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CESR sets out final guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS
July 28, 2010--CESR publishes today guidelines (Ref. CESR/10-788) on risk measurement and the calculation of
global exposure and counterparty risk for Undertakings for Collective Investments in Transferable
Securities (UCITS) and a feedback statement (Ref. CESR/10-798). The key purpose of CESR’s guidelines is to provide both regulators and companies managing UCITS with detailed
methodologies to calculate the global exposure and counterparty risk for UCITS, whilst at the same
time, fostering a level-playing-field in the area of risk measurement among EU Member States. CESR’s guidelines are to accompany the Level 2 implementing measures of the UCITS Directive.
This Directive will become applicable from 1 July 2011.
The guidelines set out detailed methodologies that have to be followed by UCITS when they use
either the commitment or the more advanced Value-at-Risk (VaR) approach for calculating their
global exposure (the VaR approaches are designed for more complex investment strategies). For
UCITS using the VaR approach, CESR guidelines also provide additional safeguards which these
UCITS should put in place when calculating the global exposure (stress testing and back testing
obligations of the VaR model, validation of the model etc.).
In these guidelines, CESR also defines a set of high level principles relating to assets that may be used as collateral and cover rules for transactions in financial derivative instruments.
Guidelines provide calculation methodologies for different investment strategies
CESR wishes to emphasise that the calculation of the global exposure represents only one element of the UCITS overall risk management process. It remains the responsibility of the UCITS to select an appropriate methodology to calculate it.
view feedback statement
Source: CESR
Gold and silver ETCs with currency hedging from DB ETC Index plc launched on Xetra
July 27, 2010--Two new exchange traded commodities issued by DB ETC Index plc, the ETC platform of Deutsche Bank, are tradable on Xetra.
The two new db ETCs enable investment in exchange traded commodities on gold and silver with currency protection for the first time. All db ETCs are backed by physically deposited gold bars in allocated form.
ETC name: db Physical Gold Euro Hedged ETC
Asset class: commodities
ISIN: DE000A1EK0G3
Total expense ratio: 0.59 percent
Benchmark: Gold spot price
ETC name: db Physical Silver Euro Hedged ETC Asset class: commodities ISIN: DE000A1EK0J7 Total expense ratio: 0.75 percent Benchmark: Silver spot price
Deutsche Börse’s ETC segment product range currently comprises 174 instruments. The monthly trading volume of ETCs on Xetra averages around €550 million.
Source: Deutsche Börse
New Supervisory Board Chairperson elected for the Stuttgart Stock Exchange
Thomas Munz is the new Supervisory Board Chairperson at the Stuttgart Stock Exchange, Dr Michael Völter elected as Deputy Chairperson
July 27, 2010--Following the reshuffle of the Supervisory Board members at the Stuttgart Stock Exchange, a new chairperson has now been elected to head the various Supervisory Boards: Thomas Munz, Chairperson of the association Vereinigung Baden-Wuerttembergische Wertpapierboerse e.V., has been unanimously elected as the Chairperson of the Supervisory Boards of Boerse Stuttgart Holding GmbH, Boerse Stuttgart AG and Euwax AG. Dr Michael Völter, Member of the Management Board of SV Sparkassen Versicherung Holding AG, has been elected as Deputy Chairperson of the boards.
Further Supervisory Board members besides Thomas Munz and Dr Michael Völter are Horst Marschall, Dr Manfred Pumbo and Hans-Joachim Strüder.
Since he started out as a stock exchange trader in 1979, Thomas Munz has served in various functions at the Stuttgart Stock Exchange. These include heading the Chamber of Official Exchange Brokers, Kursmaklerkammer, at Baden-Wuerttembergische Wertpapierboerse, membership of the Exchange Council and the function of Chairperson of the Management Board at EUWAX AG. Thomas Munz has also been member of the Supervisory Boards of the three stock exchange companies for many years. He was appointed to the position of Member of the Board of Management of the association Vereinigung Baden-Wuerttembergische Wertpapierboerse e.V. in May 2003.
The appointment of Thomas Munz to this position continues the stringency with which such appointments are made at the Stuttgart Stock Exchange. Due to his many years as Member of the Board of Management of the association Vereinigung Baden-Wuerttembergische Wertpapierboerse e.V, which is the owner of the stock exchange, it was only natural that the Supervisory Board members would choose Thomas Munz to head the Supervisory Boards of all major companies.
Source: Boerse Stuttgart
db ETC listet weltweit erste physische Edelmetall-ETCs mit Währungssicherung
27. Juli 2010--Gestern hat db ETC zwei währungsgeschützte Edelmetall ETCs auf Gold und Silber an der Deutschen Börse gelistet. db ETC ist die Plattform der Deutschen Bank für börsengehandelte Rohstoffprodukte (Exchange Traded Commodities – ETC) in Form
von besicherten Schuldverschreibungen mit Barabwicklung. Stark vereinfacht
dargestellt erfolgt eine Besicherung der db Physical PM ETC Wertpapiere durch
Barren des jeweiligen Edelmetalls, die physisch eingelagert werden.
