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London Stock Exchange Group-Monthly Market Report-October 2011
November 4, 2011-Monthly Market Report – October 2011
London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community, offering international business unrivalled access to Europe’s capital markets. In October a total of 32.1 million trades were carried out across the Group’s electronic equity order books with a combined value of £181.2 billion (€208.2 billion), up 13 per cent on October 2010 (£160.9 billion).
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £4.4 billion (€5.1 billion), up one per cent year on year; the average daily number of trades was up 31 per cent to 719,889.
The LSE’s share of trading in the total UK order book for October was 59.7 per cent.
Italian Equities Order book
On the Italian order book, the average daily number of trades was 279,196, up 20 per cent on the same month last year, whilst the average daily value traded on the order book decreased one per cent year on year to €2.7 billion (£2.3 billion).
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Source: London Stock Exchange Group
New climate 'roadmap' by 2015: EU climate chief
November 4, 2011-- High-level UN talks starting later this month in South Africa should lay down a new "roadmap" leading to a comprehensive climate deal by 2015, Europe's top climate diplomat has said.
"Between now and 2015, we should agree on the more detailed things in this roadmap, but already we should agree on the principles and the timetable," Connie Hedegaard, the European climate commissioner, told journalists Thursday.
"Obviously, for the EU, we think the sooner the better. We know what should be done. Three years should be enough," she said.
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Source: EUbusiness
Ireland slashes 2012 growth forecast to 1.6%
October 4, 2011--Ireland has slashed its growth forecast for next year to 1.6 percent from 2.5 percent but raised its estimate for 2011, according to a pre-budget statement from the finance ministry on Friday.
The economy "is now projected to grow by 1.6 percent in 2012 and at an average annual rate of 2.8 percent over the following three years.
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Source: EUbusiness
Eight new UBS ETFs launched on Xetra
First ETF on STOXX Global Rare Earth Index
November 8, 2011-- Eight new exchange-traded index funds from the issuer UBS ETF SICAV have been tradable in Deutsche Börse’s XTF segment since Friday.
The UBS ETF on the STOXX Global Rare Earth Index enables investors to invest for the first time in companies which generate at least 30 percent of their revenue through extracting, refining or transporting rare earths. Rare earths include elements such as europium, lanthanum and cerium.
The ETFs on the MSCI Europe Infrastructure and MSCI Japan Infrastructure indices enable investors to track the performance of European or Japanese companies from the infrastructure sector.
Furthermore, UBS's two ETFs on the MSCI EMU Small Cap Index offer investors the option of investing in small caps from the euro zone.
The eight new ETFs are based on four reference indices – two ETFs on each index. These exchange-traded index funds differ according to asset class, with asset class I ETFs primarily aimed at institutional investors.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 886 exchange-listed index funds, while average monthly trading volume stands at €16 billion.
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Source: Deutsche Börse
Malta Stock Exchange Signs Xetra Contract With Deutsche Börse
November 3, 2011--The Malta Stock Exchange is going to use Xetra – Deutsche Börse Group’s fully electronic trading system. Probably from mid 2012, Deutsche Börse will organize trading in equities listed on the Malta Stock Exchange. Both parties signed a minimum 5-year contract on 24 October.
“We are delighted to be providing the Malta Stock Exchange with one of the fastest and most reliable trading systems in the world,” said Frank Gerstenschläger, member of the Deutsche Börse Executive Board and responsible for the Xetra business area. “Trading participants in Malta are now connected to a fully electronic network of 4,500 traders in 18 countries.”
"We are looking forward to becoming a participant exchange on the XETRA platform in mid-2012, which we believe will open up new opportunities for international expansion not only for the exchange itself but also for its members, issuers and investors in line with the MSE's on-going strategy," said Ms Eileen V Muscat, CEO of the MSE.
Cash market trading on the Vienna Stock Exchange has been based on Xetra technology since November 1999. The Irish Stock Exchange has been operated with Xetra since 2000, the Bulgarian since 2008 and the Ljubljana Stock Exchange in Slovenia since 2010. The Eurex subsidiary Eurex Bonds and the European Energy Exchange also use the Xetra trading system. The Shanghai Stock Exchange uses Xetra as the basis for its New Generation Trading System introduced at the start of 2010.
Deutsche Börse Group’s global liquidity provider Clearstream integrated Malta into its settlement network in April as the last country in the euro zone. The settlement link provides international investors with access to Maltese securities.
