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Ukrainian Exchange launches options trading
April 28, 2011--Ukrainian Exchange has launched trading in options contracts on April 26 2011, representing a futures-style quarterly option on UX Index Futures, i.e. the Ukrainian stock index.
The Exchange said presently options with settlement on 15 June 2011 and 15 September 2011 are being traded.
The options are American style contracts, i.e. early exercise is possible.
According to the Exchange, the 17 strike prices with intervals of 100 points have been introduced in the trading system. The initial strike price range is from 1900 to 3500 points.
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Source: BBR
DB- Equity Research-Europe-Equity cash flows continue to propell the ETF market forward
April 28, 2011--Investment Outlook: Q2 2011 continues to bring in healthy cash inflows into the European ETP markets
For the third week in a row, cash inflows into the European ETP markets stayed above the €1 billion mark. Last week witnessed a total of €1.2 billion inflows with equities and commodities sharing the bulk among them. Equities received €952 million cash flows with European developed country ETFs collecting €849 million week on week.DAX ETFs received almost the entire flows in this segment pushing their YTD inflows to €5 billion. Regional equity ETFs focused on Eurozone lost €225 million in outflows in the past week. Most of these outflows were from ETFs tracking the Euro Stoxx 50 Index.YTD flows out of Euro Stoxx 50 ETFs now stand at €2.7 billion.
Commodities received €320 million inflows in the past week taking their overall YTD flows to €2.5 billion. Broad commodity ETFs, platinum and gold were the primary beneficiaries collecting inflows of €246 million, €55 million and €45 million respectively.
Fixed Income ETFs witnessed the exit of €110 million with money market ETFs alone accounting for the majority of outflows. The recovery in equity markets and asset price increase in commodities seems to have triggered an exit from the fixed income ETFs into the relatively risky albeit higher return generating asset classes. The first few weeks of Q2 2011 have seen a cumulative cash outflow of €405 million from fixed income ETFs.
Assets Under Management (AUM): Equity & Commodity led increase
Total European ETP assets increased by 1.3% and ended the previous week at €242.9 billion. Equities gained €2.2 billion in assets aided by healthy cash inflows and rising markets. Most of the European equity benchmarks ended higher than the previous week’s close: DAX, CAC, Euro Stoxx 50 & the FTSE 100 gained 1.63%, 1.19%, 0.59% and 0.37% respectively. This was the most pronounced in the case of European developed country ETFs (which include DAX ETFs) where AUM increased by €1.3 billion week on week.
Overall Commodity AUM increased by close to €1 billion in the past week. Rising prices of precious metals notably gold and silver added close to €0.5 billion in assets, compensating for the rather modest weekly cash flows into the segment. Fixed Income AUM remained flat in the last week with €42 billion in overall assets.
On-Exchange Total Weekly Turnover: Modest weekly increase but lower than 2010 levels
Weekly on exchange ETP total turnover increased by 3.5% to end the week at € 9.5 billion. Equity turnover gained moderately by 6.2% to end the week at €7 billion. Commodity turnover declined by more than 10% (€167 million) and had a weekly total figure of €1.4 billion. Fixed Income turnover gained a modest 7.4% to reach €945 million.
New ETP Product Launch Calendar: 5 new launches, 18 listings.
UBS launched the EUR, CHF and GBP versions of their existing ETF on DJ-UBS Commodity Index .These were offered in both A and I share classes and were listed on the Swiss Stock Exchange.
Deutsche Bank introduced an ETF tracking the MSCI BRIC Net Total Return index. This ETF provides exposure to the large and midcap companies in Brazil, Russia, India and China. A leveraged short ETF tracking the FTSE 100 Super Short Strategy Index was also launched. The Index is linked to two times the daily inverse performance of the FTSE 100 Index These ETFs were listed on the London Stock exchange.
Overall there were 13 equity and 5 commodity ETFs that were cross-listed in the European exchanges over the last week. Please see Figure 10 for more details.
To request a copy of the report
Source: Christos Costandinides, ETF Strategist of Deutsche Bank Global Equity Index & ETF Research
Deutsche Börse AG achieves best quarterly results since 2008
Positive business development in all segments/Sales revenue up 8 percent to €558.6 million/Costs down 9 percent to €271.3 million/Earnings per share up 36 percent to €1.14/Implementation of efficiency measures leading to annual cost savings of €150 million accelerated by one year/2011 guidance for operating costs reduced to €890 million
April 28, 2011--Deutsche Borse AG published its figures for the first quarter of 2011 on Thursday. Sales revenue rose by 8 percent year-on-year to €558.6 million due to the positive business development in all segments. At the same time, the Group again reduced its total costs. At €271.3 million, expenses were down 9 percent on the prior-year period. Earnings per share increased 36 percent to €1.14 (Q1/2010: €0.84 per share).
In addition, the Company announced that it was accelerating the efficiency measures that have been running since 2010. The full cost effects of €150 million per year will now be reached from 2012 onwards, instead of 2013 as originally planned. For 2011, the Group is expecting savings of €115 million instead of the budgeted figure of €85 million. Thanks to its strict cost discipline in the first quarter and the accelerated implementation of its efficiency measures, Deutsche Börse is cutting its operating cost guidance for 2011 by €35 million to €890 million.
