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Strong Cash Flow from Operating Activities in 2010 / Growth and Further Improvements in Efficiency in 2011 / ISE Impairment Will be Accounted for in Q4/2010
December 10, 2010--In the current financial year Deutsche Börse AG generated a strong cash flow from operating activities. The cash flow in the first nine months 2010 increased to €675.5 million and is proof of the strong earnings profile of the Group and underscores the ability to pay a stable dividend.
For 2011 Deutsche Börse again plans to increase the expenditures for growth initiatives paired with increased efficiency und continued high cost discipline. In Q4/2010 Deutsche Börse will realize an impairment of intangible assets of its subsidiary International Securities Exchange (ISE) and will transfer shares in Clearstream International S.A. to Clearstream Holding AG at the higher fiscal book value. Both measures have no impact on the cash flow.
The ISE related impairment charge on intangible assets will be in the range of €450 million. The impairment charge will be partially offset by a reduction in deferred tax liabilities relating to ISE. All in all, the Company anticipates that the impairment will lead to a reduction in IFRS consolidated net income for 2010 in the range of €220 million. The figures are subject to preparation and auditing of the annual financial statements 2010. The impairment does not affect key credit metrics, such as the interest coverage ratio or net tangible equity. ISE continues to operate profitably.
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Source: Deutsche Börse
CEBS has today published its Guidelines on Remuneration Policies and Practices (CP42)
December 10, 2010--The Committee of European Banking Supervisors (CEBS) has published today its final Guidelines on Remuneration Policies and Practices.
Under the revised CRD III, as agreed upon by the European institutions, CEBS is required to elaborate and issue guidelines on sound remuneration policies in the financial sector in order to facilitate the compliance of the remuneration principles included in the amended Annex V of the CRD.
Article 22 of the revised CRD lays down the fundamental principle whereby institutions are required to ensure that their remuneration policies and practices are consistent with their organisational structure and promote sound and effective risk management.
CEBS had already published a set of High-level Principles for Remuneration Policies (Rem. HLP) on 20 April 2009 aimed at assisting in remedying unsound remuneration policies. These principles also built on the remuneration work carried out by other bodies, namely the Financial Stability Board and the European Commission. An extensive implementation study regarding the national implementation of the High-level principles was carried out by CEBS in the first semester of 2010 and served as an input to the current guidelines.
In revising the Guidelines, CEBS benefited from the views gathered from a wide spectrum of market participants and from academia. Input was provided through 39 responses to a public consultation and through a public hearing held at CEBS premises. Furthermore, the Committee of European Securities Regulators (CESR) rendered an opinion which placed particular focus on the scope of the guidelines and on the proportionality principle vis-à-vis firms providing investment services.
view Guidelines on Remuneration Policies and Practices Asset owners reasons for ESG integration vary markedly across Europe: survey read more Government publishes draft legislation to implement tax changes Draft clauses for the 2011 Finance Bill
As part of improving the way in which tax policy is made, the Government has, for the first time, published the majority of measures for the Finance Bill in draft.
The Government’s intention is to keep the number of new additional measures that will subsequently need to be included in this Bill to a minimum. The draft clauses published today point to a significantly shorter Finance Bill than has been seen over the past decade. view Finance Bill 2011: a consultation on draft legislation
UK Government Publishes Final Legislation On The Bank Levy The levy is intended to encourage banks to move to less risky funding profiles, and the £2½ billion is a fair contribution in respect of the risks the banking system poses to the wider economy, while ensuring that the industry remains competitive. The levy will take effect from 1 January 2011 and will be permanent.