Bis Ende Juli wurden durch die beiden Emittenten DB ETC Index plc bzw. die DB
ETC plc bereits 27 db ETC aufgelegt, die die Entwicklung einzelner Rohstoffe oder definierter Rohstoffkörbe abbilden. Die db Physical ETCs auf Edelmetalle sind die jüngste Ergänzung der ETC-Produktpalette der Deutschen Bank. Sie werden von der
DB ETC plc emittiert und tragen die Bezeichnung db Physical Precious Metal ETC(db Physical PM ETC).
Mit den db Physical Euro Hedged ETCs auf Gold und Silber steht Anlegern eine neue Investitionsmöglichkeit zur Verfügung. „Bisher konnten Edelmetall-ETCs nur in US-Dollar und mit dem damit verbundenen Währungsrisiko gehandelt werden“, sagt Thorsten Michalik, verantwortlich für db ETC. Die neuen ETCs bieten Anlegern im Euro-Raum eine attraktive Möglichkeit, täglich flexibel an der Wertentwicklung der Edelmetalle zu partizipieren. Die db Physical PM Euro Hedged ETC sind zudem mit einem Währungssicherungsmechanismus ausgestattet, um das EUR/USDWechselkursrisiko zu minimieren. Im Falle einer Abwertung des USD gegenüber dem EUR erhöht sich der Metallanspruch je Wertpapier. Die Absicherung erfolgt täglich auf rollierender Basis.
Die Entwicklung des Wertes des db Physical PM ETC ist unter Berücksichtigung einer Basisgebühr an den Kassakurs des Edelmetalls gekoppelt. Die jährlichen Kosten betragen aktuell 0,29 Prozent für den db Physical Gold ETC sowie 0,45 Prozent für den db Physical Silver ETC. Die Kosten der Währungssicherung für die währungsgeschützten Varianten sind transparent nachvollziehbar. Sie bestehen aus der Differenz zwischen US-Dollar-Tagesgeldzinsen und Euro-Tagesgeldzinsen, die vom Wert des ETC abgezogen beziehungsweise zugerechnet wird, und einer Währungssicherungsgebühr von derzeit 0,30 Prozent p. a..
Name:db Physical Gold Euro Hedged ETC
ISIN:DE000A1EK0G3
Listing:Xetra
Produktgebühr
p.a.:0,29%
Währungssicherungsgebühr
p.a.:0,30%
..
Name:db Physical Silver Euro Hedged ETC
ISIN:DE000A1EK0J7
Listing: Xetra
Produktgebühr
p.a.: 0,45%
Währungssicherungsgebühr
p.a.:0,30%
..
Name:db Physical Gold ETC
ISIN:GB00B5840F36
Listing:London
Produktgebühr
p.a.:0,29%
Währungssicherungsgebühr
p.a.:-
..
Name: db Physical Silver ETC
ISIN:GB00B57Y9462
Listing:London
Produktgebühr
p.a.:0,45%
Währungssicherungsgebühr
p.a.-
..
Name:db Physical Platinum ETC
ISIN:GB00B57GJC05
Listing:London
Produktgebühr
p.a.:0,45%
Währungssicherungsgebühr
p.a.:-
..
Name:db Physical Palladium ETC
ISIN:GB00B5VYVZ75
Listing:London
Produktgebühr
p.a.:0,45%
Währungssicherungsgebühr
p.a.:-
db Physical Precious Metal Exchange Traded Commodities für Gold, Silber, Platin
und Palladium sind bereits an der London Stock Exchange gelistet, allerdings hier in
US Dollar denominiert. Währungsgeschützte db Physical PM ETC auf Platin und
Palladium wurden bereits emittiert, sind allerdings bisher nur institutionellen
Investoren zugänglich. Ein Listing an der Deutschen Börse (Xetra) und damit auch
eine Öffnung für Privatkunden sind für August geplant.
Source: Deutsche Bank
EU Investment Grade Corporates Lead Switch from Bank to Bond Funding
Structural Shift to Bonds from Loans to Continue
July 27, 2010--European corporates are increasingly embracing funding disintermediation by
substituting bonds for bank debt, and Fitch Ratings believes structural factors will accelerate the use of this asset class over the next two to three years. The loan market is a key determinant of the extent of bond growth — should lending remain at the subdued levels of the last couple of years, pressure would potentially be exerted to refinance substantial additional corporate debt via the bond markets.
This could result in average issuance from European corporates higher than double the historical average, while in line with the EUR502bn record of 2009.
Increased funding disintermediation in Europe is a positive development on many fronts. A stronger bond market is expected to overall lower the cost of capital for companies, enable them to borrow longer term with fewer restraints, and increase funding diversity — hence being a broadly credit positive development. As a strong corporate sector is critical for the economy overall, this will potentially help eurozone economic prospects.
