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Landesbanken poised to sell DekaBank stake
January 7, 2011--Germany’s state-owned banking sector is set to be partially restructured with the expected sale by the country’s troubled Landesbanken of a 50 per cent stake in DekaBank, the fund manager, for about €2.3bn ($2.97bn).
Under the deal Deka would become wholly owned by Germany’s public sector savings banks, which already own the other 50 per cent. Savings banks are by far the largest customers of Deka, whose investment products are used by savings banks and sold to their clients.
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Source: FT.com
db X-trackers launches Europe’s first short emerging markets ETF
January 6 2011--: Deutsche Bank’s exchange-traded fund (ETF) platform, db X-trackers, has launched Europe’s first ETF that gives investors systematic daily short exposure to emerging markets.
The db x-trackers MSCI Emerging Market Short Daily Index ETF, designed for active, short-term traders, provides investors with the daily inverse performance of the MSCI Emerging Markets Index, an index that reflects the performance of large and mid capitalisation companies in emerging markets across the world. It has been listed on the London Stock Exchange and represents the latest addition to db X-trackers’ suite of daily short ETFs. db X-trackers is the largest provider in Europe of ETFs that give exposure to daily short indices.
“Our new emerging markets daily short ETF provides investors with a positive return when the underlying market experiences negative performance. Active investors can, therefore, via a liquid and easily traded product, potentially profit when the underlying market experiences negative performance,” said Manooj Mistry, head of db X-trackers, UK.
The db x-trackers MSCI Emerging Market Short Daily Index ETF resets on a daily basis, which means its compounded performance across a number of days differs from the total return of the underlying index (see editor’s notes). The product is, therefore, particularly suited to active traders managing short-term positions. For tactical investors, the ETF provides a straightforward route to taking short exposure. ETFs do not require the management of margin positions, for example, as a futures contract would. The short ETF can therefore act as an effective substitute for a derivatives contract. The ETF can also be used as a hedging tool.
“Trading in emerging markets was extremely active in 2010. The db x-trackers MSCI Emerging Market Short Daily Index ETF gives investors the opportunity to actively hedge their long emerging markets positions on a short term basis should they wish to maintain that exposure but fear a downturn,” said Mistry.
Source: Deutsche Bank
New financial watchdogs on duty
January 6, 2011--As the Hungarian Presidency took office on 1 January 2011, three new European supervisory authorities started their operations. In November 2010 the Council of the European Union decided to put in place a new European financial framework system and new supervisory authorities. The reform also involved a reorganisation of macro and microprudential supervisory authorities.
It was aimed to provide more stringent risk surveillance both in the system as a whole and in individual financial services. This is in line with the plan of the Hungarian Presidency, which is to promote the establishment of a framework system for crisis prevention and management, which is vital for the stable workings of financial markets and can contribute to the sharing of burdens in crisis situations.
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Source: eu2011.hu
db X-trackers listet in London ersten Short-ETF auf Schwellenländer-Index und weltweite Sektoren-ETFs
January 6, 2011-db X-trackers, die Plattform der Deutschen Bank für
Exchange Traded Funds (ETFs), hat an der London Stock Exchange (LSE) den
europaweit ersten ETF gelistet, der die inverse tägliche Wertentwicklung eines
Schwellenländer-Index abbildet. Das Ziel des db x-trackers MSCI Emerging Market Short Daily Index ETF ist es, die umgekehrte tägliche Wertentwicklung des MSCI Emerging Market Index abzubilden, zuzüglich eines Zinsanteils.
Der MSCI Emerging Market Index spiegelt die Wertentwicklung der Aktien von großen und mittelgroßen Unternehmen in Schwellenländern weltweit wieder.
„Mit unserem ETF wird Investoren erstmals in Europa die Möglichkeit gegeben, auf täglicher Basis an täglichen fallenden Marktbewegungen in Schwellenländern invers zu partizipieren“, sagt Thorsten Michalik, verantwortlich für db X-trackers. „Da die Performance des db x-trackers MSCI Emerging Market Short Daily Index ETF auf täglicher Basis berechnet wird, eignet sich das Produkt vor allem für aktive Investoren, oder auch als kurzfristiges Absicherungsinstrument.“
Darüber hinaus hat db X-trackers, ebenfalls an der LSE, zehn ETFs auf Indizes gelistet, die weltweite Sektoren im Aktienmarkt abbilden. Die unterliegenden MSCIIndizes spiegeln die Entwicklung der größten Unternehmen beispielsweise im Finanz-, Energie- oder Gesundheitssektor wider. Beispiele für entsprechende ETFs sind der db x-trackers MSCI World Financials TRN Index ETF, der db x-trackers MSCI World Energy TRN Index ETF oder der db x-trackers MSCI World Health Care TRN Index ETF. db X-trackers bietet bereits eine Reihe von ETFs auf Sektoren im europäischen Aktienmarkt an. Nun haben Investoren die Möglichkeit, sich mit einem Produkt an der weltweiten Entwicklung eines Sektors zu beteiligen.
