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Government launches National Infrastructure Plan
October 25, 2010--The Prime Minister today announced the publication of the UK’s first ever infrastructure plan, identifying the scale of the infrastructure challenge and the major economic investment that is needed to underpin sustainable growth in the UK over the coming decades.
Speaking at a CBI conference in London, he said:
“I can announce today the UK’s first ever national infrastructure plan setting out the infrastructure Britain needs and how we will unlock some £200 billion worth of public and private sector investment over the next five years to deliver it.
This is incredibly exciting, and it shows how, together, we can help create the right framework for growth in which British business can thrive and compete with the rest of the world.”
The immediate challenge is to rebuild the economy, creating the conditions for enterprise to flourish based on an expansion of the private sector. The economy has been too reliant on growth from a limited number of sectors and regions. The infrastructure investment programme will help rebalance the economy and give industries the right conditions in which to grow.
view the National Infrastructure Plan 2010
Source: HM Treasury
German bankers in attack on regulations
October 25, 2010--Top bankers in Germany, including Deutsche Bank chief executive Josef Ackermann, have delivered a stark warning that politicians are putting the competitiveness of the country’s banks at risk with a surfeit of regulations.
The German financial sector “has reached its limits,” Mr Ackermann and other bankers, including Martin Blessing of Commerzbank, said in an unusually frank attack on politicians in Germany, where decisions are usually reached with strong consensus.
Lawmakers have proposed a series of measures to curb bank risk-taking or make them pay for future financial crises, including a levy on part of their balance sheets and a tax on transactions.
read more
Source: FT.com
LSE in focus after Singapore move on Sydney exchange
October 25, 2010--Renewed sector consolidation hopes lifted the London Stock Exchange to a six-month high on Monday.
LSE was in demand on news that Singapore’s exchange offered to buy its Australian counterpart in a deal worth about £5.3bn
That valued the Australian Stock Exchange at 25 times its 2009 earnings. LSE by contrast trades at about 10 times earnings
read more
Source: FT.com
NASDAQ OMX Launches World's Fastest Trading System for Its Nordic Derivatives Markets
World Premier for Genium INET, the Comprehensive Multi-Asset Trading and Clearing System
October 25, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) has launched Genium INET, the world's fastest trading system, in its Nordic cash and fixed income derivatives markets. Genium INET is a comprehensive multi-asset trading and clearing system, capable of delivering record-breaking performance with sub-100 microseconds average latency. In addition to powering NASDAQ OMX's own markets, this technology will also be part of its commercial exchange technology offering, giving NASDAQ OMX customers access to the fastest and most robust trading system in the world.
The Genium INET trading and clearing system combines rich functionality with record-breaking performance, high reliability and capacity. Genium INET and its backbone INET technology are capable of delivering an average sub-100 microseconds latency with a throughput of over 1,000,000 messages per second, making it the fastest trading system in the world.
Hans-Ole Jochumsen, President NASDAQ OMX Nordic, said, "NASDAQ OMX is committed to innovation through technology to ensure our position as a driving force in the exchange industry and to provide the best possible trading opportunities for our customers and investors. With the Genium INET launch we now extend the benefits of the world's fastest trading technology to our Nordic derivatives markets, thus further contributing to a stronger Nordic financial market. Based on our experience from our Nordic cash markets where INET was launched earlier this year, we expect increased interest in trading and improved market quality in Nordic derivatives products."
Anna Ewing, Chief Information Officer of NASDAQ OMX, said, "Genium INET highlights our commitment to designing and developing for a global environment while understanding the needs of local markets. Following the launch of Genium INET at our Nordic derivatives markets, we will be rolling out this high performance platform for our external customers ASX later this year and SGX in 2011."
Source: NASDAQ OMX
Two New db x-trackers II Bond Index ETFs Launched on Xetra
October 25, 2010--Two additional db x-trackers II bond index funds from Deutsche Bank’s ETF offering have been tradable on Xetra® since Monday.
