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BBA publishes new code for financial disclosures
September 10, 2010--The BBA has today published a new code for financial reporting disclosure which combines the best international practices with the needs of the UK’s largest lenders’ investors and regulators.
The British Bankers' Association's new Code for Financial Reporting Disclosure sets out the best principles for clear and transparent information about the UK's largest lending institutions. In complying with the Code, the banks will undertake not only to provide high quality disclosures in their annual and interim reports, but also to re-evaluate the disclosures given to ensure that they continue to be relevant and of high quality.
BBA chief executive Angela Knight said:
"The highest quality financial information is essential to building market confidence and ensuring financial stability. The BBA Code for Financial Reporting Disclosure is an excellent example of the industry working together to enhance market practice. It surpasses all of the current international and local reporting requirements and fits with the call of from the G20 and others to identify the types of risk disclosure that are relevant and useful to investors."
The lenders voluntarily adopted the Code in their 2009 accounts and received very favourable feedback from the market. They will now meet before key accounting periods to share views on emerging and topical market issues and to discuss ways of enhancing the comparability of their disclosures. They will also meet with the Financial Services Authority to report on the development of the Code.
view the The BBA Disclosure Code
Source: British Bankers' Association'
First estimate for the second quarter of 2010-EU27 current account deficit 50.8 bn euro
18.6 bn euro surplus on trade in services
September 10, 2010--The EU271 external current account2 recorded a deficit of 50.8 billion euro in the second quarter of 2010, compared with a deficit of 44.7 bn in the second quarter of 2009 and a deficit of 34.8 bn in the first quarter of 2010.
In the second quarter of 2010, the EU27 external balance of trade in services recorded a surplus of 18.6 bn euro, compared with a surplus of 16.4 bn in the second quarter of 2009 and a surplus of 10.8 bn in the first quarter of 2010.
These provisional data3, issued by Eurostat, the statistical office of the European Union, will be subject to revision.
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Source: Eurostat
Quote MTF Extends Trading Platform Support for Comprehensive Set of Pan-European Equities and ETFs
Newest independent MTF caps fees until 2012 to demonstrate investment
opportunities in active market participation
September 10, 2010-2010—Quote MTF, a new breed of trading venue for Pan-European
equities, today announced that it will be extending its product coverage at the end of September to more than 1,350 of the most liquid securities and ETFs (exchange traded funds)
across 21 indices and 15 major European markets.
To coincide with the second and final launch phase of this new breed of MTF, Quote MTF also announced its intention to cap commission
fees at €14,000 from now until 2012. With this new offering retail brokers, trading arcades and institutional investment banks can offer a low, fixed all-in price for their clients while reaping the benefits once the cap is reached.
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Source: QMTF
425 years of the Frankfurt Stock Exchange
September 10, 2010--The year 1585 marked the birth of stock exchange trading in Frankfurt, when merchants met for the first time at the Römer to set binding exchange rates for the Frankfurt Trade Fair.
Deutsche Börse AG CEO Reto Francioni said that the stock exchange had had a strong connection with Frankfurt as a financial center for 425 years. This anniversary would be an apt occasion to honor those who have helped building the exchange, among them city fathers, traders, legislators and banks, said Francioni at the morning’s anniversary celebration held in the Trading Hall.
During the recent financial crisis, Deutsche Börse provided a reliable trading venue as operator of the Frankfurt Stock Exchange. “Everyone was able to trade at all times, reliably and on a stable foundation, even in the most turbulent of market phases,” said Francioni. "The markets operated by our systems ran smoothly, despite being placed under extreme pressure during these phases." The problems that had occurred were attributable to non-transparent, unregulated OTC markets, which now needed some regulatory fine-tuning in terms of security and integrity. "Efficiency is also important, but it must not be pursued at the expense of security and integrity.” Regulated markets would serve as the basis for this and Deutsche Börse would do its part to protect investors.
