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db ETC listet weltweit erste physische Edelmetall-ETCs mit Währungssicherung
27. Juli 2010--Gestern hat db ETC zwei währungsgeschützte Edelmetall ETCs auf Gold und Silber an der Deutschen Börse gelistet. db ETC ist die Plattform der Deutschen Bank für börsengehandelte Rohstoffprodukte (Exchange Traded Commodities – ETC) in Form
von besicherten Schuldverschreibungen mit Barabwicklung. Stark vereinfacht
dargestellt erfolgt eine Besicherung der db Physical PM ETC Wertpapiere durch
Barren des jeweiligen Edelmetalls, die physisch eingelagert werden.
Bis Ende Juli wurden durch die beiden Emittenten DB ETC Index plc bzw. die DB
ETC plc bereits 27 db ETC aufgelegt, die die Entwicklung einzelner Rohstoffe oder definierter Rohstoffkörbe abbilden. Die db Physical ETCs auf Edelmetalle sind die jüngste Ergänzung der ETC-Produktpalette der Deutschen Bank. Sie werden von der
DB ETC plc emittiert und tragen die Bezeichnung db Physical Precious Metal ETC(db Physical PM ETC).
Mit den db Physical Euro Hedged ETCs auf Gold und Silber steht Anlegern eine neue Investitionsmöglichkeit zur Verfügung. „Bisher konnten Edelmetall-ETCs nur in US-Dollar und mit dem damit verbundenen Währungsrisiko gehandelt werden“, sagt Thorsten Michalik, verantwortlich für db ETC. Die neuen ETCs bieten Anlegern im Euro-Raum eine attraktive Möglichkeit, täglich flexibel an der Wertentwicklung der Edelmetalle zu partizipieren. Die db Physical PM Euro Hedged ETC sind zudem mit einem Währungssicherungsmechanismus ausgestattet, um das EUR/USDWechselkursrisiko zu minimieren. Im Falle einer Abwertung des USD gegenüber dem EUR erhöht sich der Metallanspruch je Wertpapier. Die Absicherung erfolgt täglich auf rollierender Basis.
Die Entwicklung des Wertes des db Physical PM ETC ist unter Berücksichtigung einer Basisgebühr an den Kassakurs des Edelmetalls gekoppelt. Die jährlichen Kosten betragen aktuell 0,29 Prozent für den db Physical Gold ETC sowie 0,45 Prozent für den db Physical Silver ETC. Die Kosten der Währungssicherung für die währungsgeschützten Varianten sind transparent nachvollziehbar. Sie bestehen aus der Differenz zwischen US-Dollar-Tagesgeldzinsen und Euro-Tagesgeldzinsen, die vom Wert des ETC abgezogen beziehungsweise zugerechnet wird, und einer Währungssicherungsgebühr von derzeit 0,30 Prozent p. a..
Name:db Physical Gold Euro Hedged ETC
ISIN:DE000A1EK0G3
Listing:Xetra
Produktgebühr
p.a.:0,29%
Währungssicherungsgebühr
p.a.:0,30%
..
Name:db Physical Silver Euro Hedged ETC
ISIN:DE000A1EK0J7
Listing: Xetra
Produktgebühr
p.a.: 0,45%
Währungssicherungsgebühr
p.a.:0,30%
..
Name:db Physical Gold ETC
ISIN:GB00B5840F36
Listing:London
Produktgebühr
p.a.:0,29%
Währungssicherungsgebühr
p.a.:-
..
Name: db Physical Silver ETC
ISIN:GB00B57Y9462
Listing:London
Produktgebühr
p.a.:0,45%
Währungssicherungsgebühr
p.a.-
..
Name:db Physical Platinum ETC
ISIN:GB00B57GJC05
Listing:London
Produktgebühr
p.a.:0,45%
Währungssicherungsgebühr
p.a.:-
..
Name:db Physical Palladium ETC
ISIN:GB00B5VYVZ75
Listing:London
Produktgebühr
p.a.:0,45%
Währungssicherungsgebühr
p.a.:-
db Physical Precious Metal Exchange Traded Commodities für Gold, Silber, Platin
und Palladium sind bereits an der London Stock Exchange gelistet, allerdings hier in
US Dollar denominiert. Währungsgeschützte db Physical PM ETC auf Platin und
Palladium wurden bereits emittiert, sind allerdings bisher nur institutionellen
Investoren zugänglich. Ein Listing an der Deutschen Börse (Xetra) und damit auch
eine Öffnung für Privatkunden sind für August geplant.
