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SIX Swiss Exchange Extends Contract With NASDAQ OMX and Upgrades to New Trading Platform
X-stream INET Platform From NASDAQ OMX Delivers World-Class Latency and Throughput Capabilities
June 16, 2011--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announces that SIX Swiss Exchange has extended its contract with NASDAQ OMX and will upgrade its existing SWXess equities trading platform with NASDAQ OMX's X-stream INET technology. The system upgrade is scheduled to be in effect in Q1 2012, and will enable significant latency and throughput advantages for SIX Swiss Exchange and its trading members in all asset classes.
Christian Katz, CEO at SIX Swiss Exchange said: "Our upgrade to X-stream INET for the trading of all asset classes will be a global first. It allows us to leverage the most advanced trading technology in the world, provided by our technology partner NASDAQ OMX, into our unique market structure with minimal adjustments for our clients. We have always believed that a high-performance and multi-functional trading platform remains a key differentiator in order to attract new liquidity and through this upgrade to X-stream INET we are setting a new standard."
Lars Ottersgard, Senior Vice President NASDAQ OMX Market Technology commented: "SIX Swiss Exchange will be the first exchange to implement X-stream INET, a system that utilizes the advanced functionality of our proven X-stream platform in combination with INET, the world's fastest trading technology in production with sub-100 microsecond latency."
Source: NASDAQ OMX
Istanbul Stock Exchange celebrated 20th anniversary of the Bonds and Bills Market
June 16, 2011--The Istanbul Stock Exchange (ISE) celebrated the twentieth anniversary of its Bonds and Bills Market with the participation of the officials of capital markets institutions, ISE members and staff as well as the representatives of data vendors and media. The Bonds and Bills Market was established on June 17, 1991.
Among the participants of the celebration held at the ISE were, Prof. Vedat Akgiray, Chairman of the Capital Markets Board of Turkey; Mr. Mehmet Yörükoğlu, Deputy Governor of the Central Bank of Turkey; Mr. Coşkun Cangöz, Director General of Public Finance, Turkish Treasury; and Mr. Murat Ulus, General Manager of ISE Settlement and Custody Bank (Takasbank), as well as Mr. Yaman Törüner, former ISE Chairman, and Mr. Abdullah Akyüz, former Vice Chairman of the ISE, who played leading roles in establishment of the Bonds and Bills Market.
In his opening speech, Mr. Hüseyin Erkan, ISE Chairman & CEO, stated that the importance of organized markets was emphasized with the break-out of the global crisis in 2008, he said, “ISE envisaged the importance of an organized Bonds and Bills Market twenty years ago, and launched the Market. Today, the ISE Bonds and Bills Market sets an example for the world markets, and our experience is consulted on the international platform, from which we take great pride”.
RANKING EIGHTH AMONG THE WORLD MARKETS IN TWENTY YEARS
The annual total traded value of the ISE Bonds and Bills Market, which stood at US$ 312 million in 1991, reached US$ 2.3 trillion in 2010.
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Source: Istanbul Stock Exchange (ISE)
Government publishes financial regulation White Paper and draft Bill
June 16, 2011--The Government has today published its financial regulation White Paper and draft Bill. These provide further detail on the Government’s proposed reforms to the financial regulatory regime within the UK.
Today’s White Paper has been extensively informed by the responses to the Government’s last round of consultation in February, and contains a number of new policy proposals which have been developed in light of stakeholder feedback, including:
a specific statutory objective governing the Prudential Regulation Authority’s responsibilities for the insurance sector;
an updated and enhanced competition regime under the Financial Conduct Authority (FCA); and
steps to strengthen the handling of cases of widespread consumer detriment, including misselling.
The publication of this White Paper marks an important stage in implementing these proposals as it sets out detailed policy plans alongside draft legislation to form a clear blueprint for reform. It also marks the beginning of the Parliamentary stages of the process: pre-legislative scrutiny of the draft Bill is due to begin shortly and, subject to the progress of pre-legislative scrutiny, the Government hopes to introduce the Bill later this year.
