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European Commission A roadmap for stability and growth
October 12, 2011--The Commission has presented a roadmap outlining the comprehensive response that is needed to restore confidence in the Euro area and the European Union as a whole.
This response is designed to break the vicious circle between doubts over the sustainability of sovereign debt, the stability of the banking system and the European Union's growth prospects'.
Delivering on the commitments made in President Barroso's State of the Union Address, the Commission outlines five areas of action that are interdependent and need to be implemented together and as quickly as possible. The five areas are: a decisive response to the problems in Greece; enhancing the euro area's backstops against the crisis; a coordinated approach to strengthen Europe's banks; frontloading stability and growth enhancing policies, and building robust and integrated economic governance for the future.
President Barroso said, "This roadmap charts Europe's way out of the economic crisis. Reactive and piecemeal responses to different aspects of the crisis are no longer sufficient. We now need to get ahead of the curve. Confidence can be restored through an immediate deployment of all the elements needed to solve the crisis. Only in this way we will be able to convince our citizens, our global partners and the markets that we have the solutions that measure up to the challenges all economies are facing. We need to reach agreement at the European Council on the 23rd October".
The roadmap calls for:
Decisive action on Greece – so that all doubt is removed about Greece's economic sustainability. This must include disbursement of the sixth tranche, a second adjustment programme, based on adequate financing through public sector and private sector involvement and continued support from the Commission Task Force.
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Source: European Commission
FESE European Equity Market Report September 2011
October 12, 2011--FESE has published the ‘European Equity Market Report’ which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market. The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
view the European Equity Market Report - Year 2011 (updated with September figures)
Source: FESE
Luxembourgish regulator approves Deutsche Börse and NYSE Euronext merger
October 12, 2011--The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) has approved the merger of Deutsche Börse and NYSE Euronext. This represents an important supervisory milestone for the merger at Deutsche Börse Group’s important Luxembourg location.
The CSSF examination of the matter focuses on shareholder control and is comparable to the examination by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), which has already been successfully concluded, and to that of the shareholder control procedure by the stock exchange regulators. It deals with the admissibility of the acquisition of important shareholdings in Clearstream companies within Deutsche Börse Group in Luxembourg by the parent company of the new group (Holdco) domiciled in the Netherlands. These include Clearstream International S.A. and Clearstream Services S.A., as well as Clearstream Banking S.A. as an international settlement institution.
CSSF’s examination involved assessing the reliability of the Dutch Holdco and its financial solidity, as did BaFin’s. CSSF’s overall conclusion was that there are no banking supervisory reasons against the merger in Luxembourg either.
The transaction is subject to further closing conditions, such as approval by the responsible EU competition authorities and the responsible stock exchange supervisory authorities.
Source: Deutsche Börse
ETF Quarterly Statistics: 3rd quarter 2011
A record-breaking quarter: new report provides detailed figures on the growth of SIX Swiss Exchange's ETF segment.
October 12, 2011--Monthly turnover in SIX Swiss Exchange's ETF segment was distinctly above CHF 10'000 million twice in a row last quarter. The CHF 13'767.8 million achieved in August was in fact an all-time record and the CHF 12'332.74 million in September the second-best result ever. In comparing the quarterly figures of Q3 2011 to those of the same period last year, the results have more than doubled, with CHF 33'398.6 million compared to 14'946.7 million.
Commodities the most actively traded asset class
At product level we also saw a significant increase in turnover from the previous quarter. The ETF with the strongest turnover in Q3 2011 was the ZKB Gold ETF, which more than doubled its turnover compared to the previous quarter, amounting to CHF 1'761.2 million. Second was the CS ETF (CH) on the SMI and third the ZKB Gold ETF (USD), both of which had turnovers much higher than CHF 1 billion and recorded a growth of 137 % and even 214 % respectively.
ZKB ETFs was thus the best product provider in terms of turnover during the third quarter with 21.94 %, pushing CS ETF from the top spot (now second with 21.22 %), while UBS ETF gained a 13.31 % share of turnover in comparison to the previous quarter, putting it in third place.
