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UK borrowing hits new record as Government spending jumps
Britain's public borrowing hit a shocking new record as Government spending surged in November, sounding alarm bells about the Treasury's ability to hit its targets for reining in the UK's finances.
December 21, 2010--Public sector net borrowing jumped to £23.3bn in November - excluding bailing out the banks - the highest for any month since the Office for National Statistics (ONS) began its records in 1993.
The borrowing figure was almost £6bn up on the £17.4bn seen in the previous November, disappointing forecasts for a small improvement.
The pound dipped 0.4pc to under 85p against the struggling euro amid fears the Government will miss its chance to sort out the UK's finances.
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Source: FIN24
Emissions Trading: Statement by Commissioner for Climate Action Connie Hedegaard on regulatory oversight of the EU carbon market
December 21, 2010--The European carbon market is a relatively young market which has grown rapidly during its first six years of operation, both in size and sophistication. With a climate crisis and an economic crisis, the world more than ever before needs cost-effective means of reducing greenhouse gas emissions. It is therefore important that the market can continue to expand and safely be relied upon to give an undistorted carbon price signal to investors and decision-makers in boardrooms across the EU.
Over the last years, the market has reached a size which makes it a potential target of fraudulent practices. Therefore, as the market matures and grows further, it is critical that it continues to be subject to appropriate and effective regulatory oversight."
Background
Today's Communication is the first step in a work stream that may lead to a legislative proposal in this field in 2011. It takes stock of the level of oversight in the European carbon market. It also describes ongoing developments in the field of energy markets and financial markets with a bearing on the carbon market and lists the options that are available to safeguard the continued integrity of the growing market. It concludes that the lion's share of the carbon market is subject to appropriate oversight, but that more may be needed in the spot market.
As a next step, the Commission will examine in greater detail the structure of the carbon market, the level of market oversight and the available options (incl. the classification of allowances as a financial instrument). An internet-based stakeholder consultation will be conducted in the first half of 2011, the results of which will feed into a thorough impact assessment. This work will inform the decision on whether to come forward with a legislative proposal.
Market participants and other stakeholders are encouraged to engage in this process and support the Commission in identifying robust solutions to guarantee the further development of the European carbon market.
view Emissions trading: Questions and Answers on enhanced market oversight for the European carbon market MEMO/10/697
Source: Europa
CESR Feedback Statement
December 21, 2010--CESR has published the Feedback Statement Transaction Reporting on OTC Derivatives and Extension of the Scope of Transaction
Reporting Obligations.
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Source: CESR
December - FTSE and Casablanca Stock Exchange launch new index solutinons for the Moroccan market
December 21, 2010-FTSE Group (“FTSE”), the award winning global index provider, and the Casablanca Stock Exchange (CSE) today announced the creation of a new family of indices – the FTSE CSE Morocco Index Series. These new real-time indices will enhance the visibility of Morocco across the international investment community, at a time when investors are increasingly seeking investment opportunities in emerging markets.
Using FTSE’s world class indexing standards, the FTSE CSE Morocco Index Series will provide domestic investors with new and innovative investment options in Moroccan equities. The indices also provide international investors with liquid access to one of Africa’s largest markets (by market capitalisation), where the Casablanca Stock Exchange has been established since 1929.
The FTSE CSE Morocco Index Series currently consists of two indices, with index data available via distributors, including Interactive Data:
FTSE CSE Morocco 15 Index (Real Time)
Consists of the top 15 stocks trading on the Casablanca Stock Exchange, ranked by gross market capitalisation, and calculated in real time (every 15 seconds);
FTSE CSE Morocco All-Liquid Index (Real Time and End of Day)
Captures the performance of all liquid stocks trading on the Casablanca Stock Exchange and is available both in real time and as an end of day product.
The index series has been designed using FTSE’s robust rules for eligibility, free float and liquidity to provide investor confidence, and also open the doors to international listings on the markets operated by CSE.
Jonathan Cooper, Managing Director, FTSE Middle East and Africa, said: “This is an exciting joint venture which will not only boost opportunities for increased capital flows into the Moroccan market but also facilitate international investments. By combining our index expertise with CSE’s market knowledge, global investors now have a robust means to assess, measure and gain access to the Moroccan market. FTSE is committed to bringing new, innovative indices and services to the world’s markets and we look forward to building on this offering with the CSE to continue to meet investors’ requirements.”
Karim Hajji, CEO of Casablanca Stock Exchange said “The creation of the FTSE CSE Morocco 15 index and the FTSE CSE Morocco All-liquid index is an important step toward the internationalisation of the Casablanca Stock Exchange. Thanks to these indices, investors across the world will be able to monitor and measure the performance of the Moroccan stock market.It is an international recognition of the Casablanca Stock Exchange as a promising, reliable and transparent market”.
Source: FTSE.com
Feedback statement - CESR Technical Advice to the European Commission in the Context of the MiFID Review-Standardisation and Organised Platform Trading of OTC Derivatives
December 21, 2010-- CEsr has published thr Feedback statement - CESR Technical Advice to the European Commission in the Context of the MiFID Review-Standardisation and Organised Platform Trading of OTC Derivatives.
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Source: CESR
AMF publishes 2010 report on corporate governance, executive compensation and internal control
December 20, 2010--The AMF has today published its report on corporate governance, executive compensation and internal control in small and medium capitalisation companies1, with reference to the Middlenext corporate governance code issued on December 2009.