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Source: HM Treasury
China 'long-term investor' in European debt market
June 16, 2011--China said Thursday it was a "long-term investor" in the European debt market and hoped eurozone nations would achieve stable growth, as Greece teetered on the brink of defaulting on its loans.
"China is a long-term investor in the European securities market," foreign ministry spokesman Hong Lei told reporters.
"We hope Greece can realise stability and development through cooperation between the EU and the international community. We hope the relevant countries will realise stable economic growth."
Asian stock markets tumbled on Thursday as the eurozone debt crisis came back to the fore.
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Source: EUbusiness
NYSE Euronext To Extend LCH.Clearnet Clearing Arrangements In Paris
June 16, 2011-- NYSE Euronext today announced that LCH.Clearnet has agreed to extend the arrangements under which LCH.Clearnet S.A. provides clearing services to the European Securities and Continental European Derivatives Markets of NYSE Euronext.
Termination of these arrangements was scheduled to occur in November 2012, following the notice given by NYSE Euronext in May 2010. The agreed extension means that the current clearing arrangements will continue to June 2013 for Derivatives and December 2013 for Cash. There are no changes to the contractual arrangements in place between NYSE Liffe Clearing and LCH.Clearnet Ltd, in respect of NYSE Euronext Derivatives in London.
Duncan Niederauer, Chief Executive Officer of NYSE Euronext said: "In the current dynamic environment, where we are finalising our planned business combination with Deutsche Boerse and LCH.Clearnet Group is considering its own strategic options, this extension gives both parties the time needed for these strategies to crystallise, while providing operational stability and continued service to our customers in the meantime."
Source: CFTC.gov
EEX Exchange Council Discusses Effects Of The Moratorium On Trading
June 15, 2011--In the meeting of the Exchange Council chaired by Dr. Günther Rabensteiner in Leipzig on 8 June 2011 the Exchange Council discussed the effects of the nuclear power moratorium on trading on EEX. Immediately after the announcement in mid-March significantly stronger interest in trading was recorded – in particular on the Power Derivatives Market.
Hence, the situation over the last weeks has shown once again that exchanges make the effects of political decisions visible through the prices established and the volumes traded on these. In this context, the energy markets cannot be viewed in isolation on a national basis – the German power market, in particular, is embedded in the interconnected European electricity market. The Exchange Council concluded that political decisions which require structural changes of the energy supply system should consider possible effects on the energy markets and the competition.
Furthermore, the Exchange Council discussed the status of various legislative initiatives in the field of energy and financial market regulation.
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Source: EEX
EPEX Spot's Exchange Council welcomes study about green power product
June 15, 2011-- The eighth meeting of the EPEX Spot Exchange Council was held on June 8th, 2011 in Leipzig and chaired by Dr. Günther Rabensteiner, Verbund AG. The main topics discussed were:
A prospective study on a Green Power product
The shortening of lead-time to 45 minutes on the Intraday Market
A prospective study about the possible trade with labelled Green Power on EPEX Spot’s markets was presented to the members of the Exchange Council, who welcomed this initiative of EPEX Spot. For some months now, EPEX Spot is working on the internal study which will lead to a Green Power product.
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Source: EPEXSPOT
UK government backs separation of banks
June 15, 2011-The British government intends to force banks to separate their retail operations from their more volatile investment banking, and it is putting up for sale the first bank nationalized during the credit crisis, the nation's Treasury chief said Wednesday.
George Osborne endorsed the principle of insulating retail banking from other bank activities, but said he was waiting for the final report of the Independent Commission on Banking to flesh out the details.
The move is intended to help prevent a repeat of the financial crisis of 2008 and to keep banks from becoming too big to be allowed to fail.
Even before Osborne spoke to a gathering of financial executives, bank shares tumbled lower following reports of his decision.
