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A new ETF by Lyxor begins trading on the Spanish Stock Exchange
The first SICAV-style ETF on the Spanish stock exchange
October 28, 2010--The Spanish stock exchange has begun trading the Lyxor ETFS&P500, a new exchange traded fund (ETF) issued by Lyxor Asset Management, Société Générale’s asset manager. This ETF, which tracks the S&P 500, is the first SICAV-style exchange-traded fund to be traded on the Spanish stock exchange following recent legal changes to allow trading in this investment product.
The ETF segment of the Spanish stock exchange started up on 20 July 2006 and after the incorporation of the Lyxor ETFS&P500 it now has 41 exchange-traded funds.
Trading volume in the ETF segment to the end of September was up 116% year-on-year, at €5.13 billion. The number of trades during the same period totalled 52,858, which exceeds total trades for all of 2009.
Exchange traded funds (ETFs) are a hybrid investment vehicle between funds and shares that combine the best of both worlds in a single stock exchange trade.
Source: Bolsa de Madrid
Bank of Ireland in successful return to bonds
October 28, 2010--Bank of Ireland has sold the first public Irish bank bonds since April in a deal that could signal renewed market willingness to look at investments in the troubled country.
The bank, considered the least damaged of the country’s big financial institutions, sold €750m (£655m) of two-and-a-half year, government-guaranteed bonds amid strong demand that helped increase the sale from the original €500m.
Ireland and its banks have struggled to tap the public markets for much of this year because of concerns about the government’s ability to support its struggling financial sector, which is still reeling under the losses from a property lending spree.
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Source: FT.com
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 22-Oct-10
October 27, 2010--Last week saw US$179.5 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$86.9 Mn and automobiles and parts with US$23.8 Mn while media experienced net outflows of US$12.6 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$878.7 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$371.3 Mn, followed by basic resources with US$132.8 Mn while food and beverage has experienced the largest net outflows of US$164.3 Mn YTD.
The US$10.6 Bn AUM invested in the ETFs is greater than the US$4.2 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
CESR Publishes Data On Prospectuses Approved And Passported In The EU From January 2010 To June 2010 (Ref: CESR/10-1175)
October 27, 2010--INTRODUCTION
CESR published in June 2007 its “Report on the supervisory functioning of the Prospectus Directive
and Regulation” (CESR/07-225) that included some statistical data in relation to the number of
prospectus approved and passported for the periods July 2004 to June 2005 and July 2005 to June 2006
(with quarterly disclosure).
Despite the limitations and caveats highlighted when publishing the data, the European Commission
and market participants considered the information very useful and welcomed CESR’s initiative.
For this reason, CESR has decided to formalise this exercise and to keep on collecting this data on a regular
basis (with a quarterly disclosure).
CESR published on 13 June 2008 some tables compiling the data for the period July 2006 to June 2007, on 10 July 2008 the data for the period July 2007 to December 2007, on 14October 2008 the data for the period January to June 2008, on 30 March 2009 a compilation of the data for the period July 2006 to December 2008 (with a quarterly disclosure), on 18 September 2009 the data for the period January 2009 to June 2009 and on 11 March 2010 the data for the period July 2009 to December 2009.
Following those publications, CESR is publishing today the tables below compiling the data for the period January 2010 to June 2010 (with a quarterly disclosure).
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Source: CESR
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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