ETF name: db x-trackers II iBoxx € Liquid Corporate 100 Non-Financials Sub-Index TR ETF
Asset class: bond index ETF
ISIN: LU0484968655
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: iBoxx € Liquid Corporate 100 Non-Financials Sub-Index
ETF name: db x-trackers II iBoxx € Liquid Corporate 100 Financials Sub-Index TR ETF
Asset class: bond index ETF
ISIN: LU0484968812
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: iBoxx € Liquid Corporate 100 Financials Sub-Index
The two new ETFs are an additional way for investors to participate in the performance of euro-denominated corporate bonds; the first from issuers outside the financial sector (LU0484968655) and the second specifically from issuers in the financial sector (LU0484968812).
The product offering in Deutsche Börse’s XTF segment currently contains a total of 739 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse
db x-trackers baut Produktpalette im Bereich
25. Oktober 2010.- db x-trackers hat 2 neue ETFs im Bereich Eurodenominierte
Unternehmensanleihen an der Deutschen Börse lanciert:
den db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total Return ETF, und
den db x-trackers II iBoxx® € Liquid Corporate 100 Non-Financials Sub-Index Total Return ETF
Die beiden Produkte erweitern die bestehende Palette an db x-trackers EURUnternehmensanleihen ETFs auf nunmehr drei Produkte, die verschiedene
Marktsegmente abbilden. Mit dieser Erweiterung ist db x-trackers der einzige ETF Anbieter in Europa, der ein Produkt ausschließlich auf Anleihen von Emittenten des Finanzsektors offeriert.
Beide ETFs haben eine Pauschalgebühr von 0,20 Prozent p.a. und sind an der Frankfurter Börse (Xetra) handelbar. Die jeweils abgebildeten Indizes werden von der International Index Company Limited berechnet und veröffentlicht und sind Teilindizes des iBoxx EUR Liquid Corporate 100 Index® auf den db x-trackers ETF im März diesen Jahres lanciert wurde1. Der Geschäftssitz der in den Indizes abgebildeten Emittenten spielt keine Rolle.
Das Underlying für den ersten ETF, der iBoxx® EUR Liquid Corporate 100 Financials Sub-Index, bildet unter Berücksichtigung von Neugewichtungskosten2 die Wertentwicklung von auf Euro lautenden Unternehmensanleihen aus dem liquiden Universum auf Euro lautender, von Emittenten aus dem Finanzsektor begebener Unternehmensschuldtitel ab. Die derzeitige Indexrendite beträgt 3,27% bei einer Duration von 3,93 Jahren. Derzeit bildet der Index Unternehmensanleihen von Emittenten in Australien, Dänemark, Frankreich, Deutschland, Irland, Italien, Niederlande, Norwegen, Schweden, der Schweiz, dem Vereinigten Königreich und den Vereinigten Staaten ab.3
Der zweite ETF ist an den iBoxx® EUR Liquid Corporate 100 Financials Sub-Index gekoppelt. Dieser Index bildet unter Berücksichtigung von Neugewichtungskosten4 die Wertentwicklung von auf Euro lautenden Unternehmensanleihen aus dem liquiden Universum auf Euro lautender, von nicht im Finanzsektor tätigen Emittenten begebener Unternehmensschuldtitel ab.
„Diese beiden ETFs ergänzen unsere bereits breit gefächerte Produktpalette auf den Markt für Unternehmenskredite, der sowohl Schuldverschreibungen als auch Kreditabsicherungen umfasst, um zwei interessante Bausteine. Besonders die Auflage des ETFs auf Anleihen von Emittenten des Finanzsektors zeigt erneut die Bereitschaft von db x-trackers noch nicht am Markt erhältliche Produkte zu emittieren um Investoren eine möglichst breit gefächerte Portfolioallokation zu erlauben.“ kommentiert Thorsten Michalik, verantwortlich für db xtrackers.
