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Commission to relaunch controversial tax plan
October 18, 2010--The European Commission on Tuesday will relaunch the controversial idea of a European-wide tax to help fund the EU budget, as cash-strapped states are reluctant to contribute more.
The commission will unveil a package of proposals that could transform the way the European Union collects funds following the global recession and a surge in public deficits that forced European governments to tighten their belts
The proposals will set the stage for tough negotiations over the 27-nation bloc's budget for 2014-2020, with battle lines drawn over farm spending, which accounts for 40 percent of expenditures and rebates for states such as Britain.
European Union Budget Commissioner Janusz Lewandoswky has signalled that a European-wide tax is a possible option to increase EU revenue and reduce national government contributions, which fund 75 percent of the budget.
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Source: EU Business
LSEG makes co-location directly available to vendors and service providers
October 18, 2010--London Stock Exchange Group [“LSEG”] announced today that non-trading market participants, including vendors and service providers, can take their own cabinets within the Exchange’s Hosting facility. The move, undertaken after detailed consultation with market participants, represents a significant strategic step in the evolution of the Exchange Hosting service, paving the way for the creation of a unique community of both trading firms and solution providers in the Exchange’s data centre.
Antoine Shagoury, Chief Information Officer, London Stock Exchange Group, said:
“This is another significant step forward in our efforts to enhance the Exchange Hosting service. Our ever expanding community of trading customers will directly benefit from this vendor diversification and the innovative, value added services and products these new non–trading participants will bring to our co-location environment.”
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Source: London Stock Exchange Group
Deutsche Börse: Four new Lyxor ETFs launched on Xetra
October 15, 2010--: Four new exchange-listed index funds issued by Lyxor are tradable in Deutsche Börse’s XTF segment.
ETF name: Lyxor ETF STOXX Europe 600 Automobiles & Parts Daily Short
Asset class: equity index ETF
ISIN: FR0010916759
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: STOXX Europe 600 Automobiles & Parts Daily Short Index
ETF name: Lyxor ETF STOXX Europe 600 Banks Daily Short
Asset class: equity index ETF
ISIN: FR0010916767
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: STOXX Europe 600 Banks Daily Short Index
ETF name: Lyxor ETF STOXX Europe 600 Basic Resources Daily Short
Asset class: equity index ETF
ISIN: FR0010916783
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: STOXX Europe 600 Basic Resources Daily Short Index
ETF name: Lyxor ETF STOXX Europe 600 Oil & Gas Daily Short
Asset class: equity index ETF
ISIN: FR0010916809
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: STOXX Europe 600 Oil & GasDaily Short Index
The new Lyxor ETFs track the inverse performance of the largest European companies by market capitalization from the following sectors of the STOXX Europe 600 index family: Automobiles & Parts, Banks, Basic Resources and Oil & Gas.
Source: Deutsche Börse
Effective October 18, 2010 FORTS Launches Option Contract On Brent Oil
October 15, 2010--Starting from October 18, 2010 FORTS, futures and options market of RTS, will start trading on options contracts on Brent oil. Code of the contract in the trading system is (BR). The underlying asset of the contract is a futures contract on Brent oil.
The contracts will be settled on a monthly basis.
They will be convenient both for experienced investors who wish to use options for creating high-performance strategies on the utilities derivative market and for major Russian oil producers and consumers for hedging against risks related to price fluctuations on the global oil markets.
Evgeny Serdyukov, Director of the Futures & Options Market at OJSC RTS comments: "Oil producers and consumers will gain an opportunity to hedge market risks by this new RTS’s financial instrument. Participants of the financial market will be able to create nonlinear strategies and form portfolio consisting of several options and futures contracts on oil that would return guaranteed interest within the determined period or within some price limits and would not depend on oil price changes. Banks will afford to establish structured products based on this option with the link between their yield and oil price and with the guaranteed return of capital."
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Source: RTS
IOSCO forms Task Force on OTC Derivatives Regulation
October 14, 2010--The Technical Committee of the International Organization of Securities Commissions (IOSCO) has formed a Task Force on OTC Derivatives Regulation (Task Force) in order to coordinate securities and futures regulators’ efforts to work together in the development of supervisory and oversight structures related to over-the-counter (OTC) derivatives markets.
IOSCO’s experience in developing objectives and principles for securities regulation, including its development of Recommendations for Central Counterparties in conjunction with the Committee on Payment and Settlement Systems (CPSS), provides the Task Force with a strong basis upon which to develop mechanisms to encourage consistency among IOSCO members for derivatives regulation. As OTC derivatives also fall within the remit of other regulators and central banks, coordination and cooperation with other standard setting bodies and relevant authorities will be an important dimension of the Task Force’s work.
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Source: IOSCO
Eurozone falls back into trade deficit
October 15, 2010--The 16-nation eurozone fell back into a global trade deficit in August following a surplus in July, the European Union statistics agency said Friday.
The trade deficit plunged to 4.3 billion euros (6.1 billion dollars) in August following a surplus of 6.2 billion euros the previous month, Eurostat said.
Exports rose by 1.0 percent in August after a drop of 0.6 percent in July. Imports grew by 1.8 percent in August.
