NYSE Euronext has now 684 listings of 586 ETFs based on more than 400 indices. So far this year, there have been a total of 145 new listings on the NYSE Euronext European cash markets, including 117 new primary listings and 28 cross-listings.

Source: NYSE Euronext

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Turnover on Xetra increases by 28 percent in September

Transactions on Xetra up by 56 percent
October 4, 2011--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €131.6 billion in September – an increase by 26.7 percent year-on-year (September 2010: €103.8 billion). Of the €131.6 billion, €126.1 billion were attributable to Xetra (+28 percent y-o-y, September 2010: €98.3 billion). €5.5 billion were attributable to the Xetra Frankfurt specialist trading, an small increase y-o-y (September 2010: €5.4 billion). Order book turnover on Tradegate Exchange* totalled €2.9 billion in September.

In equities, turnover reached €108.4 billion on Deutsche Börse’s cash markets (Xetra: €106.2 billion, Xetra Frankfurt specialist trading: €2.2 billion). Turnover in bonds was €1.6 billion, and in structured products on Scoach €3.1 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €18.6 billion.

A total of 25.3 million transactions were executed on Xetra in September, an increase of 56.5 percent y-o-y (September 2010: 16.2 million).

The DAX security with the highest turnover in September was Deutsche Bank AG at €8.3 billion. Wacker AG led the MDAX equities at €817.8 million, while Derby Cycle AG topped the SDAX equity index with €77.8 million, and Aixtron SE headed TecDAX with €432.9 million. The ETF with the highest turnover on Xetra was iShares DAX with €2.8 billion.

Further details are available online in Deutsche Börse’s cash market statistics. For a pan-European comparison of trading locations, see the statistics provided by the Federation of European Securities Exchanges (FESE) at www.fese.be

Source: Deutsche Börse

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Average daily volume of 12.4 million contracts at Eurex Group in September

Eurex Exchange: equity index derivatives with highest growth y-o-y/ Eurex Repo: GC Pooling with new all-time high
October 4, 2011--In September 2011, the international derivatives exchanges of Eurex Group recorded an average daily volume of 12.4 million contracts (Sep 2010: 9.9 million). Of those, 9.1 million were Eurex Exchange contracts (Sep 2010: 7.3 million), and 3.3 million contracts (Sep 2010: 2.6 million) were traded at the U.S.-based International Securities Exchange (ISE).

The growth of 25 percent y-o-y is due to the stronger hedging needs of market participants driven by uncertainty resulting from the European sovereign debt crisis, which led to an increasing use of exchange-traded and centrally cleared derivatives in the current market environment. In total, 201.1 million contracts were traded at Eurex Exchange and 68.8 million at ISE.

At Eurex Exchange, equity index derivatives as the largest segment recorded 112.6 million contracts (Sep 2010: 69.4 million), an increase of 62 percent y-o-y and the second-best month in 2011. The future on the EURO STOXX 50 Index totaled 51.0 million contracts, its best monthly result year-to-date. The option on this blue chip index totaled 41.3 million contracts. Futures on the DAX index recorded 5.5 million contracts, also a monthly record in 2011. The DAX options reached another 6.5 million contracts. The Eurex KOSPI Product achieved its second-best monthly result with 2.2 million contracts, an ADV of 101,000 contracts.

The equity derivatives (equity options and single stock futures) segment at Eurex Exchange reached 27.1 million contracts (Sep 2010: 30.0 million). Thereof, equity options totaled 21.8 million contracts and single stock futures equaled 5.3 million contracts. Equity derivatives volume y-o-y is influenced by the change of contract specifications: In Q1/2011, Eurex Exchange increased the contract size of most equity options and single stock futures to match international standards, with the effect of potentially lower turnover in these products. The adjusted figure of monthly volume in the equity derivatives segment in August would have been approximately close to 32 million contracts based on an extrapolation.

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Source: Eurex

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EU removes last London obstacle to derivatives curbs

October 4, 2011-- Big guns led by Germany, France and EU chair Poland, backed Britain into a corner before sealing a deal Tuesday for Europe to regulate trade in over-the-counter (OTC) derivatives.

