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Germany: Financial Sector Stability Assessment
July 12, 2011--EXECUTIVE SUMMARY
The German financial system has stabilized after parts of it were hit hard during the financial crisis. The main impact came from exposures abroad and funding strains for certain banks; many of these banks had been widely seen as problematic even before
the crisis—for example, in the 2003 Financial Sector Assessment Program (FSAP)—yet they built up risks as part of a “search for yield” that was not kept in check by effective governance. Thus, certain known structural weaknesses, which prudential oversight did not redress, combined with gaps in the crisis management system to make Germany vulnerable to crisis.
The domestic loan portfolio was relatively robust against what turned
out to be a short, sharp recession, and the government’s introduction of support measures
was successful in localizing problem cases. Since then, the financial system has strengthened further on the back of improving macroeconomic conditions.
Stability analysis suggests that German banks are robust against many shocks, but important vulnerabilities remain. Some banks suffer from balance sheet fragilities, and widespread low profitability will make it challenging for many to raise the level and quality of their capitalization, as required under the new Basel III regime and by tougher market conditions.
view the IMF report-Germany: Financial Sector Stability Assessment
Source: IMF
ETPD News-SIX Swiss Exchange
July 12, 2011--Facts & Figures on ETFs and ETPs
Total turnover in the ETF segment on SIX Swiss Exchange for the second quarter of 2011 came to CHF 21 billion. Mid year brought a turnover of CHF 45.7 billion for the Swiss stock exchange what corresponds to a rise of 23%. 244'934 transactions were done.
As at the end of June 2011 there were 691 ETFs from 14 providers listed on SIX Swiss Exchange. This corresponds to an increase of 87 products since the year began. Liquidity is provided by 18 market makers. Turnover in the ETP segment, which was launched on SIX Swiss Exchange in November 2010, is also growing steadily. By the end of June, 2000 transactions were carried out in the 33 listed ETPs generating a turnover of CHF 165 million.
Source: SIX Swiss Exchange
Newsflash: new daily record in the Eurex KOSPI Product on July 11, 2011
More than 100,000 contracts traded on a single day for the first time
July 12, 2011--Eurex: Eurex KOSPI Product
Record turnover on July 11, 2011: 103,318 contracts
Previous record on July 8, 2011: 93,006 contracts
Average daily volume July (month-to-date): 63,484 contracts
Average daily volume June 2011: 27,256 contracts
The new record volume is mainly due to the increasing number of active trading participants, especially from South Korea, and the related growth in trading activity.
Source: Eurex
db X-trackers listet neue Schwellenländer-ETFs auf Sektoren-Indices
12.07.2011--db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat gestern als erster ETF-Anbieter an der Deutschen Börse Schwellenländer-ETFs auf Sektor-Indices gelistet, so das Unternehmen in seiner aktuellen Pressemitteilung. Näheres entnehmen Sie bitte dem Wortlaut der folgenden Pressemeldung:
Die zehn ETFs bilden die weltweiten Sektoren aus insgesamt 23 Emerging Markets ab. Die unterliegenden MSCI-Indices setzen sich zusammen aus den wichtigsten Unternehmen dieser Schwellenländer beispielsweise im Energie-, Konsumgüteroder Finanzsektor. Damit haben Investoren die Möglichkeit, sich einfach und kostengünstig an der Entwicklung eines Emerging Market Sektors zu beteiligen. Diese Herangehensweise kann von Vorteil sein, wenn sich beispielsweise einzelne Sektoren in bestimmten Phasen eines Konjunkturzyklus besser entwickeln zu scheinen und deshalb in einem Portfolio übergewichtet werden sollen.
Mit dem Listing der neuen ETFs bietet db X-trackers insgesamt 49 Schwellenländer-ETFs an und ist damit nach der Größe der Produktpalette der derzeit größte Anbieter in Deutschland in diesem Segment. Um eine möglichst exakte Abbildung der unterliegenden Indices zu erreichen, wendet db X-trackers bei allen Schwellenländer-ETFs die Methode der synthetischen Indexabbildung an. Dabei ist für alle Schwellenländer-ETFs ein Sicherheitenkorb ("Collateral") bei einer als Treuhänder fungierenden Bank hinterlegt. Der Wert des Sicherheitenkorbes beträgt stets zwischen 107,5 und 120 Prozent des jeweiligen Fondsvolumens, um ein mögliches Kontrahentenrisiko zu reduzieren.
mehr Infos
Source: stockworld.de
Scripts for eurozone crisis: from doomsday to tighter union
July 12, 2011-- Europe's debt crisis has raised the spectre of doomsday scenarios for the eurozone -- from a devastating debt default in Greece that takes down Italy and Spain to the euro's 12-year lifespan, to rosier prospects and even tighter cooperation.
