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Deutsche Börse AG and NYSE Euronext Confirm Advanced Merger Discussions
February 9, 2011-- In light of recent market rumors, Deutsche Börse and NYSE Euronext today confirmed that they are engaged in advanced discussions regarding a potential business combination. They cautioned that no agreement has been reached. They also noted that there cannot be any assurance that an agreement will be reached or, if an agreement is reached, that a transaction will be completed. Any transaction would be subject to regulatory and shareholder approvals, as well as other customary conditions.
This transaction creates a group that is both a world leader in derivatives and risk management and the premier global venue for capital raising. As a true pacesetter across the spectrum of capital markets services, the combined group will offer clients global scale, product innovation, operational and capital efficiencies, and an enhanced range of technology and market information solutions. The combined group, which would be the world’s largest exchange operator by revenues and profit and would continue to operate all exchanges under local regulatory frameworks and supervision, and would work closely with regulators to facilitate transparency and standardization of global markets.
It is expected that Deutsche Börse and NYSE Euronext would combine their businesses in all-stock transaction under a new legal entity incorporated in the Netherlands. If fully consummated, Deutsche Börse shareholders would hold approximately 59 to 60%, and NYSE Euronext shareholders would hold approximately 40 to 41%, of the combined company’s equity.
The combined group would have dual headquarters in New York and Frankfurt. The Chairman would be Reto Francioni, based in Frankfurt, and the CEO would be Duncan Niederauer, based in New York. The new company would have an Executive Committee drawn equally from the current leadership of both companies.
NYSE Euronext and Deutsche Börse AG expect to be able to realize approximately €300 million in cost synergies, principally from economies of scale in information technology, clearing operations, market operations and corporate center functions. In addition Deutsche Börse AG and NYSE Euronext expect to generate substantial incremental revenues from clearing services, product innovation and cross-selling opportunities between the global cash and derivatives businesses.
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Source: Deutsche Börse
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending Week Ending 04-Feb-2011
Februry 9, 2011--For the week ending 04 February 2011, there were US$168.0 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$100.5 Mn followed by oil and gas with US$83.1 Mn net inflows while telecommunications experienced net outflows of US$54.5 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$1,177.0 Mn net inflows. Banks has seen the largest net inflows with US$385.4 Mn, followed by oil and gas with US$208.9 Mn net inflows while retail experienced the largest net outflows with US$39.3 Mn.
As of 04 February 2011, there is US$11.3 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.2 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
Update of the list of measures recently taken by competent authorities regarding short-selling.
February 9, 2011--CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
ESMA updates the list of measures recently taken by competent authorities regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the Romanian CNVM.
Further information can be found in the statement published today. To open the PDF documents attached to the statement paper, please download the Word document.
view Measures Adopted By Competent Authorities On Short Selling
Source: ESMA
London Stock Exchange Group plc and TMX Group Inc. join forces in merger of equals
An international exchange leader strongly positioned for growth
#1 venue in the world by number of listings
#1 global listings venue for natural resources, mining, energy and clean technology
Market leader in high-performance, cost-effective cash and derivatives trading technology
Scale and reach actively managed from joint headquarters in London and Toronto, supported by international centres of excellence
February 9, 2011-- London Stock Exchange Group plc ("LSEG") and TMX Group Inc. ("TMX") today announced an agreement to combine Europe's and Canada's leading diversified exchange groups in an all-share merger of equals.
The merger will create a world-leading organisation and is unanimously being recommended by the Boards of both LSEG and TMX.
The combined transatlantic group ("LSEG-TMX" or the "Merged Group") will be jointly headquartered in London and Toronto and will offer an international gateway, leading global pools of capital formation and liquidity together with a unique portfolio of highly complementary markets, products, technologies and services.
The Boards of LSEG and TMX believe that the merger is strategically compelling and will create a more diversified business with greater scale, scope, reach and efficiencies, generating substantial benefits for all stakeholders:
Global Listings Hub - A leading global listings franchise:
A flexible and deep pool of international capital and investment expertise
International markets for businesses of all sizes, from venture-funded companies, through small and medium enterprises ("SMEs") to large global corporations
The #1 listings venue in the world by number of total listings - over 6,700 companies with an aggregate market capitalisation of approximately £3.7 trillion / C$5.8 trillion
The #1 listings venue in the world for natural resources, mining, energy and clean technology companies
The #1 venue for international listings from emerging and growth markets
The #1 listings venue in the world for SMEs with approximately 3,600 combined AIM and TSX Venture Exchange listings providing deep expertise in supporting small-cap and early stage companies
Breadth of Markets - 20 trading markets / platforms across North America and Europe:
Cash equities, derivatives, fixed income and energy markets, with enhanced potential to develop new trading products and opportunities, supported by strong regional post-trade operations and information services
Information Leader - An extensive set of global information, market data and index businesses, offering customers an increased suite of products
Technology Expertise - A shared technology strategy:
Market-leading, high-performance, cost-effective cash and derivatives trading and clearing technology applied across the Merged Group
Efficient marketing and delivery to the global financial services and exchange industries LSEG-TMX is expected to create substantial value for stakeholders and shareholders, with a robust capital structure from which to capture future growth opportunities:
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Source: London Stock Exchange Group
A package of French government securities-More differentiation among euro bonds
ETFlab Deutsche Börse EUROGOV® France ISIN: DE 000 ETF L42 5
ETFlab Deutsche Börse EUROGOV® France 1-3 ISIN: DE 000 ETF L39 1
ETFlab Deutsche Börse EUROGOV® France 3-5 ISIN: DE 000 ETF L40 9
ETFlab Deutsche Börse EUROGOV® France 5-10 ISIN: DE 000 ETF L41 7
January 8, 2011--ETFlab Investment GmbH, the Munich specialist in exchange traded
funds, provides access to French government bonds with a variety of maturities. “The government
debt crisis among States using the euro has shown that investors in the Bond ETF segment would like more differentiation,” explains Andreas Fehrenbach, ETFlab’s Managing Director: “Our answer to this was to offer index funds on French government bonds with the highest levels of credit quality.”
