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Thomson Reuters MiFID Monthly Market Share Reports For August 2010
September 6, 2010--Trading is fragmenting between exchanges and competing venues. But by how much and which venues? Find out in the summarised monthly reports.
view All European Equities Market Activities by Trade Type-August 2009 to August 2010
view the Main Trading Venues For all European Equities
Monthly summarised data on a per market and index basis
view Monthly summarised data on a per market and index basis-by region & country
Source: Thomson Reuters
EPEX Spot/EEX Power Derivatives: Power Trading Results In August
Septemeber 6, 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 August 2010, a total volume of 86.0 TWh was traded on the joint subsidiaries EPEX
Spot SE and EEX Power Derivatives (same month of the previous year: 81.2 TWh).
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of
20,570,802 MWh and can be broken down as follows:
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Source: European Energy Exchange AG (EEX)
EEX trading results for Natural Gas and CO2 Emission Rights in
September 6, 2010--In August, the trading volume on the EEX Spot Market for Natural Gas amounted to 1,472,150 MWh (GASPOOL and NCG market areas) compared to 115,704 MWh in August 2009.
The volume included 772,790 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 14.40 per MWh and EUR 19.25 per MWh.
The volumes on the Derivatives Market for Natural Gas (GASPOOL and NCG market areas) amounted to 1,176,450 MWh (August 2009: 473,850 MWh). On 31 August 2010, the open interest was 19,980,593 MWh. On 31 August 2010 Natural Gas prices for delivery in 2011 were fixed at EUR 20.67 per MWh (GASPOOL) and EUR 20.70 per MWh (NCG), respectively.
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Source: EEX
CESR publishes the feedback statement on the Investor Protection and Intermediaries part of the MiFID review
September 6, 2010--The CESR has publishes the feedback statement on the Investor Protection and Intermediaries part of the MiFID review.
view the feedback statement
Source: CESR
German banks try to fend off Basel III
September 6, 2010--Germany’s top 10 banks will have to raise as much as €105bn ($135bn) of fresh capital under a global regulatory overhaul, the country’s banking industry has warned, in a last-ditch effort to change tough new rules
The so-called Basel III rules would stymie the banks’ ability to function, curtail lending and undermine Europe’s biggest economy, said the Bundesverband deutscher Banken, representing private sector banks.
e warning on Monday came a day ahead of a meeting of the Basel Committee on Banking Supervision, which is putting the finishing touches to rules governing the capital and liquidity requirements for banks.
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Source: FT.com
Troubles mount for EU bid to re-draw economic government
September 6, 2010--Plans to radically re-draw cross-border economic government across Europe hit a stumbling block on Monday, 10 days from a deadline for concrete action set by European Union leaders.
The fourth meeting of EU president Herman Van Rompuy's "task force," charged with learning the lessons of the global financial crisis and the debt chaos it left in its wake across the eurozone, ended with "too many voices, too may views," in the words of one minister, Slovakia's Ivan Miklos.
"The discussions are stuck, there's a block," admitted a European diplomat after some four hours of talks. "It can't be ruled out that with signs of economic trouble up ahead, certain governments are less inclined than before to toughen budgetary discipline."
An "in-depth discussion on national fiscal frameworks, macro-economic surveillance and sanctions," according to Van Rompuy, resulted in an order for experts to "pursue their work" enabling him to complete his "oral" report to national leaders at a summit on September 16.
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Source: EUbusiness
Bank levies for bank problems, not hard-up governments: EU
September 6, 2010--Levies on banks across Europe should be designed to avoid costly bills for ordinary taxpayers if debts go bad again in future, and not to prop up short-changed governments, the EU said on Monday.
The drive to force banks to pay a percentage of their income into sector-specific rainy-day funds puts Brussels policymakers on a direct collision course with the British government.
London has already announced that it will levy banks from January next year, but with the proceeds going into general government revenue which can be used to help offset massive cuts in health, education and other services provision amid the fallout from recession.
