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OJSC "Russian Trading System" Stock Exchange And Standard & Poor’s Invite Issuers And Management Companies To Participate In The Annual Working Meeting On November 19, 2010
October 27, 2010--On November 19, 2010 in Moscow an annual working meeting of OJSC RTS with issuers and management companies will take place. Within the framework of the meeting RTS’s partner Standard & Poor’s will present findings of a research on information transparency of the biggest Russian public companies in 2010.
Workshop on annual reports preparation will also be held. At the workshop current trends and different aspects of companies information disclosure will be reviewed.
By tradition the solemn ceremony of awarding winners of the 13th Annual Report Competition will conclude the meeting with issuers and management companies. This year the record number of Russian and foreign companies took part in the Competition over its history.
To participate at the meeting please, register by completing a registration form at the RTS Competition’s site until November 18, 2010.
For more detail, please contact Litovchenko Svetlana by phone: +7 (495) 705-9031 or by e-mail: ar@rts.ru.
Source: RTS Exchange
Deutsche Börse AG: Slight Rise in Sales Revenue and EBIT in Q3/2010
Increase of sales revenue to €504.3 million EBIT at €244.1 million slightly up on prior-year despite costs for efficiency programs; adjusted EBIT at €257.4 million up 7 percent year-on-year Cost guidance for 2010 reduced from €1,210 million to around €1,150 million before costs for efficiency programs
October 27, 2010--Deutsche Börse Group presented its results for the third quarter 2010 on Wednesday. Sales revenue increased by 1 percent year-on-year to €504.3 million. At €287.0 million, total costs were down 5 percent on the prior-year level despite expenses in connection with efficiency programs of €12.9 million. After adjustment for these expenses, costs were down 10 percent on 2009 figures. Earnings before interest and tax (EBIT) were €244.1 million, up slightly on the previous year. Adjusted for the expenses in connection with efficiency programs, EBIT was up 7 percent on the same quarter of the previous year, to €257.4 million.
Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG: “The slight rise in sales revenue in the third quarter, coupled with a tight cost management, led to an increase in earnings year-on-year. We are reducing our cost guidance for full-year 2010 to around €1,150 million before costs for efficiency programs.”
Operating efficiency program
Implementation of the measures designed to optimize operating processes and cost structures that were announced in the first quarter 2010 and that should lead to annual savings of around €150 million from 2013 onwards is progressing faster than expected. Since some of the measures originally planned for 2011 have already been implemented in the course of the current financial year, the Company is forecasting total savings of around €25 million in 2010. Therefore, the cost savings for 2011 are expected to amount to around €60 million. With this, the Company will achieve total savings of around €85 million in 2011 against 2009 as originally anticipated.
More precise figures as to the cost of these efficiency programs have become available as the project progresses: they will amount to less than €200 million. In the first nine months of 2010, expenses of €122.7 million were charged in connection with efficiency programs in the consolidated income statement, primarily under staff costs in all Group segments. Most of the remaining expenses will be incurred in 2011 and 2012.
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Source: Deutsche Börse
IOSCO proposes regulatory oversight principles for dark liquidity
October 27, 2010--The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a consultation report, Issues Raised by Dark Liquidity, containing principles to assist securities markets authorities in dealing with issues concerning dark liquidity. The principles are designed to:
minimise the adverse impact of the increased use of dark pools and dark orders in transparent markets on the price discovery process;
mitigate the effect of any potential fragmentation of information and liquidity;
help to ensure that regulators have access to adequate information to monitor the use of dark pools and dark orders;
help to ensure that investors have sufficient information so that they are able to understand the manner in which orders will be handled and executed; and
increase the monitoring of dark orders and dark pools in order to facilitate an appropriate regulatory response.
view the Issues Raised by Dark Liquidity Consultation report
Source: IOSCO
Insurers set to escape global risk list
October 27, 2010--Individual insurance groups are likely to escape inclusion on the global list of dangerously large financial institutions slated for tougher regulatory scrutiny, Lord Turner, chairman of the UK financial watchdog, signalled to an industry meeting.
Lord Turner, who sits on the Financial Stability Board that is drawing up the list, told international insurance regulators in Dubai on Wednesday that the FSB did not believe large individual insurers posed systemic risks in the way that banks did.
Insurers have been concerned about inclusion – and the higher capital requirements and regulatory costs that that would likely entail – since a preliminary list last year named six big insurance companies: Aegon, Allianz, Aviva, Axa, Swiss Re and Zurich Financial Services.
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Source: FT.com
Eurozone credit growth still subdued
October 27, 2010-- Lending to the eurozone private sector grew at a steady pace of 1.2 percent in September from the equivalent amount last year, the European Central Bank said on Wednesday.
This meant that lending, a vital measure of the vigour of credit activity, grew at the same rate as in August, a bank spokesman said.
"In sum, the still subdued expansion (or even stagnation month/month) of credit aggregates - so far the major source for money production - suggests that the recovery of bank lending remains gradual for now," Barclays Capital economist Thorsten Polleit said.
Commerzbank economist Michael Schubert added that "things have to improve much further, before ECB president Trichet - to use his own words - can declare victory.