Mark Hoban said:
"We have consulted on the design of the scheme so that it achieves two objectives: first, ensuring that banks make a fair contribution in respect of the potential risks they pose to the UK financial system and wider economy. Second, the final scheme design will encourage the banks to make greater use of more stable sources of funding, such as long-term debt and equity, working with the grain of our wider reform programme." view Bank Levy EBRD and Deutsche Bank team up to issue green bonds
They would also help to improve energy efficiency, water and waste management, environmental services and public transport. read more
CISI Survey Shows Two Thirds Of Financial Services Practitioners Believe Government Spending Review Is Good News For UK However 34% say it will harm the country, with 10% of those concerned that the result will be strongly negative. read more EDHEC survey shows modest but growing use of ETFs by pension funds A panel discussion and views from the conference fringe also suggested pension providers use ETFs differently from the core wealth and asset management client base. The survey revealed that most respondents use ETFs to achieve buy-and-hold broad market exposure, rather than for tactical asset allocation (TAA) or diversification via style- or sector-specific vehicles. Felix Goltz, EDHEC-Risk's head of applied research, said: "That was surprising, seeing that the big advantage is the liquidity they offer." read more
ISE "Sustainability Index" will increase Turkish companies' competitive edge Criteria for the index were discussed read more Europe to recycle and dig in drive for rare earths Rare earth minerals are used in everything from guided missiles to flat screen televisions and cars but availability is increasingly under pressure. read more
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Source: CEBS
November 10, 2010--European asset owners give marked differences behind their reasons for integrating environmental, social and governance issues into investment, according to a survey by Novethic, the French SRI research and media company.
The survey, which received responses from 251 asset owners, was carried out in partnership with the European Sustainable Investment Forum (Eurosif). It found that 59% of French asset owners and 68% of their German peers believe the main incentive for ESG integration is to contribute to a more sustainable development model for investment.
Source: Responsible Investor
December 9, 2010--The Government has today published draft clauses for Finance Bill 2011. This is the first time the Government has published the majority of draft clauses for consultation and marks the first step towards the Government’s commitment to improving tax policy making.
The Government is also publishing a response to the consultation Tax policy making: a new approach, setting out changes to the way in which tax policy will be developed and communicated. As part of this, the Government has announced that Finance Bill 2011 will be published on 31 March 2011.
Source: HM Treasury
December 9, 2010--Financial Secretary to the Treasury, Mark Hoban MP, announced today the publication of final legislation to implement the bank levy announced in the June Budget.
Following two periods of consultation since June, the final legislation contains changes to the rate of the levy. The rate for 2011 will be 0.05 per cent, rather than 0.04 percent, and it will rise to 0.075 per cent from 2012, instead of the 0.07 per cent announced in June.
These changes, along with the introduction of an allowance, rather than a threshold, for those liabilities to which the levy applies, will generate around £2½ billion of annual revenues. This is in line with the Budget estimates.
Source: HM Treasury
December 9, 2010--The European Bank for Reconstruction and Development and Deutsche Bank have launched green bonds to finance environmental projects.
The proceeds of the ‘Environmental Sustainability Bonds’ will support a projects aimed at promoting sustainable development and clean energy technologies in central and eastern Europe and central Asia, the duo said in a statement.
Source: Responsible Investor
December 9, 2010--Two-thirds of financial services players believe the Government Spending Review is good news for the UK economy, a Chartered Institute for Securities & Investment (CISI) survey shows.
Of respondents, 14% believe the impact of the review, which will cut £81bn from public spending over four years to tackle the UK budget deficit, will be strongly positive. A further 52% think the effect will, on balance, be positive.
Source: Mondovisione
December 9. 2010-- European pension funds remain modest users of ETFs, but their participation is growing.
The EDHEC-Risk European ETF Survey 2010, unveiled at EDHEC-Risk's Institutional Day in Monaco, gives an insight into how ETFs are used by 192 respondents across Europe, 68% of which were institutional investors, of which 15% were pension funds (10% of the total).
Source: IP&E
December 8, 2010--Implemented together by Turkish Business Council for
Sustainable Development (TBCSD) and Istanbul Stock Exchange (ISE), ISE
Sustainability Index Project (ISESI) moves on in accordance with its time schedule. The workshop, titled "Corporate Sustainability Indicators for Turkish Business World &
Expectations of the Investors" took place in Istanbul within the scope of this project,
which aims to form a sustainability index for the companies quoted at ISE.
With the creation of the index, where the operations of companies, quoted at the ISE, will be evaluated in terms of sustainability, it is expected that the competitive edge of Turkish
companies will increase and that they will become more attractive for the investors, as they will be assessing their social and corporate management risks, in addition to financial risks.
Source: Istanbul Stock Exchange (ISE)
December 9, 2010-- Europe will look to recycle used goods and start prospecting on home turf as it joins the international scramble for rare earth minerals, European Industry Commissioner Antonio Tajani told AFP Thursday.
After a June report forecast an upcoming shortage of 14 critical mineral raw materials across the bloc, Tajani said he would issue a plan January 26 "to ensure a supply of rare earths for companies across the European Union."
Source: EUbusiness
