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WSE sees huge demand ahead of IPO
October 29, 2010--Warsaw Stock Exchange (WSE) has raised more than 1bn zlotys (€300m) amid strong demand and set a debut price of 46 zlotys per share for institutional investors ahead of next month’s initial public offering.
The bourse said 323,000 retail investors subscribed for shares while demand was 25 times subscribed from institutional investors. Polish pension funds (OFE), Polish investment funds (TFI) as well as international investment funds, sovereign wealth funds and endowment funds all also subscribed for shares, the bourse added.
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Source: FT.com
EU sticks to 20 per cent carbon cuts
October 29, 2010--The European Union on Friday gave notice it was not prepared to go beyond a planned 20-percent cut in greenhouse-gas emissions ahead of next month's UN climate talks in Cancun, Mexico.
At the end of a summit in Brussels, EU heads of state and government said making progress on tackling climate change "is becoming ever more urgent."
"It is therefore important that the Cancun Conference deliver a significant intermediate step" towards a comprehensive climate treaty, they said in a statement.
"The European Union," they added, "will reassess the situation after the Cancun Conference including the examination of options to move beyond 20 percent greenhouse gas emission reductions to be prepared to react to the ongoing international climate negotiations."
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Source: EUbusiness
Many countries, one market
October 28, 2010--New rules for the EU's single market will make it easier to live and do business anywhere in Europe.
The single market is a cornerstone of the EU. It was set up so that people, goods, services and capital can move freely throughout the European Union.
But gaps remain between the rules and what businesses and people still face when they operate or move across borders. The commission has unveiled two sets of actions to help ensure the single market continues to improve people’s lives and make the EU economy more competitive.
The Single Market Act will simplify life for small businesses, which make up more than 99% of Europe’s companies and help fix the problems faced by people when they travel, study, work, get married, buy a house or car in another EU country.
The 50 actions on the single market include:
giving small businesses easier access to finance, simplifying accounting rules and improving access to public contracts
fostering social entrepreneurship to improve access to food, housing, health care, jobs and banking services
ensuring copyright holders, including artists, can sell their work throughout the EU to boost online commerce
cutting red tape in recognising all professional qualifications throughout the EU by introducing professional I.D. cards
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Source: European Commission
STOXX introduces Equal Weighted version of European Benchmark Index
October 28, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the STOXX Europe 600 Equal Weighted Index, which represents the components of the well-known STOXX Europe 600 Index irrespective of their market capitalization by weighing them equally.
The new index is designed to underlie financial products such as exchange-traded funds (ETFs) or structured products.
“With the launch of the STOXX Europe 600 Equal Weighted Index we take a new weighting approach to Europe’s most widely recognized benchmark index,” said Hartmut Graf, chief executive officer, STOXX Ltd. “Our new index is a superior tool for market participants who seek exposure to an equal weighted portfolio consisting of European small, mid and large cap companies, while being able to rely on the transparent and rules-based methodology of the widely recognized STOXX Europe 600 Index.”
The STOXX Europe 600 Equal Weighted Index follows the same methodology as the STOXX Europe 600 Index, except for the weighting process. In the new index, all components share an equal weight, leading to a stronger exposure to small cap companies from 5% to 33%, while reducing the overall weight of large cap companies from 83% to 33%. As relative weights shift over time, the index is rebalanced quarterly and weights are brought back to equal allocations.
The STOXX Europe 600 Equal Weighted Index is reviewed simultaneously with the STOXX Europe 600 Index on a quarterly basis in March, June, September and December. It is available in price, net and gross return versions, and is calculated in Euro and U.S. Dollar (USD). Daily history is available back to December 31, 1991 for the price and net return versions, and back to December 31, 2000 for the gross return version.
Further information on the STOXX Europe 600 Equal Weighted Index is available on www.stoxx.com.
Source: STOXX
A new ETF by Lyxor begins trading on the Spanish Stock Exchange
The first SICAV-style ETF on the Spanish stock exchange
October 28, 2010--The Spanish stock exchange has begun trading the Lyxor ETFS&P500, a new exchange traded fund (ETF) issued by Lyxor Asset Management, Société Générale’s asset manager. This ETF, which tracks the S&P 500, is the first SICAV-style exchange-traded fund to be traded on the Spanish stock exchange following recent legal changes to allow trading in this investment product.
The ETF segment of the Spanish stock exchange started up on 20 July 2006 and after the incorporation of the Lyxor ETFS&P500 it now has 41 exchange-traded funds.
Trading volume in the ETF segment to the end of September was up 116% year-on-year, at €5.13 billion. The number of trades during the same period totalled 52,858, which exceeds total trades for all of 2009.
Exchange traded funds (ETFs) are a hybrid investment vehicle between funds and shares that combine the best of both worlds in a single stock exchange trade.
Source: Bolsa de Madrid
Bank of Ireland in successful return to bonds
October 28, 2010--Bank of Ireland has sold the first public Irish bank bonds since April in a deal that could signal renewed market willingness to look at investments in the troubled country.