EU Investment Grade Corporates Lead Switch from Bank to Bond Funding
Structural Shift to Bonds from Loans to Continue
July 27, 2010--European corporates are increasingly embracing funding disintermediation by
substituting bonds for bank debt, and Fitch Ratings believes structural factors will accelerate the use of this asset class over the next two to three years. The loan market is a key determinant of the extent of bond growth — should lending remain at the subdued levels of the last couple of years, pressure would potentially be exerted to refinance substantial additional corporate debt via the bond markets.
This could result in average issuance from European corporates higher than double the historical average, while in line with the EUR502bn record of 2009.
Increased funding disintermediation in Europe is a positive development on many fronts. A stronger bond market is expected to overall lower the cost of capital for companies, enable them to borrow longer term with fewer restraints, and increase funding diversity — hence being a broadly credit positive development. As a strong corporate sector is critical for the economy overall, this will potentially help eurozone economic prospects.
Furthermore, increased bond funding provides highly?sought yield product for investors while at the same time reducing credit losses for banks, especially through the dispersion of credit losses in the case of distress or bankruptcy. Another positive for banks is the greater transparency necessitated by strong bond markets, allowing them to benefit from a greater number of credit opinions regarding the corporate borrowers on their books.
Deutsche Börse AG: Rise in Sales Revenue in Q2/2010
Sales revenue up 9 percent to €564.4 million Increase in EBIT to €257.4 million despite restructuring expenses; adjusted EBIT up 36 percent year-on-year to €338.4 million
July 27, 2010-Deutsche Börse Group presented its results for the second quarter of 2010 on Tuesday. Following a stable first quarter, the Company recorded significant growth in sales revenue and earnings in Q2. Sales revenue rose by 9 percent year-on-year to €564.4 million. Total costs in the second quarter of 2010 amounted to €356.0 million. Adjusted for restructuring expenses of €82.0 million for the measures to increase operating efficiency, costs amounted to €274.0 million and were down significantly on the level recorded in 2009.
Earnings before interest and tax (EBIT) totaled €257.4 million. Adjusted for restructuring expenses, EBIT was €338.4 million, a substantial increase as against previous quarters.
Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG: “The business environment for Deutsche Börse Group further improved in the second quarter of 2010. Added to this was the increased volatility on financial markets, particularly in May. The measures to increase operating efficiency have also already had a positive effect on the Group’s results. We therefore expect to come in below our costs guidance for full-year 2010.”
Q2/2010 results
In the course of the recovery of the global economy and increased volatility on financial markets, Deutsche Börse Group recorded significant growth in sales revenue in Q2/2010 as against both the prior-year quarter and the previous quarter. At €564.4 million in Q2/2010, sales revenue was up 9 percent as against Q2/2009 (€515.6 million) and also 9 percent higher than in Q1/2010 (€519.2 million).
In addition to sales revenue, the Group’s net interest income from banking business amounted to €15.7 million, down 39 percent on the prior-year quarter (Q2/2009: €25.9 million) and up 43 percent on the previous quarter (Q1/2010: €11.0 million). The year-on-year decline is due to low short-term interest rates, expired interest rate hedging transactions and longer-term investments reaching maturity. The slight increase as against the previous quarter is the result of higher average customer cash balances, which rose to €7.0 billion in the second quarter (Q1/2010: €5.9 billion), and an increase in short-term market interest rates. Other operating income amounted to €24.6 million in the second quarter of 2010 (Q2/2009: €12.1 million). This increase was mainly due to an adjustment to the maturities of the investment portfolio for Clearstream’s own funds.
IMKB hits in-session historic high
July 27, 2010--The Istanbul Stock Exchange (IMKB) broke a new record yesterday, hitting 60,631 for the first time in its history in the first session of trading.
The IMKB-100 benchmark index started off the day with a rise of 219 points, to 59,727. The morning session saw two record highs for the stock exchange, first at 60,410 and then hitting 60,631. The highest value the index had ever reached within a trading session before Tuesday was 60,112 points last Friday. The index closed the first trading session at 60,578, a 1.8 percent gain over the previous day, and continued its upward trend in the opening of the second session, rising by 14.2 points to reach 60,592. By the time Today’s Zaman went to press, the second trading session had not yet ended.
Government invites views on tax policies
July 27, 2010--Today the Exchequer Secretary to the Treasury, David Gauke MP has published nine documents for discussion and consultation relating to tax, following commitments made at the June Budget.
This will provide businesses, tax professionals and other interested parties with a more comprehensive view and the opportunity to comment on the Government's proposed tax reforms.
The Government set out its new and innovative approach to tax policy making at the Budget, designed to create a more predictable, stable and simple tax system in the UK
The documents published today are:
PAYE reform
Furnished Holiday Lettings
Pensions tax relief
Associated company rules
Disclosure of Inheritance Tax avoidance
Foreign branch taxation
Controlled Foreign Company interim improvements
Modernisation of Investment Trust Company rules
National Minimum Wage regulations
Funds shun UK index-linked bond
July 27, 2010--The world’s two biggest bond fund managers shunned the sale of UK inflation-linked bonds amid worries about the shake-up of pension rules.