Gregor Pottmeyer, Deutsche Börse AG’s CFO and Executive Board member for Human Resources: “Our progress since we announced our efficiency measures in the first quarter of 2010 has exceeded expectations, thanks among other things to our highly successful Voluntary Leaver Program. This will enable us to achieve the €150 million in annual cost savings a year ahead of schedule. Thanks to our strict cost discipline in the first quarter and the accelerated implementation of our efficiency measures, we are reducing our guidance for operating costs in 2011 by 4 percent to €890 million.”
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Source: Deutsche Borse
Financial Markets Survey - 2010 update
April 28, 2011--The annual Financial Markets Survey (FMS) collects basic quantitative financial market information (market size and activities) on securities for non-euro area EU countries
The combination of the euro area securities issues statistics and the FMS makes it possible to analyse the structure of the securities market within the European Union. On an annual basis, non-euro area EU national central banks provide the ECB with statistics on outstanding amounts and gross issues of debt and equity securities. These national data (presented in euro as well as in domestic currencies) give an indication of how financial and non-financial sectors within an economy are seeking direct finance on the securities market.
The aggregation of the securities issues statistics for euro area countries and the FMS allows for the compilation of EU aggregates of short-term and long-term debt securities issued for various sub-sector breakdowns including Monetary Financial Institutions, Other Financial Institutions and Non-Financial Corporations. In the same way, it also allows for the compilation of an EU aggregate for equity securities issued.
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Source: ECB
Assessment of securities settlement in Sweden
April 27, 2011-Finansinspektionen and the Riksbank jointly assessed securities settlement in Sweden in 2010. On the Swedish securities market, Euroclear Sweden is responsible for account operations in its role as a central securities depositary and manages securities transactions after closing in its role as a clearing organisation and settlement system for securities.
The assessment is based on ESCB-CESR's 19 recommendations regarding settlement systems for securities. In the 2010 assessment, the Riksbank and Finansinspektionen find that Euroclear Sweden observes all of the recommendations except Recommendation 13, which is only broadly observed.
view the Assessment of Securities Settlement in Sweden 2010 report
Source: Finansinspektionen
Emissions trading: Commission adopts decision on how free allowances should be allocated from 2013
April 27, 2011--The European Commission today adopted a Decision on how free emission allowances should be allocated from 2013 to industrial installations covered by the EU Emissions Trading System (EU ETS).
Although auctioning will become the main principle for allocating allowances as of 2013, a proportion of free allowances will still be given to industry until 2020, notably to reduce costs for installations in sectors deemed to be exposed to significant competition from outside the EU. The Decision sets out the rules, including the benchmarks of greenhouse gas emissions performance, to be used by the Member States in calculating the number of allowances to be allocated for free annually in these sectors.
Source: European Commission
BlackRock ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 21 April 2011
April 27, 2011--For the week ending 21 April 2011, there were US$78.8 Mn net inflows from STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in insurance with US$42.2 Mn followed by oil and gas with US$30.4 Mn net inflows while basic resources experienced net outflows of US$56.3 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$453.5 Mn net inflows. Oil and gas has seen the largest net inflows with US$522.3 Mn, followed by banks with US$338.3 Mn net inflows while automobiles and parts experienced the largest net outflows with US$143.0 Mn.
As of 21 April 2011, there is US$11.1 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.1 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 16 out of 19 sectors.
to request report
Source: Source: Global ETF Research & Implementation Strategy Team, BlackRock
Results of the April 2011 bank lending survey for the euro area
April 27, 2011--The European Central Bank (ECB) is publishing today its report on the results of the April 2011 bank lending survey for the euro area. The bank lending survey, which is conducted four times a year, usually at the beginning of each quarter, was developed by the Eurosystem in order to enhance the understanding of bank lending behaviour in the euro area.
The results reported in the April 2011 survey relate to changes in the first quarter of 2011 and expectations of changes in the second quarter of 2011. This survey round included one ad hoc question aimed at gauging the extent to which the situation in the financial markets is affecting banks’ credit standards for loans and credit lines to enterprises and for loans to households in the euro area. The April 2011 bank lending survey was conducted between 14 and 31 March 2011. In the first quarter of 2011 the size of the sample of banks surveyed was increased to 124 in order to include replies from Estonian banks for the first time.
Time series of the results of the ECB Bank Lending Survey: csv data-Updated April 27, 2011
Source: ECB
Swiss franc hits record vs dollar
April 26, 2011--The Swiss franc touched a record against the dollar while the euro pushed close to a 16-month high as the likely continuation of easy monetary policy from the Federal Reserve dominated the market.
The US central bank is forecast to leave the federal funds rate at 0-0.25 per cent at the conclusion of its meeting today while reiterating that rates will remain at ultra-low levels for an extended period, with investors also looking for clues about what will happen when the current round of quantitative easing ends in June.
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Source: FT.com
Majority of Germans oblivious to 'three-pillar' pension system
April 26, 2011-- The majority of working Germans have never even heard of the so-called 'three pillars' of retirement provision, according to a recent survey by Fidelity International.
The investment manager surveyed 1,000 employees and workers in Germany between the ages of 18 and 55 in March this year and found that 60% of respondents were ignorant of the three-pillar system.
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Source: IP&E
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