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Source: EUbusiness
iShares launches first euro high-yield bond ETF
Fund gives exposure to almost 100 corporate bonds
Intended to improve access to market
September 6, 2010-- iShares, the exchange-traded funds (ETF) operator owned by BlackRock (BLK.N), said on Monday it had launched a fund that will provide investors with easier access to the European high-yield bond market.
The fund, the first of its kind in the world, addresses some of the liquidity issues in a market that has traditionally been hard to access, said BlackRock fixed-income strategist Blanca Koenig.
It will offer exposure to nearly 100 of the most liquid sub- investment-grade corporate bonds.
Flows into high-yield bond funds based in Europe have been strong over the year to end-June, with net sales at 20 billion pounds ($30.7 billion) for the sector as whole, dominated by U.S. and global high-yield products, according to data from Lipper FMI.
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Source: Reuters
NASDAQ OMX Lifts Suspension Of HQ Bank AB As A Trading And Clearing Member
September 4, 2010--Following a request by the liquidator of HQ Bank as well as new information regarding the status of the bank, NASDAQ OMX has decided to lift its suspension of HQ Bank as an equity trading member with NASDAQ OMX Stockholm and NASDAQ OMX Copenhagen as of Monday, September 6, 2010.
The suspension of HQ Bank as a clearing member with NASDAQ OMX Stockholm AB is also revoked as of Monday, September 6, 2010. A decision about HQ Bank's trading membership with NASDAQ OMX Helsinki is expected during the weekend.
Source: NASDAQ OMX
DB Global Equity Index & ETF Research: : European Weekly ETP Review: Slowly but steadily, investors return to the market
September 3, 2010--Weekly European ETP Market Roundup
Net Cash flows
The market temperature remained the same as that of the prior week with downward pressure continuing to persist over most of the major European equity indices. The Euro Stoxx 50 index was down 0.6%, the CAC 40 index was down by 1.5%, the DAX index fell by:0.9% and the FTSE 100 was slightly up, by 0.1%. The Euro was up against the US Dollar by 0.4% while the price of gold (USD/oz) continued to rise, up 0.8% for the week that finished on August 27th 2010
Weekly total European ETP inflows totaled €359 million (vs. €509 million inflow in previous week).
Trading remained fairly subdued with no significant change in market mood – as compared to last week - occurring this week. Current weekly cash flows appear elevated from mid-summer lows but they are still well below the weekly averages in more active months.
Equity ETPs experienced inflows of €354 million (vs. €168 million inflow last week). Fixed Income saw net outflows of €299 million (vs. €80 million inflow last week). Commodity ETPs registered inflows of €322 million inflow (vs. €244 million inflow during previous week).
Equity ETF inflows were driven by investment in broad European equity indices (€430 million), while short ETFs (€80 million) and non European developed market benchmarked ETFs (€64 million) experienced outflows.
Fixed income outflows were very concentrated, both in terms of exposure as well as origin. Most of it (€377 million) occurred in government bond benchmarked ETFs in the French market. Outside this outflow, the European fixed income ETF market was very quiet with largely flat flows.
The majority of commodity inflows were received by ETPs tracking the price of gold (€300 million this week vs €265 million last week). No other commodity ETP sectors received any significant flows for the current week.
New Listings
New product launch activity picked up as Credit Suisse Asset Management listed thirteen new ETF on the Swiss Stock Exchange. The majority of these ETFs track the performance of various MSCI emerging market and Asian indices.
Turnover
On-exchange daily average ETP turnover for this week rose by 2.4%, to €1.73 billion. The rise is the second in as many weeks and is consistent with the moderately elevated cash flow patterns.
Average daily equity ETF turnover rose by 2.3%, reaching €1.25 billion. Fixed Income ETF turnover rose by 7.1%, reaching €218 million. Commodity turnover was down by 0.4%, to €247 million.
Assets Under Management (AUM)
European ETP assets were down 0.5%, finishing the week at €197.8 billion. As flows were positive, the slight AUM fall is mainly attributable to price declines of major equity indices. Year to date, European ETP AUM are up by 16.3%.
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Source: DB Global Equity Index & ETF Research
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