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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.
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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:
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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.
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Source: EEX
Moody’s increases Turkey’s rating outlook to positive
October 6, 2010--International credit rating agency Moody's Investors Service has increased the outlook of Turkey's Ba2 local and foreign currency bond rating to positive from stable.
The company cited improvements in Turkey's economy and debt management as the reasons behind its move. “Turkey's economy has proven to be unexpectedly robust and has recovered to pre-crisis levels,” said Sarah Carlson, Moody's vice president-senior analyst and lead sovereign analyst for Turkey, in an e-mailed report on Tuesday, underlining that the country's budget deficit and debt stock have improved beyond targets in the government's medium-term economic program.
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Source: Todays Zaman
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
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