Francioni rang the opening trading bell together with the Frankfurt City Councilor responsible for Economic Affairs, Human Resources and Sport Markus Frank. Guests at the celebration included representatives from both the financial and political arena. After trading commenced, guests were invited to an open day on the stock exchange premises.
Source: Deutsche Börse
13 New Credit Suisse Equity Index ETFs Launched on Xetra
The CS ETF (IE) on CSI 300 offers first ever exposure to A-class Chinese equities
September 9, 2010--13 new exchange-listed equity index funds issued by CS ETF (IE) plc have been tradable in Deutsche Börse’s XTF segment since Thursday. Most of the new ETFs track emerging market indices.
The CS ETF (IE) on CSI 300 offers investors the first ever exposure to A-class Chinese equities via a listed ETF in the XTF segment. A-class equities are shares in Chinese companies that are traded in Chinese currency (renminbi) in Shanghai and Shenzhen. These equities used to be reserved exclusively for domestic investors in China.
Since 2006, however, this restriction has been lifted for international investors and trading contingents have now been put in place to allow foreign investors to trade in these securities. The CSI 300 Index comprises the equities of 300 Chinese companies with the highest market capitalization and greatest liquidity.
The CS ETF (IE) on MSCI Chile likewise offers investors the first ever opportunity to participate in the performance of the Chilean equity market. The equities contained in the index represent around 85 percent of the market capitalization of Chilean equities available for investment.
Credit Suisse also offer investors the possibility of tracking the performance of companies from the following countries in the MSCI index family: Australia, Brazil, China, India, Mexico, Russia, South Africa, South Korea, and Taiwan.
Another three regionally-focused CS ETFs are available to investors. The CS ETF (IE) on MSCI EM EMEA comprises companies from emerging markets in Europe, Africa and the Middle East: Czech Republic, Egypt, Hungary, Morocco, Poland, Russia, South Africa, and Turkey. The CS ETF (IE) on MSCI EM Latin America is comprised of companies from emerging markets in Latin America: Brazil, Chile, Columbia, Mexico, and Peru. The CS ETF (IE) on MSCI EM Asia consists of companies from emerging markets in Asia: China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand.
The reference indices for the MSCI index family are indices weighted according to market capitalization and free float. These are net total return indices, i.e. net dividends are reinvested after deduction of incurred taxes.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 693 exchange-listed ETFs, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €14 billion, makes Xetra Europe’s leading trading venue for ETFs.
view 13 new CS ETFs on Xetra
Source: Deutsche Börse
db ETC listet Gold & Silber ETCs mit physischer
September 9, 2010--db ETC, die ETC Plattform der Deutschen Bank, hat mit ihren beiden neuen Wertpapieren db Physical Gold ETC (EUR) und db Physical Silver ETC (EUR) zwei neue Exchange Traded Commodities (ETC) auf Xetra notiert. Die Wertpapiere sind
durch Hinterlegung mit ihrem jeweiligen Edelmetall besichert.
Im Vergleich zu den bereits auf Xetra® notierten physischen Gold und Silber ETCs der Deutschen Bank
weisen die beiden in Euro notierenden Produkte (WKN: A1E0HR u WKN: A1E0HS)
keine Währungssicherung zwischen USD und Euro auf. Die Hauptmerkmale der db
Physical Gold ETC (EUR) und db Physical Silber ETC (EUR):
Anleger profitieren von der Entwicklung der Gold- und Silber-Kassakurse: Die Wertpapiere sind an den jeweiligen Edelmetall-Kassakurs gekoppelt.
Physische Hinterlegung: die Wertpapiere sind durch Hinterlegung der jeweiligen Edelmetallbarren besichert.
Getrenntes Konto: Das zugrunde liegende Metall wird auf separaten Sicherungskonten gehalten.
Keine Geld-/Briefspanne: Für Handelspartner der Deutschen Bank AG ist Direkthandel mit der Deutschen Bank AG möglich, vergleichbar mit dem NAV bei Fonds.
db ETC ist die Plattform der Deutschen Bank für Börsengehandelte Rohstoffprodukte (Exchange Traded Commodities – ETC), die die Wertpapiere (ETCs) begibt und den jeweiligen ausstehenden Wert mit dem jeweiligen Metall in allozierter Form hinterlegt.
