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UK official holdings of international reserves November 2011
December 5, 2011--This monthly press notice shows details of movements in November 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 November 2011:
No intervention operations were undertaken. Movements in reserves and levels of reserves were as follows:
view the UK official holdings of international reserves November 2011
Source: HM Treasury
SIX Swiss Exchange welcomes another ETF issuer entering the Swiss market with five products- New ETF provider: Ossiam
December 5, 2011--The addition of French provider Ossiam brings the number of ETF issuers on SIX Swiss Exchange to 15 and makes five new ETFs - tradable from today - available to investors:
Ossiam ETF EURO STOXX 50® Equal Weight NR
Ossiam ETF STOXX® Europe 600 Equal Weight NR
Ossiam ETF iSTOXXTM Europe Minimum Variance NR
Ossiam ETF US Minimum Variance NR
Ossiam ETF US Minimum Variance NR
Bruno Poulin, CEO of Ossiam, said: "We are very proud to list our first ETFs in Switzerland. First of their kind, they give access to transparent investment strategies with complementary risk profiles that are easy to integrate into global portfolio allocation. The Minimum Variance strategy aims to offer investors an optimised solution seeking lower volatility at a competitive price. In addition, we chose to develop ETFs on equally-weighted indices. This is a very simple way to build better-diversified portfolios and avoid the concentration and trend-following bias of market-cap weighted indices."
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Source: SIX Swiss Exchange
First-ever index of blue-chip stocks from Euro-Asian Exchanges is launched by Dow Jones Indexes, Federation of Euro-Asian Stock Exchanges
Dow Jones FEAS Titans 50 Equal Weighted Index to Track the 50 Largest Stocks Listed in FEAS Region
New Gauge Expands Dow Jones FEAS Index Family to Four
December 5, 2011--Dow Jones Indexes, a leading global index provider, and the Federation of Euro-Asian Stock Exchanges (FEAS) today announced the launch of the first blue-chip index derived from Euro-Asian stock exchanges, the Dow Jones FEAS Titans 50 Equal Weighted Index.
An equal-weighted measure of the 50 largest stocks traded on FEAS-member exchanges, the new gauge is designed to serve as the basis for financial products such as funds and structured products.
With its launch today, The Dow Jones FEAS Titans 50 Equal Weighted Index becomes the fourth member of the Dow Jones FEAS Index family; started in 2009, the index series measures the performance of companies across the Euro-Asian region. Earlier this year, the Bucharest, Palestine, Egypt and Kazakhstan exchanges were added to the Dow Jones FEAS Index universe, pushing the current total to 16.
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Source: Istanbul Stock Exchange (ISE)
First issue of “İMKB/ISE Magazine” is now available
December 5, 2011--Istanbul Stock Exchange released the first issue of its business and lifestyle quarterly magazine. “IMKB/ISE Magazine” aims to give a glimpse about ISE’s mission, vision, policies and corporate image to local and international society.
The editorials of the Magazine, which are published in Turkish and English, focus on exchange and business world as well as lifestyle. The magazine covers the developments related to the economy, markets, companies, financial products, intermediaries and institutional investors.
The magazine also includes topics related to art, technology and fashion, and presents new products in these areas. The “Investor’s Guide” section of the magazine designed for potential investors includes practical information on the capital market instruments, securities trading, investors’ rights etc.
view the Istanbul Stock Exchange Magazine
Source: Istanbul Stock Exchange (ISE)
STOXX introduces Maximum Dividend Strategy Index
December 5, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Europe Maximum Dividend 40 Index. The new index represents a hypothetical investment portfolio that aims to maximize the dividend yield of the STOXX Europe 600 Index by selecting those 40 companies in the underlying index that have the highest expected dividend yield.
The STOXX Europe Maximum Dividend 40 Index is designed to act both as a proper benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products.
“With the launch of the STOXX Europe Maximum Dividend 40 Index we are further expanding our successful range of innovative dividend strategy indices,” said Hartmut Graf, chief executive officer, STOXX Limited. “This new index offers market participants a ground-breaking tool to follow the dividend return of Europe’s 40 top dividend yielding companies selected from Europe’s major benchmark index.”
The STOXX Europe Maximum Dividend 40 Index consists of those 40 companies in the STOXX Europe 600 Index which have the highest expected dividend yield and will pay a dividend within the forthcoming adjustment period. The expected dividend yield is determined by the announced and the estimated dividend amount, as well as the closing price of the stock at the time of selection. In order to improve the index’s liquidity, an additional liquidity screening is applied during the selection process. This results in a liquidity adjusted expected dividend yield used for selection and weighting of the index constituents.
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Source: STOXX
S&P warns six euro nations of possible downgrade: FT
December 5, 2011--Ratings agency Standard & Poor's has warned Germany, France and four other triple A eurozone nations that they risk losing their top ratings within 90 days amid the debt crisis, a report said on Monday.
The Financial Times newspaper said the US-based agency would announce later Monday that the Netherlands, Austria, Finland and Luxembourg had also been put on "creditwatch negative."
This means a one-in-two chance of a downgrade within 90 days, said the paper.
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Source: EUbusiness
Banks' internal audit function - consultative paper issued by the Basel Committee
December 2, 2011--The Basel Committee on Banking Supervision issued today a consultative paper on The internal audit function in banks.
The objective of the proposed guidance, which revises the Committee's 2001 document Internal Audit in Banks and the Supervisor's Relationship with Auditors, is to help supervisors assess the effectiveness of a bank's internal audit function. The guidance reflects developments in supervisory and banking practices and incorporates lessons drawn from the financial crisis.
view BIS The internal audit function in banks - consultative document
Source: BIS
Sterling could yet win ‘ugly currency’ competition
December 2, 2011-Sterling is not at the forefront of most investors’ minds. In a week that has seen sentiment on both Europe and the US improve significantly, the pound has seemed immune to the increasingly poor outlook in the UK.
That might not last much longer. Sterling, almost by default, has been benefiting from some rather reluctant haven flows in the past few months. It costs about 86p to buy a euro, down from 91p in June, the point at which things started to look dire for Europe.
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Source: FT.com
France and Germany to battle debt crisis with new EU treaty
December 2, 2011-- France and Germany will push for a new European Union treaty to impose tough budgetary discipline on the debt-ravaged eurozone, President Nicolas Sarkozy declared ahead of a critical week for the euro.
The French leader was to meet Britain's Prime Minister David Cameron on Friday to discuss the crisis and then Germany's Chancellor Angela Merkel on Monday to agree a joint Franco-German proposal to save the single currency.
Then, on December 8 and 9, all 27 European leaders will meet at the EU Summit in Brussels, a meeting which some observers have billed as their last chance to restore the credibility of eurozone economic governance.
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Source: EUbusiness
IMF says could raise new funds from Europe
December 2, 2011--The IMF confirmed Friday that it could raise new funds for onlending from Europe, amid speculation that the European Central Bank might provide money to the Fund that could be used to help Italy and Spain.
"The IMF will need more resources should the crisis deepen further, and... the European authorities -- like some other IMF member countries -- are exploring bilateral loans to the IMF," IMF spokesman Gerry Rice said in a statement.
"As we have also noted, such loans could indeed come from member country central banks, and indeed these central banks are already lending to the Fund under the new arrangements to borrow and bilateral agreements since 2009," he said.
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Source: EUbusiness
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