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Press Release: ISE Index Titles
October 7, 2010--The titles of Istanbul Stock Exchange (ISE) Indices are used incorrectly in some media. We would like to note that the titles of ISE Indices are registered trademarks, whose intellectual property rights belong to the Istanbul Stock Exchange.
Therefore, the ISE hereby kindly requests the esteemed media members to use the titles of ISE Indices as follows
view ISE Index Titles
Source: Istanbul Stock Exchange (ISE)
John Hutton Publishes Interm Public Services Pension Report
October 7, 2010--Lord Hutton of Furness today set out the case for change in public service pensions: longer lives, the unfairness of a system that rewards high?flyers disproportionately, the imbalance of risk between
taxpayers and employees and contribution rates that do not reflect the value of benefits received all
demonstrate the need for reform.
In publishing the Independent Public Service Pensions Commission’s Interim Report, John Hutton
said:
“The current public service pension system has been unable to respond flexibly to changes in life expectancy over the past few decades – someone retiring now can expect to spend 40% of their adult life in retirement. This has driven up costs – by a third in the past decade – and these extra costs have fallen almost entirely to taxpayers. The final salary link in public service pensions is inherently unfair and can lead to high flyers getting almost twice as much back in pensions than those on more modest earnings for the same amount of pension contributions. It is also acts as a barrier to free movement of employees from the public to private sector. The case for reform is clear.
view Independent Public Service Pensions Commission: Interim Report
Source: HM Treasury
Taxing the financial sector
October 7, 2010--Global and EU- level taxes on financial sector would help to fund international challenges such as development or climate change and fix the fallout from the global economic crisis.
The proposal consists of two types of taxes. The first – at the EU level – would be a financial activities tax on the EU’s financial sector, while the other is a global tax on financial transactions.
As banks and other financial services companies were a major cause of the crisis and received substantial government support over the last two years, the tax would be a way to make them pay their fair share of the cost of recovery.
The financial sector is also under-taxed compared to other segments of economy. For example, many banks are exempt from VAT and receive other preferential benefits. The revenues generated by the tax would ensure they make a fair contribution to public budgets.
view the COMMUNICATION-Taxation of the Financial Sector
view the Questions and answers: Financial Sector Taxation
Source: European Commission
Unleashing the forces of innovation
October 7, 2010--A new European strategy to speed up the development of new products and services, paving the way for more growth and jobs.
Innovation Union”, a flagship initiative of Europe 2020, is designed to stimulate and speed up innovation in Europe, while removing bottlenecks that prevent good ideas from reaching the market.
The approach includes creating “innovation partnerships” between the public and private sectors to bring innovations to market faster. This should increase funding for research and development, better coordinate investment, and help keep regulation and standards up to date and in line with the needs of today's economy.
view E U R O P E 2 0 2 0-A European strategy for smart, sustainable and inclusive growth
Source: European Commission
Signs of French shift on EU hedge funds
October 6, 2010--A deal on pan-European rules for hedge funds and private equity funds moved closer after France dropped its outright opposition to a key element of the European Union’s proposals.
But the French concession was made subject to strict conditions, ensuring that there will be more lengthy negotiations ahead.
“This is progress but not yet a breakthrough,” said one diplomat.
Until Wednesday, Paris had been adamantly opposed to draft legislation that would give non-EU fund managers pan-EU marketing rights, or a so-called passport, provided certain conditions were met.
read more
Source: FT.com
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 01-Oct-10
October 6, 2010--Last week saw US$551.0 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in Banks with US$205.7 Mn and Basic Resources with US$202.5 Mn while Food & Beverage experienced net outflows of US$82.9 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$278.9 Mn net inflows. Media sector ETFs have seen the largest net inflows with US$159.5 Mn, followed by Banks with
US$154.2 Mn while Food & Beverage has experienced the largest net outflows of US$175.4 Mn YTD.
The US$9.6 Bn AUM invested in the ETFs is greater than the US$3.9 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.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
FSA CP10/22: Quarterly consultation No.26
October 6, 2010--The FSA's Consultation paper CP10/22 is entitled 'Quarterly consultation (No. 26)'. It was published in October 2010. Comments on Chapters 2, 3, 7, 8 and 10 of this CP should reach us by 6 November 2010. Comments on all other Chapters should reach us by 6 December 2010.
view Financial Services Authority Quarterly consultation (No. 26)
Source: FSA.gov.uk
EPEX Spot / EEX Power Derivatives: Power Trading Results in September
October 6, 2010--In September 2010, a total volume of 118.6 TWh was
traded on the Power Spot and Derivatives Market operated by EPEX Spot SE and EEX Power Derivatives (same month of the previous year: 114.0 TWh).
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of
22,100,813 MWh (September 2009: 15,400,783 MWh) and can be broken down as follows:
read more
Source: EEX
CESR: Languages Accepted For The Purpose Of The Scrutiny Of The Prospectus And Requirements Of Translation Of The Summary - October 2010 (Ref: CESR/10-1113)
October 6, 2010--INTRODUCTION
In order to ease the functioning of the passport of prospectuses and to provide clarity for market
participants in relation to the use of languages in the different competent authorities, CESR has
compiled the relevant information in each Member State in alphabetical order.
view document
Source: CESR
EEX trading results for Natural Gas and CO2 Emission Rights in September
October 6, 2010--In September, the trading volume on the EEX Spot Market
for Natural Gas amounted to 1,437,494 MWh (GASPOOL and NCG market areas)
compared to 114,432 MWh in September 2009. The volume included 491,150 MWh
traded in the Within-Day Gas product which was launched on 1 March 2010.
The Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR 18.30 per MWh and EUR 23.40 per MWh.
The volumes on the Derivatives Market for Natural Gas (GASPOOL and NCG market areas) amounted to 467,550 MWh (September 2009: 724,890 MWh). On 30 September 2010, the open interest was 19,224,103 MWh. On 30 September 2010 Natural Gas prices for delivery in 2011 were fixed at EUR 20.37 per MWh (GASPOOL) and EUR 20.35 per MWh (NCG), respectively.
read more
Source: EEX
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