The report was based on a sample of 30 companies with shares admitted to trading on Euronext Paris (7
companies in Compartment B and 23 in Compartment C). The companies have chosen voluntarily to abide
by the Middlenext code, so neither the sample nor the report's findings can be construed as representative
of small and midcaps as a whole or of their practices.
The document supplements the AMF's 2010 report on corporate governance and executive compensation released on 12 July 2010.
CESR publishes the set of guidance on the Key Investor Information Document
December 20, 2010--The full set of documents can be found in the section Standing Committees/Investment Management.
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Source: CESR
UBS says new ETF gives liquid access to hedge funds
UBS linked up with Chicago-based Hedge Fund Research (HFR)
ETF listed on the Deutsche Boerse Exchange--December 19, 2010--Switzerland's UBS said on Friday it had launched an investment product that will give investors access to a broad basket of hedge funds in a single, listed investment.
UBS, Europe's largest wealth manager by assets, teamed up with Chicago-based Hedge Fund Research (HFR) to build the exchange traded fund (ETF) on the U.S. company's widely-watched HFRX Global hedge Fund Index.
"This is a unique opportunity for investors to access the world-leading hedge fund benchmark in a liquid, exchange traded, UCITS compliant form," said Nicolas Samaran, Executive Director in the Fund Derivatives Structuring Group at UBS.
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Source: Reuters
DB Global Equity Index & ETF Research : European Weekly ETP Review: ETF investors return to the European equity market
December 17, 2010--Assets Under Management (AUM)
European ETP assets rose by 1.8% for the week that ended on December 10 2010, reaching €226.8 billion. This represented a rise of €4.0 billion. ETFs added €3.9 billion, representing a rise of 1.9% week over week. ETCs added € 102 million, representing a rise of 0.5% week over week.
Year to date, European ETP AUM rose by 33.7%, adding €57.1 billion. ETFs added €51.0 billion, representing a rise of 32%, while ETCs added 7.1 billion, representing a rise of 60%.
New Launch Calendar: Emerging markets and industrial metals
*The product launch calendar continued strong with eight new ETF and three new ETC launches by four providers. The London Stock Exchange hosted eight out of the eleven new products.
*ETF Securities launched one ETF under its ETFX platform and three ETCs under its ETFS platform. The ETFX AMX® equity ETF is listed on the NYSE Euronext Amsterdam and has a TER of 0.35%. It aims to provide exposure to the equity markets in the Netherlands by replicating the performance of the AMX index.
ETF Securities also launched three industrial metal ETFs on the London Stock Exchange. The three ETCs track the price of copper, nickel and tin and they are physically backed by metal stored at London Metal Exchange. They offer return equivalent to movements in the LME cash settlement respective price less fees of 0.81% for each ETC.
Source launched three ETFs benchmarked to emerging market single country benchmarks. The ETFs are registered on the London Stock Exchange and they track MSCI Brazil, MSCI China and MSCI India and the first two have TERs of 0.65% while the latter has a TER of 0.85%.
Amundi launched two emerging market ETFs, one equity ETF tracking the MSCI Emerging Markets index and one fixed income ETF tracking the Global Emerging Bond Markit index. The ETFs are listed on the NYSE Euronext Paris and they have TERs of 0.30% and 0.45% respectively.
HSBC also launched two new ETFs, one tracking MSCI World and a second tracking MSCI Turkey. Both ETFs were listed on the London Stock Exchange and they have TERs of 0.35% and 0.60% each. Both of these ETFs have been cross listed on the London Stock Exchange.
On-exchange turnover: Declined across the board
Average rolling 22-day on-exchange ETP turnover fell by 3.2% to €2.36 billion. The decrease was reflected in trading patterns governing all three major asset classes. Equity ETF turnover fell by 3.5%, to €1.76 billion. Fixed Income ETF turnover was down by 3.3%, to €232 million. Commodity ETP turnover fell by 1.9%, to €356 million.
Investment Outlook: Very strong European equity inflows define the week
It was a very good week overall for equities, with all of the major European indices finishing with sharp gains. The ETF market reflected the bullish conditions with very strong equity inflows. The Euro Stoxx 50 index: rose by 2.1%, the CAC 40 index rose by 2.9%, the DAX index rose by 0.8% and the FTSE 100: was up by 1.2%. Gold’s upward price trajectory was reversed with the US dollar/oz price falling by 2.0%.
Cash flow patterns showed strong directionality and a very different mood from the week that ended on December 3 2010. Total inflows for the week that finished on December 10 2010 totaled €2.1 billion (vs. €1.3 billion inflow in the previous week), signaling one of the strongest weeks of the year. Equity ETFs led the way with €1.7 billion (vs. €780 million inflow last week), fixed Income netted inflows of €106 million (vs. €408 million inflow last week) and commodities gathered new flows of €258 million (vs. €75 million inflow during previous week.)
European major equity index ETF investors left the strongest mark for the week, with over €1 billion flowing into European equity indices. Emerging markets continued to attract attention at levels comparable to recent weeks, netting a total of €365 million of inflows.
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Source: DB Global Equity Index & ETF Research
Risk control indices an attractive tool in uncertain markets, says S&P
December 17, 2010--S&P Indices says its risk control index family can be an attractive new tool for European investors, given uncertain and volatile investment conditions.
There has been significant growth in structured product issuance since the launch of the S&P Risk Control Series in early 2010.
The risk control concept seeks to provide a visible and straightforward control which can be reflected in cost effective investment products.
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Source: ETF Express
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