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European fund bond buy back 'possible': Germany

July 13, 2011-- Germany suggested on Wednesday it was "possible" for the European Financial Stability Fund (EFSF) to buy back the bonds of a country in financial trouble.

"It is already now theoretically possible for a state to receive financial aid and then to use some of this to buy back its debt," finance ministry spokesman Martin Kotthaus told a news conference.

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Source: EUbusiness

Belgium: Action needed on public finances, greener growth and access to job market

July 12, 2011--Belgium has come out of the global financial crisis faster than the euro area as a whole, but high public debt and the need to anticipate the cost of its ageing population require urgent fiscal consolidation, according to the OECD’s latest Economic Survey of Belgium.

Reinforcing economic dynamism by improving access to the labour market, particularly for young people and immigrants, is also a priority, says the report. At the same time economic growth needs to become greener. Belgium’s relatively weak environmental taxes should be developed to improve growth prospects and living standards.

view the OECD Economic Survey of Belgium 2011

Source: OECD

London Stock Exchange Group Welcomes New ETF Issuer

Ossiam launches first products in London; opens market
LSEG largest ETF
July 12, 2011-- London Stock Exchange Group today welcomes Ossiam as a new issuer of exchange traded funds (ETFs) on its UK markets. The company is the twentieth to list such products on the Group’s markets across London and Milan. There are now more issuers with ETFs listed across the Group than on any other exchange in Europe.

Ossiam has listed 4 products, offering exposure to European and US equity indices. They are:
OSSIAM ETF iSTOXX Europe Minimum Variance NR
OSSIAM ETF US Minimum Variance NR
OSSIAM ETF EURO STOXX 50 Equal Weight NR
OSSIAM ETF STOXX 600 Equal Weight NR

To mark the occasion Bruno Poulin, Chief Executive of Ossiam, was joined by Xavier Rolet, Chief Executive of London Stock Exchange Group, to open trading at the London Stock Exchange today.

Pietro Poletto, Head of ETFs at London Stock Exchange Group, said:

“Our ETF markets continue to go from strength to strength. Not only do our markets see more ETF volume traded than any other exchange in Europe, but we are host to more ETF issuers than any other exchange in Europe too.

“Through Ossiam’s new ETFs, investors will have the opportunity to gain exposure to high quality products on an established, liquid platform.”

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Source: London Stock Exchange

NYSE Euronext NYSE Euronext European ETF - June 2011

July 12, 2011--NYSE Euronext European ETF activity highlights for June 2011
June 2011 saw 3 new ETF listings from HSBC ETFs on NYSE Euronext Paris.

At the end of June, NYSE Euronext had 656 listings of 565 ETFs from 17 issuers. So far this year, there were a total of 115 new listings on the NYSE Euronext European market including 89 new primary listings and 26 cross listings.

These ETFs cover more than 360 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc...).

Trading activity
In June 2011, on average, there were 8 575 trades on a daily basis, representing a decrease of 7.4% versus June 2010.

ADT of €409.8 million, representing an increase of 2.5% from the €399.7 million in June 2010.

Assets Under Management (AUM)
At the end of June 2011, the combined AUM of all ETFs listed on the NYSE Euronext European markets totalled €142.5 billion, an increase of 22.1% from the €116.7 billion at the end of June 2010.

Market Quality
The combination of the flow of 22 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 28.5 bps of all listed ETFs.

view the June 2011 edition of the ETF Monthly Flash

Source: NYSE Euronext

Survey reveals marked differences between retail investors’ choices and product knowledge across NYSE Euronext markets in Europe

July 12, 2011-- In its continued initiative to connect retail investors to product issuer communities, NYSE Euronext commissioned TNS Sofres to survey the opinions, attitudes, and expectations of retail investors on its European cash markets including France, the Netherlands, Belgium and Portugal.

The survey was conducted from December 1, 2010 to April 4, 2011 for a sample of 591 active European investors, defined as making at least 20 transactions each year , or 10 to 19 transactions each year with a portfolio of at least €15,000. These investors hold shares, bonds, certificates, warrants, ETFs, options, futures or CFDs and are actively involved in their portfolio management.

The survey revealed a number of interesting findings demonstrating the strong differences between different investors’ product knowledge and choices in France, the Netherlands, Belgium and Portugal.

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Source: NYSE Euronext

European Parliament: Ban Energy Market Manipulation, Says Energy Committee

June 12, 2011--New rules to prevent abusive practices in the energy wholesale market, and thus protect final consumers all over Europe, were backed by the Industry, Research and Energy Committee on Tuesday. The rules have been agreed with EU Member State representatives, and will be put to a vote by Parliament as a whole in September.

The draft EU regulation on energy market integrity and transparency (REMIT) was approved in committee with 42 votes in favour, none against and 3 abstentions.

"Energy, as the 'lifeblood' of our economies, must remain affordable. Therefore, this regulation is a step forward: it ensures market transparency and prevents market abuse. We worked hard to achieve an agreement setting out the right conditions for energy trading. I am particularly happy that the European dimension of energy trading is clearly highlighted within REMIT", said Parliament's rapporteur, Jorgo Chatzimarkakis, (ALDE, DE).

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Source: European Parliament

Modeling Optimal Fiscal Consolidation Paths in a Selection of European Countries-IMF Working paper

July 12, 2011--Summary: For a number of countries - Italy, Netherlands, the United Kingdom, Germany, Ireland, and France - this paper develops an inter-temporal model that elicits the implied country-preferences over balancing the conflicting objectives of fiscal consolidation and reduction of economic slack.

The model suggests that some front-loading of adjustment is desirable, although the extent would vary by country preferences. It also finds that proposed consolidations may prove to be stronger than acceptable, especially if somewhat larger than anticipated fiscal multipliers lead to a sizeable economic deceleration.

view the IMF Working paper-Modeling Optimal Fiscal Consolidation Paths in a Selection of European Countries

Source: IMF

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

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