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Cash market to open at 8 a.m. from June
L/E-DAX is already calculated from 8 a.m.
May 31, 2011-- The Frankfurt Stock Exchange will be opening an hour earlier from 1 June. Investors will then be able to buy and sell shares, funds and ETFs through Xetra specialists from as early as 8 a.m. Trading via specialists will end at 8 p.m. as usual.
By expanding its service for investors, Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) is taking an important step towards improving price quality in German early trading. This is because the opening of the most important market for German equities will considerably improve the liquidity in trading before 9 a.m., which in turn may have a positive effect on price ranges. Traditional Xetra trading will continue to operate between 9 a.m. and 5.30 p.m.
Bonds are excluded from the earlier start of trading, as these are predominantly bought and sold in off-exchange interbank trading, and these reference markets are not available before 9 a.m.
The most important barometer for the German equities market in evening trading, the L-DAX (ISIN DE0001717049), which was previously calculated from 5.30 p.m. to 8 p.m., will additionally be calculated from 8 a.m. to 9 a.m. as of June, and re-named L/E-DAX. The "L" stands for "late", the "E" stands for "early". There is no change to the ISIN.
Source: Deutsche Börse
ESMA: Publication Of The Regulation On Supervision Of Credit Rating Agencies
May 31, 2011-The CRA regulation establishing ESMA's responsibility for the supervision and registration of credit rating agencies
in the European Union is published today in the official journal.
Europe may introduce new OTC directive before end of reprieve
May 31, 2011-- Pension funds could see legislation regulating their use of over-the-counter (OTC) derivatives introduced prior to the end of the three-year reprieve, a partner of law firm Sackers has said.
Speaking after the European Parliament's Economic and Monetary Affairs Committee last week passed an amendment that would see pension funds exempt from the new derivatives legislation for up to three years, Andrew Bradshaw said the directive could have otherwise caused a "real headache" for UK lawmakers.
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Source: IP&E
ETF world split over trade body
May 31, 2011--BlackRock iShares, the world’s largest ETF provider, has rejected proposals for a new trade body to represent the exchange traded funds industry in Europe.
Lyxor and db-x trackers, the ETF business of Deutsche Bank, have been pressing hard for a European ETF trade body to speak for the industry, in particular to answer recent concerns raised by regulators.
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Source: FT.com
EU carbon emissions plummeted in 2009: official
May 31, 2011--Greenhouse-gas emissions by the 27 members of the European Union (EU) fell by 7.1 percent in 2009 over 2008, driven by economic recession but also a switch to renewable energy, the European Environment Agency (EAA) said on Tuesday.
Emissions of the 15 countries that signed up to the Kyoto Protocol before EU enlargement fell by 6.9 percent in 2009 over the previous year, it said in a press release.
Their target under Kyoto is an overall reduction of eight percent for the 2008-2012 period compared with the benchmark year of 1990.
By the end of 2009, their emissions were 12.7 percent below those of 1990.
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Source: EUbuiness
Flash estimate - May 2011 Euro area inflation estimated at 2.7%
May 31, 2011--Euro area1 annual inflation2 is expected to be 2.7% in May 2011 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 2.8% in April3.
Computation of flash estimates
Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available4 as well as early information about energy prices.
The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro area. No detailed breakdown is available. Experience has shown the procedure to be reliable (19 times exactly anticipating the inflation rate and 5 times differing by 0.1 over the last two years). Further information can be found in Eurostat News Release 113/2001 of 5 November 2001.
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Source: Eurostat
db X-trackers offers exposure to high dividend Asian stocks.
May 31, 2011-- Deutsche Bank’s exchange-traded funds (ETF) platform, db X-trackers, has expanded its emerging markets segment in London with, among others, the launch of an ETF that provides exposure to Asian equities that aim to offer a higher than average dividend yield.
The db x-trackers MSCI AC Asia Ex Japan High Dividend Yield Index ETF offers exposure to an index-tracking basket of companies that have been screened for their dividend suitability. Securities entering the index must have a dividend yield at least 30% higher than the dividend yield of the MSCI AC Asia ex Japan Index. In a low interest rate environment, high dividend stocks could be an attractive opportunity for investors searching for yield.