Source: Deutsche Börse
UK official holdings of international reserves October 2011
November 3, 2011--This monthly press notice shows details of movements in October 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 October 2011:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Teasury
Monthly turnover of more than EUR 7.7 billion at Boerse Stuttgart
November 2, 2011--Boerse Stuttgart's order book statistics show that its turnover reached more than EUR 7.7 billion in October 2011. The figures show that during the first 10 months of this year trading volumes at Boerse Stuttgart were higher than in the whole year of 2010. In total turnover from January to October 2011 was 22 percent up year-on-year.
Most of the turnover was accounted for by securitised derivatives. The transaction volume in this segment was more than EUR 3.8 billion. With trading volumes of almost EUR 2.3 billion, trading in leverage products was significantly higher than in investment products where monthly turnover was just short of EUR 1.6 billion.
Trading volumes in debt instruments showed a strong growth year-on-year with turnover up by more than 20 percent. In October 2011 turnover in this segment amounted to around EUR 2.3 billion. As in the previous month, in particular German government bonds (Bunds) met with strong investor demand. Turnover in these products was up yet again, rising to more than EUR 883 million. This is equivalent to a growth of almost 35 percent in comparison with the previous month. In addition, trading in euro-denominated government bonds rose by more than 6 percent.
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Source: Boerse Stuttgart
FSA publishes review of firms' structured product design processes and proposes new guidance on retail product development
November 2, 2011--The Financial Services Authority (FSA) has today introduced further guidance for firms when developing new structured products which they want to market to consumers.
The FSA assessed seven major providers of structured products, responsible for approximately 50% of structured products in the UK retail market by volume and value. The review was conducted between November 2010 and May 2011 and found that while there had been some improvements, weaknesses remain in the way firms are designing and approving structured products - increasing the risk to consumers. Firms tended to focus on their own commercial interests rather than consumer needs.
Following this review, the FSA is publishing guidance that firms should consider when designing structured products and dealing with the after sales process. Much of the guidance is also relevant to other retail products.
Firms should:
identify the target audience and then design products that meet that audience's needs;
pre-test new products to ensure they are capable of delivering fair outcomes for the target audience;
ensure a robust product approval process is in place for new products; and
monitor the progress of a product throughout its life cycle. Further and more detailed actions for firms are outlined with the publication. The guidance is open for consultation until 11th January 2012.
view the Guidance Consultation: Retail Product Development and Governance - Structured Products Review
Source: FSA
Deutsche Börse Selects Juniper Networks As Technology Provider For 10 Gbit/S Trading And Market Data Connections
November 2, 2011--Deutsche Börse has chosen Juniper Networks as the technology provider for the new 10 Gbit/s network for clients of Deutsche Börse Group's co-location service.
With effect from 12 December 2011, Deutsche Börse will be using Juniper Networks' powerful technology to significantly reduce the network run-time for Eurex derivatives market and Xetra cash market co-location clients and thus further increase liquidity on Eurex and Xetra. The International Securities Exchange also plans to use Juniper Networks to support customer co-location in its data centres.
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Source: Deutsche Börse
Default processing of clearing member MF Global UK Limited completed
Safety measures of the clearinghouse proved to be effective/ Closing of open positions finalized/ Clearing Fund has not been utilized
November 2, 2011--Eurex Clearing, Europe’s leading clearing house, has successfully wound down its clearing member MF Global UK Limited (MF Global). MF Global had entered Special Administration Regime on Monday evening, 31 October 2011, as confirmed by the responsible UK regulatory body, the Financial Services Authority (FSA). According to its clearing conditions, Eurex Clearing terminated the clearing agreement with MF Global on 1 November 2011.
The termination triggered the
liquidation of corresponding positions at Eurex Clearing by way of market transactions; the exposure was at all times fully covered by collateral placed by MF Global. At no time there was a need to draw on the Clearing Fund.
”The implemented safeguards of Eurex Clearing have again proven to be effective, and underline our high standards in risk management. In this critical situation, Eurex Clearing directly mitigated counterparty risks, thus contributing to the integrity and stability of markets”, said Thomas Book, member of the Eurex Executive Board, responsible for clearing.
MF Global was licensed as a Clearing Member for the markets Eurex Exchange, Eurex Repo, European Energy Exchange, Xetra and Irish Stock Exchange.
Source: Eurex
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