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All floor trading in Frankfurt to take place through Xetra specialists from May 2011
Exchange Council of the Frankfurt Stock Exchange resolves early termination of lead-broker based floor trading/ Trading Hall remains in use/ Exchange’s competitive position and economic role ensured
November 24, 2010--The Exchange Council of the Frankfurt Stock Exchange resolved on Wednesday to terminate lead-broker based floor trading and to introduce the Xetra specialist model for shares and bonds as well, with effect from 23 May 2011.
From this date on, trading will take place exclusively via the Xetra system. Xetra uses specialists who ensure sufficient liquidity in trading. Despite the termination of lead-broker based floor trading using the Xontro system, the presence of specialists will ensure that the Trading Hall of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, FWB) remains in operation.
With the transition to the Xetra specialist model, the Frankfurt Stock Exchange is strengthening its position amid increasing competition on the European market. Xetra’s international orientation and the performance requirements of its specialists will further increase the market quality of the FWB. Since 2008, the Xetra specialist model has been successfully used for trading structured products on Scoach as well as in fund trading on the FWB.
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Source: Deutsche Börse
New financial market supervision system signed into law
November 24, 2010--The President of the European Parliament, Jerzy Buzek, and Belgium's State Secretary for European Affairs, Olivier Chastel, on Wednesday formally signed into law the financial supervision package, which will establish new authorities oversee the operation of banks, securities markets and insurance companies, as well as monitoring the build up of risk in the economic system as a whole.
The new watchdogs are set to be operational by 2011 and will have tough new powers to settle disputes among national financial supervisors, to ban risky financial products and activities, and to directly supervise credit rating agencies. If national supervisors fail to act, then the authorities may also impose decisions directly on financial institutions, such as banks, so as to remedy breaches of EU law.
Mr Buzek said, "This legislative package is one of the key cornerstones in rebuilding economic growth in the EU. The new and strengthened financial supervisory authorities will help to ensure that we avoid deep financial crises in the future. It is now essential to make fast progress towards a strong economic governance model for the Eurozone which is needed to effectively respond to market tensions."
Source: European Parliament,
ETF Landscape: European STOXX 600 Sector ETF Net Flows week ending 19-Nov-10
November 24, 2010--For the week ending 19 November 2010, there were US$64.7 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in insurance with US$57.2 Mn and automobiles and parts with US$48.0 Mn while industrial goods and services experienced net outflows of US$62.5 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$542.3 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$252.8 Mn, followed by utilities with US$106.9 Mn while food and beverage has experienced the largest net outflows of US$152.7 Mn YTD.
As of 19 November 2010, there is US$10.2 Bn AUM invested in the STOXX sector ETFs which is more than double the US$4.5 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 17 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
London Stock Exchange ETFs and ETPs Update
November 24, 2010--Trading Statistics October 2010
Value traded in ETFs have seen a 24% increase this month compared with figures for September and ETPs have seen a 4% increase.
On a year-on-year comparison, value traded in ETFs have increased 33% and ETPs 12% in October 2010 from October 2009.
News
ComStage, a new ETF issuer, introduced 5 new ETFs in October now trading on the Main Market. Other ETF providers who have introduced new instruments include HSBC, iShares and Lyxor.
Source: London Stock Exchange
DB Climate Change Advisors issues first comprehensive review of U.K. renewable energy programme
November 24, 2010--DB Climate Change Advisors (DBCCA), the climate change investment business of Deutsche Asset Management, today released the first comprehensive review of the U.K.’s renewable energy programme since the U.K.’s Comprehensive Spending Review (CSR). The report, U.K. Renewable Energy Investment Opportunity: Creating Industries and Jobs, identifies the investment opportunity, benefits, and roadblocks as the country tries to meet its 15% renewable energy goal by 2020.
According to Mark Fulton, Global Head of Climate Change Investment Research, DBCCA, before private investors will commit large amounts of capital to the renewable sector there must be transparent, long-term and certain regulations governing carbon emissions, renewable energy and energy efficiency. “The U.K.’s energy policy has increasingly demonstrated transparency, longevity and certainty and now, in order for it to firmly take hold, needs to enter a period of stability over the coming years without major changes,” he said.
Fulton added that there is now a need for investment from the private sector in U.K. energy systems. “As existing energy plants are retired, there is an opportunity both to fill the gap and to enhance energy security by investing heavily in new, renewable sources of energy,” he said. “But the renewable policy landscape has to enable the investment case to be made in the U.K., and there is evidence that the new coalition government is serious about doing this.”
view UK Renewable Energy Investment Opportunity: Creating Industries & Jobs report
Source: Deutsche Bank
London Stock Exchange launches new guide to listing
November 24, 2010--This week the London Stock Exchange will be launching its new guide to joining the Main Market for companies and advisers. "A guide to listing on the London Stock Exchange" provides a practical outline of the listing process for companies that are considering an IPO.
The guide has been developed with contributions from a range of advisers and market participants. It combines extensive market experience with expert insight, offering guidance on the listing and admission to trading of shares and depositary receipts on the London Stock Exchange's markets.
Tracey Pierce, Director of Equity Primary Markets, London Stock Exchange Group, said:
"We are very pleased to be launching our new listing guide this week. We are committed to supporting companies who are looking to develop their business, raise capital and increase their profile by admitting to trading on one of our markets.
"For those companies looking to float, this new guide offers clear, practical advice, furnishing them with the knowledge they need to conduct a successful IPO."