Wie alle ETFs der db x-trackers Palette werden auch die beiden neuen mit einer innovativen Swap-Struktur ausgestattet mit dem Ziel so die Abweichung zum zugrunde liegenden Index (Tracking Error) auf ein Minimum zu reduzieren. Es ist geplant mit Hilfe der Deutschen Bank als Market Maker die ETFs mit einem Maximum an Liquidität im Sekundärmarkt zu versehen. Im Rahmen des Market Makings wird darauf abgezielt die Preisquotierungen grundsätzlich zuverlässig am fairen Wert des ETFs auszurichten.
Überblick über die neuen db x-trackers ETF
Name:db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total
Return ETF
Währung:EUR
Bloomberg
Ticker: XB4F
ISIN:LU0484968812
Jährliche Pauschalgebühr:0.20%
db x-trackers II iBoxx® € Liquid Corporate 100 Non- Financials Sub-Index Total
Return ETF
Währung:EUR
Bloomberg
Ticker: XB4N
ISIN:LU0484968655
Jährliche Pauschalgebühr:0.20%
1 Die Indizes beinhalten nicht notwendigerweise 100 Anleihen.
2 Bei der Berechnung des Schlussstands des Index am ersten Geschäftstag nach einer solchen Neugewichtung werden fiktiv Neugewichtungskosten in Höhe des 0,002-fachen des Schlussstands am Neugewichtungstag abgezogen.
3 Quelle: Markit, Stand: 19. Oktober 2010. (Wert-)Entwicklungen in der Vergangenheit sind kein verlässlicher Indikator für diekünftige (Wert-)Entwicklung.
4 Bei der Berechnung des Schlussstands des Index am ersten Geschäftstag nach einer solchen Neugewichtung werden fiktiv
Neugewichtungskosten in Höhe des 0,002-fachen des Schlussstands am Neugewichtungstag abgezogen.
5 Quelle: Markit, Stand: 19. Oktober 2010. (Wert-)Entwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die künftige (Wert-)Entwicklung.
Source: db x-trackers
Entry Standard Celebrates Five Years at Deutsche Börse
Entry segment for a total of 165 companies to date / Every tenth company switches at some point to a higher transparency standard
October 25, 2010-- The Entry Standard at Deutsche Börse has developed well as a market segment since its launch on 25 October 2005. It lists 119 companies, the majority of which (87%) are based in Germany, and its market capitalization has grown by 30 percent since 2008.
For SMEs, the Entry Standard is the gateway to the capital market”, said Alexander Höptner, Head of Markets Services. The segment belongs to the exchange-regulated open market and enables equities to be admitted to trading easily, quickly and cost-efficiently.”
Since 2005, 165 companies have used the Entry Standard as a way into the capital market, and 16 of them have since switched to the regulated market, i.e. the General Standard or Prime Standard. “We have structured our market in such a way as to foster corporate development,” said Höptner. “These companies can use the Entry Standard to gain initial experience of the capital market”.
The segment is open to all sectors, yet at present 38 percent of companies come from the financial services sector and 34 percent from the industrial sector. Since 2008, there have been 86 capital increases in the Entry Standard, attracting a total of EUR 300 million. Market capitalization has also increased by 33 percent during this period.
Deutsche Börse, with the help of Deutsches Aktieninstitut, has taken the fifth anniversary of the Entry Standard as an occasion to conduct a comprehensive assessment of this segment among its constituents. The study brings to light that almost two thirds of the companies in the Entry Standard have an equity ratio exceeding 50 percent, three out of four companies have increased their workforce, and two thirds have seen an improvement in their market profile as well as a considerable rise in revenues.
Source: Deutsche Börse
German pension system falls short on sustainability, integrity
October 25, 2010--The German pension system is particularly lacking in the areas of sustainability and member communication, according to Mercer Germany.
The consultancy's German division has drawn its conclusion from the 2010 Melbourne Mercer Global Pension index, in which Germany made it in the C category, with an index value of 54, slightly better than in 2009 when it achieved 48.2.