The basis for this is Deutsche Börse AG’s EUROGOV family of indexes. A range of maturities is offered: 1-3, 3-5, 5-10 and 1-10 years. Each index encompasses a maximum of 15 French government
bonds, which must have a minimum volume of four billion euro outstanding. The indices are adjusted quarterly. Only “plain vanilla” bonds are included; no zero coupon bonds and no treasury bonds are allowed. The ETFs fully replicate their reference indices, i.e., the original securities are contained in the UCITS III-compliant investment fund. Ordinary income is generated, which can be distributed up to four times a year.
The annual total expense ratio (all-in fee) comes to 0.15%. This puts ETFlab’s Deutsche Börse EUROGOV® France Funds among the lowest-priced government bond ETFs. Trading will commence
on the Frankfurt and Stuttgart exchanges on 8 February. A broad range of updated key numbers for
ETFs, such as yield, duration and remaining time to maturity, can be found at www.etflab.de at any
time.
Source: ETF Lab
Deutsche Börse launches new EUROGOV France indices
February 8, 2011--Deutsche Börse launched a new index family for the French government bond market with five EUROGOV France indices on 3 January. The EUROGOV France indices track the French market for fixed-income government bonds denominated in euros.
The five indices measure investment success in the market segment of highly liquid government bonds, each of them covering a different maturity. To be included in the indices, bonds must have an outstanding minimum volume of €4 billion. The indices exclude zero-coupon bonds. The index may be composed of up to 15 bonds.
The ETF issuer ETFlab Investment GmbH, a subsidiary of DekaBank Deutsche Girozentrale, has launched four bond index funds on the new EUROGOV indices, which have been traded in Deutsche Börse’s XTF segment since Tuesday. These enable investors to participate in the performance of the French market’s highly liquid government bonds in the desired maturity.
The composition of the EUROGOV France indices is reviewed and adjusted quarterly. The weighting of the bonds in the index is based on their market capitalisation. Changes to the outstanding nominal volume are made in the index when the composition is updated on the respective dates. A bond’s index weighting is limited to 30 percent on the specific dates.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 771 exchange-traded index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
The four newly listed ETFlab Deutsche Börse EUROGOV France ETFs are listed below. The management fee is 0.15 percent for each product:
ETFlab Deutsche Börse EUROGOV France, ISIN: DE000ETFL425
ETFlab Deutsche Börse EUROGOV France 1-3, ISIN: DE000ETFL391
ETFlab Deutsche Börse EUROGOV France 3-5, ISIN: DE000ETFL409
ETFlab Deutsche Börse EUROGOV France 5-10, ISIN: DE000ETFL417
Source: Deutsche Börse
LSE hopes TMX will turn its transatlantic vision into reality
February 8, 2011--For as long as many in the City can remember, the London Stock Exchange has been prey, stalked by some of the world’s biggest bourses.
Clara Furse’s tenure as chief executive was marked by a grinding battle to fend off hostile takeover attempts by Deutsche Börse and Nasdaq OMX of the US, eager to snap up a trophy among world exchanges.
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Source: FT.com
Bank levy rates to be increased raising £800m more in 2011
January 7, 2011--The Chancellor has announced today an increase in the rate of the bank levy to be charged in 2011. This change will increase the revenue from the levy in 2011 by £800m to £2.5 billion.
The Government initially announced that a reduced rate of 0.05 per cent would apply in 2011, recognising the uncertain market conditions prevailing at the time.
The Government no longer considers this necessary. Therefore, from 1 March the rate of the levy will be 0.1 per cent for 2 months, to offset the lower rate of 0.05 per cent charged in January and February, before moving to 0.075 per cent.
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Source: HM Treasury
Trichet warns against forced losses on sovereign bonds
February 7, 2011--- The head of the European body tasked with tackling risks to the financial system warned European Union lawmakers Monday that forcing investors to take losses by restructuring national debt they now hold would reward speculators.
Such losses were not part of rescue programmes agreed to in bailouts for Greece and Ireland and should not be applied after the fact, said Jean-Claude Trichet, who spoke as chairman of the European Systemic Risk Board before the EU Parliament's Committee on Economic and Monetary Affairs.
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Source: EUbusiness
Deutsche Börse marks 10-years anniversary as a listed company
February 4, 2011--The initial public offering (IPO) of Deutsche Börse AG (ISIN DE0005810055) took place on 5 February 2001 on the Frankfurt Stock Exchange. Adjusted for stock splits, the shares of Deutsche Börse were issued at 16.75 euros.
Since then, the share price has more than tripled, the closing price on 3 February 2011 was 56.40 euros.
Market capitalisation of Deutsche Börse has grown and totals around 11 billion euros.
Since 23 December 2002, Deutsche Börse shares have been included into the German blue chip index DAX, since 15 October 2007 they are part of the European blue chip index EURO STOXX 50. The daily turnover of Deutsche Börse shares has steadily grown since the public offering: in 2001, the average daily turnover was around 0.4 million shares per day on the Xetra trading system compared with 1.3 million shares in 2010.
Source: Deutsche Börse
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