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London Stock Exchange Group-MONTHLY MARKET REPORT - December 2011
January 6, 2012--London Stock Exchange Group sits at the heart of the world's financial community, offering international business unrivalled access to Europe's capital markets. In December a total of 24.4 million trades were carried out across the Group's electronic equity order books with a combined value of £128.1 billion (€151.8 billion), down 11 per cent on December 2010 (£143.8 billion).
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £3.5 billion (€4.2 billion), down 5 per cent year on year. The average daily number of trades increased 25 per cent to 584,371.
The LSE's share of trading in the total UK order book for December was 61.7 per cent.
Italian Equities Order Book
On the Italian order book, the average daily number of trades was 200,582, down 13.4 per cent on the same month last year, whilst the average daily value traded on the order book decreased 33 per cent year on year to €1.8 billion (£1.5 billion).
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Source: London Stock Exchange Group
SPDR ETF on high-yield bonds launched on Xetra
February 6, 2012--A further exchange-listed bond index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra® since Monday.
ETF name: SPDR Barclays Capital Euro High Yield Bond ETF
Asset class: bond index ETF
ISIN: IE00B6YX5M31
Total expense ratio: 0.45 percent
Distribution policy: distributing
Benchmark: Barclays Capital Liquidity Screened Euro High Yield Bond Index
The SPDR Barclays Capital Euro High Yield Bond ETF gives investors the opportunity to participate in high-yield corporate bonds denominated in euros from issuers in or outside the euro zone. High-yield bonds have a sub-investment grade rating. These bonds have a higher risk of default, but therefore pay higher yields. They are senior bonds that may be terminated, with residual maturities of at least one year and less than 15 years.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 923 exchange-listed index funds, while average monthly trading volume stands at €16 billion.
Source: Xetra/FWB
Deutsche Börse plans resegmentation of the Open Market
February 6, 2012--Deutsche Börse is planning a resegmentation of the Open Market. The First Quotation Board in its current form will be discontinued, the Entry Standard's rules are also being tightened.
In future, aside from bonds, only equities which have a listing on another domestic or foreign stock-exchange-like trading venue recognised by Deutsche Börse will be included in the Quotation Board, as was the case in the former Second Quotation Board.
Since 2008, a further financing segment, the First Quotation Board has been available in which the applying Members assume selection of the issuers. At the start of 2011, the requirements for the protection of the capital market were tightened. According to findings by Deutsche Börse, the stock exchange regulator of the state of Hesse and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), despite criminal law and supervisory measures and the close involvement of the applicant and the tightening of admission requirements, there have nevertheless continued to be massive and frequent suspected cases of market manipulation.
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Source: Deutsche Börse
J.P. Morgan and Source launched the J.P. Morgan Macro Hedge US TR Source ETF
February 6, 2012--J.P. Morgan and Source are pleased to announce the launch of the J.P. Morgan Macro Hedge US TR Source ETF. The ETF aims to provide cost‐effective, long‐term exposure to volatility, via a systematic strategy developed by J.P. Morgan. It is designed for sophisticated investors to either use as a hedging tool or as a way to take stand‐alone volatility exposure.
Volatility as an asset class continues to attract attention: since volatility tends to spike when equity markets crash, it is seen as a potential hedge to long equity positions. However, using volatility as a hedge can be very costly. In normal market conditions, a long volatility investment will typically lose value. J.P. Morgan’s Macro Hedge family of indices take an innovative two‐pronged approach: in times of market stress, they aim to capture spikes in volatility; in normal market conditions, they aim to generate a positive return.
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Source: Source
Increased Desire For Tailor-Made Indices
February 5, 2012--Most money in ETFs tracks mainstream indices from one of the major index providers, such as FTSE, Dow Jones, Standard & Poor’s or MSCI.