"Our financial services will be stronger regulated on a healthy basis Europe-wide," European Union markets commissioner Michel Barnier, a former French foreign minister, told AFP on leaving talks delayed by rising concerns over debt-stricken Greece and banking woes.

"We will look at how to ensure there is no discrimination in the application of this regulation but this will not affect the City of London's standing in the industry," he said.

Britain's financial centre controls three quarters of the derivatives trade across Europe and half of the trade worldwide.

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Source: EUbusiness

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Regulatory fog cannot cut off Europe to hedgies

October 4, 2011--Former shareholders in Gartmore, an accident-prone investment manager, are unlikely to wish Guillaume Rambourg bon voyage as he heads to Paris to set up a $1bn hedge fund. The suspension of the star stock picker amid allegations of trading irregularities wounded Gartmore, paving the way for its low-cost takeover.

Mr Rambourg will depart not so much under a cloud, as swathed in regulatory fog. The Financial Services Authority dropped an investigation into Mr Rambourg concerning his allocation of trades to favoured brokers. The body, which trumpets its victories, discreditably failed to announce its setback.

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Source: FT.com

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EU Makes Derivatives Deal That Osborne Says Benefits U.K.

October 4, 2011--European Union finance ministers reached an agreement on how to move forward with derivatives legislation in a way that satisfies the concerns of the U.K.

“We came here in a minority, somewhat outnumbered, but through some hard negotiating we have very much improved the directive in the direction that the United Kingdom wanted to see,” U.K. Chancellor of the Exchequer George Osborne told reporters after the meeting in Luxembourg today.

The agreement doesn’t widen the scope of the current derivatives legislation, as the U.K. had sought. Instead, it provides for an EU declaration that forthcoming financial market legislation will cover any derivatives that are not forced into central clearing by the proposal.

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Source: Bloomberg BusinessWeek

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ESMA publishes its technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU

October 4, 2011-- The European Commission (the Commission) sent a formal request on Tuesday 25 January 2011 to ESMA to provide technical advice on possible delegated acts concerning the Prospectus Directive as amended by Directive 2010/73/EU.

Following a call for evidence and a consultation, the final technical advice has been submitted to the European Commission, and is published today.

view the final report-ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU

Source: ESMA

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First pan-European Study on the Adoption of ESG Practices among Corporate Pension Funds Reveals that SRI is Becoming Mainstream

As European regulators prepare to launch new recommendations on sustainable and responsible investment, Eurosif’s 2011 Corporate Pension Funds & Sustainable Investment Study reveals that a majority of EU corporate pension funds are already taking steps towards integrating ESG factors in investment decisions
October 3, 2011--With asset owners playing a fundamental role in influencing SRI practices, Eurosif’s 2011 Corporate Pension Funds Study shows that 56% of surveyed corporate pension funds have an SRI policy in place today and that about a quarter of those without an SRI policy intend to have one on the coming year.

A greater majority feel that environmental, social and governance (ESG) factors affect the long-term performance and their integration into investment decisions is part of investors’ fiduciary duty. Equities, bonds and real estate are the most popular asset classes in the implementation of SRI policies. Created with the support of DB Advisors and HSBC Global Asset Management, Eurosif’s study is the first comprehensive EU-wide examination of to what extent and in what manner corporate pension funds across Europe have adopted sustainable investment practices.

Based on a survey of 169 respondents from 12 EU Member States, the study finds that 56% of corporate pension funds have an SRI policy in place. A higher percentage, 60%, consider that ESG factors affect pension funds’ long-term performance. Similarly, 66% of respondents feel that having an SRI policy is part of their fiduciary duty.

