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Deutsche Börse: New ETF provider on Xetra
The new strategy ETF enables investors to participate for the first time in the performance of the C-QUADRAT European Equity Index, calculated by STOXX Ltd. The index tracks the daily price development of the futures contracts on the EURO STOXX 50 Index traded on Eurex multiplied by an exposure factor. The exposure factor is determined at 8 a.m. every day and can be -1, 0, 1, 1.5 or 2. It is determined using an indicator model with historical data. The product offering in Deutsche Börse’s XTF segment currently contains a total of 704 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €14 billion, makes Xetra Europe’s leading trading venue for ETFs. Independent Commission on Banking: publication of Issues Paper
Reform options related to the structure of banks
Separation of retail and investment banking
Narrow banking and limited purpose banking
Limits on proprietary trading and investing
Structural separability, including living wills and resolution schemes
Contingent capital
Structure-related surcharges
Reform options related to the structure of markets
Measures to reduce market concentration
Market infrastructure reform view the paper-Call for Evidence New Practices in the Istanbul Stock Exchange Stock Market Order cancellation shall be unconditionally allowed in the ISE Stock Market, effective from October 8, 2010. Henceforth, orders pending in the Stock Market Trading System may be cancelled one by one, on order basis, in full or in part. This new arrangement however, does not hold for the quotation orders entered for the securities traded with market making method on the Collective Products Market and the Warrants Market. The ISE will charge a fee equal to 0.025 basis points (2.5 millionths) of the TL amount of the cancelled orders.
Stock Market price ticks will start to be reduced gradually on November 1, 2010. Germany leads slowdown in eurozone The weak data added to evidence that gloomier global prospects, a strengthening euro, and the crises conditions facing the Greek and Irish economies are taking a toll on eurozone prospects. They did not point to a double-dip recession in continental Europe as a whole – but highlighted the vulnerability of countries still struggling to bring their public finances under control. “The turn in the world trade cycle has finally reached the eurozone,” said Nick Kounis, economist at ABN Amro in Amsterdam. Key euro economy indicator sets alarm bells ringing
Its combined manufacturing and services index for September crashed to 53.8 points from 56.2 in August.
Although any score above 50 indicates a trend towards growth, and this marked a 14th successive month in positive territory, concern was evident after the weakest rise since February and the fastest drop since November 2008.
Lyxor launches the first Asia ex Japan Equity Sector ETFs on the London Stock Exchange and Euronext Paris
The 5 new Lyxor ETFs are: Lyxor ETF MSCI AC Asia ex Japan Consumer Staples TR Lyxor ETF MSCI AC Asia ex Japan Financials TR Lyxor ETF MSCI AC Asia ex Japan Information Technology TR Lyxor ETF MSCI AC Asia ex Japan Infrastructure Capped TR Lyxor ETF MSCI AC Asia ex Japan Materials TR
They are listed in GBP and USD on the London Stock Exchange and in EUR on Euronext Paris. DB Global Equity Index & ETF Research : European Weekly ETP Review: Gold price marches on, the ETF launch calendar follows Equity ETFs gathered net inflows of €19 million, fixed income registered €14 million of outflows, commodities saw €28 million of inflows and all other asset classes put together netted €29 million of outflows. New Listings
Five new products were launched by four providers. In addition, 38 products were cross listed by five providers. Newly launched products included a hedge fund ETF by Source, two commodity ETPs (Platinum and Oil) by UBS, a high yield fixed income ETF by Blackrock and an equity Asia (ex Japan) ETF by HSBC.
Turnover
On-exchange daily average ETP turnover for this week was up by 0.6%, to €1.70 billion. Average daily equity ETF turnover was up 0.6%, reaching €1.25 billion. Fixed Income ETF turnover was up by 3.2%, reaching €215 million. Commodity turnover was down by 1.2%, to €235 million. Assets Under Management (AUM) European ETP assets were down 0.7%, in line with the movement in major European equity markets, finishing the week at €204.4 billion. Year to date, European ETP AUM are up by 20.2%. EFAMA urges separate panel devoted to asset management for new EU supervisor LME and LBMA announce LBMA Gold Forward Curve
Their data will be processed by the exchange’s LMEdcs system and distributed to subscribers by the LME’s network of licensed data distributors from early next year.
“This partnership with the LBMA demonstrates that both organisations and their memberships are willing and able to work closely together for the benefit of the London market in a changing financial climate,” said Joanna Stuart, the Project Lead on Precious Metals at the LME. “The LME has many capabilities and experience that it can share with the LBMA and help the latter maintain its leading position in the OTC gold forward markets.”