The new ETF has been listed on the London Stock Exchange alongside two other new db X-trackers emerging markets products: the db x-trackers MSCI Philippines IM TRN Index ETF, and the db x-trackers MSCI BRIC TRN Index ETF
The former tracks the performance of large, mid and small-cap companies in the Philippines, while the latter offers collective exposure to Brazil, Russia India and China.
“The launch of these new db x-trackers provides investors with cost-effective, transparent and liquid emerging markets investment tools. Due to our robust swap-based replication technology, we can offer products on emerging markets at various levels, including that of the individual country, while keeping tracking difference to a minimum,” said Manooj Mistry, London-based head of db X-trackers for the UK.
Source: db X-trackers
Source Physical Gold P-ETC Receive Shari'ah Approval
May 31, 2011--Source, the US$8.7 BN specialist provider of
Exchange Traded Products (ETPs) working in partnership with BofA Merrill Lynch,
Goldman Sachs, J.P. Morgan, Morgan Stanley, Nomura, and other market makers, is pleased to announce that its Source Physical Gold P-ETC (SGLD LN) has been confirmed, by Amanie, as permissible Islamic investment certificates complying
with the requirements of Shari'ah law.
The Source product was approved on 20thMay 2011 by a Board of Shari'ah Scholars facilitated by Amanie Islamic Finance Consultancy and Education LLC ("Amanie").
The Shari'ah Supervisory Board included representation from world-renowned scholars versed in differing schools of fiqh including Dr. Mohammed Ali Elgari (Kingdom of Saudi Arabia), Dr. Mohd Daud Bakar (Malaysia), Dr. Muhammed Amin Ali Qattan (Kuwait), and Dr. Osama Al Dereai (Qatar). This Shari'ah Board has been retained by Source as its dedicated Shari'ah Supervisory Board (Please see below for board member biographies).
Ted Hood, CEO of Source commented: "We are delighted to have received Shari'ah approval for the Source Physical Gold P-ETC. We have seen increasing demand for robust and efficient precious metals commodity products in the Islamic finance market and, we have worked hard over the past months to deliver to our clients a Shari'ah compliant physical gold product."
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Source: Morningstar
Autorité Des Marchés Financiers: Risk And Trend Mapping No10 - 2011 Risk And Trend Mapping For Financial Markets And Retail Savings - Executive Summary
May 30, 2011--As in previous years, the AMF’s risk and trend mapping study for 2011 covers market trends and the financing of economic activity (Chapter 1), structural trends affecting markets and intermediaries (Chapter 2), household saving (Chapter 3) and collective investment (Chapter
4). Most of the risks identified in the April 2010 study have materialised this year, and some have intensified with Europe’s sovereign debt crisis. In addition, some of the main
issues highlighted by the AMF now constitute new and significant areas of focus for the G-20 work programme on financial regulation:
the transfer of risks from the banking sector to other parts of the financial system, now addressed from the broad angle of shadow banking1;
the goals of market transparency, integrity and efficiency;
supervision and oversight of commodity derivatives markets.
At global level, credit and equity markets consolidated in 2010. In a context of ample liquidity and low interest rates, the search for returns benefited the high yield and emerging market segments, while commodity markets continued to bring in substantial investment flows. In Europe, however, the sovereign debt crisis combined with fears about the banking sector put a damper on markets, which also had to cope with a sluggish upturn in the securitisation market.
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Source: Autorité des Marchés Financiers
Invest more at EU level to counter crises, says Financial Crisis Committee
May 30, 2011--Shifting policy making and spending in cross-border areas such as energy and transport from national to EU level would improve investment returns and cut costs by generating economies of scale. It would also give an urgently-needed boost to EU competitiveness, says a draft resolution voted by the Financial Crisis Committee on Monday. The committee's final report also proposes introducing Euro-bonds and a financial transaction tax.
"Tackling the public debt crisis and increasing the EU's competitiveness, convergence and solidarity require a shift of competences and spending towards the Union", stresses the committee's non-legislative final report on the financial, economic and social crisis, as drafted by Pervenche Berès (S&D, FR), and approved with 32 votes in favour, 9 against and 2 abstentions.
The Special Committee on the Financial Crisis was set up to analyse the reasons for the current crisis and set out recommendations on how to avoid similar crises in the future, as well as to present a long-term vision for a European growth model to ensure competitiveness. To this end, the committee proposes a European "new deal" to boost innovation while ensuring social cohesion, job creation, education and sustainable growth.
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Source: European Parliament
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