BlackRock, the world’s largest fund manager, said publicly it was not a buyer of the bonds partly because of fresh rules that will change the inflation measure that dictates future increases in private pension payments in the UK
The fund manager added it already had enough of the securities on its books.
Pimco, its main rival, also decided against buying the bonds, according to people familiar with the situation. It sat on the sidelines because the yield premium was not high enough, as well as confusion about the new rules
Europe clears world's biggest airline merger
July 27, 2010--Europe on Tuesday cleared a merger between US carriers United and Continental that will create the world's biggest airline, with the companies now racing to secure US approval.
The green light from Brussels competition enforcers has still to be matched by US anti-trust authorities, who turned down a United-US Airways deal in 2001, with backing also required from shareholders of the two companies.
Five weeks after being formally notified, the European Commission "concluded that the transaction would not significantly impede effective competition" in Europe, where the US airlines service a combined 35 destinations.
Boerse Stuttgart launches Smartphone application
June 26, 2010--The Stuttgart Stock Exchange is now offering yet another service for private investors. With Boerse Stuttgart Mobil investors can access the same detailed information on their smartphones as they do on the website.
The new application allows investors to access their watch lists and portfolios in real time with their mobile terminals.
They can also access real-time prices for all securities traded at the Stuttgart Stock Exchange and view the most important domestic and international indices.
To obtain current market information and background reports, users can also use the application to watch all videos from Boerse Stuttgart TV. Furthermore, the programme allows investors to monitor their limits in real time for all securities traded on the Stuttgart Stock Exchange. Investors can therefore keep an eye on their portfolios at all times.
The free Boerse Stuttgart app is available for downloading in Apple's App Store. The application is also available for the smartphones of many other reputable manufacturers and can be downloaded from the Boerse Stuttgart website at www.boerse-stuttgart.de/mobile. "With the application for smartphones Boerse Stuttgart offers a modern service that is extremely interesting for private investors," says Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH.
Information on the Central Repository for Credit Rating Agencies applying for registration in the European Union
July 26, 2010--The EU Regulation on Credit Rating Agencies (EC 1060/2009) requires credit rating agencies (CRAs) to provide information on their historical performance data and CESR to make this information accessible to the public by establishing a central repository (named CEREP).
In order to help CRAs to comply with Article 11 of the Regulation on reporting requirements, CESR conducted a meeting on 8th July 2010 setting out the timeline for the implementation of the CEREP and the details of the connectivity tests between credit rating agencies and CESR (which take place in July and August 2010).
CRAs applying for registration in EU should contact the following address (cerep@cesr.eu) in order to get their information package on the connectivity testing (“HUB Testing Package”) and the “CRA Reporting Instructions.
SGX, STOXX and Eurex to bring EURO STOXX 50 Futures to Asia
July 26, 2010--Singapore Exchange (SGX) and Eurex, Europe’s largest derivatives exchange, announced today that they are partnering to launch the SGX EURO STOXX 50 Index futures and options on futures for the first time in Asia. The partnership is based on a license agreement between the global index provider STOXX Limited and SGX.
SGX will list U.S.-dollar denominated EURO STOXX 50 Index futures and options on futures in the second half of 2010, subject to Monetary Authority of Singapore approval. SGX and Eurex will jointly market and promote the U.S.-dollar based contracts as part of the collaboration efforts between the two exchanges.
Mr. Chew Sutat, Head of Corporate & Market Strategy at SGX, said, “The SGX EURO STOXX 50 futures and options on futures contracts will complement our suite of Asian products, providing global customers with one-stop access to Asian and European equity markets as well as trading opportunities between SGX and Eurex. Customers also will have first-mover advantage to react to weekend or overnight European and U.S. market news and manage their European exposures during Asian hours.”
Mr. Michael Peters, member of the Eurex Executive Board, said, “Through our cooperation, we extend the user base of Europe’s most liquid index derivatives contract. This will result in new trading and hedging opportunities globally and should further increase the liquidity of this benchmark product. Our partnership will also strengthen our position in Asia as a global exchange.”
Mr. Hartmut Graf, chief executive officer, STOXX, added, “We are pleased to partner with Singapore Exchange as it is a highly recognized institution in Asia. Through this cooperation, STOXX ensures increased attractiveness of the EURO STOXX 50 Index for investors in Asia, and takes another step to expand its European success story globally.”
The EURO STOXX 50 Index derivatives traded at Eurex are euro-denominated. The futures recorded an average daily volume (ADV) in the first half of 2010 of more than 1.6 million contracts while the options had an ADV of another 1.2 million contracts.