Für weitere Informationen: www.etf.db.com
Source: db X-trackers
Tradegate Exchange with new records in 2010
January 6, 2011--Tradegate Exchange hit new record figures in 2010. A total of more than 3.2 million transactions in equities, funds, ETFs and bonds were concluded last year. This corresponds to 33 percent growth year-on-year (2009: 2.4 million trades).
The trading volume of equity transactions rose by 62 percent in 2010 from EUR 10.5 billion to almost EUR 17 billion. With 3.1 million equity transactions in 2010 (2009: 2.3 million), Tradegate Exchange reached a market share among German trading floors of 34 percent, a growth of 3 percent over 2009.
Tradegate Exchange has operated as a regulated stock exchange since January 2010. The newest German regional stock exchange sees the last year’s results as a clear sign of approval from private investors, “Most of our traders are well-informed private investors who choose Tradegate personally. In 2011 we expect more orders from clients who ask their bank to select the best trading venue,” said Jochen Thiel, managing director of Tradegate Exchange GmbH. Several banks and savings banks have integrated Tradegate Exchange into their Best Execution Policies, choosing it as the best execution venue for their private clients’ securities transactions.
Source: Tradegate Exchange
Commission seeks views on possible EU framework to deal with future bank failures
January 6, 2011--Following the publication of a Communication on 20 October 2010 on a European crisis management framework for the financial sector (see IP/10/1353), the European Commission has today launched a consultation on technical details underpinning that framework. Today's consultation should be read in conjunction with that Communication. The Commission intends to come forward with a legislative proposal for a comprehensive framework for dealing with failing banks before the Summer of 2011. The deadline for contributions to this consultation is 3 March 2011.
The possible options set out in this consultation would constitute a significant step for the EU in delivering the commitment made at the G20 summit in June 2010, by ensuring that authorities across the EU have the powers and tools to restructure or resolve (the process to allow for the managed failure of the financial institution) all types of financial institution in crisis, without taxpayers ultimately bearing the burden. They are also consistent with the principles for ensuring that resolution is a viable option for systemically important financial institutions that are being developed by the Financial Stability Board. This Consultation focuses on measures for banks and investment firms. The Commission will report by the end of 2011 on appropriate measures for other kinds of financial institution, including insurers and Central Counterparties.
Currently, there are very few rules at EU level which determine which actions can and should be taken by authorities when banks fail and, for reasons of financial stability, cannot be wound up under ordinary insolvency rules. This consultation seeks input on the technical details underpinning the policy issues identified in the Communication of 20 October 2010. These include
Common and effective tools and powers to deal with failing banks at an early stage, and to minimise costs for taxpayers, for example:
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Source: Europa
Trading In 2010 At The London Metal Exchange Surges To New Records
Total trading up 7.4 per cent to 120.3 million lots traded in 2010
Total value traded surges to US$11.6 trillion
Steel progresses strongly; more than 12 million tonnes traded
January 6, 2011--The London Metal Exchange registered new records for volume and value of trading in 2010, consolidating its position as the world’s leading metals exchange.
Total trading in 2010 rose 7.4 per cent on 2009 to reach 120.3 million lots (111.9 million in 2009). This was equivalent to 2.83 billion tonnes of material. In a year when prices also rose strongly, the notional value of all contracts traded surged to US$11.6 trillion from US$7.4 trillion in 2009.
Martin Abbott, LME Chief Executive, said, “Despite, or perhaps because of, the volatile global economy, 2010 was again a very strong year for the LME. The early stage recovery, particularly in Asia and Latin America, generated resumed interest in commodity raw materials resulting in new record highs for a number of our metals.”
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Source: London Metal Exchange
European pension funds seek exposure to investment-grade global bonds
January 6, 2011--A number of pension funds are looking to invest as much as CHF50m (€40m) in the global bond market, using IPE Quest.
In mandate QN1152, a Swiss investment consultancy is looking for investment options on behalf of schemes in mainland Europe and the UK.
The CHF50m would be divided between two to four mutual funds, with exposure to euros, sterling, the US dollar and Swiss francs welcome.
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Source: IP&E
UK official holdings of international reserves, December 2010
January 6, 2011--This monthly press notice shows details of movements in December 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 December 2010:
No intervention operations were undertaken.
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Source: HM Treasury
South Korea lenders look to rescue savings banks
January 6, 2011--Top South Korean lenders are planning to buy some of the country’s debt-strapped savings banks, as the government seeks to avert a shock to the broader financial system.
The country’s regulators, concerned that the problems at savings banks reeling from non-performing property loans could spread to the country’s major lenders, have encouraged the move.
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SOurce: FT.com
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