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Dear CEO letters for wealth firms
June 14, 2011--The FSA has sent a Dear CEO letter to wealth management firms after it found 80 per cent of files it reviewed presented a high risk of unsuitable service.
Speaking at the Chartered Institute for Securities & Investment’s annual conference in London this week, FSA director of conduct policy Sheila Nicoll said the regulator’s review of 16 wealth management firms revealed “significant and widespread failings”. Firms included major international private banks.
She said four out of five of the files reviewed had a high risk of unsuitability or the suitability could not be determined. Of the 16 firms, 14 were judged to pose either a high or medium risk of detriment to their customers.
Over two-thirds of the files were either inconsistent with firms’ models or with clients’ attitude to risk.
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Source: Money Marketing
Eurex Exchange to further expand commodities derivatives segment
June 14, 2011--The international derivatives exchange Eurex announced today that it will admit a new option on the Dow Jones UBS Commodity Index for trading on the Eurex Exchange on 27 June 2011. The new option will complement the future on the Dow Jones UBS Composite Index already listed as well as the nine other futures on the entire range of the Dow Jones UBS family subindices.
“In launching the option, we are taking the next logical step and reacting to the increased interest of our clients in exchange-traded index products in this asset class. Trading in the index future should benefit considerably from the availability of an option,” commented Peter Reitz, member of the Eurex Executive Board. “Commodities have established themselves as an investment vehicle among institutional investors, thus enabling better portfolio diversification.”
The new option based on the excess return version of the index is denominated in US dollars. A market making program will be offered for liquidity in the order book as well as for OTC transactions.
Around 40,000 commodity index futures have already been traded this year, thereof 27,500 in the broad Dow Jones UBS Composite Index.
Source: Eurex
Early extension of Xetra agreement by Vienna Stock Exchange
Cooperation to continue until 2017/Vienna Stock Exchange partners also use Xetra
June 14, 2011-- Electronic securities trading at the Vienna Stock Exchange will continue to use Deutsche Börse’s trading system until at least 2017. The two companies announced this decision today. Wiener Börse AG has extended its Xetra agreement with Deutsche Börse AG, which was due to expire at the end of 2012, by a further five years.
“Xetra is an extremely reliable and high-performance trading system, and with Xetra we have operated a very efficient cash market at the Vienna Stock Exchange for over ten years. The extension of this agreement highlights our successful cooperation with Deutsche Börse,” said Michael Buhl, member of the Management Board of Wiener Börse AG and CEESEG AG.
Frank Gerstenschläger, member of the Executive Board of Deutsche Börse AG, said: “The early extension of this agreement demonstrates the high quality and attractiveness of our trading system. Participants in the Vienna cash market will continue to benefit from state-of-the-art technology in the future, as well as from all the measures we are implementing to extend the functionality of our network and back-end system and to regularly improve performance.”
FSA may intervene in exchange traded funds sector
June 14, 2011--The markets watchdog said on Tuesday it had concerns about exchange traded funds and may intervene in the sector.
"We are looking very closely at these products and have been working with our colleagues elsewhere in Europe (Chicago Options: ^REURTRUSD - news) for a while on the subject," Financial Services Authority director of conduct policy Sheila Nicoll said.
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Source: Reuters
Advisors warn against synthetic ETFs - Reuters poll
June 14, 2011-- British financial advisers are boycotting swap-based exchange traded funds (ETFs) amid fears the market is fast evolving into a playground for hedge funds and derivative punters, a Reuters poll found.
Eight of 10 advisors and wealth managers surveyed by Reuters said they felt ETFs were losing their identity as retail investor-friendly products offering to match the returns of leading indexes in a cheap, liquid and efficient way.
Some respondents said the marketplace was now a breeding ground for complex, synthetic financial investments more suited to speculators than risk-averse retail investors, with eight of the 10 polled saying they would only recommend 'vanilla' ETFs fully backed by the assets in the index they tracked.