The LBMA Forward Curve will serve the need for transparency and information in the vibrant OTC bullion market and the LME and LBMA aim to launch further data series. European Central Bank: Results Of The Euro Money Market Survey 2010 Aggregate turnover in the euro money market declined for a third consecutive year, albeit at a slower pace, falling this year by 3% from its level in the second quarter of 2009. The most notable declines in activity took place in the overnight index swaps (OISs) segment (-19%) and in the unsecured market (-18%). In the unsecured market the decline was most pronounced for unsecured cash borrowing and, within this particular segment, for maturities of more than one year and for maturities ranging from one to three months. The secured market remained the largest segment, with its aggregate turnover increasing by 8%. This increase was driven mostly by a 14% increase in activity for maturities between tomorrow next (T/N) and one month. Overnight activity (O/N) in the secured market declined instead by 8%. The share of transactions in the secured market that was cleared by central counterparties (CCP), as a subset of the repo market, rose from 41% of total repo transactions in 2009 to 45% in 2010. All except one of the derivatives segments covered in the survey experienced a decline in turnover in 2010. The most significant drop took place in the overnight index swaps (OISs) segment, where turnover fell by 19%. Turnover in forward rate agreements (FRAs) decreased by 10% in 2010 following a rise over the previous two years. In other interest rate swaps excluding OISs (“Other IRSs”) and cross-currency swaps (“Xccy swaps”) turnover decreased by 11% and 4% respectively. The only derivatives segment that did not suffer a decline was the foreign exchange swaps segment (“FX Swaps”), where turnover increased by 3%. The qualitative part of the survey shows that liquidity conditions and efficiency in the unsecured market continued to deteriorate. In cross-currency swaps, liquidity conditions were perceived to have worsened significantly. The qualitative input also shows that market liquidity stabilised or even improved in most other segments of the euro money market between the second quarter of 2009 and the second quarter of 2010.
September 24, 2010-- The first exchange-traded index fund issued by C- QUADRAT has been tradable in Deutsche Börse’s XTF segment since Friday.
Asset class: Strategy index ETF
ISIN: LU0531943461
Total expense ratio: 0.70 percent
Distribution policy: non-distributing
Benchmark: C-QUADRAT European Equity Index
September 24, 2010--The Independent Commission on Banking publishes an Issues Paper today. The Commission has been asked to consider structural and related non-structural reforms to the UK banking sector to promote financial stability and competition, and to make recommendations to the Government by the end of September 2011.
The Issues Paper describes the Commission's initial approach to considering financial stability, competition and the other issues to which it must have regard under its Terms of Reference. The Paper then outlines a number of options for reform in broad terms, but emphasises that the list is not intended to be exhaustive and that the Commission has not moved towards any particular options at this stage. The options set out in the paper are:
September 24, 2010--Istanbul Stock Exchange (ISE) has announced a series of new practices that will come into force gradually in the Stock Market, starting from October 1, 2010.
Accordingly,
As a result of the extension of its trading hours, the Watchlist Companies Market session will be held between 14:00 – 17:30, starting from October 1, 2010.
Trading party member codes included in inquiries of transactions executed in the Stock Market shall not be displayed, whereas executed transactions shall be sent to the data vendors without buyer and seller information, starting from October 8, 2010. Trading books including member codes will be available for the ISE members at the end of day T+1.
September 23, 2010--Eurozone growth is slowing markedly, with Germany leading the deceleration, according to a closely watched survey.
A larger-than-feared slump in purchasing managers’ indices for the 16-country region indicated that the pace of expansion had tumbled in September, presaging a significantly weaker final few months of the year.
September 23, 2010--- Growth across the 16-nation eurozone economy slumped to a seven-month low in September, with a leading indicator logging its steepest fall since the early days of the global financial crisis.
Alarm bells were raised especially as Germany recorded a "particularly steep slowing," according to the purchasing managers' index (PMI), a survey of 4,500 euro area companies compiled by London-based data and research group Markit.
September 23, 2010--Lyxor Asset Management (Lyxor), Société Générale's wholly-owned subsidiary and a European leader in Exchange Traded Funds (ETFs), announced today that it has listed the first ever Asia ex Japan Equity Sector ETFs on the London Stock Exchange and Euronext Paris.
This innovative range of Sector ETFs provides diversified exposure to key growth areas and market segments in the region: consumer staples, financials, infrastructure, information technology and materials.
September 23, 2010--Net Cash flows
The week that ended on September 17th went down in history as the most quiet week, in terms of European cash flows, for 2010. The entire European ETP industry netted €5 million of inflows across all asset classes. No single asset class showed strong directional bias. This is a sharply different picture from last week, when the industry saw new inflows of €690 million.
Most major European equity indices finished the week close to flat. The French CAC 40 declined by 0.1%, the German DAX was down by 0.01%, the British FTSE 100 was up by 0.12% while Euro Stoxx 50 finished the week down 0.83%. Gold defied the equity markets and saw its (USD/oz) price rise by 2.25%.
September 23, 2010--The director general of the European Fund and Asset Management Association (EFAMA) has called for the creation of a consultative panel for asset management matters, as part of a pan-European supervisory body recently agreed by the European Parliament.
The European Parliament yesterday voted in favour of reforms to the way the single financial market is overseen, signing off on the creation of three pan-European supervisory bodies.
September 23, 2010--The London Metal Exchange (LME) and the London Bullion Market Association (LBMA) will begin collecting data for forward gold rates from September.
The new venture will see the publication of gold rates up to ten years forward. This will bring new transparency to the London gold bullion market where currently only spot rates are distributed.
The LBMA Gold Forward Curve will be created from data supplied by the LBMA’s eight forward market makers, which include some of the world’s biggest banks.
September 23, 2010--Today the European Central Bank (ECB) is publishing the results of a survey entitled “Euro Money Market Survey 2010”, which highlights the main developments in the euro money market in the second quarter of 2010, in comparison with the second quarter of 2009.
The results from this year’s survey, derived from a constant panel of 105 banks (unless otherwise stated), show the following:
