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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
CESR’s Comment Letter On EFRAG’s Draft Response On The IASB’s Exposure Draft Deferred Tax: Recovery Of Underlying Assets – Proposed Amendments To IAS 12 (Ref: CESR/10-1370)
November 18, 2010--CESR’s has released its Comment Letter On EFRAG’s Draft Response On The IASB’s Exposure Draft Deferred Tax: Recovery Of Underlying Assets – Proposed Amendments To IAS 12 (Ref: CESR/10-1370)
view comment letter
Source: CESR
LSE eyes derivatives boost as it sets launch
November 18, 2010--The London Stock Exchange is aiming for a quadrupling in revenue from derivatives trading with the launch in the first half of next year of equity options
on its Turquoise pan-European trading system. Xavier Rolet, chief executive, has said the LSE must expand into derivatives and clearing to boost margins and restore it to the ranks of rivals such as NYSE Euronext ..
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Source: FT.com
STOXX launches Blue-chip Indices for North America, Asia/Pacific and Global markets
November 17, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the STOXX North America 50, STOXX Asia/Pacific 50 and STOXX Global 150 indices. The new blue-chip indices take the well-known methodology of the European flag-ship indices to the North American and Asia/Pacific regions.
„With the launch of the STOXX North America 50, STOXX Asia/Pacific 50 and STOXX Global 150 indices, STOXX for the first time applies the renowned methodology of the EURO STOXX 50 Index to the North American and Asian/Pacific markets,” said Hartmut Graf, chief executive officer, STOXX Limited. “Our new indices offer a unique and well-balanced representation of blue-chip companies across all supersectors in these markets, thus enabling investors to participate from the performance of only the most liquid stocks in these regions.”
The STOXX North America 50 and STOXX Asia/Pacific 50 indices are derived from the STOXX Americas 600 and STOXX Asia/Pacific 600 indices, respectively. For each of the 19 supersectors of the respective index, the components are ranked by free float market capitalisation. The largest stocks are then added to the selection list until the coverage is close to (but still less than) 60% of the market capitalisation of the respective supersector. Stocks on the selection list are ranked by free float market capitalisation and the 50 largest stocks are chosen as components for the respective blue-chip index.
The STOXX Global 150 Index comprises the components of the STOXX North America 50, STOXX Europe 50 and STOXX Asia/Pacific 50 indices.
The new indices are weighted by float-adjusted market capitalization, calculated in EUR and US dollar, and are available in price and net return versions. Daily history is available back to December 31, 1991. The indices are reviewed annually in September.
For more information on the STOXX North America 50, STOXX Asia/Pacific 50 and STOXX Global 150 indices please visit www.stoxx.com.
Source: STOXX
ETF Landscape: European STOXX 600 Sector ETF Net Flows week ending 12-Nov-10
November 17, 2010--For the week ending 12 November 2010, there were US$956.4 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in banks with US$227.9 Mn and basic resources with US$208.0 Mn while utilities experienced net inflows of US$5.0 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$477.6 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$244.8 Mn, followed by utilities with US$86.9 Mn while food and beverage has experienced the largest net outflows of US$156.9 Mn YTD.
As of 12 November 2010, there is US$10.2 Bn AUM invested in the STOXX sector ETFs which is more than double the US$4.6 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
Hedge fund returns positive again in October
EDHEC-Risk Alternative Indexes
November 17, 2010--In October, after four months of agitation, activity on the stock market seemed to calm down somewhat. Following exceptional gains in September, the S&P 500 index remained on the rise (+3.80%) and implied volatility (21.20%) decreased significantly by 2.50% to reach its lowest level since last March.
On the fixed-income market, regular bonds remained stable (+0.09%) although the Lehman Global Bond index withdrew marginally (-0.16%). Conversely, after a remarkable performance in September, convertible bonds remained strong (+3.08%). The situation was similar on the commodities market which managed another noticeable performance (+3.31%). Although not as precipitously as in September, the dollar continued to fall (-1.93%) and reached its lowest level since July 2008.
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Source: EDHEC
FSA publishes platform proposals
November 17, 2010--The Financial Services Authority (FSA) has today published proposals to ensure that the platform services used to buy and manage investments after January 2013 are fully aligned with standards required by the Retail Distribution Review.
From January 2013, the cost of advice will be decided by the client and adviser – not the adviser and product provider, as was the case - and can no longer be hidden from the customer in the cost of the product.
Additionally, advisers will offer either independent advice which is free from restrictions or bias and which reviews the market comprehensively – or alternatively, restricted advice, having to explain the customer the nature of the restriction to their customer.
The proposals set out in today’s paper reflect the important role that platforms already play in the retail investment market, and potentially important role in helping advisers to deliver advice to consumers in a post- commission world.
The main proposals:
Prevent product providers from making payments that advisers could use to disguise the charge the customer is paying for advice, and which could influence advisers in recommending one product over another. Allowing such payments could totally undermine what we have set out to achieve for consumers by removing commission bias and could leave product charges at an artificially high level;
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