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UK government proposes new social investment “asset class”
Call to pension investors to step up to “Big Society”
February 15, 2011--The UK government has fleshed out its ideas for social investment as part of its controversial “Big Society” programme.
The ideas include a “Big Society Bank”, a social stock exchange, social bonds – and far greater involvement of pension fund investors in the emerging social investment “asset class”.
“We want to see new social finance intermediaries enter the market, not least mainstream financial institutions that can see the potential to develop a new ‘asset class’,” the government said. “Investment advisers such as wealth and pension fund managers must seriously consider social investment products as and when they emerge.”
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Source: Responsible Investor
First estimate for 2010: Euro area external trade surplus 0.7 bn euro
143.3 bn euro deficit for EU27
February 15, 2011--The first estimate for the euro area1 (EA16) trade balance with the rest of the world in December 2010 gave a 0.5 bn euro deficit, compared with +3.2 bn in December 2009. The November 20102 balance was -1.5 bn, compared with +2.7 bn in November 2009. In December 2010 compared with November 2010, seasonally adjusted exports fell by 0.4% and imports by 1.1%
The first estimate for the December 2010 extra-EU271 trade balance was a 10.5 bn euro deficit, compared with -2.9 bn in December 2009. In November 20102 the balance was -15.4 bn, compared with -7.7 bn in November 2009. In December 2010 compared with November 2010, seasonally adjusted exports fell by 0.3% and imports by 0.4%.
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Source: Eurostat
ETF Stat January 2011 -Borsa Italiana
February 15, 2011--The ETF Statistics of the ETF Plus Market are now available.
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Source: Borsa Italiana
Four new Credit Suisse ETFs launched on Xetra
February 15, 2011--Four new listed equity index funds issued by CS ETF (IE) plc have been tradable in Deutsche Börse’s XTF segment since Tuesday. The new ETFs track the European and US money markets, the global equities market and the alternative energies sector
ETF name: CS ETF (IE) on EONIA
Asset class: money market ETF
ISIN: IE00B42SXC22
Total expense ratio: 0.04 percent p.a.
Distribution policy: non-distributing
Benchmark: Credit Suisse EONIA Total Return Index
ETF name: CS ETF (IE) on Fed Funds Effective Rate
Asset class: money market ETF
ISIN: IE00B3XDJG53
Total expense ratio: 0.04 percent p.a.
Distribution policy: non-distributing
Benchmark: Credit Suisse Fed Funds Effective Rate Total Return Index
ETF name: CS ETF (IE) on MSCI World
Asset class: equity index ETF
ISIN: IE00B3NBFN86
Total expense ratio: 0.21 percent p.a.
Distribution policy: non-distributing
Benchmark: MSCI World
ETF name: CS ETF (IE) on Credit Suisse Global Alternative Energy
Asset class: equity index ETF
ISIN: IE00B3YKW880
Total expense ratio: 0.57 percent p.a.
Distribution policy: non-distributing
Benchmark: Credit Suisse Global Alternative Energy Index Net USD
The Credit Suisse EONIA Total Return Index reflects a daily rolled deposit earning EONIA (the Euro Over Night Index Average), an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market determined by the European Central Bank.
The Fed Funds Effective Rate Total Return Index reflects a daily rolled deposit earning the federal funds effective rate. The effective federal funds rate represents the weighted average interbank interest rate that federal funds actually trade at in a day. The CS ETF (IE) on Fed Funds Effective Rate is traded on Xetra in euros. Thus both EUR/USD exchange rate fluctuations and the US dollar money market rate impact performance for euro investors.
The MSCI World Index currently comprises around 1,700 international securities from 24 industrialised nations. The equities are selected on the basis of market capitalisation. Securities from the US, Europe (including UK) and Japan account for approximately 50 percent, 34 percent and 10 percent of the MSCI World Index respectively. The remaining equities are mainly from Canada and Australia.
The Credit Suisse Global Alternative Energy Index Net USD reflects the performance of alternative energy markets worldwide. It comprises 30 major companies in the five sectors natural gas, wind, solar, bioenergy/biomass and geothermal power/hydropower/fuel cells/batteries, with the weighting of each sector limited to 20 percent.
Source: Deutsche Börse
London Stock Exchange's Cash Markets Go Live On New Trading System - Offers Clients Ultra Low Latency And Superior Functionality
February 14, 2011--The London Stock Exchange's UK cash markets have today migrated to a new ultra low-latency trading platform - Millennium Exchange.
Developed by London Stock Exchange Group's leading trading technology business MillenniumIT, Millennium Exchange is a highly scalable, multi-asset class trading platform, offering the Exchange's clients superior technical performance, ultra low-latency and enhanced functionality.
Antoine Shagoury, Chief Information Officer, London Stock Exchange Group, said:
"Today's roll-out of Millennium Exchange for our UK cash markets demonstrates our continued commitment to technological innovation in the marketplace. We are confident that this new platform will provide our customers with exceptional levels of performance, functionality, and capacity.
