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Eurex KOSPI Product with Successful First 3 Months of Trading
Efforts to further extend product’s growth planned for rest of 2010 and 2011
November 22, 2010--The international derivatives exchange Eurex today announced that November has become the most successful month for the Eurex KOSPI Product based on the KOSPI 200 options available on the Korea Exchange (KRX) with a record daily volume of 14,636 on 4 November. The total number of traded contracts since their launch on 30 August 2010 is more than 87,000. Volumes are expected to rise as KRX and Eurex further develop the after-hours market for the world’s most widely traded derivatives contract.
In addition to improved bid ask spreads in the order book, one driver of recent volume growth has been the use of Eurex’s block trading functionality.
In order to encourage further participation, Eurex will extend the exchange transaction fee waiver as well as the special incentive market making scheme until 28 February 2011. There are currently two active market makers supporting liquidity for the Eurex KOSPI Product, with additional firms expected to join soon.
Eurex’s give-up/take-up functionality was made available for this product as part of Eurex Release 13. This feature allows member firms to transfer positions to one another on an intra-day basis.
The Eurex KOSPI Product is a daily futures contract based on the KOSPI 200 options available on the Korea Exchange. These futures contracts expire at the end of each trading day and any open positions are transferred to KRX to establish a position in the KOPSI 200 option on KRX. This product cooperation between Eurex and KRX enables Eurex members to trade and clear KOSPI 200 options during European and North American trading hours.
Source: Eurex
Indxis launches UK Mergent Dividend Achievers Index
November 22, 2010--An equity income strategy that is tracked by $7bn of assets in the US will be made available to UK investors in the new year.
The US Mergent Dividend Achievers Index – based on companies that have increased their dividend pay-outs for five years running – is tracked by $7bn worth of funds managed by BlackRock, Invesco PowerShares and Vanguard.
Mergent is now unveiling a sister index in the UK, which it believed would be available via an exchange traded fund in the next few months.
“We have a sponsor who is looking seriously at it. It will probably [launch] in Q2 next year,” said Jonathan Worrall, chief executive of Mergent, a US business and financial data provider.
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Source: FT.com
NYSE Euronext to launch a consolidated tape for European equity markets
NYSE Technologies Provides Response to MiFID Transparency Challenges ’Tape of Record’ Offers Broad Availability of all European Consolidated Post-Trade Data
November 22, 2010--NYSE Euronext (NYX) today announced plans that its wholly owned subsidiary NYSE Technologies will launch a consolidated tape for European equity markets beginning Q3 2011.
Technologies will launch a consolidated tape for European equity markets beginning Q3 2011. The tape will be available both as a real-time consolidated data feed and as a 15-minute delayed ’Tape of Record’. The ‘Tape of Record’ will be free of charge to all investors and will be made broadly available via both the internet and market data vendors. The consolidated tape will contain complete coverage of post-trade equities data from all European regulated exchanges, MTFs, and OTC markets. The initiative will further increase transparency as a wider access to consolidated post-trade and OTC trading data will be made possible.
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Source: NYSE Euronext
The NASDAQ OMX CRD Global Sustainability 50 Index Expands to 100 Companies and Releases Semi-Annual Evaluation Results
November 22, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and CRD Analytics announced the expansion of the NASDAQ OMX CRD Global Sustainability 50 Index (Nasdaq:QCRD) today.
The index will be expanded to include 100 securities and the name will change to NASDAQ OMX CRD Global Sustainability Index. These changes will be made in conjunction with the semi-annual evaluation, which will become effective prior to market open on Monday, November 22, 2010. To see a full list of securities included in the index, please visit https://indexes.nasdaqomx.com/.
The NASDAQ OMX CRD Global Sustainability Index is an equally-weighted equity index that serves as a benchmark for stocks of companies that are taking a leadership role in sustainability performance reporting and are traded on a major U.S. stock exchange. The Index is made up of companies that have taken a leadership role in disclosing their carbon footprint, energy usage, water consumption, hazardous and non-hazardous waste, employee safety, workforce diversity, management composition and community investing. These are companies that are voluntarily disclosing their current environmental, social and governance risks as well as their revenue opportunities and how it will affect future performance. The securities must also meet other eligibility criteria which include minimum requirements for market value, average daily share volume, and price. The Index is evaluated on a semi-annual basis in May and November. For more information about the NASDAQ OMX CRD Global Sustainability Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
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Source: NASDAQ OMX
Europe's Growth Challenges
By Dominique Strauss-Kahn, Managing Director, International Monetary Fund
Frankfurt, November 19, 2010
As prepared for delivery
Good afternoon. I would like to talk to you about one of the greatest challenges facing European policymakers today—how to ignite and sustain economic growth across the continent.
The postwar European model was built upon three pillars—peace, growth, and social cohesion. All three are critically important, and all three feed on each other. Today, Europe has a serious growth problem—a problem magnified by the earthquake of the global financial crisis. Today, with so many European countries under pressure from all sides, these challenges are more urgent than ever. If unaddressed, Europe’s social model could unravel. It is time to renew the founders’ commitment to ever-greater openness and ever-closer integration.