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Source: Eurosif

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Chi-X Europe And Russell Indexes Unveil New European Indices -Tradeable Indices Designed To Reflect Pan-European And Eurozone Markets

October 3, 2011--Chi-X Europe, the leading pan-European equities exchange, and Russell Indexes, a leading provider of global and U.S. indices and part of financial services firm Russell Investments, today unveil the Chi-X Europe Russell Index (CHERI™) Series of pan-European indices. The new family of indices has been specially formulated to provide users with high quality, tradeable pan-European and Eurozone indices.

At launch, the four indices in the Chi-X Europe Russell Index series are:

Chi-X Europe Russell PanEurope Index (CHERI PanEurope) – a broad, highly liquid index of large capitalisation stocks from developed European markets. Only shares from the most liquid class of a company’s shares are included. The index includes 216 securities across 14 countries and 5 currencies.

Chi-X Europe Russell Eurozone Index (CHERI Eurozone) – a liquid, large cap index providing broad exposure to Eurozone markets. Only shares from the most liquid class of a company’s shares are included. The index includes 130 securities across 10 countries and 1 currency.

Chi-X Europe Russell PanEurope 60 Index (CHERI60) – a subset of CHERI PanEurope, including the 60 biggest stocks only. Transparent rules ensure that at least 3 stocks are priced in any one currency. The index includes 60 securities across 8 countries and 3 currencies.

Chi-X Russell Europe Eurozone 40 Index (CHERI40) – a subset of CHERI Eurozone. The 40 largest stocks are included. The index includes 40 securities across 8 countries and 1 currency.

These four new indices have been designed to offer more efficient and relevant trading, hedging and benchmarking opportunities as a basis for tradeable products. They have been constructed using Russell’s transparent, rules-based methodology which ensures consistency, predictability and objectivity. The pricing for the indices is supplied by Chi-X Europe, ensuring unprecedented homogeneous pricing for stocks across Europe. The new indices will provide targeted exposure by incorporating the most liquid and highly capitalised stocks across Europe to gain the necessary regional coverage and high investability. The indices will also efficiently balance currency exposure and tracking error with the number of constituents to appeal to the widest possible audience of equity index users.

The partnership between Chi-X Europe and Russell Investments, which was first announced in March 2011, brings together Europe’s largest pan-European equities exchange, with almost 20% market share, and the leading global index provider Russell with $3.9 trillion of assets benchmarked to its indices.

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Source: Russell Investments

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New Market Maker Barclays Capital Brings Extra Liquidity To Order Book for Retail Bonds

Sixth dedicated market maker to join ORB
Follows migration of ORB to MillenniumIT
October 3, 2011-- London Stock Exchange Group today welcomes the latest dedicated market maker to its Order Book for Retail Bonds (ORB). Barclays Capital, the investment banking division of Barclays Bank PLC will join 5 existing market makers on the UK’s electronic order book for the trading of retail-sized bonds.

Barclays Capital has a proven track record in debt capital markets, distribution and fixed income trading. It is currently joint lead manager on the National Grid RPI-linked bond issue, the first RPI-linked bond marketed at retail investors, which last week raised £260m.

The recent migration of ORB to the Millennium Exchange platform has provided enhanced flexibility and functionality for trading participants. Following its launch in 2010, ORB, has raised over £1billion, with 150 bonds now available for trading on the platform.

Pietro Poletto, Head of Fixed Income at London Stock Exchange Group, said:

"We are delighted to welcome Barclays Capital as a market maker to the Retail Bond Market, ORB. They have a strong track record in fixed income trading and have already worked with high profile bond listings on ORB, including National Grid’s bond issue. Since its introduction ORB has already seen promising growth and dedicated market makers such as Barclays Capital bring liquidity and depth to the market, which will only encourage further private investor participation."

Michael Cattano, European Head of Credit Trading at Barclays Capital, said:

"Following the launch of the ORB in February 2010 we have seen growing interest in the retail bond market from companies looking to diversify their funding and investors looking for fixed income solutions, a trend we fully expect to see continue. We are pleased to be able to deepen our strong existing relationship with the LSEG and work with them to help develop a highly efficient and transparent secondary market in the UK for dedicated retail bonds."

Source: London Stock Exchange

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