"This migration is a crucial step forward in our drive to offer best in class trading services and marks a key milestone in the introduction of tightly integrated transaction technology across our markets."
The timeline for further phases of the London Stock Exchange Group's migration to Millennium Exchange, covering the other markets operated by the Group, will be released in due course.
Source: London Stock Exchange Group
Eurex introduces new European-style options on German stocks
Launch on 21 February/ Maturities extended on existing German and Russian options
ebruary 14, 2011--The international derivatives exchange Eurex today announced that it will launch 11 new equity options on leading German companies on 21 February 2011. The options will be on Allianz, BASF, Bayer, Commerzbank, Daimler, Deutsche Bank, Deutsche Telekom, EON, RWE, SAP and Siemens.
The 11 new contracts will have European exercise styles, whereas the rest of Eurex’s equity options follow American exercise styles. European-style options may be exercised only on the expiry date while American-style options may be exercised at any time before the expiry date. All other contract specifications are consistent with Eurex’s existing equity options products, including eligibility for Eurex’s Block Trade Facility.
Separately, the expiration dates of German equity options will be consistently set to 60 months. Effective 14 February, this change allows the introduction of two semi-annual and two annual expiration dates for certain contracts.
Similarly, the expiration dates for Russian equity options will be extended to 24 months, with two semi-annual expirations dates for all contracts. Currently, Eurex offers options on 72 German shares and four Russian companies.
Source: Eurex
Sterling gains ground ahead of inflation report
February 11, 2011--The euro dropped to a three-week low against the dollar on Monday as fears over the ability of eurozone policymakers to solve the region’s debt crisis heightened.
The single currency came under pressure as the yields on Portuguese government debt remained elevated, hitting fresh euro-era highs and raising fears that Lisbon was set to follow Greece and Ireland by seeking a rescue package from its eurozone partners.
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Source: FT.com
Future eurozone rescue fund to hold EUR 500bn
February 14 2011-- Eurozone leaders decided Monday to almost double the effective lending capacity of future bailout funding, as they cast a worrying glance at renewed pressure from the bond market.
A permanent eurozone rescue fund being set up from January 1, 2013, will have an initial capacity of 500 billion euros, said the head of the Eurogroup of finance ministers, Luxembourg Prime Minister Jean-Claude Juncker.
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Source: EUbusiness
NASDAQ OMX Appoints New President For NASDAQ OMX Iceland
February 11, 2011-- The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) today announced that Mr. Pall Hardarson has been appointed President of NASDAQ OMX Iceland.
"Pall has served as NASDAQ OMX Iceland's head of operations and vice president for nine years, working closely with and reporting to the former President, Mr. Thordur Fridjonsson, who regretfully has passed away.
We are thankful for Thordur's contributions and great leadership through the years. With Pall's extensive knowledge of NASDAQ OMX Iceland's operations, and a strong background in management and economics, he has our full confidence in taking on this new and challenging role", said Hans-Ole Jochumsen, President NASDAQ OMX Nordics.
Pall was born in 1966. Before joining NASDAQ OMX Iceland (then Iceland Stock Exchange) in 2002, Pall served as an economist at the National Economic Institute for three years. He holds a Ph.D. degree in Economics from Yale University.
Source: NASDAQ OMX
Eurex introduces dividend futures on UK underlyings
Trading volume of all dividend derivatives grows 36 percent year-on-year
February 11, 2011--International derivatives exchange Eurex will be launching new dividend futures on 24 February based on the dividends of thirteen UK equities: Anglo American, AstraZeneca, Barclays, BHP Billiton, BP, BT Group, Diageo, GlaxoSmithkline, HSBC Holdings, Rio Tinto, Royal Dutch Shell, Tesco and Vodafone.
These new dividend futures expand the existing Eurex range of exchange-listed dividend derivatives, currently comprising five index dividend futures, 66 futures on single stock dividends and one option on the EURO STOXX 50 dividend future. The entire dividend derivative segment has grown year-on-year by 36 percent in terms of average trading volume.
"There is great demand for dividend contracts among our participants, so we worked together to expand the product range,” explained Eurex Executive Board member Peter Reitz. "Now for the first time, the dividends from single stocks in GBP and USD can be hedged with an exchange product.”
The specifications of the new contracts largely correspond to existing dividend products. A designated market-making program will be offered for the new dividend futures from the start in order to make prices in the order book continuously available and to support trading activity. Eurex will be offering annual contracts denominated in Pounds Sterling, US dollars and euros with maturities between December 2011 and December 2015.
The trading volume of Eurex dividend derivatives traded on-exchange and cleared via the central counterparty has grown continuously since introduction in 2008. The average volume traded daily at the end of January was around 24,000 contracts, of which around 21,500 were futures and 2,400 dividend options. The dividend option exceeded 50,000 contracts in one month for the first time in January 2011 – a new record. The single stock dividend futures recorded their second-best month with over 120,000 contracts, of which around 19,000 were recently introduced Swiss products, which thus recorded their best trading month.
Source: Eurex
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