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Eurozone-only transaction tax possible: Germany
September 17, 2011--A proposed tax on financial transactions could be introduced in the eurozone alone, German Finance Minister Wolfgang Schaeuble said in an interview to be published Sunday.
"The ban on 'naked' short selling was only the beginning of the measures we are taking," Schaeuble told Bild am Sonntag.
"Before the end of the autumn we are going to create a tax on financial transactions. If necessary, I'm sure, just in the eurozone," he added.
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Source: EUbusiness
Calls for ETF ban in wake of UBS rogue trader scandal
September 16, 2011--City veterans called for a ban of Exchange Traded Funds (ETFs) yesterday as the UBS rogue trading scandal put a spotlight on to the financial market's latest money-spinning wheeze.
ETFs have become increasingly popular, and until recently were the only place trading desks were hiring. Yet they have also been dogged by criticism from some in the City and faced scrutiny both in London and on a European and global level, and regulators have been threatening to derail their recent spectacular rise.
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Source: The Independant
NASDAQ OMX Starts Trading In New China ETF From XACT Fonder
September 16, 2011 — NASDAQ OMX Stockholm, part of the NASDAQ OMX
Group (NASDAQ:NDAQ), today starts trading in a new exchange traded fund (ETF), XACT China (short name: XACT Kina). The new ETF issued by XACT Fonder is based on the Hang Seng China Enterprises Index (HSCEI), which tracks the performance of the 40 largest Chinese companies listed on the Hong Kong exchange.
Henrik Norén, CEO XACT Fonder, said: “China's strong economic development is
going to be a feature of the financial markets for many years to come, and
through this new product we can offer our customers the opportunity to take
part in that journey in a simple way. XACT China responds to the increasing
demand for new EFTs that together can form the basis of a complete investment
portfolio with a good diversification of risk.”
Jenny Rosberg, Senior Vice President NASDAQ OMX, commented: “XACT China provides investors with an easy and cost-efficient means to gain exposure against one of the world's most traded indexes. Our Nordic ETF portfolio today covers many international indexes allowing private investors to build a global portfolio at low costs.”
An ETF is an index fund which trades like a stock on an exchange. ETFs are a
complement to actively managed funds and provide investors with the possibility to invest in well known global indices in the local currency.
Source: NASDAQ OMX
Moody's continues to mull Italy downgrade
September 16, 2011--Rating firm Moody's said Friday it was still weighing whether to cut Italy's credit rating amid increasing uncertainty in the eurozone over sovereign debt.
"Moody's will strive to conclude the review within the next month," the firm said in a statement, three months after it announced the review of Italy's credit for a possible downgrade.
Italy, the eurozone's third-largest economy, has a credit rating of Aa2, two notches below Moody's top triple-A rating.
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Source: EUbusiness
UBS trading losses: FSA and FINMA to launch investigation
September 16, 2011--The Financial Services Authority (FSA) and the Swiss Financial Market Supervisory Authority (FINMA) are launching a comprehensive independent investigation into the events surrounding the trading losses incurred by UBS AG in its London operations.
The investigation, to be conducted by a third party firm independent of UBS, will focus:
•on the details of the unauthorised trading activity;
•on the control failures which permitted the activity to remain undetected; and
•will include an assessment of the overall strength of UBS’s controls to prevent unauthorised or fraudulent trading activity in its Investment Bank.
At the moment no indication can be given with regard to the duration of that investigation.
Source: FSA.gov.uk
UBS $2 billion rogue trade suspect held in London
September 16, 2011--Swiss bank UBS said it had lost around $2 billion due to rogue dealing by a London-based trader at the Swiss bank and police said they had arrested a man on suspicion of fraud.
Sources close to the situation named the suspect as 31-year-old Kweku Adoboli , who was working as UBS director of exchange traded funds and so-called Delta 1 trading, according to his profile on LinkedIn .
Adoboli was arrested during the night at UBS's London office, the sources told Reuters.
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Source: Reuters
ETF Stat August 2011 -Borsa Italiana
September 16, 2011--The ETF Statistics of the ETF Plus Market for the month of August 2011 are now available.
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Source: Borsa Italiana
ETF warning sounded after UBS rogue trading loss
Exchange traded funds (ETFs) have quickly become a trillion-dollar plus trading instrument - but there are warnings that they are now are being mis-sold to the retail market
September 16, 2011--Small investors have been mis-sold "exchange traded funds" at the heart of UBS's £1.3bn rogue trading loss and face potentially huge losses, according to leading City financier Terry Smith.
Smith, chief executive of money brokers Tullett Prebon, compared ETFs to the toxic instruments that played a catastrophic role in the credit crunch, and said the City had failed to learn any lessons.
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Source: The Guardian
ETF Securities Sued by Former Executive in U.K. Over Bonus
September 16, 2011--ETF Securities Ltd., the world’s largest provider of exchange-traded commodity funds, was sued in London by a former employee who says he is owed a stake in the company tied to a 2006 bonus award.
Stefan Garcia, now an executive at another ETF firm, said the bonus gave him options to buy 1,000 shares of the company at 49.99 pounds ($78.74) with no time limit, according to U.K. court documents filed in July.
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Source: Bloomberg
EU interim forecast: Recovery stalls amid financial market crisis
September 15, 2011--Economic growth in the EU is slowing down. After growing strongly in the first quarter of 2011, GDP expanded less in the second quarter. GDP growth is now expected to remain subdued in the second half of the year, coming close to standstill at year-end. The soft patch predicted in the spring forecast is now likely to deepen but will not result in a double dip. On account of the stronger-than-expected performance in the first quarter, annual growth is still projected at 1.6% in the euro area and 1.7% in the EU.
However, growth forecasts for the second half of the year have been revised down considerably, by ½ percentage point for the euro area as well as the EU compared to the Commission's spring forecast. Moreover, the current outlook is uncertain, and the balance of risks to this forecast is to the downside.
EU Economic and Monetary Affairs Commissioner Olli Rehn said: "The outlook for the European economy has deteriorated. Recoveries from financial crises are often slow and bumpy. Moreover, the EU economy is affected by a more difficult external environment, while domestic demand remains subdued. The sovereign debt crisis has worsened, and the financial market turmoil is set to dampen the real economy. To get the recovery back on track, it is crucial to safeguard financial stability and put budgets on a path that is sustainable beyond doubt. This requires steadfast continuation of the strategy of differentiated, growth-friendly fiscal consolidation and the implementation of the decisions to support financial stability. At the same time, structural reforms remain more important than ever to build tomorrow's growth potential."
Growth forecasts revised down
The interim forecast contains updated projections for GDP growth and inflation for the seven largest EU Member States, the euro area and the EU for 2011. The next forecast covering all EU Member States and looking further ahead will be released in November. GDP growth for 2011 as a whole is set to remain unchanged from the Commission's spring 2011 forecast for the euro area (1.6%) and to be slightly lower for the EU (1.7%). This is largely owed to stronger-than-expected growth in the first quarter. However, the quarterly growth profile for the second half of the year has been revised down considerably. Growth projections for the EU are now at 0.2% in both the third and the fourth quarter, 0.2% in the third and 0.1% in the fourth quarter for the euro area, respectively. For both areas the quarterly growth rates were revised down by about ¼ percentage point, respectively. The downward revisions concern all the Member States under review, suggesting both a common factor and the high level of interconnection of our economies. Nonetheless, growth is expected to remain uneven across Member States.
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Source: Europa
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