active and passive funds.
He believes active managers have a key role in maximising returns from inefficient markets, but where an index is steady and close to unbeatable, funds like ETFs are the obvious choice.
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Source: CityWire
European ETF market hits record high
August 8, 2012--Assets under management in the European exchange-traded fund market have reached an all-time high after strong inflows as investor confidence starts to return.
The data, put out by European ETF provider Lyxor, shows that total AUM reached €255bn at the end of July, up 3% on the previous record in February of €248bn.
The results have been driven by market gains which boosted the underlying index performance, as well as fresh inflows over the last three months.
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Source: Financial News
Eurozone GDP to fall by 0.3% this year
August 8, 2012--The eurozone economy will contract by 0.3% in 2012 before recovering more slowly than expected next year to expand by 0.6%, a poll conducted by the European Central Bank (ECB) revealed on Thursday.
The data came from the Survey of Professional Forecasters which the ECB carries out on a quarterly basis. It was published in the Frankfurt-based bank‘s monthly bulletin. The previous SPF survey predicted a 0.2% contraction for eurozone gross domestic product (GDP) this year and a 1-per-cent expansion in 2013.
Source: Online News
ESMA publishes update on MiFID waivers from pre-trade transparency
August 8, 2012--ESMA published todays a revision of its waiver document (ESMA/2011/241) which provides information on the pre-trade transparency of trading systems already set up in the European Union and informs on the compliance of such systems with MiFID, the Markets in Financial Instruments Directive.
Pre-trade transparency waivers are an integral feature of MiFID.
However, in order to ensure the liquidity and efficiency of equity markets, waivers allow in a limited number of cases to deviate from MiFID’s trade transparency requirements.
view moreview the ESMA Waivers from Pre-trade Transparency-CESR positions and ESMA opinions
Source: ESMA
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