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European Parliament: Sustained Commitment Needed For Financial Watchdogs To Succeed
February 3, 2011--MEPs on Wednesday night sought to extract firm commitments from the Member States and the Commission that they would respect the spirit and not only the rules of the deal hammered out in September to establish new EU financial watchdogs.
In a follow-up to Tuesday's decision by the EP's Economics Committee to withhold its decision on the proposed candidates for the European supervisory authority chairmen, Commissioner Michel Barnier and Enik? Gy?ri, Minister of State for EU affairs, sought to assuage fears that the independence and overall strength of the authorities was being undermined by poor recruitment procedures and nominations that lacked the required calibre.
Ms Gy?ri argued that the regulations setting up the authorities would ensured that independence was well protected, that no rules had been breached when drawing up shortlists for the chairmanship candidates and that the Hungarian Presidency attached great importance to all Member States respecting the supervisory authorities.
Mr Barnier said that he fully understood MEPs' demands and stressed that the Commission would do its utmost to ensure the watchdog's independence and high level representation by national supervisors on the board of supervisors. He also emphasised that the review clause should be used proactively when it kicked in, in 2013, to make amends.
Jean-Paul Gauzes (EPP, FR) said that the Commissioner's comments went in the right direction but he had critical words for the stance taken by the Hungarian presidency: "Your commitments are not enough. We are here fighting to uphold the spirit of the deal and not only to hear what the law says", he said.
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Source: European Commission
IOSCO publishes Principles on Point of Sale Disclosure for Collective Investment Schemes
February 2, 2011--The Technical Committe of the International Organization of Securities Commissions has published its final report on Principles on Point of Sale Disclosure which contains principles that are designed to assist markets and market authorities when considering point of sale disclosure requirements for collective investment schemes.
view the Principles on Point of Sale Disclosure Final Report
Source: IOSCO
Brussels aims to reopen carbon market partially
February 2, 2011--Europe’s physical carbon trading market is set for a partial reopening in coming days, easing concern about its future after an attack by computer hackers.
Two of the region’s national carbon permit registries have submitted independent reports that meet requirements to restore confidence in the market after the attack.
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Source: FT.com
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending Week Ending 28-Jan-2011
February 2, 2011--For the week ending 28 January 2011, there were US$32.1 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in financial services with US$117.1 Mn followed by insurance with US$107.4 Mn net inflows while industrial goods and services experienced net outflows of US$81.6 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$1,009.0 Mn net inflows. Banks has seen the largest net inflows with US$284.9 Mn, followed by insurance with US$196.0 Mn net inflows while chemicals experienced the largest net outflows with US$34.8 Mn.
As of 28 January 2011, there is US$10.9 Bn AUM invested in the STOXX sector ETFs which is almost double the US$5.7 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.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
The Commission calls for action on commodities and raw materials
February 2, 2011--Excessive volatility of prices on all major commodity markets occurs at a time when the competitiveness of European industry crucially depends on efficient and secure access to raw materials. Raw materials are vital for the EU’s economy and particularly crucial for the development of modern environmentally friendly technologies such as electric cars and photovoltaics. The recent volatility in commodity prices threatens to increase inflation and global raw material markets are becoming increasingly distorted due to protectionist measures.
The price fluctuation on the agricultural commodity markets has an impact on farmers, food-makers and consumers, including in the poorest countries. In response to these challenges, the European Commission presented today an integrated strategic vision to tackle challenges in Commodity markets and on Raw materials.
The Commission proposes actions to improve the regulation, functioning and transparency of financial and commodity markets. The European Commission also calls for the swift implementation of the Raw Materials Initiative adopted in 2008. The Communication on commodities and raw materials contributes to the Europe 2020 flagship initiative 'A resource-efficient Europe' that was adopted last month (IP/11/63).
President Barroso said: “'In order to secure supply of raw materials for the European industry for coming years, we need to link this policy with our reforms of the regulatory framework for financial markets. Better understanding the synergy between the two will ensure that supply of commodities and raw materials matches demand in a resource-efficient way, contributing to sustainable growth in the European Union."
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Source: EUROPA
Setting the stage for economic recovery
January 31, 2011--Report sets 10 priorities for tackling the bloc's main economic challenges, launching the first ever ‘European semester'.
The annual growth survey is the first step in a new system to help national governments more closely coordinate their responses to the EU's main economic challenges.
It is part of the new 'European semester', an annual six-month cycle during which governments benefit from the input of their peers at EU-level as they formulate their budgetary and economic policies. Working together on economic policy from the get-go will make it easier for EU countries to pursue shared targets and address common concerns.