Following are potential ramifications of the biggest crisis faced by the 17-nation eurozone since its birth in 1999:
CRISIS CONTAMINATES ITALY AND SPAIN
Measures taken so far by European leaders -- such as beefing up a financial stability fund for frail nations -- fail to calm the markets. The lack of investor confidence pushes borrowing costs for taly and Spain to record heights, making it hard for Rome and Madrid to raise funds in the bond market. The eurozone's third and fourth biggest economies are forced to go cap in hand to their European partners and the IMF for loans to pay off their debts.
Three smaller nations which have already received bailouts -- Greece, Ireland and Portugal -- struggle despite the aid. The eurozone then must consider increasing the firepower of the European Financial Stability Fund, which today has a loan capacity of 440 billion euros ($609 billion). This poses problems for cash-strapped governments facing austerity and is also a political hot potato in Germany, Finland and the Netherlands, increasingly less willing to shell out more cash. And European officials say saving Spain and Italy in addition to Greece, Portugal and Ireland would be beyond the eurozone's means.
read more
Source: EUbusiness
Euro area securities issues statistics: May 2011
July 12, 2011--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased
from 3.2% in April 2011 to 3.6% in May. For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.4% in May 2011, the same as in April.
New issuance of debt securities by euro area residents totalled EUR 963 billion in May 2011 (see Table 1 and Chart 1). Redemptions stood at EUR 839 billion and net issues amounted to EUR 127 billion (see Table 1).1 The annual growth rate of outstanding debt securities issued by euro area residents increased from 3.2% in April 2011 to 3.6% in May (see Table 1 and Chart 3).
read more
Source: ECB
Twelve new db x-trackers ETFs launched on Xetra
First ETFs on emerging markets sector indices
July 11, 2011-Twelve new ETFs issued by db X-trackers have been tradable in Deutsche Börse’s XTF segment since Monday.
The ten new db x-trackers ETFs in the MSCI Emerging Markets Sector Index Series enable investors to participate in the performance of emerging market companies in the following sectors for the first time: consumer staples, energy, finance, healthcare, industry, IT, consumer discretionary, telecommunications services, utilities and materials.
The db x-trackers MSCI Emerging Market Short Daily Index ETF will track the daily inverse performance of the MSCI Emerging Market Index plus an interest component. This interest component represents earned interests the ETF will receive when it enters into the notional short position.
The aim of the db Equity Strategies Hedge Fund Index ETF (EUR) is to track the db Equity Strategies Hedge Fund Index's performance as exactly as possible. The index follows two investment strategies: the equity hedge strategy and the equity market neutral strategy. Through the equity hedge strategy, an investment is made in shares classed as undervalued (long). Instruments considered to be overvalued are short sold (short). The equity market neutral strategy combines both long and short positions. However the index portfolio is designed to largely act on market neutral terms.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 835 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse’s
db-X ETC verzeichnet höchste Zuflüsse im ETC-Markt
July 11, 2011--Im ersten Halbjahr 2011 hat db-X ETC, die Plattform der Deutschen Bank für börsengehandelte Rohstoffprodukte (Exchange Traded Commodities, ETC), die europaweit höchsten Zuflüssen unter allen Anbietern von ETCs verzeichnet (Quelle:
Deutsche Bank). Damit setzt db-X ETC seine erfolgreiche Entwicklung seit dem Start im März 2010 fort. „Der Trend, dass Investoren täglich flexibel an der
Wertentwicklung von Rohstoffen partizipieren wollen, ist ungebrochen. Unsere Produktlösungen mit konsequenter Besicherung und das Angebot
währungsgesicherter ETCs treffen auf großes Interesse bei Investoren“, sagt
Thorsten Michalik, verantwortlich für db-X ETC.
Die Ergebnisse im Einzelnen:
Die Angebote von db-X ETC haben ihr ausstehendes Volumen im ersten Halbjahr 2011 um 592 Millionen Euro auf 1,4 Milliarden Euro gesteigert. (Quelle: Deutsche Bank, 8.7.2011). Die Deutsche Bank hat mit ihren Rohstoff-Produkten fast die gesamten Netto-Mittelzuflüsse in dieser Produktkategorie in Europa auf sich gezogen und so ihren Marktanteil in diesem Segment deutlich gesteigert.
