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Fitch casts doubt on European plans to stop crisis
December 16, 2011-- Fitch Ratings cast doubt Friday on the budget discipline pact European states intend to adopt being able to solve the eurozone debt crisis, and warned it may soon downgrade six countries, including Spain and Italy.
Also Friday, Moody's ratings agency took action against a eurozone member, downgrading Belgium's credit rating by two notches.
Fitch also changed the outlook on France's top triple-A rating to negative.
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Source: EUbusiness
Raiffeisen launches first ETFs on physical gold
The range of unique physically backed gold ETFs at SIX Swiss Exchange is expanded with four products of the new issuer Raiffeisen.
December 15, 2011--Today, SIX Swiss Exchange is proud to welcome the second new ETF issuer in December 2011: Raiffeisen is launching four products on physical gold. The "Raiffeisen ETF - Solid Gold"
and "Raiffeisen ETF - Solid Gold Ounces" are each available in two tranches with or without currency hedging. The "Solid Gold Ounces" poses a novelty as it is the first ETF in Switzerland that allows investors to purchase physical gold starting from just one ounce.
With the four new ETFs the range of products at SIX Swiss Exchange is growing to 757. Overall, 30 of them are physically backed gold ETFs that are only available in Switzerland. Raiffeisen itself will provide the liquidity in the four new ETFs. SIX Swiss Exchange therefore now has 16 issuers and 21 market makers.
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Source: SIX Swiss Exchange
LSE opens regulatory talks on data service launch
December 15, 2011--The London Stock Exchange has started talks with British regulator the Financial Services Authority (FSA) about launching a trading data service for over-the-counter (OTC) derivatives.
The LSE already offers a trade data repository called UnaVista TRS, for share transactions, but is eyeing expansion into OTC products ahead of regulatory reforms to that market.
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Source: Reuters
WTO approves Russia's membership after marathon
December 15, 2011--Russia was admitted into the World Trade Organisation on Friday after 18 years of negotiation, finally binding it into the global economy two decades after the Soviet Union collapsed.
Russia's $1.9 trillion economy was the largest outside the WTO, and accession will help reduce its dependence on energy exports that left it cruelly exposed to the oil price collapse of 2008.
Accession by Russia, with the second-largest nuclear arsenal after that of the United States, into a rules-based club should also help limit dangers of a repeat of regional conflicts like its 2008 war with Georgia. ..
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Source: Todays Zaman
Controversy distracts from the virtues of ETFs, says Ebner
December 15, 2011--A roundtable debate sponsored by SPDR ETFs, the exchange traded funds (ETF) platform of State Street Global Advisors (SSgA), has concluded that the ETF controversy raised in Europe this year has distracted attention from their potential virtues.
Scott Ebner (pictured), global head of ETF product development at SPDR ETFs, told delegates at the event in London: “I’ve been shocked from a global perspective by the ETF-related discussions this year. A lot of questions have been asked about ETFs, which has in turn created a lot of misinformation and negative news.
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Source: Wealth Advisor
European Equity Trading 2011/2012: Looking for Allies in the Face of Adversity
December 15, 2011--Executive Summary
With shrinking liquidity in volatile markets and fewer commissions available to feed an ever demanding list of brokers, the buy side is about to face further upheaval from yet more regulation. Options within the lit market are limited, so they are turning to their brokers once more to find effective methods of trading and accessing services in challenging conditions.
Based on conversations with 60 European buy-side traders, this 5th version of an annual study covers the impact of an increasing lack ofliquidity, volatile trading, and looming regulation of MiFID II on European buy side and sell side equity trading. The buy side is wary of current European markets with fears of information leakage and mistrust in both venues and true market volumes. With less to share round, the buy-side now has to reassess their broker lists and manage relationships more effectively to maintain service levels.
The reign of incumbent algorithmic providers is under threat with participants choosing to switch who receives the majority of their order flow. No longer willing to settle for adequate performance, over half now use execution performance as a benchmark for selecting their provider. Whilst the majority will maintain the same number of providers, the readiness to review performance offers opportunity for brokers to win market share.
In comparison to developments in automated trading, one area that remains lacking is the role of the sales trader. Small and medium-sized firms say they are experiencing the greatest deterioration in service levels as their brokers concentrate their efforts on larger commission payers.
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Source: TABB Group
ESMA publishes an updated opinion on waivers from Pre-trade Transparency
December 15, 2011--This updated includes an opinion under article 18 (1)(A) of the MiFID.
To view the text, please click here.
Source: ESMA
November 2011 Euro area annual inflation stable at 3.0% EU stable at 3.4%
December 15, 2011--Euro area1 annual inflation was 3.0% in November 20112, unchanged compared with October. A year earlier the rate was 1.9%. Monthly inflation was 0.1% in November 2011.
EU3 annual inflation was 3.4% in November 2011, unchanged compared with October. A year earlier the rate was 2.3%. Monthly inflation was 0.2% in November 2011.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In November 2011, the lowest annual rates were observed in Sweden (1.1%), Malta (1.5%) and Ireland (1.7%), and the highest in Slovakia and the United Kingdom (both 4.8%), Estonia, Lithuania and Poland (all 4.4%). Compared with October 2011, annual inflation fell in fourteen Member States, remained stable in three and rose in ten.
The lowest 12-month averages4 up to November 2011 were registered in Ireland (1.1%), Sweden (1.5%), the Czech Republic and Slovenia (both 2.1%), and the highest in Romania (6.2%), Estonia (5.2%) and the United Kingdom (4.4%).
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Source: Eurostat
The Spanish Stock Exchange trades 6 new ETF issued by Deutsche Bank
December 14, 2011--The Spanish Stock Exchange today started trading 6 new exchange-traded funds issued by Deutsche Bank’s asset manager, db x-trackers.
This issue brings the number of ETFs listed on the Spanish stock exchange to 70, in this way increasing the number of assets available with new European and US equities.
The trading volume on the ETF segment to November reached €3.19 bn on 40,613 trades.
The new ETFs admitted to trading are:
db x-trackers IBEX 35® INDEX ETF
db x-trackers LEVDAX® DAILY ETF
db x-trackers SHORTDAX® x2 DAILY ETF
db x-trackers S&P 500 2x INVERSE DAILY ETF
db x-trackers S&P 500 2x LEVERAGED DAILY ETF
db x-trackers EURO STOXX 50® LEVERAGED DAILY ETF
Source: BOLSAS Y MERCADOS ESPANEOLES (BME)
NYSE Euronext publishes monthly market quality reports for European cash markets
Market Quality figures improve transparency for issuers and investors joined in capital formation process
December 14, 2011--NYSE Euronext (NYX), today announced it will start publishing on its website monthly market quality figures for the most active European trading venues that trade NYSE Euronext listed stocks. The reports are compiled using TAG Audit data, an independent and unbiased provider of trade performance and market quality assessment for the securities industry.
The monthly market quality reports will offer insight into the expectations an investor might have with regard to comparative quality of execution across trading venues.
Market quality is a key differentiating factor for investors and brokers when selecting a trading venue. Given there are a variety of venues to execute a trade, there is an implicit search cost and explicit cost of inferior market quality of the resultant execution. The better the relative quality of a market’s metrics the lower the costs will be for the investor, assuring therefore a better quality of execution. Indicators of market quality include the venue’s presence time at European Best Bid and Offer (EBBO), quoted market depth (reflecting the market’s ability to sustain relatively large market orders without impacting the price of the security) and quoted spreads (difference between bid and ask prices).
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Source: NYSE Euronext
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