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Scoach leads the European market in 2010 as well
Europe’s largest certificate exchange reports consolidated trading volume of EUR 48.3 billion/number of structured products hits record high
January 11, 2011--Boasting a turnover of EUR 48.3 billion on its Zurich and Frankfurt trading platforms in 2010, Scoach remains the highest-volume exchange for structured products in Europe.
The number of trades executed last year at Scoach in Frankfurt rose to 2.5 million – an increase of over 7 percent compared to 2009. The volume of trades for international investors grew by 50 percent and accounts for more than 12 percent of total transactions. According to the exchange statistics published by the German Derivatives Association, Scoach has developed above-average in the German market over the past three years.
In 2010, the Swiss market posted a 7 percent increase in turnover to CHF 39.7 billion (EUR 30.1 billion). Asset managers and institutional clients in particular are making greater use of regulated exchange trading, which led to a record increase in listings of over 41 percent.
At end-2010, the number of listed products in the German market was 31 percent higher at 512,000. Currently more than 3,000 securities are admitted for trading each day.
Source: Scoach
LSE blames ‘human error’ for November outage
January 11, 2011--A two-hour outage that hit one of the London Stock Exchange’s trading platforms last November, delaying the implementation of an important technology upgrade, was caused by “human error”, the exchange has revealed after a two-month investigation.
The outcome of the probe stands in contrast to the exchange’s initial statement when the problem arose, which pointed to human error, possibly in “suspicious circumstances”.
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Source: FT.com
Italian-German bond spread hits record
January 11, 2011-- The gap between the risk premium on Italian 10-year bonds and safe-bet German bonds hit a record 204 basis points on Tuesday, reflecting investor unease over the finances of some eurozone states.
But Italy also managed to raise seven billion euros in one-year bonds without any problems ahead of a bigger debt test later this week.
Tuesday's risk premium rate of 2.067 percent was only slightly higher than the rate of 2.014 percent in the last similar operation in December.
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Source: EUbusiness
Britain thrashes out EU referendum plans
January 11, 2011--British lawmakers were to thrash out Tuesday the terms of a new law that could trigger a referendum on any EU treaty changes, with some eurosceptics insisting the plans do not go far enough.
A significant number of Prime Minister David Cameron's own Conservative MPs are prepared to rebel and vote against the European Union Bill, causing a headache for the coalition government.
They have submitted amendments which they hope will toughen up the bill and give the government no room to wriggle out of the referendum pledge.
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Source: EUbusiness
iShares' Europe ETFs hit $100bn
January 10, 2011--Assets for iShares’ exchange traded funds business in Europe have passed $100bn for the first time, reaching $101.8bn at the end of December.
avid Gardner, head of sales for iShares EMEA, said passing the $100bn mark was an “important milestone” that demonstrated the success of BlackRock’s takeover of Barclays Global Investors in 2009.
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Source: FT.com
EEX Transparency Platform expanded with Austria
January 10, 2011--In the
framework of a transparency initiative by the Association of Austrian Electricity Companies the Austrian transmission system operator Austrian Power Grid (APG) is joining the EEX
transparency platform(www.transparency.eex.com) and will, thus, become the sixth equal
co-operation partner in addition to the platform’s operator EEX and the four German transmission system operators 50Hertz Transmission GmbH, Amprion GmbH, EnBW Transportnetze AG and TenneT TSO GmbH.
In this context, APG is also responsible for the publications by the second Austrian transmission system operator – VKW Netz AG. As a result of this, fundamental data regarding Austria will also be published on the central and neutral platform from mid-2011 in the framework of the mandatory publications. These will
supplement the existing voluntary messages by Austrian power plant operators. This step, hence, successfully implements the aim of gradually including other countries and expanding the transparency platform towards a European basis.
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Source: EEX
EEX Trading Results For Natural Gas And CO2 Emission Rights In December
January 10, 2011--In December, the trading volume on the EEX Spot Market
for Natural Gas amounted to 1,567,364 MWh (GASPOOL and NCG market areas)
compared to 442,800 MWh in December 2009.
The volume included 219,116 MWh
traded in the Within-Day Gas product which was launched in March 2010. The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 20.00 per MWh and EUR 30.00 per MWh.
