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Euro area economic and financial developments by institutional sector-Second Quarter 2011
October 27, 2011--In the second quarter of 2011, the annual growth rate1 of net disposable income in the euro area
decreased to 3.6%, compared with 3.8% in the first quarter of 2011 (see Annex, Table 1). The annual growth
rate of final consumption in the euro area stood at 2.5% in the second quarter (2011q1: 2.7%). The annual growth rate of gross fixed capital formation decreased to 3.1% in the second quarter of 2011,
from 6.4% in the previous quarter.
The annual growth rate of households’ gross disposable income stood at 3.0% in the second quarter of
2011, compared with 2.9% in the previous quarter (see Table 2). The annual growth rate of households’
consumption expenditure was 3.2% in the second quarter compared with 3.1% in the previous quarter.
The annual growth rate of households’ gross saving increased to 2.2% in the second quarter compared with
0.5% previously. The households’ gross saving rate2 decreased to 13.6%, as compared with 14.3% in the
second quarter of 2010. The annual growth rate of household financing decreased to 1.7% (2011q1: 2.3%)
and that of financial investment was broadly unchanged at 2.4% in the second quarter of 2011(2011Q1:
2.5%). Households’ net worth3 increased by 2.5% in the second quarter, compared with 3.1% in the previous quarter (see Chart 6).
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Source: ECB
D. Boerse, NYSE buy back shares read more ISDA Updates Greek Sovereign Debt Q&A view the ISDA Greek Sovereign Debt Q&A (Update)
Q3/2011: Deutsche Börse achieved best quarterly result since 2008 Furthermore, the Company announced that it was further accelerating the efficiency measures that have been running since 2010. For 2011, the Group is now expecting savings of €130 million instead of €115 million. The full cost effects of €150 million per year will be reached in 2012. Based on the acceleration of the efficiency measures, Deutsche Börse is cutting its guidance for total cost in 2011 from €1,145 million to €1,130 million. read more RBS lists new emerging markets ETFs on NYSE Euronext The MSCI Emerging and Frontier Africa ex South Africa Index ETF gives investors the opportunity to invest in the African share market, exclusive of South Africa. The MSCI Frontier Markets Index ETF provides exposure to the stock of 25 frontier markets, that are widely spread around the world (the less developed emerging markets). The MSCI GCC Countries ex Saudi Arabia Top 50 Capped Index ETF offers an opportunity to invest in the share markets of cooperating countries on the Arabian Peninsula, i.e. Kuwait, Qatar, the United Arab Emirates, Oman and Bahrain, but exclusive of Saudi Arabia. The two ETFs designed to hedge currency risks provide hedged access to the stock markets of emerging Latin American countries Brazil, Chili, Columbia, Mexico and Peru. "The outlook for economic growth continues to be more favourable in emerging markets than in developed Western markets. The new emerging and frontier markets ETFs are an addition to the existing range of the RBS Market Access ETFs and match our expertise in emerging and commodity markets," says Jean-Paul van Oudheusden, Head of Benelux Sales Equity Derivatives & Structured Retail. "Two of the five new ETFs offer the advantage of partially hedging currency exchange risk." read more European FoF Assets Are Expected To Rise Almost 7.5% Per Year To €673.3 Billion (US$968.9 Billion) By 2015 - The Sales Environment Is Tough: UK Looks Healthiest - Germany And Mediterranean Markets Not So Much "Whilst assets are in recovery mode, sales are not," says Yoon Ng, the report's lead analyst. There are marked differences across the European Union. Distribution is to blame for weak sales in France, Germany, and Spain. Where banks are the key distribution channel, their focus on gathering deposits to shore up their own capital, or offering guaranteed funds to ultra conservative investors, is hurting FoF sales. read more Swiss Exchange Lures High Frequency Traders read more
Osborne Says U.K. Is Opposed to EU Financial-Transaction Tax read more
Monetary developments in the euro area-September 2011 read more The EBA details the EU measures to restore confidence in the banking sector
Term funding guarantee scheme
Notwithstanding the European Central Bank’s (ECB) support for banks short term funding needs, additional steps are required to restart the term unsecured funding market. This would help banks to continue their lending activities in 2012 and to avoid a spiral of forced deleveraging and the ensuing credit crunches, which would affect the real economy.