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Source: SIX Swiss Exchange
National Institute Of Economic And Social Research Estimates Of U.K. Monthly GDP
October 11, 2011--Our monthly estimates of GDP suggest that output grew by 0.5 per cent in the three months ending in September after growth of 0.4 per cent in the three months ending in August. UK economic growth over the past year has been anaemic; the level of output is only 0.5 per cent higher than this time last year.
The level of GDP is still 4 per cent below its pre-recession peak, suggesting that this recovery will be the weakest of any since the end of the First World War.
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Source: National Institute of Economic and Social Research
NYSE Euronext Launches The CAC® International 25 Index
October 11, 2011--NYSE Euronext (NYX) today announced the launch of the CAC® International 25 Index to increase the visibility of global firms listed in Paris.
The CAC® International 25 Index reflects the performance of the 25 largest international companies* listed on NYSE Euronext in Paris based on total market capitalizations and local trading volumes. Index constituents are equally weighted.
This new index is calculated and published at the end of each trading day after the market closes. The CAC® International 25 Index will be revised annually in September and rebalanced four times a year in March, June, September, and December.
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Source: NYSE Euronext
German trade surplus grows as exports rise
October 10, 2011--The German trade surplus grew in August as exports rose for the first time in three months, official data showed on Monday.
Europe's biggest economy exported goods worth a total 90.5 billion euros ($122 billion) in August, 3.5 percent more than in July, the national statistics office Destatis said.
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Source: EUbusiness
Western Balkans hope to move slowly towards EU
October 10, 2011--When the European Commission announces its progress report Wednesday, Western Balkans countries hope for small steps forward as the realisation is dawning EU enlargement will be a very slow process.
As the economic crisis continues in Europe, support for EU integration has fallen in most Western Balkans countries, although the majority generally agrees there is no alternative.
Montenegro and Serbia should both get some good news with the commission expected to recommend candidacy status for Belgrade. For Podgorica, a candidate member since December 2010, it would be a date for the start of accession talks.
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Source: EUbusiness
MiFID II proposal would restrict high-frequency trading
October 10, 2011--The final draft of the European Commission’s proposed revisions to MiFID will impose new restrictions on high-frequency trading (HFT), confirm a ban organised trading facilities from crossing against prop trading flow, and define new rules for access criteria between central counterparties (CCPs) and trading venues.
A draft of MiFID II dated 7 October, seen by theTRADEnews.com, includes a number of dramatic changes from the interim document that was widely leaked last month.
Among the most substantial additions is a new liquidity requirement that seeks to stem HFT by forcing market making algorithms to operate continually during market hours. According to the draft, “an algorithmic trading strategy shall be in continuous operation during trading hours of the trading venue to which it sends orders or through the systems of which it executes transactions. The trading parameters or limits of an algorithmic trading strategy shall ensure that the strategy posts firm quotes at competitive prices with the result of providing liquidity on a regular and ongoing basis to these trading venues at all times, regardless of prevailing market conditions.”
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Source: The Trade News
A world first: Structured products in the trading currency gold
October 10, 2011--Scoach Switzerland is the first exchange in the world to offer trading in gold structured products.
As of 10 October 2011, Scoach Switzerland will support trading in structured products with gold as the trading currency. The Swiss central depository, SIX Securities Services, is responsible for the processing.
The initial spark for innovation in the sector originates from EFG Financial Products, one of the most innovative issuers of exchange-traded structured products on Scoach Switzerland.
Many investors who are directly invested in gold do not physically hold the gold, but rather keep it in a precious metals account, which is nothing more than a foreign currency account denominated in gold. Gold in this case, with the international currency code XAU, is treated like any other foreign currency. Just as the Swiss franc is the unit of measure for the currency CHF, the currency XAU is expressed in fine ounces of gold, or fractions thereof. Balances in the currency XAU can be exchanged for physical gold at any time at the bank where the account is maintained.
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Source: Scoach Switzerland Ltd
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