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Euro area unemployment rate stable at 10.0%
EU27 stable at 9.6%
August 31, 2010--The euro area1 (EA16) seasonally-adjusted2 unemployment rate3 was 10.0% in July 2010, unchanged compared with June4. It was 9.6% in July 2009. The EU271 unemployment rate was 9.6% in July 2010, unchanged compared with June4. It was 9.1% in July 2009.
Eurostat estimates that 23.057 million men and women in the EU27, of whom 15.833 million were in the euro area, were unemployed in July 2010. Compared with June, the number of persons unemployed decreased by 45 000 in the EU27 and by 8 000 in the euro area. Compared with July 2009, unemployment rose by 1.108 million in the EU27 and by 0.668 million in the euro area.
These figures are published by Eurostat, the statistical office of the European Union.
Among the Member States, the lowest unemployment rates were recorded in Austria (3.8%) and the Netherlands (4.4% in June 2010), and the highest rates in Spain (20.3%), Latvia (20.1% in the first quarter of 2010) and Estonia (18.6% in the second quarter of 2010).
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Source: Eurostat
Europe targets commodities derivatives trade
August 31, 2010--Europe warned on Tuesday of moves to rein in commodity derivatives trading under a French-led drive to tame price distortions for raw materials ranging from oil to grain.
France launched the onslaught, calling on the European Union and the Group of 20 countries to take urgent steps to draft new common rules after a summer of fears about the fallout from soaring grain prices.
Simultaneously, the EU commissioner responsible for writing the rules governing all financial trading, former French foreign and agriculture minister Michel Barnier, said he "shares fully" the concerns in Paris.
Barnier told AFP that the "sometimes brutal" evolution of prices in commodities markets would be tackled in a series of proposals he will table to EU member states and the European parliament next month.
He said derivatives trading in energy, metals and agricultural products needs to be controlled "at a European level and a world level."
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Source: EUbusiness
STOXX Changes Composition Of Blue-Chip Indices - Regular Annual Review To Be Effective On September 20, 2010
August 31, 2010--STOXX Limited, a global index provider and creator of the
leading European equity indices, today announced the results of the regular annual review of the
STOXX Europe 50, EURO STOXX 50, STOXX Nordic 30, STOXX EU Enlarged 15 and STOXX Sub Balkan 30 indices, as well as the results of the second semi-annual review of the STOXX
Eastern Europe 50 Index
All changes will be effective with the open of European markets on
September 20, 2010.
view changes
Source: STOXX
ICAP to take Euro interest rate swaps trading electronic
August 31, 2010--ICAP plc, the world’s premier interdealer broker, will launch an electronic market for trading Euro interest rate swaps (Euro IRS) with market maker support, bringing increased transparency and greater efficiency, as well as lower transaction costs to the world’s largest OTC derivative market.
This initiative will make a substantial contribution towards further reducing operational and systemic risks in trading OTC derivatives.
ICAP’s electronic interest rate swap platform will be live on 6 September 2010 and will take ICAP’s established voice liquidity and combine it with a proven electronic platform to create a single liquidity pool in a wide range of Euro IRS instruments out to 30 years maturity. The platform will be open to market making banks that have access to a clearing house for interest rate derivatives. Other banks will continue to have access via ICAP’s voice brokers.
Barclays Capital, Deutsche Bank and J.P. Morgan have each agreed to support the platform by providing streaming prices, alongside a number of other banks.
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Source: ICAP
LCH.Clearnet has announced that from 1st October 2010 it will introduce free equity clearing for average daily member volumes of more than 150,000 trades a day
August 31, 2010--LCH.Clearnet has announced that from 1st October 2010 it will introduce free equity clearing for average daily member volumes of more than 150,000 trades a day.
According to the firm, the move will allow both exchanges and users to benefit from economies of scale and a lowered frictional cost of post trade.
Commenting on the move, Kevin Milne, director of post trade at London Stock Exchange, said: “We are very supportive of these tariff amendments.
“In combination with our own ongoing tariff cuts, this move will further reduce the overall cost of trading for our major clients and make the service more compelling. We will continue to work collaboratively with LCH.Clearnet and others to ensure that the users of our markets receive the most competitive offerings possible.”
Wayne Eagle, director of equities at LCH.Clearnet, added: “This supports our exchange clients, rewards customer loyalty and incentivises growth. Customers get economies of scale, without having to choose between cost and the quality of clearing.”
LCH.Clearnet also plans to introduce reduced clearing fees for members with average daily volumes of more than 50,000. Members will be given a marginal cost of 1p per trade to 75,000 trades, after which the marginal cost will drop to 0.5p.