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Source: Yahoo Finance
DB Global Equity Index & ETF Research :European ETF Market Weekly Review : Defensive positions emerge amidst continuing negative market pressure
June 15, 2011--Investment Outlook: Modest flows set the ball rolling after 2 weeks with flat numbers
Markets across Europe braved a difficult week with most of the European equity benchmarks ending lower than the previous week’s close: CAC, Euro Stoxx 50, FTSE 100 & the DAX lost 2.2%, 2%, 1.5% and 0.55% respectively. Concerns around the Greek solvency pushed the Euro to decline by 1.97% against the US Dollar in cross currency trades.
Investors across Europe, after a few weeks of pause to process the negative news, have started building defensive positions. Equity flows have been muted and Commodity ETPs have witnessed net cash outflows in the past 2 weeks.
Fixed Income ETF investing has resumed after a hiatus with over €500 million entering the European ETF markets in the last 2 weeks alone.
*Within Fixed Income ETFs, cash flows were marked by sovereign ETFs which have collected over €314 million in the last 2 weeks. Corporates and broad fixed income ETFs were the next biggest beneficiaries with €161 and €98 million inflows in the past 2 weeks. Overall, fixed income ETFs have registered outflows of €145 million year till date.
Equity ETFs gathered weekly flows of €306 million with the bulk finding its way into European developed country ETFs & non-European developed country ETFs respectively (mostly Germany & US).Together these two segments collected over €250 million in cash inflows in the last week. Broad European benchmarks and European sector ETFs witnessed outflows of €103 million and €105 million respectively.
In the first 2 weeks of June, ETFs tracking German country benchmarks have witnessed net outflows of €180 million. This is in sharp contrast to the flow patterns of May where they received close to €1.7 billion in monthly cash inflows.
Commodities registered cash outflows of €111 million in the last week with broad commodity ETFs alone accounting for €151 outflows.
Assets Under Management (AUM): ETP Assets remain flat
Total European ETP assets stayed unchanged and ended the previous week at €238.5 billion. Equity ETF assets declined by over €786 million (0.5%) to end the week at €151.9 billion. ETFs tracking broad European developed markets and European developed country benchmarks together lost over €700 million in assets in the last week. Commodity assets increased by €511 million with gold and silver assets increasing by €271 million and €158 million respectively. Fixed Income ETFs gained over €368 million to end the week with €42.3 billion in total assets. Sovereign ETFs alone accounted for over €134 million in the weekly increase.
Exchange Total Weekly Turnover: Turnover levels rise as investors return to the markets.
Trading activity across the European ETP exchanges picked up in the last week, registering gains of 14.2% to end with €10.2 billion. Equities had the lion’s share in this increase, adding close to €1 billion to the weekly total turnover. Fixed Income ETFs displayed the highest percentage increase (25%), which added over €200 million to the weekly turnover numbers. Overall weekly turnover levels increased by €1.3 billion week over week.
New ETP Product Launch Calendar: 3 product launches, 26 Cross-Listings
State Street launched 3 new products in the last week on the European ETP markets. These were 3 Fixed Income ETFs offering exposure to US Treasury, US bonds and global bonds. These were listed on the Deutsche Borse.
26 ETFs were cross-listed on the European ETP exchanges in the past week.
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Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
BlackRock ETF Landscape: STOXX Europe 600 Sector ETF Net Flows - Week Ending 10-Jun-2011
June 15, 2011--For the week ending 10 June 2011, there were US$290.9 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in automobiles and parts with US$70.8 Mn followed by industrial goods and services with US$57.5 Mn net outflows while basic resources experienced net inflows of US$34.4 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$87.8 Mn net inflows. Healthcare has seen the largest net inflows with US$305.1 Mn, followed by banks with US$211.9 Mn net inflows while automobiles and parts experienced the largest net outflows with US$175.5 Mn.
As of 10 June 2011, there is US$10.1 Bn AUM invested in the STOXX sector ETFs which is greater than the US$8.4 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 14 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
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