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NASDAQ OMX strengthens clearing house offering - launches first multi-asset risk management platform in Europe
November 21, 2011--- NASDAQ OMX today launches Genium Risk, a new risk management platform for its Nordic clearing house, NASDAQ OMX Clearing. Genium Risk, a state of the art risk system, provides the clearing house with a real-time risk management solution, including new tools for improved risk monitoring and handling of incidents for derivatives clearing. In addition, capital efficient risk models for fixed income and equities will optimize the use of member collaterals.
Our clearing house will have Europe's first risk management system capable of integrating all asset classes, and with the ability to handle both OTC and exchange traded instruments. This further enhances NASDAQ OMX's strong offering in the post trade business." says Hans-Ole Jochumsen, President of NASDAQ OMX Nordic. "Genium Risk is the foundation for growing our clearing business, as well as enabling us to launch risk management products to external clearing houses and members."
NASDAQ OMX's Genium Risk platform meets trading members' increasing needs of advanced technical solutions and capital efficiency as non-exchange traded financial instruments are forced into centralized clearing, in line with new transparency regulations (Dodd-Frank in the US and EMIR, European Markets Infrastructure Regulations, in Europe).
"Our main ambition has been to make Genium Risk as flexible as possible, allowing a high degree of customization", says Fredrik Ekström, Vice President of Risk Management at NASDAQ OMX. "By being able to customize risk models and risk parameters for different types of asset classes and credit risks, the risk measures can be much more accurate."
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Source: NASDAQ OMX
Spaniards vote to find way out of crisis
September 20, 2011--Spaniards reeling from an economic crisis voted on Sunday in an election expected to throw out the ruling Socialists and bring in a centre-right party which promises only harsher austerity measures.
A grim mood dominated as people went to the polls against a background of soaring unemployment, cuts in public spending and a debt crisis that has put Spain in the front line of the euro zone's fight for survival. "Being a civil servant I'm not optimistic about it as we're already seeing the cuts coming through," said Jose Vasquez, 45, who was among the early voters in the capital Madrid. "We can choose the sauce they will cook us in, but we're still going to be cooked."
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Source: Todays Zaman
Euro drops on fears over stronger states
November 18, 2011--The euro tumbled this week as the confidence boost from new technocratic governments in Italy and Greece quickly faded and attention turned to the risk of contagion to stronger “core” economies.
The appointment of Mario Monti, an economist, as Italian prime minister did not ease pressures on Italian yields, which at one point hit the critical 7 per cent point.
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Source: FT.com
Euro Area Investment Fund Statistics:September 2011
November 18, 2011--In September 2011, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €374 billion lower than one quarter earlier in June 2011. This decrease was due
mainly to decreases in share/unit prices.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds decreased to €5,417 billion in September 2011, from €5,791 billion in June
2011. Over the same period, the amount outstanding of shares/units issued by euro area money market
funds increased to €1,067 billion from €1,048 billion.
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Source: ECB
Borsa Italiana completes dramatic architechtural renovation
Renewal of a prominent piece of Milanese architectural and cultural heritage
Reaffirms Borsa Italian’s position at the heart of the Italian financial and business community
World leading architect, Dante O’Benini lead the design teams
BorsAperta event sees Borsa Italiana open its doors to the public for the first time
November 28, 2011--Today Borsa Italiana celebrates the public opening of its headquarters, Palazzo Mezzanotte in Milan. The occasion marks the end of comprehensive architectural renovation and the opening of a new space bringing together finance, design and culture
The renovation was undertaken by Dante O’Benini & Partners Architects, who have radically changed the spaces in the building, which are now characterised by function, material and technology, including a focus on highly innovative eco-sustainability. The work has enhanced the efficiency standards of one of the most prestigious buildings in the city. These new elements have been integrated into the internal structure of the building whilst preserving the historical and artistic value of Palazzo Mezzanotte.
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Source: Borsa Italiana
16 new Commerzbank ETCs and ETNs launched on Xetra
November 17, 2011--Another eight exchange traded commodities (ETCs) and eight exchange traded notes (ETNs) from the issuer Commerzbank AG have been tradable on Xetra since Thursday.
The eight new exchange traded commodities provide investors with the opportunity to participate in the performance of Brent crude oil and natural gas. The underlying indices track both positive and inverse performance, with a leverage factor of either one or two.
The eight new exchange-traded notes track both the positive and the inverse performance of the benchmark Hang Seng Index Future and Hang Seng China Enterprises Index Future, with a leverage factor of one or two in each case. The Hang Seng Index (HSI) represents the performance of the largest and most liquid blue chips listed on the Hong Kong Stock Exchange. The Hang Seng China Enterprises Index (HSCEI) comprises the most important mainland-Chinese shares traded on the Hong Kong Stock Exchange (H-shares). It includes only those H-shares with the highest market capitalization which are also included in the Hang Seng Composite Index (HSCI).