Source: GSL.tv
CESR publishes two sets of guidance concerning Credit Rating Agencies
August 30, 2010--CESR’s Guidance on the enforcement practices and activities to be conducted under Article 21.3(a) of the Regulation
CESR’s Guidance on common standards for assessment of compliance of credit rating methodologies with the requirements set out in Article 8.3
Source: CESR
NASDAQ OMX Nordic: NASDAQ OMX suspends HQ Bank AB
Augsut 30, 2010--On August 27, 2010, following the Swedish FSA's decision to revoke HQ Bank's trading and banking license, NASDAQ OMX has decided to suspend HQ Bank's equity trading membership with NASDAQ OMX Stockholm AB, NASDAQ OMX Copenhagen A/S and NASDAQ OMX Helsinki Oy as well their derivatives trading and clearing membership with NASDAQ OMX Stockholm AB.
The FSA's decision to revoke HQ Bank's licenses means that HQ Bank no longer fulfils the member criteria.
NASDAQ OMX will, in cooperation with HQ Bank, ensure an orderly wind down of their exchange-related operations in an expedient manner.
Source: NASDAQ OMX
Business Climate Indicator for the euro area remains broadly unchanged
August 30, 2010--In August, the Business Climate Indicator (BCI) for the euro area remained broadly unchanged after
the jump observed in July. The level of the indicator suggests that economic activity in industry will
continue to recover in the coming months, although it has still some way to go to reach its pre-crisis
level.
Managers in industry were more optimistic about their order books; in particular they were upbeat
about their export order books. Managers' assessment of production observed in recent months and
production and employment expectations remained unchanged. Meanwhile, managers' assessment
of their stocks of finished products worsened slightly.
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Source: Europa
Critics question long-term appeal of ‘Newcits’ funds
August 27, 2010--Even as the growth of ‘Newcits’ funds in the marketplace accelerates, concern has been growing about their limitations and potential dangers.
These fears cover issues such as the potential for investment by retail customers that do not understand the products or for whom they are unsuitable, the possibility that investors may be disappointed if returns fail to match those of offshore hedge funds, and the need for higher volumes of assets under management to meet increased set-up and servicing costs.
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Source: ETF Express
DB Global Equity Index & ETF Research: European Weekly ETP Market Review: Gold slowly re-emerges as downward pressure in the equity markets persists
August 27, 2010--Weekly European ETP Market Roundup
Net Cash flows
Major European equity market indices continued declining the week that finished on August 20th 2010. The Euro Stoxx 50 index fell by 2.3%, the CAC 40-declined by 1.4%, the DAX fell by 1.7% and the FTSE 100 closed the week down 1.5%. Continuing its long rising streak, the price of gold (USD/oz) rose by 1%.
Overall European ETF market flows moderately picked up this week, and while the rise wasn’t dramatic, it has definitely started to show further signs of investors returning to the market. European ETP inflows totaled €598 million (up from the €22 million cash inflow in previous week). ETF trading this week had a taste of the June 2010 patterns. It had a clear direction and it was impacted by declines in the equity markets.
Equity inflows were minimal, netting €174 million across the European ETF industry. Similarly, overall fixed income inflows were weak and totaled €164 million (up from €49 million cash inflow last week). However, commodity flows picked up to their highest levels since the end of June 2010 and totaled €263 million, sharply up from the €28 million of outflow in the previous week.
The level of flows was moderately low this week, and together with the 2.5% decline in average daily turnover, it indicates subdued trading activity. Two themes, albeit mild, left their mark on the week that finished August 20th: (1) uptick of gold inflows, with €255 million of net inflows (vs. €20 million in previous week), (2) Continued overall positive emerging market flows, totaling €160 million. Despite the flow improvement in the past three of weeks, flows remain weak and it will be interesting to see if September will in fact take the market out of its current uneasy quietness. Such a change would officially close the holiday season, or if cautiousness continues it might well prove to be based more on fundamentals.
New Listings
There were two new product launches and one cross-listing last week. Deutsche Bank’s db x-trackers launched two new precious metals ETCs, one tracking the price of platinum and the other tracking the price of palladium Both ETCs are physically backed, their returns are euro hedged and are listed on Deutsche Boerse.
Credit Suisse asset management cross listed an MSCI EMU Mid Cap ETF on Deutsche Borse. This ETF has a primary listing on the Swiss stock exchange.
Turnover
On-exchange total daily average turnover decrease by 2.5% to €1.68 billion, for the week that ended August 20th 2010. Equity turnover registered the largest decline, down by 3.2% to €1.23 billion. Fixed Income turnover remained flat at €203 million and commodity turnover fell by 1.2% to €248 million.
Assets Under Management (AUM)
Total European ETP AUM rose by 0.2% to €198.5 billion, largely driven by commodity prices and inflows. Year to date AUM: are up 18.6%.
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Source: DB Global Equity Index & ETF Research
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