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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.
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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).
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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
German banks angered by data plan
July 11, 2011--German banks have launched a stinging attack on the imminent publication of highly detailed information about their holdings, claiming these could worsen the sovereign debt crisis and encourage “targeted speculation” against individual financial institutions.
The European Banking Association plans on Friday to release detailed debt holdings data for 91 of the European Union’s largest banks including 13 from Germany as part of its much anticipated stress tests.
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Source: FT.com
Eurozone to reconsider bail-out fund debt buy
July 11, 2011--European finance ministers have sent a strong signal they are prepared to begin buying back significant amounts of Greek bonds on the open market, announcing they would reopen discussions to use the eurozone’s €440bn bail-out fund to repurchase the debt of distressed governments.
Monday night’s decision came after an eight-hour meeting of finance ministers in Brussels that was held against a backdrop of plunging markets and mounting fears that the debt crisis that has plagued Greece and the eurozone’s periphery for the last 18 months was now spreading to its larger members, including Italy.
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Source: FT.com
EU moves towards partial gag on ratings agencies
July 11, 2011--Brussels on Monday urged a clampdown on the world's ratings agencies, including a ban on ratings for countries covered by international rescue packages, and possible legal action.
Internal Markets Commissioner Michel Barnier said in a speech delivered in Paris but released in Brussels that he would ask Poland, which currently holds the rotating European Union presidency, to put action on ratings agencies to ministers soon.
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Source: EUbusiness
SIX Swiss Exchange And Liquidnet Launch New Block Equities Trading Service -
SIX Swiss Exchange first to deliver global institutional liquidity to its members through unique trading model
Liquidnet brings previously untapped block liquidity from five European markets to its global institutional trading network July 8, 2011--Paving the way for a new and more efficient way to source and trade block liquidity in Europe, SIX Swiss Exchange and Liquidnet announced today the launch of a new unique platform for non-displayed equity block trading with the roll-out of approximately 3000 equities in five European equities markets: Switzerland, UK, France, Germany and the Netherlands, with more equities markets planned to be added over time.
The platform allows SIX Swiss Exchange members and Liquidnet’s buy side members to execute large block trades safely and efficiently via this new liquidity source.
Both SIX Swiss Exchange’s and Liquidnet’s members will gain access to the Swiss institutional liquidity, as well as similar liquidity in the other four markets. The platform will enable the liquidity in Liquidnet’s global institutional liquidity pool to interact with block liquidity delivered directly from SIX Swiss Exchange members in approximately 3000 securities, resulting in more executable liquidity, without compromising protection and anonymity.
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Source: Business Wire
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