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Eurex successfully implemented software upgrade
Eurex clients to benefit from a significant reduction in programming complexity thanks to new connectivity options based on the industry standards FIX and FIXML
November 8, 2011--Eurex Group launched yesterday its latest software release. Eurex Release 14.0 provides members with greater choice and enhanced flexibility in how they connect to the Eurex network through new interfaces, further clearing and risk management improvements as well as performance optimization.
The completely new developed three interfaces – Eurex Market Data, Eurex FIX Gateway and FIXML Clearing API – are based on the industry standards FIX and FIXML. They are geared towards non latency-sensitive trading members and clearing members alike as they complement our high-speed interfaces. The interfaces provide a number of benefits, namely increased customization, hardware independence, and flexibility. With this switch, in Release 14 Eurex Group lays the groundwork for a medium-term decommissioning of the VALUES API/MISS infrastructure for trading and clearing.
The Eurex Market Data Interface disseminates price level aggregated and netted depth data in multicast format. The benefits are lower granularity and lower bandwidth requirements. It utilizes the FIX Adapted Streaming protocol (FAST) and the same content as the market data content via VALUES API.
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Source: Europe
Council adopts directive to strengthen supervision of financial conglomerates
Novermber 8, 2011--The Council today1 adopted a directive amending the financial conglomerate directive in
order to close loopholes and ensure appropriate supplementary supervision of financial entities in a financial conglomerate (PE-CONS 39/11 +15670/11 ADD 1). The newdirective also adapts the supervision of financial conglomerates to the EU's new
supervisory structure
The financial conglomerate directive (FICOD), adopted at the end of 2002, gave national financial supervisors additional powers and tools to watch over conglomerates and apply
supplementary supervision on them, in addition to specific banking and insurance supervision. The objective of supplementary supervision was to control group risks2 and
the risk arising from double gearing (i.e. multiple use of capital within a conglomerate), whereby a number of companies pool their overall risk by placing capital with each other.
The revision of FICOD also amends the relevant legislation on banking and insurance supervision, namely the capital requirements directive (2006/48/EC and 2006/49/EC) and
the directive on supplementary supervision of insurance undertakings in insurance groups (98/78/EC).
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Source: Council of the European Union
Acceptance rate of the exchange offer by Alpha Beta Netherlands Holding N.V. as part of the planned business combination of Deutsche Börse AG and NYSE Euronext increases to over 97 percent
November 8, 2011--Pursuant to Section 39c of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG), shareholders of Deutsche Börse AG who had not accepted the exchange offer by Alpha Beta Netherlands Holding N.V. during the initial acceptance period ending on 13 July 2011 or during the additional acceptance period ending on 1 August 2011 were still able to tender their shares during a three-month period until 4 November 2011.
During this period, 3,169,942 Deutsche Börse shares were tendered, which corresponds to 1.63 percent of the total number of Deutsche Börse shares.
Altogether, a total number of 189,230,721 Deutsche Börse shares were tendered under the exchange offer made by Alpha Beta Netherlands Holding N.V. to the shareholders of Deutsche Börse AG. This corresponds to an acceptance rate of 97.04 percent of the total number of Deutsche Börse shares.
Source: Deutsche Börse
Italy's Berlusconi to resign as prime minister
November 8, 2011--Italian Prime Minister Silvio Berlusconi said Tuesday that he would resign after Parliament approves a new budget that includes austerity measures sought by international lenders.
"After the approval of this finance law, which has amendments for everything which Europe has asked of us and which the Eurogroup has requested, I will resign, to allow the head of state to open consultations," he told Canale 5 television, which he owns.
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Source: CNN
Greek default within the euro is the only real option
November 8, 2011--It was a possibility feared but unspoken – until last week. Suddenly a Greek exit from the euro was on the table. “Are you in or are you out?” Many Europeans no longer care. They should. Their leaders do. Here is why.
Greece will restructure. It can do so “within the euro” or it can do so “outside the euro”. The difference is crucial. If you already understand the distinction, stop reading here. If not, you may soon wish you had. For here is how an exit of Greece from the eurozone would play out:
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Source: FT.com
First ETC on German electricity prices
Twelve new ETCs from DB ETC Index plc launched on Xetra
November 7, 2011--Twelve more exchange traded commodities issued by db ETC Index plc have been tradable for the first time since Monday.
The db Strom ETC allows investors to participate in the performance of German electricity prices for the first time. The db German Electricity EUR Index reference index will be represented via electricity futures contracts, initially with a maturity of one calendar year.
These contracts will be traded on the European Energy Exchange (EEX). Expiring futures contracts will be replaced once a year in November with a new one-year futures contract.