Bis zum heutigen Zeitpunkt sind bereits 29 db ETC aufgelegt, die die Entwicklung einzelner Rohstoffe oder definierter Rohstoffkörbe abbilden. „Wir möchten unseren Kunden die größtmögliche Vielfalt im Bereich Rohstoffprodukte bieten. Anleger sollen selber entscheiden können, ob sie mit oder ohne Minimierung des EUR/USD Wechselkursrisikos am jeweiligen Edelmetallpreis partizipieren möchten. Daher bieten wir auf Xetra® ab sofort im Bereich Gold und Silber ETCs sowohl mit als auch ohne Währungsabsicherung an“, sagt Thorsten Michalik, Global Head of ETFs & ETCs der Deutschen Bank.
Für weitere Informationen stehen wir Ihnen gerne zur Verfügung.
Philip Knüppel 069/910 90990
Source: db ETC– Deutsche Bank Exchange Traded Commodities,
Basle III fears temper sentiment
September 9, 2010--European indices advanced,reaching a level last seen in May as fears about the capital positions of banks tempered the mood ahead of the Basel III conference on banking regulation.
Market sentiment was lifted by the weekly US jobless claims data reporting a sharp decline in jobless claims – against market expectations – followed by news that Germany’s Commerzbank, the country’s second-biggest lender which received a significant bail-out during the financial crisis, planned to repay state-aid by 2012.
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Source: FT.com
Borsa Italiana acquires Pro Mac
September 9, 2010-- Borsa Italiana S.p.A., a subsidiary of London Stock Exchange Group, today acquired 94.4 per cent of Pro Mac S.p.A., the company responsible for the promotion of MAC (Mercato Alternativo Del Capitale), for a cash consideration of €5.147 million from 22 existing shareholders of the company, including a number of leading Italian banks and associations. Borsa Italiana will own 99.6 per cent of Pro Mac S.p.A. following the transaction.
MAC is one of the markets dedicated to Italian small and mid-cap companies which is currently managed by Borsa Italiana. The largest Italian banking groups will continue to operate as Sponsors for MAC companies. MAC will maintain its current regulatory framework.
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Source: Borsa Italiana
Two new gold and silver ETCs from DB ETC Index plc launched on Xetra
September 8, 2010--Two new exchange traded commodities issued by DB ETC Index plc, the ETC platform of Deutsche Bank, are tradable on Xetra.
Investors can now invest not only in the available db gold and silver ETCs with currency hedging but also the db gold and silver ETCs without currency hedging (base currency: US dollar). The two new db ETCs are also physically backed by the respective precious metal in allocated form.
ETC name: db Physical Gold ETC (EUR)
Asset class: Commodities
ISIN: DE000A1E0HR8
Total expense ratio: 0.29 percent
Benchmark: Gold spot price (London)
ETC name: db Physical Silver ETC (EUR)
Asset class: Commodities
ISIN: DE000A1E0HS6
Total expense ratio: 0.45 percent
Benchmark: Silver spot price (London)
Deutsche Börse’s ETC segment product range currently comprises 178 instruments. The monthly trading volume of ETCs on Xetra averages around €550 million.
Source: Deutsche Börse
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 03-Sep-10
September 8, 2010--Last week saw US$391.5 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF inflows last week were in Food & Beverage with US$110.2 Mn and Banks with US$101.5 Mn while Construction & Materials experienced net outflows of US$25.6 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$164.2 Mn net inflows. Media sector ETFs have seen the largest net inflows with US$208.5 Mn, followed by Banks with US$194.4 Mn while Basic Resources has experienced the largest net outflows with US$107.7 Mn YTD.
The US$9.0 Bn AUM invested in the ETFs is greater than the US$4.1 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in each of the corresponding futures contract in all 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
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