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Bond Trading to Restart on Xetra
October 6, 2010--As of Monday, 11 October, around 700 corporate bonds will again be tradable via the fully electronic trading system Xetra. Due to an interim injunction issued by the Frankfurt Regional Court on 5 January, the securities had to be suspended from Xetra trading. Following the court hearing on 5 October, the Higher Regional Court of Frankfurt lifted the interim injunction issued by the Frankfurt Regional Court.
Deutsche Börse introduced the specialist model trading around 700 bonds on Xetra on 1 December 2009. This trading model combines the advantages of fully electronic trading with the advantages of specialist support. Two trading participants who had not qualified for the function of Xetra specialist in the performance-related selection procedure, obtained an interim injunction against bond trading on Xetra from the Frankfurt Regional Court at the end of 2009. Deutsche Börse's position was not heard at that time.
The aim of the selection process, which was made on the basis of set criteria, was to offer investors high price quality, low costs and a high execution quality of their orders. With its fully electronic trading platform Xetra, Deutsche Börse aims to offer investors from across Europe best prices and comprehensive service while further developing its competitive position. Around 250 banks and brokerage firms from 19 countries are connected to Xetra.
Source: Deutsche Börse
EU, China confess to differences
October 6, 2010--China and the European Union admitted Wednesday to a gamut of divisive issues in efforts to seal an entente on economic and foreign policy matters
Opening a one-day China-European Union summit, both Chinese Premier Wen Jiabao and EU president Herman Van Rompuy admitted to differences of view after Wen told European leaders to back off from demands that Beijing increase the value of the yuan.
"I say to Europe's leaders -- don't join the chorus pressing (China) to revalue the yuan," Wen told a Europe-China business forum shortly before meeting with EU bosses.
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Source: EUbusiness
EU eyes Asia trade pacts after landmark Sth Korea deal
October 6, 2010--The European Union sealed a free trade deal with South Korea on Wednesday, hailing it as a landmark agreement that will kickstart a wave of pacts between the 27-nation bloc and Asian nations.
The pact was signed at a summit with South Korean President Lee Myung-Bak in Brussels during which both sides upgraded their ties to the level of strategic partnership.
"This agreement is by far the most important trade deal ever concluded be the European Union with one country and the first free trade deal with an Asian country," said European Commission chief Jose Manuel Barroso.
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Source: EUbusiness
Britain to introduce EU 'sovereignty clause'
October 6, 2010--Britain's government said Wednesday it will pass a new law to protect the sovereignty of the country's parliament over the European Union before the end of the year.
Foreign Secretary William Hague said the move would "reaffirm once and for all the sovereignty of our ancient parliament" in a speech to the Conservative party conference in Birmingham, central England.
Ministers also intend to legislate so that a referendum must be held before any further powers can be transferred from Britain to the EU.
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Source: EUbusiness
Amundi ETF announces the listing of two new ETFs on NYSE Euronext Paris
October 5, 2010--Amundi ETF is pursuing its development by listing two new ETFs on NYSE Euronext Paris.
This new listing comprises two ETFs with the lowest TER (Total Expense Ratio) on the market:*
An ETF providing investors with exposure to around 20 stocks in the European energy sector through a single transaction. This product replicates the MSCI Europe Energy® index as closely as possible whether the trend is rising or falling.
The Amundi ETF product range now provides investors with exposure to the main MSCI sectors in Europe.
An ETF replicating as closely as possible the EuroMTS AAA Government® index whether the trend is rising or falling. Revised on a monthly basis, this index is composed of debt securities issued by the euro zone member states with at least three ratings equivalent to “AAA” (or an equivalent rating to S&P, Moody's and Fitch).
Following the recent launch of an ETF tracking the ex AAA GOVT BOND EuroMTS® index, this product completes the Amundi ETF fixed income product range. Investors now have access to simple tools for their strategic asset allocation whatever their views on the outlook for euro zone bond markets.