The db Commodity Risk Balanced Euro Hedged ETC mirrors the roll-optimised performance of a commodities basket made up of the following four commodities sectors: Optimum Yield Agriculture, Optimum Yield Energy, Optimum Yield Industrial Metals and Optimum Yield Precious Metals. This means that 14 different commodities will be taken into account: aluminium, Brent crude oil, Chicago wheat, copper, corn, petrol, gold, heating oil, natural gas, silver, soya beans, sugar, WTI crude oil and zinc. The ETC is hedged against currency risks.
In addition, investors will have the opportunity to invest in a leveraged and inverse performance for the following commodities: gold, silver, WTI crude oil, Brent crude oil and natural gas.
All db ETCs are backed by physically deposited gold bars.
Deutsche Börse’s ETC segment product range currently comprises 202 instruments. The monthly trading volume of ETCs on Xetra averages around €900 million.
view new products list
Source: Deutsche Börse
Boerse Stuttgart Extends Trading Times For ETPs And Investment Funds
From 7 November Retail Investors Can Start Trading As Early As 8.00 Hours (CET)
November 7, 2011--Boerse Stuttgart is pressing ahead with the extension of trading times. From 7 November trading for all investment funds and exchange-traded products (ETPs) - comprising exchange-traded funds (ETFs) and exchange-traded commodities (ETCs) - will start at 8.00 hours (CET).
Until now trading from 8.00 hours (CET) has been possible for equities, participation certificates and debt instruments.
"Our positive experience with other asset classes has persuaded us to admit investment funds and ETPs to early morning trading. Classical investment funds are still very popular with many retail investors. In addition, there is the constantly growing interest in ETFs and ETCs. By extending trading times for funds we are therefore optimising our services for retail investors," says Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH.
In extending early morning trading, Boerse Stuttgart is responding to the wishes of many private investors to trade before 9.00 hours (CET). This allows investors on the stock exchange to react even more swiftly to international financial market trends.
Source: Boerse Stuttgart
RBS Launches Sixth Retail Bond on ORB
Inflation linked bond with 7 year maturity and 2% fixed coupon with the principal linked to RPI
November 7, 2011--The London Stock Exchange today welcomes a new RBS inflation linked bond onto the Order Book for Retail Bonds (ORB). This is the sixth bond to be issued by RBS on to the platform since launch.
The Inflation linked bond has maturity of seven years and a two per cent fixed coupon with the principal linked to RPI. The bond will be issued in £1,000 denominations.
Commenting on the new bond, David Stuff, UK Director of Listed Product Sales at RBS said:
"In a low and uncertain savings rate environment, combined with high inflation, it can be a challenge to find an investment with real returns. The UK Inflation Income Bond offers returns designed to meet the needs of private and institutional investors. There are no restrictions on large investment amounts and there are no early redemption charges beyond the bid/offer spread."
Pietro Poletto, Head of Fixed Income at London Stock Exchange Group said:
"RBS is the most frequent issuer on ORB and we are delighted to welcome their sixth retail-sized bond onto the market. There is a growing demand from private investors for new bonds and inflation linked products have proved popular this year.
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Source: London Stock Exchange
EEX: Record Volume on the Natural Gas Spot Market - More than 2.5 TWh of natural gas traded in one month
November 7, 2011--Spot trading in natural gas on the European Energy Exchange (EEX) reached a new record in October. With a volume of 2,531,947 MWh (GASPOOL, NCG and TTF market areas) the highest volume ever recorded since the launch of trading was achieved on the Natural Gas Spot Market (GASPOOL and NCG volume in October 2010: 1,010,135 MWh). At 2,418,071 MWh, the last monthly record on the Spot Market was achieved in June 2010.
At in total 4,194 trading transactions, 19 times the number of trading transactions was concluded in this month compared with October 2010 (222 transactions). In the field of the Within-Day products, 2,357 transactions with a volume of 1,389,244 MWh (113,391 MW) were traded on EEX. In the field of the day products, a volume of 1,142,703 MWh (42,802 MW) was traded in 1,837 transactions.
Source: EEX
EPEX SPOT / EEX Power Derivatives: Power Trading Results in October
November 7, 2011--In October 2011, a total volume of 101.3 TWh was traded on the Power Spot and Derivatives Market operated by EPEX SPOT SE and EEX Power Derivatives respectively (October 2010: 108.3 TWh).
In October 2011, power trading on the day-ahead auctions on EPEX SPOT accounted for a total of 25,627,640 MWh (October 2010: 23,079,399 MWh) and can be broken down as follows:
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