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Deutsche Börse Commodities makes 500th Xetra-Gold delivery
A total of 2.5 tonnes of gold have been transferred to investors
August 10, 2011--Xetra Gold is a zero-coupon bond with perpetual maturity, representing a gram of gold. It is 100% backed by physical gold and represents the right to the delivery of gold. For investors, owning a unit of Xetra-Gold is equivalent to owning one gram of physical gold.
Since Xetra-Gold launched in 2007, investors have already made use of this physical backing 500 times and taken delivery of a total 2.5 tonnes of gold. Fees for packaging, transport and insurance apply, which depend on the quantity delivered.
“Investors have a choice of small bars in several different sizes (1 gram to 1000 grams) and standard bars of 12.5 kilograms,” said Steffen Orben, managing director at Deutsche Börse Commodities GmbH. “Delivery normally takes around two weeks.”
The Deutsche Börse Commodities' gold reserve, which backs the Xetra-Gold bearer bond, amounted to 50.6 tonnes at the end of July. The gold is stored at Clearstream’s vaults in Frankfurt. At a price of EUR 36.38 per unit (Xetra price on 29 July), the current value of the gold in custody is around EUR 1.8 billion.
“Xetra-Gold provides investors with one of the most favourable opportunities of acquiring and trading physical gold,” said Martina Gruber, managing director at Deutsche Börse Commodities. “The bid/ask spread is generally only around 0.1 percent. In contrast to fund trading and other ETCs, no ongoing management fees are charged for Xetra-Gold.”
Xetra-Gold is therefore by far the best-performing security among the 181 exchange traded commodities (ETCs) available on Xetra. Its share of total order book sales in the ETC segment is around 16 percent.
Source: Deutsche Börse
UK rates likely to remain on hold for some time
August 10, 2011--The Bank of England has signalled that interest rates will remain on hold for much longer than previously believed, as it forecast lower economic growth and inflation over the next two years.
In outlining the Bank’s new forecasts, governor Sir Mervyn King emphasised that they did not take account of worst-case scenarios from the eurozone debt crisis.
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Source: FT.com
Eurozone states get moving after ECB, Fed take centre role
August 10, 2011--Urgent action on the eurozone debt crisis picked up Wednesday with emergency budget talks in Rome and Paris after the ECB laid down terms for shoring up Europe's single currency.
A new round of stock market free-falls underscored fragile sentiment despite a US Federal Reserve statement that forecast low US credit rates for the next two years.
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Source: EUbusiness
Euro area securities issues statistics-June 2011
August 10, 2011--The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from 3.6% in May 2011 to 3.9% in June. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate increased from 1.3% in May 2011 to 1.6% in June.
New issuance of debt securities by euro area residents totalled EUR 888 billion in June 2011 (see Table 1 and Chart 1). Redemptions stood at EUR 871 billion and net issues amounted to EUR 25 billion (see Table 1). 1 The annual growth rate of outstanding debt securities issued by euro area residents
increased from 3.6% in May 2011 to 3.9% in June (see Table 1 and Chart 3).
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Source: ECB
ESMA provides opinions on pre-trade transparency waivers
August 10, 2011--ESMA today provided its first opinions on pre-trade transparency waivers to competent authorities under Article 29(1)(a) of the ESMA Regulation. These opinions contribute to a common supervisory culture and consistent supervisory practices. The decisions on ESMA opinions to competent authorities are taken by simple majority.
The opinions published today relate to the MiFID compliance of two trading functionalities submitted for ESMA’s assessment by the relevant national competent authorities as part of the process originally developed by CESR in spring 2009. The substance of the individual opinions has been included (in red) in the table annexed to the document “Waivers from Pre-trade transparency, ESMA opinions and CESR positions” (ESMA/2011/241). As the opinions relate to confidential information, the substance of the individual opinions has been anonymised. According to these opinions, ESMA considered a reference price system proposed by a trading venue to be MiFID compliant, whereas a system intended to formalise negotiated trades was not considered to comply with the MiFID requirements for granting a pre-trade transparency waiver.”
view the Waivers from Pre-trade Transparency
CESR positions and ESMA opinions
Source: ESMA
ESMA publishes updated list of measures adopted by competent authorities on short selling
August 9, 2011-- ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Greece
view Measures adopted by competent authorities on short selling statement
Source: ESMA
FSA publishes Recovery and Resolution Plans consultation
August 9, 2011--The Financial Services Authority (FSA) has today published a Consultation Paper (CP) and Discussion Paper (DP) on its proposals for Recovery and Resolution Plans (RRP), required of financial institutions.
The publication also covers policy proposals aimed at reducing the impact of firms' failure in relation to their investment business client money and custody assets holdings.
The CP covers the requirement for banks and large investment firms in the UK to prepare and maintain Recovery and Resolution Plans and the DP explores matters relevant to the resolution of financial services firms.
view the CP11/16 -Recovery and Resolution Plans
Source: FSA.gov.uk
European pension funds adopt 'wait and see' approach to market turmoil
August 9, 2011--European pension schemes are adopting a 'wait and see strategy' as the US market remains highly volatile.
Several of the larger Dutch pension funds have decided to refrain from any sudden changes in their investment policies and will stick to their long-term investment strategies for the time being.
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Source: IP&E
France's AMF sees no need for short sale ban
August 8, 2011--French market regulator AMF has no current plans to follow its Greek counterpart in implementing a ban on short-selling, a spokeswoman said on Monday.
"The AMF decided that at this stage, the situation on the French stock markets did not make it necessary to implement a short-selling ban," the spokeswoman said.
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Source: Reuters
Source Physical Platinum P-ETC and Source Physical Palladium P-ETC receive Shari'ah approval
August 8, 2011--Source, the US$10 billion specialist provider of Exchange Traded Products (ETPs) working in partnership with BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, and other market makers, is pleased to announce that its
Source Physical Platinum P‐ETC (SPPT LN) and Source Physical Palladium P‐ETC (SPAL LN) have been confirmed as permissible Islamic investment certificates complying with the
requirements of Shari’ah law.
The Source products were approved on 26th July 2011 by a Board of Shari’ah Scholars facilitated by Amanie Islamic Finance Consultancy and Education LLC (“Amanie”). The Shari’ah Supervisory Board included representation from world‐renowned scholars versed in differing schools of fiqh including Dr. Mohammed Ali Elgari (Kingdom of Saudi Arabia), Dr. Mohd Daud Bakar (Malaysia), Dr. Muhammed Amin Ali Qattan (Kuwait), and Dr. Osama Al Dereai (Qatar). This Shari’ah Board has been retained by Source as its dedicated Shari’ah
Supervisory Board (Please see below for board member biographies).
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Source: Source ETFs
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