Peter Doetsch, chief executive at Mercer Germany, said: "The comparatively bad ranking for Germany is down to the fact international systems are not directly comparable because of their particularities."
read more
Source: IP&E
db x-trackers list 24 ETFs on SWX The market maker is Deutsche Bank, London Branch.
Deutsche Bank Lists First Fixed-Income Db X-Trackers In ETF Emissions trading: Questions and Answers concerning the second Commission Decision on the EU ETS cap for 2013 Which new sectors and gases are covered under the extended scope? The EU ETS covers installations performing specific activities. Since its launch in 2005 the system has covered, above certain capacity thresholds, power stations and other combustion plants, oil refineries, coke ovens, iron and steel plants and installations producing cement, glass, lime, bricks, ceramics, pulp, paper and board. As for greenhouse gases, it currently covers only carbon dioxide emissions, with the exception of the Netherlands and Austria, which have opted to include emissions from nitrous oxide ( N2O) emissions from some specific installations. As from 2013, the scope of the ETS will be extended to include other sectors and greenhouse gases. Inter alia, more CO2 emissions from installations producing bulk organic chemicals, hydrogen, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. Installations performing activities which result in these emissions will be included in the EU ETS as from 2013. read more If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
October 22, 2010--Deutsche Bank’s db x-trackers launched its first ETFs on fixed-income indices on the SIX Swiss Exchange. Some 24 new products have been listed, as a result of which the segment now comprises a total of 555 ETFs.
The new products are:
db x-trackers II iBoxx € Germany 1-3 Total Return Index ETF
db x-trackers II IBOXX EUR Liquid Corporate 100 Total Return Index ETF
db x-trackers II IBOXX € SOVEREIGNS EUROZONE TOTAL RETURN INDEX ETF
db x-trackers II IBOXX GLOBAL INFLATION-LINKED TOTAL RETURN INDEX HEDGED ETF
db x-trackers II IBOXX EURO INFLATION-LINKED TOTAL RETURN INDEX ETF
db x-trackers II EONIA TOTAL RETURN INDEX ETF
db x-trackers II ITRAXX® EUROPE 5-YEAR TOTAL RETURN INDEX ETF
db x-trackers II ITRAXX® HIVOL 5-YEAR TOTAL RETURN INDEX ETF
db x-trackers II ITRAXX® CROSSOVER 5-YEAR TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe 5-Year Short DAILY TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® HiVol 5-Year Short DAILY TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Crossover 5-Year Short DAILY TOTAL RETURN INDEX ETF
db x-trackers II Emerging Markets Liquid Eurobond Index ETF
db x-trackers II Short IBOXX € SOVEREIGNS EUROZONE DAILY TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Senior Financials 5-year TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Subordinated Financials 5-year TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Senior Financials 5-year Short Daily TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Subordinated Financials 5-year Short Daily TOTAL RETURN INDEX ETF
db x-trackers II EURO INFLATION SWAP 5 YEAR TOTAL RETURN INDEX ETF
db x-trackers II IBOXX $ TREASURIES TOTAL RETURN INDEX ETF
db x-trackers II IBOXX $ TREASURIES 1-3 TOTAL RETURN INDEX ETF
db x-trackers II USD IG INFLATION LINKED TREASURIES TOTAL RETURN INDEX ETF
Source: SWX Swiss Exchange
October 22, 2010--Emissions trading: Questions and Answers concerning the second Commission Decision on the EU ETS cap for 2013
What is the EU ETS cap and why are two steps needed to set it?
The EU ETS cap is the total amount of emission allowances to be issued for a given year under the EU Emissions Trading System (EU ETS). Since each allowance represents the right to emit one tonne of CO2 - or an amount of another greenhouse gas giving the same contribution to global warming as one tonne of CO2 - the total number of allowances, i.e. the “cap”, determines the maximum amount of emissions possible under the EU ETS.
In July 2010, the Commission adopted a decision that determined the cap for 2013 based on the current scope of the EU ETS, ie the installations covered in the 2008-2012 period. The second decision, adopted today, takes into account the extended scope of the EU ETS as from 2013.
Source: Europa
