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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
ESG Reporting, finally poised to become mandatory across Europe?"
January 31, 2011--Between November 2010 and January 2011, the European Commission (EC) underwent a public consultation process to address the future of the European corporate disclosure regime of non-financial information (i.e: information pertaining to environmental, social and corporate governance issues). After years of engaging in dialogue with industry stakeholders, disclosure of non-financial information by companies is poised to move from a voluntary to a mandatory basis.
Eurosif submitted a Response to this important consultation, shaped with the valuable contribution of Eurosif’s Board, Lobbying Advisory Group and its Member Affiliates.
This document provides an overview of Eurosif’s lobbying position on corporate non-financial disclosure and additional topics that were opened for debate in the EC consultation.
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Source: Eurosif
Update of the list of measures recently taken by competent authorities regarding short-selling.
January 31, 2011--CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
ESMA updates the list of measures recently taken by competent authorities regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the French AMF and the German Bafin.
view Measures recently taken by competent authorities regarding short-selling
Source: ESMA
EU urged to restart carbon trading
January 31, 2011--Energy traders have warned European regulators that they must reopen the region’s carbon trading markets within days if they are to avoid damaging the fledgling emissions trade.
However, regulators have been unable to give a firm date for the resumption of trading in the physical market, known as the “spot” market, while a sale of 300,000 metric tonnes of carbon planned for Tuesday in Germany was cancelled.
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Source: FT.com
Eurozone inflation accelerates to 2.4 per cent
January 31, 2011-- Eurozone annual inflation shot up to 2.4 percent in January, the EU warned Monday, fuelling household fears of an earlier rise in interest rates than anticipated, though experts insisted they see no need.
The European Union Eurostat agency said the flash-estimate climb, from 2.2 percent in December, was almost certain to be confirmed in official figures next month.
The European Central Bank's core target for economic management, inflation close to but not above 2.0 percent, has now been breached for the second successive month, and the eurozone figure comes on top of inflation in non-euro Britain topping 3.7 percent in December.
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Source: EUbusiness
Source launches Man GLG Europe Plus ETF
January 31, 2011--Source is pleased to announce today the launch of its new Man GLG Europe Plus Source ETF, providing exposure to the Man GLG Europe Plus Index, a long-only index developed by Man Systematic Strategies (MSS), a new group which draws on the combined expertise of GLG, AHL and Man’s Multi-Manager business.
The Man GLG Europe Plus Index, created by MSS, is a long-only total return European equity index designed to capture outperformance from broker ideas provided specifically for Man GLG. It uses high quality ideas from approximately 60 leading brokers to create a liquid, highly diversified, long-only European equity portfolio. The index has similar market-cap exposure to the broad European equity market, with the potential for enhanced returns.
Europe’s brokerage community employs thousands of experienced research analysts who generate trade ideas for active investors. There is substantial evidence that these ideas add value. Since 2005, GLG has used a systematic process to select the highest quality broker ideas and run a liquid, diversified portfolio. This strategy is now available in index format, via the new Source ETF.
Commenting on the launch of the ETF, Ted Hood, CEO of Source, said, “Similar proprietary MSS strategies have delivered impressive and consistent outperformance relative to MSCI Europe over the last few years. We are very excited to be able to offer this quality of investment in the form of a Source ETF. It is groundbreaking to deliver an outstanding actively managed product in an investment with such a high degree of liquidity and transparency.”
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Source: Source ETF
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