The underlying indices are strategy indices which participate in the price movement of the reference entity and consist of a leverage component and an interest rate component.
Deutsche Börse’s ETC segment product range currently comprises 210 instruments, 83 in the ETN segment. The monthly trading volume of ETCs on Xetra averages €900 million. For ETNs the average is around €100 million.
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Source: Deutsche Börse
Bond spread between France and Germany highest since euro
November 17, 2011--The gaps in borrowing rates on German government bonds and those of France and Spain hit the highest levels on Wednesday since the creation of the euro amid acute strains over eurozone debt.
At 0900 GMT the spread on 10-year French bonds hit 200.6 basis points, or 2.006 percent, shortly before Paris was due to launch a bond sale and amid fears that France will be the next eurozone state to face a debt crisis.
France now has to pay more than twice as much as Germany to borrow for 10 years, even though both carry the top AAA credit rating which France is fighting desperately to retain.
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Source: EUbusiness
Euro-Parliament bans 'naked' credit default swaps
November 16. 2011--The European parliament voted on Tuesday to ban "naked" credit default swaps, a controversial financial instrument used by traders to bet on the risk of a country failing to pay off debt.
"For the first time, Europe will ban a financial product used to speculate on a country's debt," Green group lawmaker Pascal Canfin, a leading negotiator for the legislation, told the parliament before the vote.
"This rule will make it impossible to buy CDS' for the sole purpose of speculating on a country's default," the French MEP said.
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Source: EUBusines
October 2011 Euro area annual inflation stable at 3.0% EU up to 3.4%
November 16, 2011--Euro area annual inflation stable at 3.0%
EU up to 3.4%
November 14, 2011--Euro area1 annual inflation was 3.0% in October 20112, unchanged compared with September. A year earlier the rate was 1.9%. Monthly inflation was 0.3% in October 2011.
EU3 annual inflation was 3.4% in October 2011, up from 3.3% in September. A year earlier the rate was 2.3%. Monthly inflation was 0.3% in October 2011.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In October 2011, the lowest annual rates were observed in Sweden (1.1%), Ireland (1.5%) and Malta (2.4%), and the highest in the United Kingdom (5.0%), Estonia (4.7%) and Slovakia (4.6%). Compared with September 2011, annual inflation fell in nine Member States, remained stable in five and rose in thirteen.
The lowest 12-month averages4 up to October 2011 were registered in Ireland (0.8%), Sweden (1.6%), the Czech Republic and Slovenia (both 2.0%), and the highest in Romania (6.6%), Estonia (5.2%) and the United Kingdom (4.3%).
Euro area
The main components with the highest annual rates in October 2011 were transport (5.8%), housing (5.1%) and alcohol & tobacco (4.4%), while the lowest annual rates were observed for communications (-1.9%), recreation & culture (0.3%) and education (0.9%). Concerning the detailed sub-indices, fuels for transport (+0.52 percentage points), heating oil (+0.19), gas (+0.12) and electricity (+0.11) had the largest upward impacts on the headline rate, while telecommunications (-0.16), rents (-0.11) and vegetables (-0.10) had the biggest downward impacts.
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Source: Eurostat
Two new Source ETFs launched on Xetra
November 16, 2011- Two additional equity index funds issued by Source have been tradable on Xetra since Wednesday.
ETF name: MSCI Emerging Markets Source ETF
Asset class: equity index ETF
ISIN: DE000A1JM6G3
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: MSCI Emerging Markets USD Net Total Return Index
ETF name: S&P 500 Source ETF
Asset class: equity index ETF
ISIN: DE000A1JM6F5
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Net Total Return Index
The MSCI Emerging Markets Source ETF enables investors to participate in the performance of the MSCI Emerging Markets USD Net Total Return Index. The index represents 85% of emerging market countries’ market capitalisation from various sectors, including energy, healthcare, industry and utilities. It currently tracks around 770 shares from the following countries: Brazil, Chile, China, Columbia, the Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Morocco, Mexico, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.
The S&P 500 Source ETF enables investors to participate in the performance of the S&P 500 Net Total Return Index. The index is weighted according to free float market capitalisation and tracks the performance of the 500 largest US stock corporations. The index is calculated on the basis of the reinvestment of dividends after the deduction of any tax.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 891 exchange-listed index funds, while average monthly trading volume stands at €16 billion.
Source: Deutsche Börse
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