Der db Physical Gold Euro Hedged ETC hat bis Ende Juni 2011 sein ausstehendes Volumen um 263 Millionen Euro auf 620 Millionen Euro gesteigert. Er ist damit der ETC mit dem höchsten Zufluss unter allen in Europa angebotenen ETCs (Quelle: Deutsche Bank, 8.7.2011).
Ebenfalls hohe Zuflüsse hat der db Brent Crude Oil Booster ETC (EUR) verzeichnet, der an der Wertentwicklung der Öl-Sorte „Brent“ partizipiert, sowie der db Brent Crude Oil Booster Euro Hedged ETC, der zusätzlich eine Währungsabsicherung bietet. Diese ETCs haben das ausstehende Volumen im ersten Halbjahr 2011 zusammen um 120 Millionen Euro gesteigert. Die drei genannten börsengehandelte Rohstoffprodukte der Deutschen Bank zählen damit zu den nach Zuflüssen gerechneten zehn erfolgreichsten Rohstoffprodukte in diesem Zeitraum (Quelle: Deutsche Bank, 8.7.2011). Die mit dem Zusatz „Booster“ versehenen Indizes zielen darauf ab, in Rohstoffe zu investieren und gleichzeitig die Verluste zu minimieren beziehungsweise die Gewinne zu maximieren, die beim „Rollen“ der entsprechenden Rohstoff-Terminkontrakte entstehen.
Bisher wurden 40 ETCs emittiert, die die Entwicklung einzelner Rohstoffe oder definierter Rohstoffkörbe abbilden. Bei allen db-X ETCs erfolgt eine physische Besicherung mit Goldbarren oder mit dem entsprechenden Edelmetall in allozierter Form.
Auch die von db X-trackers aufgelegten ETFs (Exchange Traded Funds,
börsennotierte Indexfonds) auf breit gestreute Rohstoffindizes stießen 2011 auf großes Interesse bei Anlegern. Der db x-trackers DBLCI-OY Balanced ETF konnte im laufenden Jahr bis Ende Juni sein Fondsvolumen um 93 Millionen Euro auf 1,2 Milliarden Euro steigern. Die Rohstoff-Lösungen der Deutschen Bank, in Form von ETCs wie auch in Form von ETFs, haben insgesamt ein Drittel aller Zuflüsse in börsennotierte Rohstoff-Produkte im ersten Halbjahr 2011 auf sich gezogen (Quelle: Deutsche Bank).
Source: db-X ETC – Deutsche Bank Exchange Traded Commodities
Austria: Strengthening domestic sources of growth would secure place as ‘Champions League’ economy
July 11, 2011--Austria should seize the opportunity provided by its robust, export-led recovery to strengthen reforms and reinforce domestic drivers of economic growth, according to a new OECD report.
The OECD’s Economic Survey of Austria says the global crisis revealed the particular vulnerabilities of export –orientated economies while the boost given to Austrian growth by deepening and widening European integration over the past two decades is likely to fade in the coming years.
view the Economic Survey of Austria 2011
Source: OECD
Further milestone reached in agricultural derivatives
July 11, 2011--The international derivatives exchange Eurex has recently reached a further milestone in the agricultural derivatives segment. Last week, futures contracts on European processing potatoes (FEPP) traded in the order book passed the 100,000 mark for the first time since their launch.
"The Eurex future on European processing potatoes is a very important price hedging instrument for the entire central European potato industry – from farmers to the processing industry. We are very satisfied with the liquidity the market has achieved in the past few months, and aim to continue contributing to this success,” commented Rene van Diepen, Director of the Dutch Organisation of Potato Merchants (Nederlandse Aaardapple Organisatie – NAO).
“We are delighted to have achieved the 100,000-contracts mark in less than two years after we started trading in July 2009. We would like to thank all market participants for their support and confidence in this contract. Not only the volume but also an increasing number of trading participants in the derivatives market for potatoes confirms our decision to launch agricultural derivatives,” said Peter Reitz, member of the Eurex Executive Board.
The Eurex offering currently comprises six agricultural futures on butter, European processing potatoes and potatoes for the British market (London potatoes), hogs, piglets and skimmed milk powder. All futures are based on recognized reference prices from the relevant cash markets and are settled in cash. Further expansion of the product segment is planned in close cooperation with the agricultural industry.
Source: Eurex
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