The volumes on the Derivatives Market for Natural Gas (GASPOOL and NCG market areas) amounted to 1,349,464 MWh (December 2009: 930,160 MWh). On 30 December 2010, the open interest was 20,040,423 MWh. On 28 December 2010 Natural Gas prices for delivery in 2011 were fixed at EUR 22.65 per MWh (GASPOOL) and EUR 22.69 per MWh (NCG), respectively.
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Source: EEX
EPEX Spot/EEX Power Derivatives: Power Trading Results in December 2010
January 10, 2011--Leipzig, Paris 10 January 2011. In December 2010, a total volume of 110.6 TWh was traded on the Power Spot and Derivatives Market operated by EPEX Spot SE and EEX Power Derivatives (same month of the previous year: 85.7 TWh).
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of 24,970,420 MWh (December 2009: 17,984,051 MWh) and can be broken down as follows:
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Source: EPEXSPOT
New EDHEC-Risk Institute research provides a suggestion for remedying the overstated performance of non-investable hedge fund indices
January 10, 2011--The biases that inflate the performance of hedge funds have been well documented in the financial literature. Survivorship bias, which results from the ex-post exclusion of unsuccessful funds from databases, and backfill or instant history bias, which occurs when the historical performance of a successful fund is retroactively added (backfilled) into the database, distort the performance of the hedge fund industry.
These biases tend to inflate the returns posted by non-investable hedge fund indices. Investable hedge fund indices can help investors mitigate the effects of these biases, but investable indices cannot include all existing funds. The number of underlying funds is often twenty times less than that of non-investable indices. In these conditions, investable indices are naturally less representative than non-investable indices. Consequently, it is hardly surprising that investable indices tend to underperform their non-investable versions.
In a new study entitled “A Suggestion for Remedying the Overstated Performance of Non-Investable Hedge Fund Indices,” EDHEC-Risk Institute examines whether the liquidity crisis that followed the Lehman collapse and significantly impacted the performance of hedge fund strategies (especially the strategies exposed to credit risk) has increased this excess return or not. The study compares the excess returns of non-investable indices and those of their investable counterparts before and after 2008.
The results show a striking contrast between liquid and illiquid strategies. For the latter, the significant increase in the excess returns of the non-investable indices during the second period perfectly coincided with the global credit crunch. By contrast, the most liquid strategies saw the excess returns of the non-investable indices decrease over the second period. By comparison with the upward trend characterising illiquid strategies, however, this downward trend is negligible
view report-EDHEC-Risk Publication Suggestion for Remedying the Overstated Performance of Non-Investable Hedge Fund Indices
Source: EDHEC
ISE puts in place a new mechanism for effective market surveillance: “ISE Automatic Circuit Breaker System”
January 7, 2011--Well aware of the importance of surveillance in assuring the transparent, orderly and fair functioning of the markets, and in consideration of the recent developments and technological innovations in the national and international markets, Istanbul Stock Exchange (ISE) regularly reviews its surveillance strategy in close cooperation and coordination with the Capital Markets Board (CMB) of Turkey, the regulatory authority of the Turkish capital markets. Within this framework, the Istanbul Stock Exchange has introduced the “ISE Automatic Circuit Breaker System”, enabling the fully automated suspension on a stock basis.
“ISE Automatic Circuit Breaker System”, aimed at drawing investors’ attention to the possible abnormal price or quantity movements in the ISE Stock Market and ensuring that they apply the necessary prudence with such movements, is designed as a two-tier system and will be in place on January 10, 2011.
Preliminary Stage: First Circuit Breaker
ISE Stock Market will be monitored on a real-time basis by the system and in the event of an abnormal price or quantity movement in a certain stock in consideration of its past data; the system will automatically suspend the trading of that specific stock for a pre-defined period of time. The suspension period is parametrical, and is initially defined as 15 minutes for the stocks traded with continuous auction trading method, or for the rest of the session, if there is less than fifteen minutes to the end of the session.
Furthermore, in the event that a circuit breaker is applied, such information, including the time the stock will re-start trading, will be announced automatically and simultaneously through the Public Disclosure Platform. When the circuit breaker is off, the relevant stock will automatically re-start trading.
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Source: Istanbul Stock Exchange (ISE)
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