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Demand in emerging markets powers European recovery
September 8, 2010--The German economy is striding into recovery, pulled by its formidable export machine and diverging from France which is struggling with a trade deficit, latest data shows while small Europe countries jostle for recovery on the sidelines.
Analysts say momentum in Europe is being powered by strong demand for imports in emerging markets, notably Asia, with Germany particularly well-placed to cash in.
But there is also concern in some European countries that Germany, Europe's largest economy, is not doing enough to stimulate domestic demand.
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Source: EUbusiness
STOXX changes composition of STOXX Sustainability Indices
September 8, 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 Sustainability Indices.
Effective with the open of European markets on September 20, 2010 the number
of components in the STOXX Europe Sustainability Index will increase to 156 from previously 155 components, and the number of components in the EURO STOXX
Sustainability Index will increase to 86 from previously 85 components.
The following stocks will be added to and deleted from the STOXX Europe Sustainability 40 Index...
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Source: STOXX
EDHEC Risk Institute Supports the Objective of Better Regulation of the Derivatives Markets for Commodities but Criticises the Motivation behind the French Position on the Subject
September 8, 2010--In an open letter1 to European Commissioner Michel Barnier, EDHEC Risk Institute supports the idea of better regulation of the derivatives markets for commodities requested by France in a recent report sent to the commissioner by the French Ministers of the Economy, Energy and Agriculture, and which serves as a basis for the French position ahead of its future presidency of the G20, but criticises the motivations behind the French request, which it considers cannot be a starting point for a credible European initiative.
According to EDHEC Risk Institute, the objectives of improved transparency and security of transactions carried out on the derivatives markets are praiseworthy and are in line with the consensual conclusions of the Pittsburgh summit, but it would be regrettable if the necessary support of all actors for strengthening the regulation of the international markets comes up against ideological presumptions and preconceptions that could ultimately lead to a genuine misunderstanding on both sides of the Channel or the Atlantic.
The assumption that underlies the French initiative, namely that derivative instruments are currently one of the causes of the high level of volatility in commodity prices, has absolutely not been demonstrated and is contradicted both by EDHEC Risk Institute’s own work2 and also by two recent empirical studies conducted by the two main international economic organisations with whose work the European Union is associated, namely the IMF and the OECD3.
This absence of a genuine and serious cause behind the request to regulate the derivatives market for commodities does not make the French position credible and in EDHEC’s opinion cannot seriously lead to support from all the European countries and more globally, the countries concerned by the subject.
In these conditions, EDHEC Risk Institute thinks that the European Commission should not commit to regulatory initiatives that are as important for the structure of the financial markets without the facts and arguments being clearly and objectively established.
Source: EDHEC
35% rise in European high net worth sustainable assets, despite crisis: Eurosif
September 8, 2010--The level of sustainable investments in European high net worth individuals’ (HNWIs) portfolios is estimated to have increased significantly since the beginning of the current financial crisis despite a drop in overall wealth assets during the same period, according to research by the European Sustainable Investment Forum (Eurosif).
Eurosif’s latest survey of European wealth managers and family offices, calculates the 2010 European level of sustainably-managed assets to be approximately €729 billion, which would represent an average of 11% of European HNWIs’ portfolios as of December 31, 2009. Eurosif said the figure represented a 35% rise since it
surveyed the market two years ago.
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Source: Responsible Investor
Bond from KTG Agrar AG in Boerse Stuttgart's Bondm segment surpasses expectations
Subscription period for KTG bond closes early due to strong demand
September 8, 2010--From 2 September private investors had the opportunity to subscribe to an SME bond from the Hamburg-based company, KTG Agrar AG, in Boerse Stuttgart's Bondm segment. Strong demand brought the offering to an early close through allocation at 17.00 hours on 6 September with the subscription period lasting only three days.
Many investors obviously wished to benefit from the advantage of subscribing to the bond at the issue price as this is usually lower than the price at which a bond is first quoted on the stock exchange. "The success of this issue shows that we took the right decision in launching the Bondm segment. The strong demand shown by private investors and by small and medium-sized enterprises (SMEs) is a sign that this segment has filled a gap in the market. We are very pleased about this success," said Sabine Traub, Head of Bond Trading at Boerse Stuttgart.
The bond has been fully placed with a total volume of EUR 25 million and will be listed in Boerse Stuttgart's special segment for SMEs, Bondm, from today. Investors can find detailed information about this trading segment and the bonds traded there on Boerse Stuttgart's website. Boerse Stuttgart TV and the Bonds weekly newsletter also provide information about bonds and forthcoming new issues.
