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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
Eurex admits Nanhua Futures Hong Kong
April 21, 2011-The international derivatives exchange Eurex announced today that it has admitted Nanhua Futures (Hong Kong) Co. Ltd. as a new trading participant based in Hong Kong. Nanhua Futures is the Hong Kong subsidiary of one of the leading futures brokers from the People's Republic of China.
David Luo, CEO of Nanhua Futures, said, “We are very honored to become a member of one of the leading derivatives exchanges in the world. Nanhua is committed to providing its clients with high-quality services, high efficiency and expertise. Being a member of Eurex will further leverage our business and our services and could help us to even better meet clients’ needs. Moreover, it could enable Nanhua to develop the internationalisation further.”
“We are very pleased to admit Nanhua Futures to our global member network”, said Michael Peters, member of the Eurex Executive Board. “Through this connection, Nanhua Futures can offer its customer base direct and reliable access to our international trading network out of Hong Kong. We are currently experiencing a growing interest from clients headquartered in China demanding direct access to our global product suite.”
One of Eurex’s core strategic objectives is the expansion of its business activities in the Asia-Pacific region. Representative offices in Hong Kong, Singapore and Tokyo were opened in 2009. Currently, there are five Hong Kong-based Eurex members, of which Nanhua is the second Chinese broker that has been admitted. Altogether, there are 19 members connected from the Asia-Pacific region, and several more companies are in the admission process. The volume generated by the Asian members has increased by one-third in 2010 compared with 2009.
Source: Eurex
Turbulent week for European stocks ends in gains
April 21, 2011--European equity markets suffered another turbulent week, succumbing early on to global government debt concerns, before recovering in robust fashion following a number of upbeat earnings reports.
On Monday the FTSE Eurofirst 300 fell 1.7 per cent, hitting its lowest level in more than three weeks after Standard & Poor’s, the rating agency, revised lower its long-term outlook on US debt.
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Source: FT.com
High risk warning threat to growth of exchange traded funds
April 20, 2011-Exchange traded funds (ETFs) are among the biggest investment success stories of recent years, their low charges attracting billions of pounds from investors.
Their popularity continues to grow rapidly but that could now be checked after concerns were raised over the risks they may pose to investors.
ETFs are collective funds that are traded on the stock exchange and, like trackers, seek to replicate a index or a group, such as commodities, currencies or countries. At the most basic, for example, a FTSE 100 ETF would track the FTSE 100.
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Source: The Scotsman
BlackRock ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending15-Apr-2011
April 20, 2011--For the week ending 15 April 2011, there were US$93.8 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in basic resources with US$144.5 Mn followed by telecommunications with US$63.2 Mn net outflows while industrial goods and services experienced net inflows of US$51.8 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$374.7 Mn net inflows. Oil and gas has seen the largest net inflows with US$491.9 Mn, followed by banks with US$349.1 Mn net inflows while utilities experienced the largest net outflows with US$132.3 Mn.
As of 15 April 2011, there is US$10.8 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.0 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: Global ETF Research & Implementation Strategy Team, BlackRock
AFME research finds true size of European OTC equity market is nearer 16% than 40%
April 20, 2011--The proportion of European share trading that takes place over‐the‐counter
(OTC), rather than on stock exchanges, is closer to 16% than the widely
reported estimate of 40%, according to new research published today by the
Association for Financial Markets in Europe (AFME).
The AFME study, ‘The Nature and Scale of OTC Equity Trading in Europe’,
reveals that 60% of all OTC equity trades reported between 2008 and 2010,
were duplicate trades already reported elsewhere. Over the period surveyed,
these duplicates represented an increasingly larger share of the reported OTC
data.
The discrepancy is due to the failure of MiFID reporting rules to differentiate between genuine and technical trade reporting. AFME believes that more granular and standardised reporting requirements would address this issue and provide much needed clarity on European market liquidity.
view the report-Market Analysis-The Nature and Scale of OTC Equity Trading in Europe
Source: AFME
Markit to provide OTC trade reporting for SIX Swiss Exchange
April 19, 2011--SIX Swiss Exchange and Markit announced they have signed an agreement which recognises Markit as the first Approved Trade Data Monitor (TDM) for SIX Swiss Exchange. The Agreement enables foreign participants of SIX Swiss Exchange, known as "Remote Members", to report their off-exchange (OTC) trades in Swiss securities admitted for trading on a Swiss stock exchange via Markit BOAT, from 18 April 2011. This service provides flexibility for SIX Swiss Exchange’s Remote Members to fulfill their reporting obligations in Swiss securities either via the Exchange or via Markit.
Remote members of SIX Swiss Exchange previously had to report their OTC trades in Swiss securities admitted for trading on a Swiss stock exchange to the reporting office of SIX Swiss Exchange. This new development will provide flexibility of reporting venue and enable SIX Swiss Exchange's Remote Members to choose the platform for their trade reporting needs.
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Source: Markit
Source and Nomura launch a new ETF: the Nomura Voltage Mid-Term ETF
April 19, 2011--Source, a specialist provider of exchange traded products and Nomura, the global investment bank, have today announced the launch of the new Nomura Voltage Mid-Term Source ETF, tracking the Nomura Voltage Strategy Mid-Term 30-day USD TR index (‘Voltage’).
This is the first volatility-linked ETF to be offered in Europe that takes a tactical approach to volatility allowing investors to capture volatility spikes whilst decreasing the costs associated with a constant long volatility position.
The new product complements the S&P 500 VIX Futures Source ETF, which launched last year as the first European ETF offering exposure to volatility.
Volatility is often seen as an attractive asset from a hedging perspective for equity investors due to its behaviour in distressed markets, when it often spikes dramatically. Voltage aims to capture spikes in volatility, while mitigating the cost of holding a systematically long volatility position. It provides volatility-adjusted exposure to the S&P 500 VIX Mid-Term Futures Index, a highly liquid and transparent volatility benchmark, allocating between this index and 3 month US Treasury Bills.
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Source: Source
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