The survey identifies 10 priorities EU countries should focus on to boost the economy and raise employment in line with the EU’s stability and growth pact and its new strategy for growth and jobs, Europe 2020. These include getting the unemployed back into work, reforming pension systems, reigning in public debt and promoting the full use of Europe's integrated economy.
view the Annual Growth Survey: advancing the EU's comprehensive response to the crisis
Source: European Commission
Boerse Stuttgart’s turnover exceeds EUR 10.5 billion in January
2011 gets off to a good start in terms of trading volumes/ growth in all asset classes
February 2, 2011--According to its order book statistics, Boerse Stuttgart had a turnover of more than EUR 10.5 billion in January 2011. This meant that trading volumes were around 36 percent up on the previous month's figures and grew by more than 30 percent year-on-year.
Securitised derivatives accounted for the lion's share of trading volumes at Boerse Stuttgart. In this asset class last month's turnover totalled more than EUR 5.1 billion. This was more than 37 percent more than in the previous month and 25 percent more than in January 2010. In the same period leverage products grew by around 32 percent to more than EUR 2.4 billion. Investment products accounted for almost EUR 2.7 billion of turnover. In this asset class investors tended to favour mainly bonus and discount certificates.
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Source: Boerse Stuttgart
10.4 million contracts per trading day at Eurex Group in January
Significant growth year-on-year for equity and interest rate derivatives segments at Eurex Exchange
February 1, 2011--In January, the international derivatives exchanges of Eurex Group recorded an average daily volume of 10.4 million contracts (Jan 2010: 10.8 million). Of those, 7.1 million were Eurex Exchange contracts (Jan 2010: 7.0 million), and 3.3 million contracts were at the U.S.-based International Securities Exchange (ISE) (Jan 2010: 3.75 million). In total, 214.7 million contracts were traded, thereof 148.6 million at Eurex and 66.1 million at the ISE.
Eurex Exchange achieved 59.2 million contracts in its equity index segment – the largest product segment, compared with 63.4 million contracts in January 2010. Futures on the EURO STOXX 50® Index stood at 24.7 million contracts while 24.0 million options were traded on this index. Futures on the DAX totaled 2.8 million contracts while the DAX options reached another 5.1 million contracts.
The equity derivatives (equity options and single stock futures) segment grew by 11 percent and achieved 40.9 million contracts (Jan 2010: 36.8 million). Thereof, equity options totaled 29.7 million contracts and single stock futures equaled another 11.2 million contracts.
The interest rate derivatives segment increased by 21 percent and achieved 47.9 million contracts (Jan 2010: 39.6 million). The Euro-Bund-Future reached 17.5 million contracts in January, the Euro-Bobl-Future 10.7 million contracts and the Euro-Schatz-Future 12.0 million contracts. The Euro BTP future totaled almost 128,000 contracts and the Short Term Euro-BTP-Future almost 49,000 contracts. The Euro-Schatz-Option hit a new monthly record of almost 2.9 million contracts.
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Source: Eurex
Turnover on Xetra grows by 15 percent in January
Number of transactions up 30 percent
February 1, 2011--Order book turnover on Xetra and on the trading floor of the Frankfurt Stock Exchange stood at €121.7 billion in January – a rise of 14 percent year-on-year (January 2010: €106.3 billion).
Of the €121.7 billion, €114.3 billion was attributable to Xetra which registered growth of 15 percent y-o-y (January 2010: €99.0 billion). €7.5 billion was attributable to floor trading in Frankfurt, a slight increase y-o-y (January 2010: €7.4 billion). Order book turnover on Tradegate Exchange totalled €2.5 billion in January, making it 89 percent higher y-o-y (January 2010: €1.3 billion).
In equities, turnover reached €102.5 billion on Deutsche Börse’s cash markets (Xetra: €99.1 billion, Frankfurt trading floor: €3.4 billion). Turnover in bonds was €2.0 billion, and in structured products €2.6 billion (including Scoach). Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €14.6 billion.
A total of 18.9 million transactions were executed on Xetra in January, growth of 30 percent y-o-y (January 2010: 14.5 million).
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Source: Deutsche Börse
Europe backlash grows against Mifid reforms
February 1, 2011--European regulators face a growing backlash over moves to impose greater transparency on parts of the equities and derivatives markets as the region gears up for reforms mirroring US efforts to make the financial system safer.
The European Commission has proposed sweeping changes to the way the equities and derivatives markets are traded in its review of the Markets in Financial Instruments Directive, implemented in 2007.
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Source: FT.com
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