"We stick to our forecast that the ECB will leave rates unchanged (at 1.0 percent) over a long time span," Schubert concluded.
view the ECB Monthly Statement October 2010
Source: EUbusiness
CESR sees improvements in financial instruments disclosures by European financial institutions in 2009 accounts
October 26, 2010--CESR publishes today a follow-up statement (Ref. CESR/10-1183) on an earlier statement (Ref. CESR/09-821) on the “Application of Disclosure Requirements related to Financial Instruments in the 2008 Financial Statements of Financial Institutions” (hereafter “CESR on 2008’s Financial Statements”) published in November 2009.
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CESR publishes its Half-Yearly Report for 2010
October 26, 2010--This interim report for 2010 complements CESR‘s Annual Report for 2009, published in June 2010, by providing a half-yearly update on the activities of the Committee of European Securities Regulators (CESR) to the European Commission (Commission), Parliament and the European Securities Committee (ESC). The report covers work conducted by CESR from January to June 2010; all work conducted after this, is referred to as ?next steps‘.
In the first half of 2010, CESR‘s work can be dived into two broad areas: firstly, work to develop technical advice and guidance already initiated earlier and, secondly preparatory work on implementing and designing future policies and procedures for ESMA, the European Securities and Markets Authority CESR is due to become in 2011.
view the CESR Half-Yearly Report 2010
Source: CESR
Parliament sees its priorities through on hedge funds directive
October 26, 2010--European Parliament and Council negotiators on Tuesday overcame the final major hurdles to an agreement on the alternative investment fund managers directive. Parliament succeeded in pushing through new chapters on asset stripping and remuneration principles, as well as strongly influencing the rules on the passporting system, depositary liability, capital requirements, and use of leverage.
Over a year in the making, this often-controversial law will impose registration, reporting and initial capital requirements on a financial industry sector which until now has been subject only to "light touch" regulation. Alternative investment funds (AIF), notably hedge funds and private equity, will henceforth be subject to more substantial regulatory oversight, so as to enhance investor protection and financial stability, both key priorities for Parliament all throughout the negotiations.
Three key problems were resolved today, by deals on a passport for non-EU AIF and AIF managers, combating asset stripping, and ensuring tough rules on depositary liability.
A passport for everyone without a free for all culture
Today's agreement will enable non-EU AIF and AIF managers to market to investors across the EU without first having to seek permission from each Member State and comply with different national laws. This was a bone of contention between Parliament and some Member States, with Parliament pushing for a marketing passport to be granted to non-EU players. Parliament allayed these Member States' fears by proposing the provisions now in the text whereby AIF and AIF managers will obtain passports only if the non-EU country they are located in meets minimum regulatory standards and has agreements in place with Member States to allow information sharing.
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Source: European Parliament
EU wraps up final deal to curb hedge funds
October 26, 2010-- The European Union wrapped up a final deal on Tuesday to apply strict new legislative curbs on the trillion-dollar hedge fund industry.
"Even if the text is not perfect, it's a good start," said Jean-Paul Gauzes, the EU parliament rapporteur on the bill after successful negotiations between the European Parliament, EU states and the European Commission.
"It's a real first step towards real European supervision," added Belgian Finance Minister Didier Reynders.
Agreement was finally reached between warring EU institutions after Britain and France, the principal protagonists in the issue, last week settled a two-year-old conflict centred on who would control the issue of future Europe-wide "passports" allowing funds to market their wares.
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Source: EUbusiness
Natixis Global Asset Management Acquires Majority Stake in Specialty ETF Start-up
October 26, 2010--Natixis Global Asset Management (NGAM) has acquired a majority stake in Ossiam, an asset management start-up, which will specialize in exchange traded funds (ETFs), once the relevant agreement is obtained from the Autorité des Marchés Financiers (AMF).
Based in Paris, Ossiam will be the first European ETF start-up in Europe focused on providing a diverse range of specialty ETFs based on quantitative and fundamental data. Ossiam’s four directors, including CEO Bruno Poulin, previously deputy CIO and head of quantitative research at Systeia Capital Management, and Deputy CEO Antoine Moreau, formerly global head of fund derivatives and exotic equity derivatives trading at Calyon, will retain partial ownership.
Ossiam plans to launch its first ETFs in early 2011 in Europe. These products will be available to clients either through French funds, a Luxembourg SICAV structure or via dedicated funds tracking customized indices tailored for specific institutional client needs. Moreover, Ossiam is currently fine-tuning its set-up in order to meet the latest AMF requirements. The appropriate set-up in the U.S. will be determined in the nearer future.
“In Europe the ETF market is rapidly growing; even if it is still lagging behind the US market, the gap is decreasing. We want to position ourselves, not on the plain-vanilla market -an already very concentrated one- but in the specialty ETF market with a double goal: First, complete our range of expertise in order to offer our clients not simple replications of market indices but intelligent solutions with high added-value to diversify further their investments, and second, build an ETF distribution capacity” commented Pierre Servant, CEO of Natixis Global Asset Management. NGAM’s investment in Ossiam is a logical new step in the development of our multi-boutique model.” “Personally I am very delighted to see Ossiam’s highly experienced team, led by Bruno Poulin and Antoine Moreau, reinforce NGAM’s teams”, according to Mr. Servant.
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Source: Natixis
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