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Greek default within the euro is the only real option
November 8, 2011--It was a possibility feared but unspoken – until last week. Suddenly a Greek exit from the euro was on the table. “Are you in or are you out?” Many Europeans no longer care. They should. Their leaders do. Here is why.
Greece will restructure. It can do so “within the euro” or it can do so “outside the euro”. The difference is crucial. If you already understand the distinction, stop reading here. If not, you may soon wish you had. For here is how an exit of Greece from the eurozone would play out:
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Source: FT.com
First ETC on German electricity prices
Twelve new ETCs from DB ETC Index plc launched on Xetra
November 7, 2011--Twelve more exchange traded commodities issued by db ETC Index plc have been tradable for the first time since Monday.
The db Strom ETC allows investors to participate in the performance of German electricity prices for the first time. The db German Electricity EUR Index reference index will be represented via electricity futures contracts, initially with a maturity of one calendar year.
These contracts will be traded on the European Energy Exchange (EEX). Expiring futures contracts will be replaced once a year in November with a new one-year futures contract.
The db Commodity Risk Balanced Euro Hedged ETC mirrors the roll-optimised performance of a commodities basket made up of the following four commodities sectors: Optimum Yield Agriculture, Optimum Yield Energy, Optimum Yield Industrial Metals and Optimum Yield Precious Metals. This means that 14 different commodities will be taken into account: aluminium, Brent crude oil, Chicago wheat, copper, corn, petrol, gold, heating oil, natural gas, silver, soya beans, sugar, WTI crude oil and zinc. The ETC is hedged against currency risks.
In addition, investors will have the opportunity to invest in a leveraged and inverse performance for the following commodities: gold, silver, WTI crude oil, Brent crude oil and natural gas.
All db ETCs are backed by physically deposited gold bars.
Deutsche Börse’s ETC segment product range currently comprises 202 instruments. The monthly trading volume of ETCs on Xetra averages around €900 million.
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Source: Deutsche Börse
Boerse Stuttgart Extends Trading Times For ETPs And Investment Funds
From 7 November Retail Investors Can Start Trading As Early As 8.00 Hours (CET)
November 7, 2011--Boerse Stuttgart is pressing ahead with the extension of trading times. From 7 November trading for all investment funds and exchange-traded products (ETPs) - comprising exchange-traded funds (ETFs) and exchange-traded commodities (ETCs) - will start at 8.00 hours (CET).
Until now trading from 8.00 hours (CET) has been possible for equities, participation certificates and debt instruments.
"Our positive experience with other asset classes has persuaded us to admit investment funds and ETPs to early morning trading. Classical investment funds are still very popular with many retail investors. In addition, there is the constantly growing interest in ETFs and ETCs. By extending trading times for funds we are therefore optimising our services for retail investors," says Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH.
In extending early morning trading, Boerse Stuttgart is responding to the wishes of many private investors to trade before 9.00 hours (CET). This allows investors on the stock exchange to react even more swiftly to international financial market trends.
Source: Boerse Stuttgart
RBS Launches Sixth Retail Bond on ORB
Inflation linked bond with 7 year maturity and 2% fixed coupon with the principal linked to RPI
November 7, 2011--The London Stock Exchange today welcomes a new RBS inflation linked bond onto the Order Book for Retail Bonds (ORB). This is the sixth bond to be issued by RBS on to the platform since launch.
The Inflation linked bond has maturity of seven years and a two per cent fixed coupon with the principal linked to RPI. The bond will be issued in £1,000 denominations.
Commenting on the new bond, David Stuff, UK Director of Listed Product Sales at RBS said:
"In a low and uncertain savings rate environment, combined with high inflation, it can be a challenge to find an investment with real returns. The UK Inflation Income Bond offers returns designed to meet the needs of private and institutional investors. There are no restrictions on large investment amounts and there are no early redemption charges beyond the bid/offer spread."
Pietro Poletto, Head of Fixed Income at London Stock Exchange Group said:
"RBS is the most frequent issuer on ORB and we are delighted to welcome their sixth retail-sized bond onto the market. There is a growing demand from private investors for new bonds and inflation linked products have proved popular this year.
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Source: London Stock Exchange
EEX: Record Volume on the Natural Gas Spot Market - More than 2.5 TWh of natural gas traded in one month
November 7, 2011--Spot trading in natural gas on the European Energy Exchange (EEX) reached a new record in October. With a volume of 2,531,947 MWh (GASPOOL, NCG and TTF market areas) the highest volume ever recorded since the launch of trading was achieved on the Natural Gas Spot Market (GASPOOL and NCG volume in October 2010: 1,010,135 MWh). At 2,418,071 MWh, the last monthly record on the Spot Market was achieved in June 2010.
At in total 4,194 trading transactions, 19 times the number of trading transactions was concluded in this month compared with October 2010 (222 transactions). In the field of the Within-Day products, 2,357 transactions with a volume of 1,389,244 MWh (113,391 MW) were traded on EEX. In the field of the day products, a volume of 1,142,703 MWh (42,802 MW) was traded in 1,837 transactions.
Source: EEX
EPEX SPOT / EEX Power Derivatives: Power Trading Results in October
November 7, 2011--In October 2011, a total volume of 101.3 TWh was traded on the Power Spot and Derivatives Market operated by EPEX SPOT SE and EEX Power Derivatives respectively (October 2010: 108.3 TWh).
In October 2011, power trading on the day-ahead auctions on EPEX SPOT accounted for a total of 25,627,640 MWh (October 2010: 23,079,399 MWh) and can be broken down as follows:
Credibility of EU energy review questioned
November 6, 2011--The credibility of a European energy review has been cast into doubt by experts who point out that long-term plans to cut carbon emissions are based on an economic model owned by a single Greek university that cannot be independently scrutinised.
Experts have "raised a host of questions" about how the European Commission's use of a non-transparent model could affect the energy review, according to a leaked report by energy specialists chosen by Brussels to advise on the forthcoming "Energy Roadmap to 2050".
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Source: Yahoo
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
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