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ESMA publishes the responses received to the Consultation on the Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities

October 6, 2011--ESMA has published the responses received to the Consultation on the Guidelines on systems and controls in a highly automated trading environment for trading platforms,

investment firms and competent authorities.

view responses

Source: ESMA

SIX Swiss Exchange: Key Statistics For September 2011 - ETF segment of SIX Swiss Exchange continues to grow and eclipses previous record year 2010 after three quarters already

October 6, 2011--The growth of SIX Swiss Exchange's ETF segment is uninterrupted: by the end of September 2011, the figures of the previous record year 2010 have already been surpassed. While turnover rose to CHF 79'221 million (2010: CHF 71'676 million), a total of 762'936 transactions were concluded in Q3 2011 (2010: 696'579).

Considerably more trades compared with the prior-year period

Across all trading segments, growth in turnover since the beginning of the year rose by 1.2 % to CHF 931'070 million and the number of trades increased by 16 % to 30'877'307 compared with the same period of 2010. Here too, the ETF segment is the driving force, with growth rates of over 50 % in both areas.

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Source: SIX Swiss Exchange

Warning of unintended outcomes of Tobin tax

October 5, 2011--When José Manuel Barroso, the European Commission president, proposed introducing a tax on financial transactions in Europe, it was clear whom he had in his sights.

“It’s a question of fairness,” he said as he unveiled the proposal in Strasbourg last week. “It is time for the financial sector to make a contribution back to society”.

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Source: FT.com

UK official holdings of international reserves September 2011

October 5, 2011--This monthly press notice shows details of movements in September 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 September 2011:
No intervention operations were undertaken. Movements in reserves and levels of reserves were as follows:

view UK official holdings of international reserves September 2011

Source: HM Treasury

NYSE Euronext And Deutsche Börse AG Statement On Statement Of Objections

October 5, 2011-Deutsche Boerse AG (XETRA:DB1) and NYSE Euronext (NYSE:NYX) today issued the following statement regarding the issuance of a Statement of Objections by the EU Competition Commission:
We can confirm that we have received a Statement of Objections from the European Commission. The Statement of Objections is a normal step in a second phase merger procedure. It sets out a provisional position of the Commission and does not prejudge the final outcome of the case.

We continue to strongly believe that our combination provides substantial capital and cost savings to users; advances the goal of a unified, liquid EU capital market for raising money and managing risk; and does not materially alter the competitive landscape.

We have worked closely with the European Commission during this process, and we look forward to continuing our open and constructive discussions as we work to complete the transaction by the end of this year.

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Source: Deutsche Börse

EEX Trading Results in September

October 5, 2011--In September 2011 the total trading volume on the Natural Gas Market of the European Energy Exchange (EEX) amounted to 6,581,663 MWh compared with 1,905,044 MWh in September 2010.

Thereof 1,573,508 MWh was traded on the Spot Market for the delivery into the market areas GASPOOL, NCG and TTF (September 2010 GASPOOL and NCG volume: 1,437,494 MWh). The daily reference price on the Spot Market for Natural Gas ranged between EUR 19.13 per MWh and EUR 25.96 per MWh.

On the Derivatives Market for Natural Gas (GASPOOL and NCG market areas) a volume of 5,008,155 MWh was traded (September 2010: 467,550 MWh). On 30 September 2011, the open interest was 27,967,320 MWh. On 30 September 2011 Natural Gas prices for delivery in 2012 were fixed at EUR 26.89 per MWh (GASPOOL) and EUR 27.03 per MWh (NCG), respectively. The last monthly average value for the natural gas index EGIX Germany, which constitutes the reference price for the delivery month October 2011, was fixed with 25.85 Euro per MWh on 29 September 2011.

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Source: EEX

MSCI Launches the MSCI EM 50 Index

A new tradable index for the Emerging Markets
October 5, 2011-MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, announced today the launch of a new tradable index, the MSCI EM 50 Index.

The index is highly correlated to the flagship MSCI Emerging Markets Index, but is composed of just 50 of its largest constituents.

“We have seen significant demand from clients around the world for a tradable version of our market-leading MSCI Emerging Markets Index—especially from those who face various obstacles in replicating broader emerging markets indices,” said Theodore Niggli, MSCI Managing Director. “We expect the MSCI EM 50 Index will serve as the basis for numerous index-linked investment vehicles, ultimately providing investors with new ways to gain exposure to Emerging Markets, which have been a critical driver of the global economy over the past decade.”

Based on the broad MSCI Emerging Markets Index, the MSCI EM 50 Index is a representative and easily replicable alternative. The new index applies eligibility screens to exclude some of the smallest Emerging Markets countries and uses depositary receipts for certain markets that are less accessible to foreign investors. For further information on the MSCI EM 50 Index, visit www.msci.com/indices/tradable/EM_50

Source: MSCI

EDHEC-Risk Institute research shows benefits of using ETFs in a dynamic core-satellite investment approach

October 5, 2011-In a new study produced as part of the Amundi ETF research chair on “Core-Satellite and ETF Investment,” EDHEC-Risk Institute researchers have analysed the performance of risk-controlled dynamic asset allocation strategies and concluded that appropriate implementation of the Dynamic Core-Satellite approach can boost portfolio returns while keeping downside risk under control.

Dynamic risk budgeting methodologies such as Dynamic Core-Satellite strategies are used to provide risk-controlled exposure to different asset classes. There is extensive evidence that investment strategies based on momentum and value are attractive for portfolio managers who seek outperformance. Momentum and value are among the most robust return drivers in the cross section of expected returns. In this study, the EDHEC-Risk researchers examine how to exploit the value and momentum anomalies using a Dynamic Core-Satellite investment model.

The implementation of the portfolio strategies is enabled by exchange-traded funds, which are natural investment vehicles since they offer a broad exposure to the markets and provide the necessary liquidity to the frequent rebalancing of the Dynamic Core-Satellite model.

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download the Capturing the Market, Value, or Momentum Premium with Downside Risk Control: Dynamic Allocation Strategies with Exchange-Traded Funds report

Source: EDHEC

Eurozone economy into reverse: survey

October 5, 2011-- The eurozone economy flipped into reverse in September, falling to its worst level in more than two years, a closely-watched survey showed on Wednesday.

Ahead of new growth figures expected to show the debt-laden currency area slipping towards recession, the final Eurozone Composite Output Index compiled by London-based researchers Markit logged 49.1 points, compared with 50.7 in August.

A score below 50 indicates contraction.

Markit noted "faster rates of contraction in Italy and Spain accompanied by near-stagnation in France and Germany."

The survey also highlighted a sharpening rate of decline for new business orders, as well as slowing job creation.

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Source: EUbusiness

NYSE Euronext announces new ETF on European markets

October 5, 2011--NYSE Euronext is pleased to announce that SPDR ETFs has listed 6 new ETFs on NYSE Euronext's Paris market today:

NYSE Euronext has now 684 listings of 586 ETFs based on more than 400 indices. So far this year, there have been a total of 145 new listings on the NYSE Euronext European cash markets, including 117 new primary listings and 28 cross-listings.