European growth
Europe enjoyed stellar growth in the decades after the war. Growth was then driven by technology catch-up, a stable macroeconomic environment, growing European integration, and a strong banking system. But these gains ground to a halt in the early 1980s.
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Source: IMF
Post-crisis world economy will be different: IMF chief
November 19, 2010--The head of the International Monetary Fund said Friday the post-crisis global economy would be very different to the system in place before the turbulence, calling for nations to pull together.
Speaking at a European Central Bank conference, Dominique Strauss-Kahn said: "The global economy after the crisis can't be the global economy before."
"We have to fix the problems, one by one, and imagine what the next system could be like, which can only be based on cooperation."
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Source: EUbusiness
German Equity Forum Fall 2010 in Frankfurt
Largest equity financing event in Europe/ IPO financing moves back into the spotlight
November 19, 2010-From 22 to 24 November, Deutsche Börse and KfW Bankengruppe will be holding the Fall 2010 German Equity Forum in Frankfurt/Main. The forum is aimed at high-growth, private and listed companies, investors, analysts and financial service providers. With around 5,000 participants, this three-day event is the largest platform for equity financing matters in Europe.
“The German Equity Forum in Frankfurt has now crossed European borders and established itself as an international networking and information platform,” said Frank Gerstenschläger, member of the Executive Board of Deutsche Börse AG and responsible for the Xetra business area. “We are now seeing more and more Asian participants.”
“The financial crisis has changed the conditions of the German equity financing market in that it now offers new and varied opportunities and potential, especially as regards the financing of growth and innovation. Expectations as to the quality of assets and the professionalism of market participants, however, have continued to rise. Players in this market are facing considerable challenges,” said Dr. Ulrich Schröder, Chairman of the Board of Managing Directors of KfW Bankengruppe.
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Source: Deutsche Börse
U.K. Hedge-Fund Registrations Pick Up Speed
November 18, 2010--Wall Street Journal reports, more hedge funds were set up in the U.K. in the third quarter than at any time in the period that followed the September 2008 collapse of Lehman Brothers Holdings, data show,
in a sign that higher taxes and tougher regulation in the country aren't stopping would-be hedge-fund managers from venturing out on their own. In those three months, 28 new hedge-fund firms registered with the U.K.'s Financial Services Authority, bringing the total this year to 65, according to corporate-finance firm Imas Corporate Advisors. That figure already is more than the 60 new hedge-fund managers that registered during all of last year.
Source: Albourne Village
Sustaining EU10 Recovery Requires Strong Policy Action
November 18, 2010--Half a year after Europe was shaken by a sovereign debt crisis, the recovery in the EU10[1] continued in 2010 and is set to strengthen in 2011, according to the World Bank’s new EU10 Regular Economic Report launched today in Warsaw.
The report says that year-on-year output growth in the EU10 increased from 0.6 percent in the first quarter of 2010 to 2.2 percent in the second quarter of 2010. Growth improved not only due to the base effect — the second quarter of 2009 was the trough of the crisis — but also due to a strong dynamism of the economies, with quarter-on-quarter growth rising from 0.4 percent to 0.8 percent. The rebound in global trade and industrial production has lifted economic activity. European economies benefit from the upswing in trade, the return of confidence in financial markets in response to decisive policy action, low interest rates, and positive feedback effects between the real and financial sectors.
The upswing is taking root across the region. In 2010, Slovakia and Poland are leading in the region with growth of 3.5 percent or more, helped by modest adjustment needs during the crisis, a normalization of global trade and capital flows, and — in the case of Poland — solid consumption. Estonia and Lithuania, which undertook large adjustments during the crisis, are set for a turnaround from a contraction of around 15 percent in 2009 to an expansion of around 2 percent in 2010. Growth in the Czech Republic, Bulgaria, Hungary, and Slovenia is likely to be more modest, ranging from 0 to 2.0 percent, as domestic demand remains weak. Only Latvia and Romania are projected to contract in 2010, reflecting the large adjustment needs from unsustainable domestic booms in those countries in the run-up to the crisis. Growth is set to be positive in all EU10 countries in 2011.
view the EU10 Economic Report -Sustaining Recovery November 2010
Source: World Bank
BME sets up two hubs in London to access the Spanish stock market
November 18, 2010--BME, through its IT subsidiary Visual Trader Systems, has set up two new hubs in London to access the Spanish stock exchange. Equipped with the necessary communication infrastructure, the hubs will allow investors to connect to the Spanish equities and derivatives platforms, SIBE and MEFF, respectively.
The two sites, linked to Madrid through high-speed, high-capacity lines, will make it easier for firms in London to access the Spanish stock market in a secure, fast and reliable manner. The technology used for the connection offers the fastest data transmission speed and the lowest latency.
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Source: The Financial
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