Source: Boerse Stuttgart
Amundi lists 15 ETFs on Borsa Italiana
September 8, 2010--Borsa Italiana welcomes 15 new Amundi ETFs in the ETFplus market:
9 in the open-end index fund - class 1 segment
- Amundi ETF ex AAA GOVT BOND EUROMTS -FR0010892190
- Amundi ETF Govt Bond EuroMTS Broad 1-3- FR0010754135
Amundi ETF Govt Bond EuroMTS Broad 7-10-FR0010754184
Amundi ETF Govt Bond EuroMTS Broad 10-15-FR0010754143
Amundi ETF Govt Bond EuroMTS Broad-FR0010754192
Amundi ETF EuroMTS Cash 3 Months -FR0010754200
Amundi ETF Govt Bond EuroMTS Broad 3-5-FR0010754168
Amundi ETF Govt Bond EuroMTS Broad 5-7-FR0010754176
Amundi ETF EONIA -FR0010718841
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Source: Borsa Italiana
Swiss Exchange May Enter Derivatives Clearing as Demand Rises, Zeeb Says
September 7, 2010--SIX Group, the operator of the Swiss stock exchange, is considering clearing derivatives trades as regulators urge banks to make more use of the service, according to Thomas Zeeb, chief executive officer of SIX Securities Group.
“We are looking at whether it makes sense to do derivatives clearing,” Zeeb said in an interview yesterday in Zurich. “Anyone in the infrastructure space who has ambitions on the pan-European level will take a look at it even if only to decide let’s take it off the table. We are all in a competitive space.” SIX Securities encompasses the post-trade businesses of the Swiss bourse.
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Source: Bloomberg
FTSE appoints new Managing Director Luca Filippa, to oversee Italian market
September 7, 2010--FTSE Group (”FTSE”), the award winning global index provider, has appointed Luca Filippa as Managing Director for Italy. The new appointment represents a further step in FTSE’s long term investment in the Italian market, following the launch of the FTSE MIB and of the FTSE Italia series in June 2009, the establishment of the FTSE Milan Office in January 2010 and the launch of further indices earlier this year.
Luca will lead the strategic development of FTSE’s business operations in Italy with responsibility for sales, product development and client services, and will support the technical management and operational quality of FTSE’s Italian indices. As part of our commitment to the Italian market, FTSE is working closely with Borsa Italiana and other market participants, to provide both the Italian market and the global investment community with a range of new and innovative Italian indices, data services and analytical tools.
Donald Keith, Deputy Chief Executive FTSE Group believes “Luca’s appointment is a significant milestone for FTSE and our commitment to the Italian Market. Both his deep knowledge of the Italian market and extensive experience will not only aid investment flows into the market but also benefit the investment community, and increase collaboration with fellow industry participants. We are delighted to have Luca on board”.
Source: FTSE
EU takes stand to boost growth, financial supervision
September 7, 2010--The European Union laid out ambitious goals on Tuesday to strengthen its economy as the European Commission proposed a joint EU-wide bond and ministers approved tighter financial supervision.
European Commission President Jose Manuel Barroso told the EU parliament in Strasbourg that the 27-nation bloc's economic outlook was better today than one year ago thanks to the "determined action" of member states.
But he warned that not all EU states were benefiting from the recovery -- a view shared by economists who have pointed to the struggles of countries battling big deficits and debt such as Greece.
"The recovery is gathering pace, albeit unevenly within the Union. Growth this year will be higher than initially forecast," he said.
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Source: EU Business
Green light to tighter financial oversight
September 7, 2010--EU finance ministers meeting at the Ecofin Council on 7 September backed the establishment of four European financial supervisory bodies, aimed at averting a recurrence of the financial crisis. A provisional deal had been reached with the European Parliament on 2 September.
Under the reform, a European Systemic Risk Board (ESRB), to be located in Frankfurt, will be responsible for the oversight of the financial system within the Union. In the event of a high-level or systemic risk - one that could jeopardise the entire market - it will issue warnings and recommendations for action and monitor their follow-up. For the first five years, the ESRB will be chaired by the President of the European Central Bank, but the issue is to be reviewed after three years.
Three supervisory authorities will be created, for banking, securities and insurance, with their seats in London, Paris and Frankfurt, respectively. They replace the existing supervisory committees, which have had only an advisory role. Working in tandem with a network of national supervisors, the new authorities will be tasked with, inter alia, setting common standards and contributing to a common supervisory culture. Responsibility for day-to-day supervision of individual institutions is to remain with national authorities.
The reform, which is one of the priorities of the Belgian presidency, is subject to approval by the Parliament at its forthcoming plenary session, followed by formal adoption by the Council. The new bodies should be up and running as of 1 January 2011.
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Source: Council of the European Union
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