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Monthly market report - April 2011
May 6, 2011--London Stock Exchange Group (LSE.L) sits at the heart of the world's financial community, offering international business unrivalled access to Europe's capital markets. In April a total of 21.9 million trades were carried out across the Group's electronic equity order books with a combined value of £161.1 billion (€182.4 billion), down 13 per cent on April 2010 (£184.4 billion). The fall in both aggregate and daily volumes may be explained by an unusual holiday pattern in the UK in April 2011.
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £4.4 billion (€5 billion), down 10 per cent year on year; the average daily number of trades increased six per cent to 585,111.
The LSE'S share of trading in the lit UK order book for April was 63.5 per cent.
Italian Equities Order book
On the Italian order book, the average daily number of trades was 271,738, down two per cent on the same month last year, whilst the average daily value traded on the order book decreased 13 per cent year on year to €3.3 billion (£2.9 billion).
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Source: London Stock Exchange
EU eyes compromise deal on short selling ban
May 6, 2011--A compromise deal that would ban naked short selling in Europe of cash government bonds is being looked at in Brussels and will be debated next week.
Under the proposals, the ban would be relaxed if liquidity in government bond markets was seriously affected.
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Source: FT.com
UK official holdings of international reserves, April 2011
May 5, 2011--This monthly press notice shows details of movements in April in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in April 2011:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
RBS crisis report: Knight and Walker to conduct review
May 5, 2011--Lawyer Bill Knight and City grandee Sir David Walker appointed to help scrutinise Financial Services Authority report into what went wrong at bank before it was rescued by government.
A Financial Services Authority report into what went wrong at Royal Bank of Scotland before the £45bn taxpayer bailout is facing further delay after leading lawyer Bill Knight and City grandee Sir David Walker were drafted into help scrutinise the document.
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Source: Guardian.co.uk
FSA welcomes announcement of independent reviewers for RBS report
May 5, 2011--The Financial Services Authority (FSA) has today welcomed the statement from the Treasury Select Committee Chairman Andrew Tyrie which confirms that in agreement with the FSA, the Treasury Select Committee (TSC) has asked Sir David Walker and Bill Knight to conduct an independent review of the report which the FSA is producing into the failure of Royal Bank of Scotland (RBS).
The FSA report will include analysis of the causes of RBS’ failure, a summary of the findings of the FSA investigation into matters relating to RBS’ decisions, risk controls and governance processes and an assessment of the FSA’s regulation and supervision of RBS identifying any deficiencies.
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Source: FSA.gov.uk
EU bids to strip away trade incentives from China, India
May 5, 2011-- European Union trade chiefs are planning to strip away special export advantages granted to China, India, Indonesia and scores of other fast-growing economies, an EU source said Thursday.
In total, more than 80 emerging economic players also including the likes of Morocco would lose from 2014 benefits gained under a special regime when exporting to Europe's single market of half a billion consumers, 20 million companies and major state buyers.
The European Commission is discussing a plan to prune radically "to around 90 countries" its existing list of General System of Preferences (GSP) beneficiaries, which currently numbers 176 territories "not classified by the World Bank as high-income countries and which are not sufficiently diversified in their exports."
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Source: EUbusiness
EPEX Spot / EEX Power Derivatives: Power Trading Results in April
May 5, 2011--In April 2011, a total volume of 113.8 TWh was traded on
the Power Spot and Derivatives Market operated by EPEX Spot SE and EEX Power
Derivatives respectively (April 2010: 166.2 TWh).
In April 2011, power trading on the day-ahead auctions on EPEX Spot accounted for a total of 23,998,906 MWh (April 2010: 21,954,563 MWh) and can be broken down as
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Source: European Energy Exchange (EEX)
BME expands its IBEX 35® index family
May 5, 2011--The new indices will be calculated and disseminated in real time as of 19th May
Bolsas y Mercados Españoles (BME) expands its IBEX 35® index family with three new tradable indices, all of which are based on the IBEX35®. The new indices, called IBEX 35® DOUBLE LEVERAGE GROSS, IBEX 35® DOUBLE LEVERAGE NET
and IBEX 35® CAPPED NET RETURN will start to be calculated and disseminated in real time from May 19th.
The IBEX 35® DOUBLE LEVERAGE GROSS, which offers double exposure to the daily return on the IBEX35® TOTAL RETURN, through the investment of an initial capital plus an equivalent loaned capital. A positive daily return on the IBEX35® TOTAL RETURN yields an also positive return, but double that amount for the IBEX 35® DOUBLE LEVERAGE GROSS and viceversa.
The IBEX 35® DOUBLE LEVERAGE NET which offers double exposure to the daily return on the IBEX35® NET RETURN through the investment of an initial capital plus an equivalent loaned capital. A positive daily return on the IBEX35® NET RETURN yields a positive return, but double that amount for the IBEX 35® DOUBLE LEVERAGE NET and viceversa.
The IBEX 35® CAPPED NET RETURN incorporates the changes in the price of the index constituents as well as the return, net withholding tax, resulting from dividend payments and other shareholder remuneration. This index has the same composition as the IBEX 35® NET RETURN index, and the same index methodology is applicable, furthermore the individual weight of the securities will be limited to 18% in this index.
These new indices are intended to serve as underlying assets for financial products, such as certificates or Exchange-Traded Funds (ETFs). These new indices provide investors with a broad range of investment strategies.
Source: Bolsas y Mercados Españoles (BME)
Portugal becomes third eurozone bailout case
May 4, 2011--Portugal is now the third eurozone country to do a debt-rescue deal with the European Union and IMF, announcing a three-year package worth 78 billion euros.
But the reforms required in return are still under wraps and the package is tied to approval by the opposition which has already precipitated an early election by rejecting cutbacks to fight the debt mountain.
A deadline looms on June 15, six weeks away, when Portugal must redeem old loans of nearly 5.0 billion euros ($7.3 billion).
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Source: EUbusiness
New product provider State Street Global Advisors has listed twelve Exchange Traded Funds (ETFs) on SIX Swiss Exchange
May 4, 2011--SIX Swiss Exchange welcomes State Street Global Advisors (SSgA) as a new issuer to the Exchange Traded Funds segment.
State Street Global Advisors launched the first ETF in 1993 and is therefore considered as a pioneer of the industry. Today, the company manages global ETF assets of USD 2551 billion (as at 31 December 2010) and is one of the world's leading asset managers for professional investors.
With the twelve new SPDR® ETFs based on European regional and sector indices, SIX Swiss Exchange's ETF segment now comprises 675 ETFs, of which 108 are also listed in an additional currency. State Street Global Advisors is planning to further expand its ETF offering on SIX Swiss Exchange in the future.
Commerzbank AG is acting as market maker for the SPDR® ETFs.
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Source: SIX Swiss Exchange
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