The bank, considered the least damaged of the country’s big financial institutions, sold €750m (£655m) of two-and-a-half year, government-guaranteed bonds amid strong demand that helped increase the sale from the original €500m.
Ireland and its banks have struggled to tap the public markets for much of this year because of concerns about the government’s ability to support its struggling financial sector, which is still reeling under the losses from a property lending spree.
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Source: FT.com
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 22-Oct-10
October 27, 2010--Last week saw US$179.5 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$86.9 Mn and automobiles and parts with US$23.8 Mn while media experienced net outflows of US$12.6 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$878.7 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$371.3 Mn, followed by basic resources with US$132.8 Mn while food and beverage has experienced the largest net outflows of US$164.3 Mn YTD.
The US$10.6 Bn AUM invested in the ETFs is greater than the US$4.2 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
CESR Publishes Data On Prospectuses Approved And Passported In The EU From January 2010 To June 2010 (Ref: CESR/10-1175)
October 27, 2010--INTRODUCTION
CESR published in June 2007 its “Report on the supervisory functioning of the Prospectus Directive
and Regulation” (CESR/07-225) that included some statistical data in relation to the number of
prospectus approved and passported for the periods July 2004 to June 2005 and July 2005 to June 2006
(with quarterly disclosure).
Despite the limitations and caveats highlighted when publishing the data, the European Commission
and market participants considered the information very useful and welcomed CESR’s initiative.
For this reason, CESR has decided to formalise this exercise and to keep on collecting this data on a regular
basis (with a quarterly disclosure).
CESR published on 13 June 2008 some tables compiling the data for the period July 2006 to June 2007, on 10 July 2008 the data for the period July 2007 to December 2007, on 14October 2008 the data for the period January to June 2008, on 30 March 2009 a compilation of the data for the period July 2006 to December 2008 (with a quarterly disclosure), on 18 September 2009 the data for the period January 2009 to June 2009 and on 11 March 2010 the data for the period July 2009 to December 2009.
Following those publications, CESR is publishing today the tables below compiling the data for the period January 2010 to June 2010 (with a quarterly disclosure).
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Source: CESR
OJSC "Russian Trading System" Stock Exchange And Standard & Poor’s Invite Issuers And Management Companies To Participate In The Annual Working Meeting On November 19, 2010
October 27, 2010--On November 19, 2010 in Moscow an annual working meeting of OJSC RTS with issuers and management companies will take place. Within the framework of the meeting RTS’s partner Standard & Poor’s will present findings of a research on information transparency of the biggest Russian public companies in 2010.
Workshop on annual reports preparation will also be held. At the workshop current trends and different aspects of companies information disclosure will be reviewed.
By tradition the solemn ceremony of awarding winners of the 13th Annual Report Competition will conclude the meeting with issuers and management companies. This year the record number of Russian and foreign companies took part in the Competition over its history.
To participate at the meeting please, register by completing a registration form at the RTS Competition’s site until November 18, 2010.
For more detail, please contact Litovchenko Svetlana by phone: +7 (495) 705-9031 or by e-mail: ar@rts.ru.
Source: RTS Exchange
Deutsche Börse AG: Slight Rise in Sales Revenue and EBIT in Q3/2010
Increase of sales revenue to €504.3 million EBIT at €244.1 million slightly up on prior-year despite costs for efficiency programs; adjusted EBIT at €257.4 million up 7 percent year-on-year Cost guidance for 2010 reduced from €1,210 million to around €1,150 million before costs for efficiency programs
October 27, 2010--Deutsche Börse Group presented its results for the third quarter 2010 on Wednesday. Sales revenue increased by 1 percent year-on-year to €504.3 million. At €287.0 million, total costs were down 5 percent on the prior-year level despite expenses in connection with efficiency programs of €12.9 million. After adjustment for these expenses, costs were down 10 percent on 2009 figures. Earnings before interest and tax (EBIT) were €244.1 million, up slightly on the previous year. Adjusted for the expenses in connection with efficiency programs, EBIT was up 7 percent on the same quarter of the previous year, to €257.4 million.
Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG: “The slight rise in sales revenue in the third quarter, coupled with a tight cost management, led to an increase in earnings year-on-year. We are reducing our cost guidance for full-year 2010 to around €1,150 million before costs for efficiency programs.”
Operating efficiency program
Implementation of the measures designed to optimize operating processes and cost structures that were announced in the first quarter 2010 and that should lead to annual savings of around €150 million from 2013 onwards is progressing faster than expected. Since some of the measures originally planned for 2011 have already been implemented in the course of the current financial year, the Company is forecasting total savings of around €25 million in 2010. Therefore, the cost savings for 2011 are expected to amount to around €60 million. With this, the Company will achieve total savings of around €85 million in 2011 against 2009 as originally anticipated.
More precise figures as to the cost of these efficiency programs have become available as the project progresses: they will amount to less than €200 million. In the first nine months of 2010, expenses of €122.7 million were charged in connection with efficiency programs in the consolidated income statement, primarily under staff costs in all Group segments. Most of the remaining expenses will be incurred in 2011 and 2012.
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Source: Deutsche Börse
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