These indices are familiar products, understood even by not very sophisticated investors and reported on the news as indicators of the overall stock market. Recently, however, as the range of ETFs proliferates, apparently unstoppably, some ETF providers are finding the range of indices available is not sufficient. Some are asking the index providers to help them develop new indices, either to gain exposure to markets that are not already well covered or to use a new methodology that might outperform a traditional index. The FT wrote-up the following market wrap:
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Source: etf-radar Magazine
Boerse Stuttgart launches new brand campaign
Jung von Matt/Neckar campaign boosts profile of Boerse Stuttgart as retail investor exchange/ Campaign focuses on wide range of services
February 3, 2012--Boerse Stuttgart has developed a new branding campaign in collaboration with the advertising agency Jung von Matt/Neckar.
The new brand communication strategy is intended to highlight Boerse Stuttgart’s position as the leading stock exchange for retail investors.
The campaign makes use of online media as well as traditional media such as print and TV. The main idea behind all these measures is to emphasise Boerse Stuttgart’s wide range of investor services. “We offer retail investors the best possible terms and conditions, allowing them to trade independently and successfully, and we intend to communicate this more clearly in future,” stressed Rembert Schifferings, Head of Marketing at Boerse Stuttgart. “The aim of the campaign is to further enhance our brand profile as a stock exchange for retail investors. The new visuals and wording will focus much more on the services offered by Boerse Stuttgart.”
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Source: Boerse Stuttgart
UK official holdings of international reserves January 2012
February 3, 2012--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 January 2012:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
view the UK Official holdings of international reserves
January 2012
Source: HM Treasury
Source - top European ETC provider by NNA in 2011
February 3, 2012--Source continued its impressive run since entering the European ETP market in 2009 by leading all ETC issuers in net new assets in 2011 with US$1.26 billion of net inflows. The provider’s flagship ETC, Source Physical Gold, captured significant inflows, bringing assets in the product to over US$2.3 billion.
Overall, Source commanded nearly 20% of total commodity ETP net new assets in Europe, doubling its total commodity assets under management to US$2.5 billion. These results were particularly meaningful given the presence of well-established competition in this market.
Stefan Garcia, head of commodity sales at Source commented, ‘I think that focusing on clients and providing them with commodity products that satisfy their multiple needs has put us in a very strong position in the commodity segment of the ETP market. In addition, with innovative new products, such as the new LGIM
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Source: Source ETF
Boerse Stuttgart cuts transaction fees
Reduced fees for trading in securitised derivatives from 1 February 2012
February 3, 2012--Boerse Stuttgart, Europe’s leading stock exchange for retail investors, reduced its transaction fees for securitised derivatives (leverage and investment products) with effect from 1 February 2012.
The move applies to the variable transaction fees, which have been reduced from 0.1 to 0.095 percent of the order countervalue, and aims to make Boerse Stuttgart more attractive to investors placing orders for securitised derivatives worth up to EUR 14,500. Orders in this range account for a large part of the overall trading volume in the segment.
“We have introduced the new fee structure to support retail investors. Our aim is to strengthen our position as market leader and promote sustained growth in the area of securitised derivatives,” commented Christoph Lammersdorf, CEO at Boerse Stuttgart Holding GmbH, adding that the new price structure would enhance the appeal of trading in securitised derivatives, especially for smaller and medium-sized orders. He also believes the move will provide an incentive for newcomers, and those investors who have recently held back on account of the difficult market situation, to begin trading in smaller volumes.
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Source: Boerse Stuttgart
db Metals & Energy Booster ETC (EUR) launched on Xetra
February 3, 2012--A new exchange traded commodity issued by db ETC Index plc has been tradable on Xetra since Friday. All db ETCs are backed by physically deposited gold bars.
ETC name: db Metals & Energy Booster ETC (EUR)
Asset class: Commodities
ISIN: DE000A1NY0U7
Total expense ratio: 0.45 percent
Benchmark: db Metals & Energy Booster Euro Unhedged Index
The new db ETC tracks the performance of the db Metals and Energy Booster Euro Unhedged Index. The index comprises 13 commodities from the precious and industrial metals and energy sectors. The approach is fundamentally based on a roll-optimised mechanism with periodic replacement of the commodity futures tracked in the commodities index.
Deutsche Börse’s ETC segment product range currently comprises 235 instruments. The monthly trading volume of ETCs on Xetra averages over €900 million.
Source: Deutsche Börse
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