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Eurex Exchange to expand dividend derivatives segment
Ten new contracts to be listed on 2 March 2012
February 20, 2012--The international derivatives market Eurex Exchange is further expanding its successful dividend derivatives segment by launching a total of ten new dividend futures on 2 March 2012. These new futures are based on dividends from selected sector indices; out of the EURO STOXX sector and STOXX Europe 600 sector indices the sectors banking, insurance, oil & gas, telecommunications and utilities will be covered.
Consultation revealed the greatest demand among market participants for these dividend sector indices.
The product specifications of the new futures are similar to the products already listed. The contracts are settled in cash and denominated in euro, trading hours are from 8.30 a.m. – 5.30 p.m. CET. A market making incentive scheme will be offered in order to provide a liquid order book from the start. To offer an attractive alternative to the swap-based trading, Eurex offers central clearing for bilateral trading in the new products every trading day via Eurex Exchange's “block trading” OTC trade entry facility. The minimum transaction size is one contract.
The first products in the dividend-based derivatives segment were launched in June 2008. In 2011, more than 23,000 contracts were traded on average each day, equating to six million contracts in total. In January 2012, average daily volume further increased to 26,000 contracts. Open interest currently stands at almost 2.0 million contracts, which is equal to a nominal dividend amount of around 13 billion euros.
Source: Eurex
Commission reform poses threat to IFAs
February 20, 2012--Mid-sized retail investment groups are expecting a surge in new business because of new regulations set to be introduced next year.
Independent financial advisers have responded to the changes by outsourcing investment management, joining larger firms, or closing their doors altogether.
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Source: FT.com
Euro area investment fund statistics
February 17, 2012--In December 2011, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €243 billion higher than one quarter earlier in September 2011.
This increase was due to increases in share/unit prices and the statistical reclassification of some money market funds as bond funds, which were partially offset by net redemptions of shares/units.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to €5,661 billion in December 2011, from €5,418 billion in September 2011. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to €992 billion from €1,067 billion. These developments are partly explained by statistical reclassification of a number of money market funds as bond funds in December 2011, with the amount involved totalling more than €100 billion (see notes).
Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to minus €47 billion in the fourth quarter of 2011, while transactions in shares/units issued by money market funds amounted to €15 billion.
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Source: ECB
STOXX Limited Announcemnt with reference to calculation of several STOXX Indices
February 17, 2012--STOXX Limited today announced that several STOXX Indices, among them the STOXX Europe 600 and STOXX Europe 50 indices, were affected by data issues with currency rates on February 16, 2012.
The EURO STOXX 50 Index and all related sub- und strategy indices have not been affected.
The above issue led to wrong index values being disseminated from 5.30pm – 9.49pm Central European Time (CET) on February 16, 2012. All STOXX Indices which include foreign currencies, except for Euro-only indices, were affected by this. STOXX disseminated corrected closing values for all affected indices at 9.50pm CET and is currently working on correcting index highs and lows.
As a result, all STOXX Strategy Indices which are based on the affected indices are currently showing incorrect values and are thus not being disseminated. STOXX will resume the dissemination of these indices are soon as they have been corrected.
Source: Online Business News
Press conference-Report on high frequency trading in Sweden
February 17, 2012--On Tuesday, 21 February, Finansinspektionen (FI) will present a report on high frequency and algorithmic trading on the Swedish equity market.
FI’s report presents information about automated trade, international research and the effects and impact of the phenomenon on Swedish trading.
Anna Jegnell, Executive Director Markets, and investigator Niklas Johansson will present the report. The presentation will take approximately 45 minutes.
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Source: Finansinspektionen
NYSE Liffe Plans Delivery Limits on London Commodity Futures
February 16, 2012--NYSE Liffe, the derivatives arm of NYSE Euronext, plans to introduce delivery limits for its London commodity futures, according to the exchange.
Buyers wouldn’t be able to take delivery of more than 7,500 contracts on cocoa and robusta coffee, 5,000 contracts on white sugar and 2,000 contracts on feed wheat, the exchange said in an “info flash” dated yesterday. The changes would take effect for positions in November 2012 for robusta coffee, December 2012 for white sugar and cocoa and January 2013 for feed wheat, the exchange said in the communication to members.
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Source: FT.com
Euro STOXX 50 volatility index hits one-month high
February 16, 2012--The Euro STOXX 50 volatility index, Europe's main gauge of investor anxiety known as the VSTOXX index, rose 6 percent to hit a one-month high on Thursday as another delay in securing a rescue package for debt-troubled Greece rattled markets.
At 0820 GMT, the VSTOXX, which measures the cost of protecting against a decline in shares on the Euro STOXX 50 index, was up 6 percent at 28.12 after rising to as high as 28.19, a level not seen since mid-January.
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Source: Reuters
ESMA launches a consultation on EMIR and announces an open hearing on 6 March
February 16, 2012--The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).
It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop.
ESMA is organising a public hearing on 6 March to give an opportunity to interested stakeholders to discuss the relevant sections of the discussion paper. Please sign up online.
Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.
view the Consultation on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
Source: ESMA
Nine UBS bond index ETFs launched
February 16, 2012--Since Thursday, nine new UBS Global Asset Management ETFs on US and German government bonds as well as on European corporate bonds have been tradable in Deutsche Börse's XTF segment.
The UBS ETFs on Barclays Capital US treasury bonds as well as on Markit iBoxx € Germany indices offer investors access to US and German government bonds with the opportunity to react to interest rate expectations within the different maturity ranges.
UBS ETFs on Barclays Capital US treasury bonds, management fee 0.20%:
UBS-ETF Barclays Capital US 1-3 Year Treasury Bond A (LU0721552544)
UBS-ETF Barclays Capital US 3-5 Year Treasury Bond A (LU0721552627)
UBS-ETF Barclays Capital US 5-7 Year Treasury Bond A (LU0721552890)
UBS-ETF Barclays Capital US 7-10 Year Treasury Bond A (LU0721552973)
UBS ETFs on Markit iBoxx € Germany indices, management fee 0.15%:
UBS-ETF Markit iBOXX EUR Germany 1-3 A (LU0721553351)
UBS-ETF Markit iBOXX EUR Germany 3-5 A (LU0721553435)
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Source: Xetra
Moody's puts Europe's top banks on rate cut watch
February 16, 2012--Moody's said Thursday it was reviewing some 114 European banks and financial groups, including many of the top firms, for a possible ratings downgrade because of the eurozone debt crisis.
Germany's Deutsche Bank and Commerzbank were among two of the largest groups named, alongside Britain's HSBC and Royal Bank of Scotland, ING of the Netherlands, Spain's Santander and Italy's Unicredit.
In France, BNP Paribas, Societe Generale, Credit Agricole and Natixis among others will be reviewed, it added in a statement.
In all, Moody's Investors Service, one of the top three ratings agencies, put 24 groups in Italy on review, followed by 21 in Spain, 10 in France, nine in Britain, eight in Austria and eight in Denmark, seven in Germany, and six each in Portugal and the Netherlands.
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Source: EUbusiness
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