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Source: Ruters
ETF Stat Report May 2011 Borsa Italiana
April 14, 2011--The ETF Stat Report May 2011 of the Borsa Italiana is now available.
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Source: Borsa Italiana
Euro at record low vs Swiss franc on Greek jitters
Euro under pressure as Greek debt saga rolls on
Hits record low vs Swiss franc
Option expiries for euro at $1.43 may check losses
June 13, 2011--The euro hit a lifetime low against the safe-haven Swiss franc and slipped versus the dollar, as investors worried at policymakers' struggles over the Greek debt crisis cut their exposure to the common currency.
Volumes were on the lower side with many centres in Europe closed for a holiday. The cost of insuring peripheral euro zone bonds against default hit a record high, while a general lack of appetite towards riskier assets also pushed the euro lower.
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Source: Reuters
Euro Area Securities Issue Statistics: April 200
June 13, 2011--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.2% in April 2011, compared with 3.4% in March. For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 1.4% in April 2011, compared with 1.2% in March.
New issuance of debt securities by euro area residents totalled EUR 931 billion in April 2011 (see Table
1 and Chart 1). Redemptions stood at EUR 891 billion and net issues amounted to EUR 50 billion (see Table 1). 1 The annual growth rate of outstanding debt securities issued by euro area residents was 3.2% in April 2011, compared with 3.4% in March (see Table 1 and Chart 3).
As regards the sectoral breakdown, the annual growth rate of outstanding debt securities issued by nonfinancial corporations decreased from 4.8% in March 2011 to 3.3% in April (see Table 2 and Chart 4).
For the monetary financial institutions (MFIs) sector, this growth rate decreased from 0.8% in March 2011 to 0.5% in April. The annual growth rate of outstanding debt securities issued by financial corporations other than MFIs was 1.2% in April 2011, compared with 1.3% in March. For the general government, this growth rate was 6.7% in April 2011, compared with 6.6% in March.
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Source: ECB
Semi-annual review of the OMX Iceland 6 Index
July 10, 2011--NASDAQ OMX Nordic, part of The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announced today the results of the semi-annual review of the
OMX Iceland 6 Index, (NASDAQ OMX Iceland: OMXI6ISK), which will become
effective at market open on July 1st.
One change will be made to the portfolio of the OMXI6 Index where Eik Bank P/F is added as a new constituent, while Atlantic Airways P/F will be removed from the index.
Source: NASDAQ OMX
Deutsche Börse AG And Nyse Euronext Present At Sandler O'neill 2011 Global Exchange & Brokerage Conference
Reiterate Benefits of Strategic Combination to Create the World’s Premier Global Exchange Group and Deliver Long-Term Value to Shareholders
June 10, 2011--Deutsche Börse AG (XETRA: DB1) and NYSE Euronext (NYSE: NYX) announced that Reto Francioni, Chief Executive Officer of Deutsche Börse, and Duncan L. Niederauer, Chief Executive Officer of NYSE Euronext, today delivered a joint presentation at the Sandler O’Neill + Partners, L.P. Global Exchange and Brokerage Conference.
“We are confident that the financial benefits and long-term growth potential made possible by the combination of Deutsche Börse and NYSE Euronext will deliver significant benefits to all stakeholders,” said Reto Francioni, CEO of Deutsche Börse. “By bringing together two of the world’s most respected and successful exchange operators, this transaction will uniquely position the combined company to address the needs of the global capital markets. We look forward to providing customers with unparalleled access to markets, products, information and world-class technology and clearing services.”
“We are truly excited about the strength of the integrated business model that we will have as a combined company,” said Duncan L. Niederauer, CEO of NYSE Euronext. “The combination of our businesses will give us the scale to deliver growth and synergies for our shareholders and capital and operational efficiencies for our customers. As we jointly work towards the completion of the transaction, we are confident that the combined entity will drive superior shareholder value.”
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Source: Deutsche Börse
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