Valérie Baudson, Managing Director of Amundi ETF comments: “We remain determined to continue developing our product range at competitive prices. This launch coincides with Amundi ETF reaching the €5 billion mark in AUM, demonstrating the growing confidence of investors in our business model.”
Thierry Ancona, Head of Client Global Coverage, Executive Vice President, CA Cheuvreux, adds: “The launch of these two new ETFs confirms the ambition of the Crédit Agricole group to increase its presence in an ETF market experiencing strong growth. The position of CA Cheuvreux on NYSE Euronext in Paris alongside international institutional investors is an additional asset that contributes to our strategy.”
Source: Amundi
Eurozone official retail sales fall 0.4 per cent in August
October 5, 2010--Retail sales across the 16-nation eurozone fell by 0.4 percent in August following a modest 0.1 percent rise in July, European Union figures showed on Tuesday.
In the wider, 27-nation EU, which includes non-euro members Britain and Poland, retail sales fell by 0.3 percent in August following a 0.1 percent rise in July, the Eurostat data agency said.
Romania posted the biggest rise at 5.2 percent, followed by increases of 1.3 percent in Lithuania and 1.1 percent in Spain.
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Source: EUbusiness
The long term is a good ally for investment in equities
BME report on historical returns for equities and other investment alternatives
October 5, 2010--THE LONG TERM IS A GOOD ALLY FOR INVESTMENT IN EQUITIES
The return on equities has risen a hundredfold in the last 30 years, outperforming long-term bonds by nearly 5 percentage points
Long-term investment in equities protects against inflation
The report provides a comprehensive analysis of the historical risk premium in Spain
An investment of €100 in the Spanish Stock Exchange’s Indice Total index in January 1980 would have been worth €9,254 at the end of June 2010, equivalent to a 16% annual return, according to a Report released by the BME Research Department analysing the returns of listed shares on Spain’s stock exchange over the last 30 years.
Reinvestment of dividends and other related income would add nearly five percentage points a year to this figure. A €100 investment in the same period in the – IGBM - (excluding dividends) would have risen to €2,539, a 10.7% annual gain.
“The study addresses three key topics: 1) the positive returns provided by long-term investment in equities and bonds; 2) the protection against inflation afforded by these returns; and 3) the historical equity risk premium in Spain, which measures the excess return over the long term of investment in equities over investment in a risk-free asset or a proxy for the risk-free rate” according to Domingo García Coto, Head of BME Research during the presentation of the report.
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Source: BME
UK official holdings of international reserves, September 2010
October 5, 2010--This monthly press notice shows details of movements in September in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary
Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could
be used to intervene to support Sterling, or the Bank of England’s reserves could be used to
support the Bank’s monetary policy objectives.
If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release
explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in September 2010:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Unsettled market hinders carbon trader
October 5, 2010--Problems in the carbon markets have again hurt Trading Emissions, the Aim-listed specialist that is one of a dwindling band of pure-play carbon trading companies.
The company is divesting itself of chunks of its portfolio of carbon credits as the markets price in the risk that current forms of carbon trading may not be available beyond the next 18 months.
In the year to June 30, the company, which specialises in helping set up clean energy projects in the developing world that qualify for carbon credits, reported a narrowing of pre-tax losses from £232m to £29.9m, and revised downwards its forecasts for the next year.
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Source: FT.com
Europe pressures China as currency war bites
October 5, 2010--- Europe pressured China Tuesday to let the yuan rise as fears grew of a global "currency war" while a French call for a new, more stable world monetary order received short shrift from Germany.
A trio of top eurozone officials urged Chinese Premier Wen Jiabao to live up to a June vow to make the yuan more flexible to counter accusations Beijing deliberately undervalues its currency so as to boost exports and growth.
The call came as a two-day Asia-Europe Meeting (ASEM) gathering 46 nations wound up with a consensus for more effective global economic governance.
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Source: AME Info
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