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D. Boerse to buy back 100 mln euros, NYSE $100 mln
D. Boerse lowers 2011 cost outlook to 1.13 bln euros
D. Boerse shares up 7 pct, NYSE up 2 pct
The Frankfurt bourse operator also lowered its 2011 outlook for expenses after posting strong third-quarter results and slimming down. It now sees costs at 1.13 billion euros ($1.56 billion) instead of 1.15 billion.
Source: Reuters
October 27, 201--October 27, 2011 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that following recent events related to the restructuring of Greek sovereign debt, it has updated its Greek sovereign debt Q&A.
The document, which can be accessed at the ISDA website includes responses to the most frequently asked questions regarding the application of credit default swaps contracts in Greek sovereign debt. It outlines the triggers for credit events, the process for determining a credit event and the current amount of CDS notional outstanding on Greek sovereign debt.
Source: EUbusiness
Share buyback program with a volume of around €100 million until year-end/Sales revenue increased 20 percent to €604.7 million/Adjusted EBIT of €356.4 million, up 46 percent/Total cost guidance for 2011 reduced to around €1,130 million
October 27, 2011--: On Thursday, Deutsche Börse AG published its figures for the third quarter of 2011. Compared to the third quarter 2010 sales revenue increased 20 percent to €604.7 million.
Adjusted for merger related costs and restructuring expenses EBIT amounted to €356.4 million, an increase of 46 percent. Adjusted earnings per share increased 45 percent compared to the previous year to €1.33.
Source: Deutsche Börse
October 27, 2011--NYSE Euronext is pleased to announce that the Royal Bank of Scotland (RBS) launched five new Exchange Traded Funds (ETFs) on NYSE Euronext Amsterdam. The new ETFs, also known as Trackers, offer investors the opportunity to invest in emerging and frontier markets*.
The new RBS Emerging Markets ETFs are:
MSCI Emerging and Frontier Africa ex South Africa Index ETF
MSCI Frontier Markets Index ETF
MSCI GCC Countries ex Saudi Arabia Top 50 Capped Index ETF
MSCI Brazil (ADR) EUR Hedged Index ETF
MSCI EM LatAm (Brazil ADR)EUR Hedged Index ETF
Source: NYSE Euronext
October 27, 2011--The European fund-of-funds (FoFs) sector is big and mature. Regulatory change and greater outsourcing to discretionary managers will continue to drive growth across all major markets.
The UK's Retail Distribution Review is already providing sales momentum in the independent financial advice market, concludes the Cerulli Report European Funds of Funds 2011.
Source: Mondovisione
October 27, 2011--In the computerized world of markets, it’s not every second that counts – it’s every micro second.
That’s why Six Swiss Exchange announced it will offer co-location services – allowing for the shortest connection between its trading platform and the trading systems of its participants – in the first half of next year.
Source: CNBC
October 27, 2011--Chancellor of the Exchequer George Osborne said the U.K. would oppose a financial-transaction tax that wasn’t agreed globally.
“The euro zone is determined to pursue a financial- transaction tax,” Osborne told lawmakers in Parliament in London today during a statement on the euro-area rescue plan. “Britain will not accept a financial-transaction tax at an EU-27 level while other places in the world don’t have one.”
Source: Bloomberg BusinessWeek
October 26, 2011--The annual growth rate of the broad monetary aggregate M3 increased to 3.1% in September 2011, from 2.7% in August 2011.1
The three-month average of the annual growth rates of M3 in the period from July 2011 to September 2011 increased to 2.6%, from 2.3% in the period from June 2011 to August 2011.
Source: ECB
October 26, 2011--The European Banking Authority (EBA) supports the agreement at EU level on measures to restore confidence in the banking sector. These measures form part of a broader package aimed at addressing the current situation in the EU by restoring stability and confidence in the markets. Their implementation is conditional on the other components of the package being fully clarified and endorsed.
The EBA’s contribution to the overall package focuses on the capital and term funding needs in the EU banking sector against the backdrop of the increasing concerns regarding sovereign debt.
Source: European Banking Authority
