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Russia grain export ban sparks price fears
August 5, 2010--The prices of everyday staples such as bread, flour and beer are set to rise sharply after Russia imposed a ban on grain exports, triggering panic in commodities markets and sending wheat prices to their highest since the 2007-08 global food crisis.
Vladimir Putin, Russian prime minister, announced the ban on all the country’s grain exports, effective within 10 days, after a severe drought devastated crops and wildfires spread across the country.
The move, which caught traders and food producers by surprise, pushed the price of wheat to its highest in two years and evoked memories of the last time the then Soviet Union suffered a catastrophic crop failure in 1972. And Moscow introduced export restrictions during the 2007-08 global food crisis, triggering a wave of panic buying from North Africa and Middle East importers
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Source: FT.com
European interbank lending rate hits highest in a year
August 5, 2010--European bank lending rates have risen to their highest in a year, a move that could send the euro higher against the dollar after Jean-Claude Trichet, president of the European Central Bank, signalled his lack of concern.
Though the ECB on Thursday held its key refinancing rate at 1 per cent, as expected, three-month euribor, a closely-followed rate at which banks lend to each other, rose to 0.904 per cent, its highest since July 2009. The bank lending rate has jumped by about a third since the start of May.
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Source: FT.com
Eurozone growth indicator rises, but gaps remain: survey
August 5, 2010--- A leading indicator of economic activity, the purchasing managers' index for the 16-nation eurozone, accelerated for the first time in three months in July, final data showed on Wednesday.
However, those who compiled the latest purchasing managers' index (PMI) saw signs of deepening disparities between the main national economies.
Analysts also warned that consumer spending would hold back growth over the coming months, and that the recovery was being driven by industry and manufacturing.
Compiled by London-based data and research group Markit, the index rose to 56.7 points, from 56.0 in June, in line with an earlier estimate. Any score above the 50-point line indicates economic growth.
However, while growth in France and Germany "accelerated nearer to post-recession peaks," the rate of expansion in Italy was "the weakest since last November, while growth in Spain was little-changed from June's four-month low."
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Source: EUbusiness
DTCC Launches Equity Derivatives Reporting Repository
Derivatives Repository Ltd Receives FSA Regulatory Approval
August 5, 2010--The Depository Trust & Clearing Corporation (DTCC) announced today two significant developments: 1) the launch of its Equity Derivatives Reporting Repository (EDRR) and 2) FSA approval of DTCC Derivatives Repository Ltd subsidiary.
The building of the EDRR repository, follows a competitive request for proposal process (RFP) led by the International Swaps and Derivatives Association (ISDA) last year, and represents the industry's efforts to strengthen its operational infrastructure and improve transparency across all major OTC derivatives asset classes. All of the 14 global market dealers are now live on EDRR.
EDRR’s central registry will hold key position data, including product types, notional value, open trade positions, maturity and currency denomination for participants’ transactions, as well as counterparty type. OTC equity derivatives products the service will initially support include options; equity, dividend, variance and portfolio swaps; CFD (contracts for difference); accumulators and a final category covering other structured products.
By aggregating and maintaining the data, DTCC’s EDRR will generate reports that keep industry participants and regulators up to date on the industry’s outstanding notional and positions as well as other position related information through a single, secure, easy-to-access portal.
"DTCC played an important role in bringing this new service to market over an aggressive timeframe, allowing the OTC derivatives community to meet commitments made to global regulators to have a repository service running for equity derivatives by the end of July," said Patrick Dempsey, managing director and CFO, Global Equity Derivatives Group at J.P. Morgan and chairman of the International Swaps and Derivatives Association's (ISDA’s) Equities Steering Committee, EDRR subgroup.
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Source: DTCC
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 30-Jul-10
August 4, 2010--Last week saw US$284.6 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$150.9 Mn and Telecommunications with US$98.2 Mn while Industrial Goods & Services experienced net outflows of US$44.2 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$150.2 Mn net outflows. Basic Resources sector ETFs have seen the largest net outflows with US$144.7 Mn, followed by Telecommunications with US$114.0 Mn while Media has experienced the largest net inflows with US$240.1 Mn net new assets YTD.
The assets invested in the ETFs are greater than the open interest in the corresponding futures contract in all 19 sectors.
to request report
Source: Source: Global ETF Research & Implementation Strategy Team, BlackRock
EEX trading results for Natural Gas and CO2 Emission Rights in July
August 4, 2010--In the framework of their cooperation, the European
Energy Exchange AG (EEX) and the French Powernext SA integrated their Power Spot
and Derivatives Markets in 2009.
