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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
Deutsche Börse offers 10 Gigabit/s access for co-location clients
Service available since 12 December 2011 at co-location data centre in Frankfurt
December 14, 2011--Deutsche Börse AG has been offering trading and market data via dedicated 10 Gigabit/s connections to its clients at the Equinix data centre in Frankfurt since Monday. Co-location clients of both the derivatives market Eurex and the cash market Xetra can take advantage of the new service.
Deutsche Börse’s new connection speed provides another significant reduction in latency times for customers by using wider bandwidths and the latest high-speed network technology based on the Juniper QFX 3500 series. Network latency for market data distribution via this fastest connection option has been reduced by 70 percent. The new network also offers a standardised fibre length between client installations and Deutsche Börse Group systems, giving all market participants the same low latency. More than 25 clients are already using the new service.
“Since moving our trading systems to the Equinix data centre, we have been able to further improve the service we offer our clients. The new high-speed access for our co-location service means they can take advantage of the very latest technology,” said Matthias Kluber, Executive Vice President and Head of Networks and Infrastructure at Deutsche Börse. “The lower latency will further increase liquidity in our markets and the new technology will also create capacity for further growth.”
Source: Deutsche Börse
EU probes Thomson Reuters competition commitments
December 14, 2011-- The European Commission said on Wednesday it was launching consultations to see if commitments by global news agency Thomson Reuters were enough to remedy concerns over its dominant market position.
The Commission opened an inquiry in 2009into the financial news and information giant owing to concerns that its coding system for listed companies could harm competition, denying users other sources of information.
In an initial finding, the Commission ruled that the Reuters Instrument Codes system posed significant obstacles to clients wishing to change information suppliers because their own systems were tied into RICs.
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Source: EUbusiness
CP11/28: UK implementation of Amending Directive 2010/73/EU - Simplifying the EU Prospectus and Transparency Directives
December 13, 2011--The FSA's Consultation Paper CP11/28 is entitled 'UK implementation of Amending Directive 2010/73/EU - Simplifying the EU Prospectus and Transparency Directives'. It was published in December 2011. Comments should reach us by 13 March 2012.
Europe’s CLO market in danger of extinction
December 13, 2011--Bundles of European buy-out loans, used to underpin many private equity deals prior to the financial crisis, are in danger of dying out, removing a vital cog in the region’s credit machinery.
Bankers warn that a winding down of European collateralised loan obligations (CLOs) is expected to stymie fresh deals and to hamstring the market’s ability to refinance an estimated €250bn of European leveraged loans due to mature by 2017.
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Source: FT.com
ESMA launches a consultation on possible delegated acts concerning the Prospectus Directive
December 13, 2011--The purpose of this consultation document from ESMA is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts.
ESMA welcomes comments to this consultation paper by 6 January 2012.
To view the consultation, please see the section Your input>Consultations.
Source: ESMA
STOXX launches pure dividend calculation for European and Euro Zone indices
December 13, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the launch of the STOXX Europe 600, STOXX Europe 600 Supersector and EURO STOXX Supersector DVPs (Dividend Points). The new calculation products provide pure dividend data for the 19 supersectors of the STOXX Europe 600 and EURO STOXX indices, respectively, as well as for STOXX Europe 600 Index.
“In 2008 STOXX introduced the first pure dividend calculation product, the EURO STOXX 50 DVP. Building on its great success, we are now applying the same sophisticated calculation methodology to the popular STOXX Europe 600 and its respective supersectors indices, as well as to the EURO STOXX Supersector Indices,” said Hartmut Graf, chief executive officer, STOXX Limited. “The launch of the new DVPs again proves STOXX’s dedication to apply successful, innovative index concepts to the existing index family, thus offering market participants a wider range of choices.”
The STOXX Europe 600, STOXX Europe 600 Supersector and EURO STOXX Supersector DVPs represent ordinary un-adjusted gross cash dividends of the individual constituents, as well as withholding taxes of special cash dividends and capital returns as applied to the individual constituents of each of the 19 supersector indices derived from the STOXX Europe 600 and EURO STOXX indices, and the STOXX Europe 600 Index itself.
Historical data is available back to January 2nd, 2008 All new DVPs are calculated end of day and disseminated in real-time.
For further information on the new calculation products and the STOXX indices, please visit www.stoxx.com.
Source: STOXX
Spanish stock exchange trades the first ETFon the IBEX 35® Double Short
It is the first ETF on the Spanish stock market on a double short strategy
December 12, 2011--The Spanish Stock Exchange today started trading a new exchange-traded fund called LYXOR ETF IBEX 35® DAILY DOUBLE SHORT, issued by Lyxor Asset Management, Société Générale’s investment subsidiary.
This issue brings the number of ETFs listed on the Spanish stock exchange to 67, in this way increasing the number of assets linked to strategy indices in the Spanish market.
The IBEX 35® DOUBLE SHORT offers double short exposure to the daily return on the IBEX35® NET RETURN, through the investment of an initial capital plus an equivalent loaned capital. A negative daily return on the IBEX35® NET RETURN yields a positive return, but double that amount, for the IBEX 35® DOUBLE SHORT and viceversa.
The trading volume on the ETF segment to November reached €3.19bn on 40,613 trades.
Source:BME
World Bank sees risks to growth in EU tightening
December 12, 2011--Europe's solutions to the eurozone crisis could hit growth around the world and especially in neighboring countries where EU banks are strong, World Bank President Robert Zoellick warned Monday.
Zoellick called the world financial system and economy "fragile" and vulnerable to slashed government spending and contracting bank lending -- likely results from Friday's EU pact on tighter fiscal discipline.
"As I start to look into the end of the year and 2012, I think it's a pretty dicey situation overall. And there's not much room for people to make missteps," Zoellick told CNBC television.
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Source: EUbusiness
Moody's to review EU states in first quarter of next year
December 12, 2011--Moody's said on Monday it will review the credit ratings of all EU countries in the first quarter of next year, commenting that an EU summit last week failed to deliver "decisive policy measures".
Fellow ratings agency Standard and Poor's had already announced that it is considering downgrading the debt of 15 of the 17 eurozone countries, including the bloc's Triple-A-rated champions like France and Germany.
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Source: EUbusiness
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