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Source: London Stock Exchange
Gold prices peak on Istanbul Gold Exchange
November 24, 2010--
A kilogram of gold has reached the TL 65,000 level on the Istanbul Gold Exchange (IAB), an all-time record for the IAB.
On Monday gold closed on the ?AB at TL 63,035 per kilogram. On Tuesday the price of gold per kilogram hovered at the TL 64,100 level but by the end of the day managed to climb to the historic record of TL 65,300.
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Source: Todays Zaman
Eurex to Launch Canadian Single Stock Futures Starting 25 November 2010
November 23, 2010-- Eurex, the international derivatives exchange, today announced that it will launch single stock futures on leading Canadian companies on 25 November 2010. The new listings reflect customer demand for expanded offerings in the rapidly growing equity derivatives segment.
The futures contracts will be based on shares of Bank of Montreal, BCE, Canadian Imperial Bank of Commerce and Sun Life Financial.
“Single stock futures have quickly become one of our fastest growing product segments. The contracts give customers greater flexibility in executing trading strategies in more than 750 names in Europe and internationally. The new Canadian listings will provide members with further trading opportunities in the North American market,” said Michael Peters, member of the Eurex Executive Board.
Eurex first introduced single stock futures on companies included in the DAX, EURO STOXX 50 and SMI indices in October 2005. Since then the product suite has expanded to include stocks in additional European countries, the U.S., and emerging markets Russia and Brazil. Volumes have risen steadily in recent years; for example, the U.S. single stock futures have grown nearly fourfold to more than 498,000 contracts as of end of October 2010 compared to the same period of 2009.
The specifications of the new contracts will follow the U.S. listings. Each contract represents 100 shares denominated in U.S. dollar and is cash settled. They will have expiry dates up to three years for the next 13 calendar months, plus the two following annual contract months out of the December cycle. The Eurex Block Trade facility also is allowed for the Canadian single stock futures.
Source: Eurex
Deutsche Börse Launches Algo News Feed in Tokyo Data Center
'AlphaFlash” is now available in two proximity hosting sites in the Asia-Pacific region
November 23, 2010-Deutsche Börse – Market Data & Analytics has now made its algorithmic news feed “AlphaFlash” available in a data center in Tokyo. This is the second Asia-Pacific location where AlphaFlash is offered.
AlphaFlash is hosted in the KVH Tokyo Data Center, which is operated by KVH Co., Ltd., a leading Japanese IT and communications service provider.
“As algorithmic and computerized trading continues to evolve in the Asia-Pacific region, Tokyo has emerged as one of the dominant markets in this field. The KVH Tokyo Data Center will allow us to provide AlphaFlash to local trading firms and current customers seeking to incorporate machine-readable news directly into their trading applications,” said Georg Gross, Head of Front Office Data & Analytics at Deutsche Börse.
“The KVH Tokyo Data Center is the ideal managed environment for supporting algorithmic electronic trading by offering proximity hosting and ultra low-latency connectivity to the major exchanges in Japan and key financial cities in the region. We are very excited to have AlphaFlash available within our Trading Avenue environment as our customers will certainly benefit from gaining access to this algorithmic news feed,” said Dr. Zhongmin Guo, Vice President, Telecom and International Business Unit of KVH.
AlphaFlash is now available in nine data centers globally, including co-location and proximity hosting options in Chicago, New Jersey, Washington, Sydney, Frankfurt and in London. Launched in April 2010, AlphaFlash delivers more than 175 machine-readable economic indicators from the U.S., Canada and Europe within milliseconds. Data content includes central bank interest rate decisions, employment numbers, housing statistics and gross domestic product figures. A version of AlphaFlash that includes macroeconomic data from Asia-Pacific is currently being beta tested and is scheduled to go into full production in 2011.
The AlphaFlash product range was built by Deutsche Börse’s Market Data & Analytics segment using resources from its subsidiaries Need to Know News (NTKN) and Market News International (MNI). As fully accredited news agencies, NTKN and MNI have direct access to government lock-up rooms as well as embargoed news releases. As a result, economic events are processed so they become available with minimum latency to speed-sensitive algorithms and professional traders after the embargo has been lifted.
For more information about AlphaFlash, please visit: www.deutsche-boerse.com/alphaflash.
Source: Deutsche Börse
New EDHEC-Risk Institute Publication Proposes an Optimal Investment Strategy for Sovereign Wealth Funds
November 23, 2010--This new publication, “Asset-Liability Management Decisions for Sovereign Wealth Funds,” contains the results of the first-year research work conducted at EDHEC-Risk Institute within the Deutsche Bank research chair on asset-liability management (ALM) techniques for sovereign wealth fund management. Under the responsibility of Professor Lionel Martellini, the scientific director of EDHEC-Risk Institute, this chair examines optimal allocation policies for sovereign wealth funds.
The publication proposes a formal analysis of the optimal investment policy and risk management practices of sovereign wealth funds, which can be regarded as the extension to sovereign wealth funds of the liability-driven investing paradigm recently developed in the pension fund industry.
The optimal asset allocation strategy takes into account the stochastic features of the sovereign fund endowment process (where the money is coming from), the stochastic features of the sovereign fund's expected liability value (what the money is going to be used for), and the stochastic features of the assets held in its portfolio.
view EDHEC-Risk Publication Asset-Liability Management Decisions for Sovereign Wealth Funds
Source: EDHEC
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