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Drive to unify euro economy as rescue roadmap set
February 4, 2011--Germany and France launched a radical drive Friday to unify the debt-ridden eurozone economy, as eurozone leaders set out their roadmap towards finalising permanent rescue resources.
While plans to down wages provoked an immediate backlash at a European Union summit, a deal in principle to widen the scope of a permanent bailout fund, pending final approval of "concrete" measures in March, allowed the big two and the weakest eurozone states to find common ground.
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Source: EUbusiness
EEX trading results in January
February 3, 2011--In January, the trading volume, on the EEX Spot Market for Natural Gas amounted to 1,323,933 MWh (GASPOOL and NCG market areas) com-pared to 885,696 MWh in January 2010. The volume included 382,893 MWh traded in the Within-Day Gas product. The Spot Market price for the day-ahead delivery of Natu-ral Gas ranged between EUR 20.01 per MWh and EUR 28.00 per MWh.
The volumes on the Derivatives Market for Natural Gas (GASPOOL and NCG market areas) amounted to 1,004,948 MWh (January 2009: 1,079,750 MWh). On 31 January 2011, the open interest was 19,493,975 MWh. On 31 January 2011 Natural Gas prices for delivery in 2012 were fixed at EUR 22.82 per MWh (GASPOOL) and EUR 23.19 per MWh (NCG), respectively. In January, EEX launched the European Gas Index (EGIX). The last monthly average value for EGIX Germany, which constitutes the ref-erence price for the delivery month February 2011, was fixed with 22.68 Euro/MWh on 28 January 2011.
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Source:EEX
UK official holdings of international reserves, January 2011
February 3, 2011--This monthly press notice shows details of movements in January 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 January 2011:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
NYSE Euronext completes offering of net and gross return versions on its main European indices
February 2, 2011--Today NYSE Euronext (NYX) announced the launch of ten new net and gross return indices. For the AEX®, AMX®, AScX® and PSI 20®
net return versions were released and for the BEL Mid® and BEL Small® indices gross return versions were launched. Net and gross return versions were also introduced for the CAC 40® and
AEX® Equal Weight indices.
With these new indices all of NYSE Euronext’s main European
indices now have a net and gross return version.
“These net and gross return indices have further increased our offering of NYSE Euronext European indices allowing investors and exchange traded product issuers new ways to invest in our indices”, says George Patterson, Managing Director European Indices, Global Index Group, NYSE Euronext.
All NYSE Euronext’s European country return indices use the same calculation methodology. For gross return indices gross dividends declared by the index constituents are reinvested in the index and for net return indices net dividends (ordinary gross dividend minus the amount of withholding tax) are reinvested into the index.
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Source: NYSE Euronext
New Source equity index ETF launched on Xetra
February 3, 2011--Since Thursday, an additional exchange-traded index fund issued by Source has been tradeable on Xetra.
ETF name: Man GLG Europe Plus Source ETF
Asset class: equity index ETF
ISIN: IE00B59D1459
Total expense ratio: 0.75 percent
Distribution policy: non-distributing
Reference index: Man GLG Europe Plus Index
This ETF allows investors to participate in the performance of the Man GLG Europe Plus index. The reference index tracks the performance of the top companies in the following European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The index aims to outperform the European equities market. The top companies include all those that are listed on a regulated market and that have a market value of at least €50 million.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 767 exchange-listed 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.
Source: Deutsche Börse
London Stock Exchange Group: Monthly Market Report - January 2011
February 3, 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 January a total of 25.6 million trades were carried out across the Group’s electronic equity order books with a combined value of £191.6 billion (€226 billion), up 21 per cent on January 2010
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £4.9 billion (€5.8 billion), unchanged year on year; the average daily number of trades increased by six per cent to 627,496.
The LSE’s share of trading in the total UK order book for January was 64.1 per cent.
Italian Equities Order book
On the Italian order book, the average daily number of trades was 341,142, up 31 per cent on the same month last year, whilst the average daily value traded on the order book increased 26 per cent year on year to €3.8 billion (£3.2 billion).
Borsa Italiana’s share of trading in the total Italian order book for January was 83.5 per cent.
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Source: London Stock Exchange
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
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