The global trade deficit of the wider, 27-nation European Union, which includes Britain and industrial power Poland, widened to 17.3 billion euros in August after a shortfall of 6.2 billion euros in July.
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Source: EUbusiness
NYSE Euronext European ETF activity highlights for September 2010
October 14, 2010--At the end of September, NYSE Euronext had 551 listings of 481 ETFs from 16 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
The number of ETFs increased by 18% YTD compared to the end of 2009. As of the end of September, 81 new ETFs had been listed in 2010, while 8 ETFs had been the subject of mergers by absorption and 19 ETFs had been delisted.
Both the daily average number of trades and daily average turnover figures again showed solid YOY growth in September 2010. On average, there were 8378 trades on a daily basis, representing an increase of 19.46% versus September 2009. Daily average turnover increased from €292.1 million in September 2009 to €305.6 million in September 2010, or 4.64%.
At the end of September, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €113.7 billion, an increase of 30.84% from the €86.9 billion at the end of September 2009.
The combination of the flow of 22 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 26.90 bps of all listed ETFs, down from 32.53 bps in September 2009.
At the end of September 2010, NYSE Euronext’s Liquidity Providers program featured 22 Liquidity Providers that had a total of 1026 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs.
Visit http://www.euronext.com for more info.
Source: NYSE Euronext
Turkey: Achieving Results for the Future: Sustainable and Equitable Growth
October 14, 2010-Overview
Turkey has eliminated extreme poverty and is well on its way to reaching the Millennium Development Goals (MDGs). Turkey works with the International Bank for Reconstruction and Development ( IBRD) towards achieving fast, sustained and equitable growth. This partnership has delivered on a number of fronts including macroeconomic stabilization; the development of a clean, sustainable, and reliable energy sector; and improved health outcomes.
Challenge
Today, Turkey is the world’s sixteenth largest economy, with 74 million inhabitants and per capita annual income above US$9,000. Since 2001, Turkey has stabilized domestically and built its international profile, pursuing a foreign policy that stresses harmony in relations with its neighbors. Accession to the European Union (EU), initiated in 2005, remains a firm long-term aim.
Approach
IBRD’s support for Turkey’s development program will focus on three areas: stabilizing the economy to ensure robust growth and poverty reduction; delivering a clean and reliable energy sector; and helping Turkey achieve better results in the health sector.
Results
Through a long and close relationship with IBRD, Turkey has been able to achieve notable results across a range of sectors, namely:
Solid fiscal and debt management, consistent monetary and exchange rate policy, and overhauled banking regulation and supervision have driven growth, improved social outcomes, and cut poverty: read more
view Full Brief-Achieving Results for Turkey’s Future: Sustainable and Equitable Growth
Source: World Bank
A year of ETF Bestx: strong growth at Boerse Stuttgart
Boerse Stuttgart now the biggest German floor trading exchange for passive funds
October 14, 2010--Only one year after it opened for trading, Boerse Stuttgart’s ETF Bestx segment has successfully established itself among investors. The growth rates in ETF trading show that there are also increasing numbers of private investors investing in this segment: at a total of about EUR 3.9 billion over the first nine months of 2010, revenues were more than 50 percent higher than in the same period of 2009.
And in May 2010 revenues even reached a record of EUR 670 million. Now over half of the more than 700 ETFs admitted to trading at Boerse Stuttgart are listed in the quality segment EFT Bestx.
The reasons for the success, according to Michael Görgens, Head of Investment Fund and ETF Trading at Boerse Stuttgart, are the transparency of trading and the low charges to the investor: “As regards the implicit costs – or the spread – the investor can rely on getting at least as good a deal as at our competitors.” Boerse Stuttgart benefits from working with market makers, who provide additional liquidity. The market makers undertake to provide binding buy and sell prices on a continuous basis for each product listed in the segment.
Stuttgart stock exchange has concentrated on private investors for more than a decade. “Both our trading and our comprehensive information services are tailored to the needs of private investors. Because our trading hours continue right through until 20.00 hours (CET), our investors can respond to investments in other markets,” says Michael Görgens. The introduction of ETF Bestx has further optimised Boerse Stuttgart’s service for investors, by guaranteeing the best prices and the highest levels of security in the execution of trades during normal stock exchange trading hours, between 9.00 and 20.00 hours (CET). Investors also benefit from the transparent cost structure: the variable fee in ETF Bestx is 0.1 percent of the order volume, limited to a maximum of EUR 12.18 (net).
Source: Boerse Stuttgart
Istanbul bourse dives after breaking record
October 14, 2010--Turkey’s markets were down on Thursday after enjoying an uphill marathon for a couple of weeks, reaching record levels in terms of both the lira and the dollar, due largely to the profit realization motives of investors.
The Istanbul Stock Exchange (IMKB) sustained a sharp drop in the second trading session after reaching a high of 70,820.3 points in the morning. The benchmark IMKB-100 index was 69,657.4 points by the end of the first trading session, or 0.73 percent down compared to Wednesday’s close. The losses only got deeper by the afternoon. By 3 p.m. the index was showing 69,260 points.
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Source: Todays Zaman
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