In July 2010, a total volume of 116.1 TWh was traded on the joint subsidiaries EPEX
Spot SE and EEX Power Derivatives (same month of the previous year: 83.6 TWh).
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of 22,318,803 MWh and can be broken down as follows:
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Source: European Energy Exchange (EEX)
Deutsche Börse Publishes Prices For “MiFID Post Trade” - Post-Trade Transparency Product To Be Available As Of 1 December 2010
August 4, 2010--As of 1 December 2010, Deutsche Börse will offer market participants a pure post-trade transparency product for equities, “MIFID Post Trade". The post-trade product is considerably cheaper than existing information products, which usually make a combination of pre- and post-trade data available. The monthly fee is 15 euros for professional investors and 1 euro for private investors.
With this product, Deutsche Börse supports the cost-effective consolidation of stock exchange, MTF and OTC post-trade transparency data in Europe. The new information product contains the last traded prices and volumes for all MiFID-relevant instruments traded on the Frankfurt Stock Exchange (Xetra and the trading floor) and via Tradegate Exchange, without delay and with quality assured.
Source: Online News
UCITS inflows swell to €49bn in first quarter: EFAMA
August 4, 2010-- Investment poured back into UCITS funds in the first quarter, surging to more than €49bn against just €1bn in the fourth quarter of 2009, according to the European Fund and Asset Management Association (EFAMA).
Inflows were even more pronounced when excluding hard-hit money market funds, reaching more than €87bn, their highest level since the first quarter of 2006.
EFAMA reported outflows for money market funds for the fourth quarter in a row, with investors withdrawing more than €38bn in the first quarter alone.
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Source: IP&E
BNY Mellon Completes Acquisition of BHF Asset Servicing GmbH
-- Combined German business has EUR569 billion (US$744 billion) in assets under custody & administration and depotbanking volumes of EUR122 billion (US$159 billion)
-- Expands BNY Mellon's existing capabilities to include German domestic custody and KAG fund administration
August 4, 2010--BNY Mellon, the global leader in asset management and securities servicing, has completed its acquisition of BHF Asset Servicing GmbH from BHF-BANK Aktiengesellschaft and Sal. Oppenheim jr. & Cie. S.C.A. The transaction, first announced on March 8, 2010 and which closed on August 1, 2010, also includes the purchase of BHF Asset Servicing's wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft mbH (FSKAG).
BHF Asset Servicing and FSKAG become part of BNY Mellon's global Asset Servicing business. The transaction makes BNY Mellon the #2 provider by assets held in this key European market, the world's fourth largest economy. In addition, the acquisition expands BNY Mellon's existing capabilities to include German domestic custody and KAG fund administration.
Tim Keaney, Chairman of Europe at BNY Mellon and co-CEO of BNY Mellon Asset Servicing, said: "We continue to enhance our leadership position globally by strengthening our local expertise and capabilities in a number of attractive markets. This transaction expands our offering in Germany to allow us to provide a full range of tailored solutions to investment companies, financial institutions and institutional investors."
"BHF Asset Servicing is a very valuable and well-respected provider, one with whom we have enjoyed a very successful partnership since 2002," Keaney added. "The business is highly complementary to our own German asset servicing operation and offers a strong platform to support expansion across our other businesses. By bringing our two companies together, we are in a very strong position to support our clients in Germany as they pursue their business goals in an environment characterised by ever greater complexity and heightened compliance requirements."
The new combined German business has EUR569 billion* (US$744 billion) in assets under custody and administration and a depotbanking volume of EUR122 billion (US$159 billion).
Headquartered in Frankfurt am Main with 352 staff, the new combined business is headed by Juergen P. Frank, Michelle Grundmann and Christopher V. Friedrich. They report to Frank Froud, Head of EMEA at BNY Mellon Asset Servicing.
The purchase price was EUR253 million (US$330 million) and the acquisition is expected to be accretive in the first year.
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972 and following this transaction has 572 people in Germany. In addition to asset servicing, depotbanking, fund administration and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, depository receipts and client management. It has over 100 institutional relationships in Germany and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region.
*Includes EUR112 billion held by FSKAG
Source: BNY Mellon
UK official holdings of international reserves-July 2010
August 4, 2010--This monthly press notice shows details of movements in July in the UK’s official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets. These reserves are maintained primarily so that the UK Government’s reserves could be used to intervene to support Sterling, or the Bank of England’s reserves could be used to support the Bank’s monetary policy objectives.
If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in July 2010:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
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