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Future eurozone rescue fund to hold EUR 500bn
February 14 2011-- Eurozone leaders decided Monday to almost double the effective lending capacity of future bailout funding, as they cast a worrying glance at renewed pressure from the bond market.
A permanent eurozone rescue fund being set up from January 1, 2013, will have an initial capacity of 500 billion euros, said the head of the Eurogroup of finance ministers, Luxembourg Prime Minister Jean-Claude Juncker.
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Source: EUbusiness
NASDAQ OMX Appoints New President For NASDAQ OMX Iceland
February 11, 2011-- The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) today announced that Mr. Pall Hardarson has been appointed President of NASDAQ OMX Iceland.
"Pall has served as NASDAQ OMX Iceland's head of operations and vice president for nine years, working closely with and reporting to the former President, Mr. Thordur Fridjonsson, who regretfully has passed away.
We are thankful for Thordur's contributions and great leadership through the years. With Pall's extensive knowledge of NASDAQ OMX Iceland's operations, and a strong background in management and economics, he has our full confidence in taking on this new and challenging role", said Hans-Ole Jochumsen, President NASDAQ OMX Nordics.
Pall was born in 1966. Before joining NASDAQ OMX Iceland (then Iceland Stock Exchange) in 2002, Pall served as an economist at the National Economic Institute for three years. He holds a Ph.D. degree in Economics from Yale University.
Source: NASDAQ OMX
Eurex introduces dividend futures on UK underlyings
Trading volume of all dividend derivatives grows 36 percent year-on-year
February 11, 2011--International derivatives exchange Eurex will be launching new dividend futures on 24 February based on the dividends of thirteen UK equities: Anglo American, AstraZeneca, Barclays, BHP Billiton, BP, BT Group, Diageo, GlaxoSmithkline, HSBC Holdings, Rio Tinto, Royal Dutch Shell, Tesco and Vodafone.
These new dividend futures expand the existing Eurex range of exchange-listed dividend derivatives, currently comprising five index dividend futures, 66 futures on single stock dividends and one option on the EURO STOXX 50 dividend future. The entire dividend derivative segment has grown year-on-year by 36 percent in terms of average trading volume.
"There is great demand for dividend contracts among our participants, so we worked together to expand the product range,” explained Eurex Executive Board member Peter Reitz. "Now for the first time, the dividends from single stocks in GBP and USD can be hedged with an exchange product.”
The specifications of the new contracts largely correspond to existing dividend products. A designated market-making program will be offered for the new dividend futures from the start in order to make prices in the order book continuously available and to support trading activity. Eurex will be offering annual contracts denominated in Pounds Sterling, US dollars and euros with maturities between December 2011 and December 2015.
The trading volume of Eurex dividend derivatives traded on-exchange and cleared via the central counterparty has grown continuously since introduction in 2008. The average volume traded daily at the end of January was around 24,000 contracts, of which around 21,500 were futures and 2,400 dividend options. The dividend option exceeded 50,000 contracts in one month for the first time in January 2011 – a new record. The single stock dividend futures recorded their second-best month with over 120,000 contracts, of which around 19,000 were recently introduced Swiss products, which thus recorded their best trading month.
Source: Eurex
Value-Added Sales, Warehouses Beat Physical ETFs-Rio Tinto
February 10, 2011--Physical exchange-traded funds could provide a home for metal produced by Rio Tinto PLC (RIO) although the company benefits more from selling value-added products directly to customers, and then moving metal to warehouses when demand is slack, the chief executive of the dual-listed miner said Thursday.
Noting that he has been "astounded" by the success of the ETFs, Tom Albanese told a conference call to analysts that the company's aluminum business in particular had benefited from changes in the quality of product sold.
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Source: FOX Business
Thomson Reuters Monthly Market Share Reports For January 2011
February 10, 2011--Monthly Market Share Reports
Trading is fragmenting between exchanges and competing venues. But by how much and which venues? Find out in our summarised monthly reports.
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Source: Thomson Reuters
FSA and Bank of England announce new draft code of practice for auditors and supervisors
February 10, 2011--Following joint work with the Bank of England, the Financial Services Authority (FSA) has today published, for consultation, a draft code of practice designed to enhance the dialogue between auditors and supervisors.
The aim of the code is to improve audit effectiveness and ensure that supervisors are better informed about, and able to challenge, the firms they regulate. Auditors have an important role to play in the supervisory process as the annual financial statements that they audit form the basis of the prudential information that the FSA uses when supervising firms.
The code of practice proposes a framework for auditors and supervisors to work together in an open and collaborative way. This increased coordination will enhance the ability of the FSA to scrutinise specific accounting practices and related judgements in order to understand fully their implications and to highlight emerging problems. Equally, auditors are expected to gain valuable insights from their dialogue with the FSA when gathering evidence to support their audit opinions.
view the Code of Practice for the relationship between the external auditor and the supervisor (‘the Code’)
Source: FSA.gov.uk
German investors 'misunderstand' fiduciary management
February 10, 2011-- The concept of fiduciary management has been largely misunderstood in Germany and is not about "yielding decision-making powers", asset managers have said.
Last week, a number of consultants told IPE that fiduciary management was struggling to take off in Germany because institutional investors wanted to "remain in the driver's seat".
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Source: IP&E
NYSE Euronext European ETF Activity-January 2011
February 10, 2011--NYSE Euronext European ETF activity highlights for January 2011
Listings
One new issuer joined our market: Credit Suisse listed 45 ETFs on NYSE Euronext in Paris on January 18th. In addition, January saw new listings from Amundi (one in Paris), EasyETF (one multi-listed in both Paris and Amsterdam), iShares (four in Amsterdam) and Lyxor (two in Paris) for a total of 54 new listings of 53 ETFs.
At the end of January, NYSE Euronext had 621 listings of 544 ETFs from 17 issuers on its European market.
These ETFs cover 363 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc.).
Trading activity
In January 2011, both the average daily number of trades and the Average Daily Turnover (ADT) figures continued to show strong growth:
On average, there were 10 188 trades on a daily basis, representing an increase of 17.7% versus January 2010.
ADT of €473.4 million, representing an increase of 37.8% from the €343.7 million in January 2010.
Assets under Management
At the end of January, the combined AUM of all ETFs listed on the NYSE Euronext European markets totaled €140.8 billion, an increase of 32.8% from the €106.1 billion at the end of January 2010.
Market Quality
The combination of the flow of 22 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 28.5 bps of all listed ETFs.
Visit www.euronext.com/etf for more info.
Source: NYSE Euronext
BBVA forecasts 'weak' economic recovery for Spain
February 9, 2011--The Spanish economy will post a "weak" recovery this year with growth of 0.9 percent that will pick up to 1.9 percent in 2012, the country's second-largest bank, BBVA, forecast Wednesday.
The BBVA forecast is more pessimistic than that of the government which predicts the economy will expand by 1.3 percent this year and by 2.5 percent in 2012.
"The recovery of the Spanish economy will continue to be weak in the short term," the bank's research department said in its latest quarterly bulletin.
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Source: EUbusiness
Eurozone debt crisis: The calm before the storm
February 9, 2011--- After taking a relentless pounding from the markets last year, the eurozone is breathing easier these days, but analysts warn it may just be the calm before another storm for the debt-stricken bloc.
A drive to coordinate the economic and fiscal policies of the 17 nations that share the euro, coupled with plans to boost a debt rescue fund, have helped to ease market fears about the single currency area.
For billionaire investor George Soros, Europe's debt crisis is "about to be resolved," although he warned that the new system was also flawed because it would cast in stone divergences between strong and fragile economies.
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Source: EUbusiness
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