Furthermore, increased bond funding provides highly?sought yield product for investors while at the same time reducing credit losses for banks, especially through the dispersion of credit losses in the case of distress or bankruptcy. Another positive for banks is the greater transparency necessitated by strong bond markets, allowing them to benefit from a greater number of credit opinions regarding the corporate borrowers on their books.
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Source: Fitch Ratings
Deutsche Börse AG: Rise in Sales Revenue in Q2/2010
Sales revenue up 9 percent to €564.4 million Increase in EBIT to €257.4 million despite restructuring expenses; adjusted EBIT up 36 percent year-on-year to €338.4 million
July 27, 2010-Deutsche Börse Group presented its results for the second quarter of 2010 on Tuesday. Following a stable first quarter, the Company recorded significant growth in sales revenue and earnings in Q2. Sales revenue rose by 9 percent year-on-year to €564.4 million. Total costs in the second quarter of 2010 amounted to €356.0 million. Adjusted for restructuring expenses of €82.0 million for the measures to increase operating efficiency, costs amounted to €274.0 million and were down significantly on the level recorded in 2009.
Earnings before interest and tax (EBIT) totaled €257.4 million. Adjusted for restructuring expenses, EBIT was €338.4 million, a substantial increase as against previous quarters.
Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG: “The business environment for Deutsche Börse Group further improved in the second quarter of 2010. Added to this was the increased volatility on financial markets, particularly in May. The measures to increase operating efficiency have also already had a positive effect on the Group’s results. We therefore expect to come in below our costs guidance for full-year 2010.”
Q2/2010 results
In the course of the recovery of the global economy and increased volatility on financial markets, Deutsche Börse Group recorded significant growth in sales revenue in Q2/2010 as against both the prior-year quarter and the previous quarter. At €564.4 million in Q2/2010, sales revenue was up 9 percent as against Q2/2009 (€515.6 million) and also 9 percent higher than in Q1/2010 (€519.2 million).
In addition to sales revenue, the Group’s net interest income from banking business amounted to €15.7 million, down 39 percent on the prior-year quarter (Q2/2009: €25.9 million) and up 43 percent on the previous quarter (Q1/2010: €11.0 million). The year-on-year decline is due to low short-term interest rates, expired interest rate hedging transactions and longer-term investments reaching maturity. The slight increase as against the previous quarter is the result of higher average customer cash balances, which rose to €7.0 billion in the second quarter (Q1/2010: €5.9 billion), and an increase in short-term market interest rates. Other operating income amounted to €24.6 million in the second quarter of 2010 (Q2/2009: €12.1 million). This increase was mainly due to an adjustment to the maturities of the investment portfolio for Clearstream’s own funds.
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Source: Deutsche Börse
IMKB hits in-session historic high
July 27, 2010--The Istanbul Stock Exchange (IMKB) broke a new record yesterday, hitting 60,631 for the first time in its history in the first session of trading.
The IMKB-100 benchmark index started off the day with a rise of 219 points, to 59,727. The morning session saw two record highs for the stock exchange, first at 60,410 and then hitting 60,631. The highest value the index had ever reached within a trading session before Tuesday was 60,112 points last Friday. The index closed the first trading session at 60,578, a 1.8 percent gain over the previous day, and continued its upward trend in the opening of the second session, rising by 14.2 points to reach 60,592. By the time Today’s Zaman went to press, the second trading session had not yet ended.
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Source: Todays Zaman
Government invites views on tax policies
July 27, 2010--Today the Exchequer Secretary to the Treasury, David Gauke MP has published nine documents for discussion and consultation relating to tax, following commitments made at the June Budget.
This will provide businesses, tax professionals and other interested parties with a more comprehensive view and the opportunity to comment on the Government's proposed tax reforms.
The Government set out its new and innovative approach to tax policy making at the Budget, designed to create a more predictable, stable and simple tax system in the UK
The documents published today are:
PAYE reform
Furnished Holiday Lettings
Pensions tax relief
Associated company rules
Disclosure of Inheritance Tax avoidance
Foreign branch taxation
Controlled Foreign Company interim improvements
Modernisation of Investment Trust Company rules
National Minimum Wage regulations
read more
Source: HM Treasury
Funds shun UK index-linked bond
July 27, 2010--The world’s two biggest bond fund managers shunned the sale of UK inflation-linked bonds amid worries about the shake-up of pension rules.
BlackRock, the world’s largest fund manager, said publicly it was not a buyer of the bonds partly because of fresh rules that will change the inflation measure that dictates future increases in private pension payments in the UK
The fund manager added it already had enough of the securities on its books.
Pimco, its main rival, also decided against buying the bonds, according to people familiar with the situation. It sat on the sidelines because the yield premium was not high enough, as well as confusion about the new rules
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Source: FT.com
Europe clears world's biggest airline merger
July 27, 2010--Europe on Tuesday cleared a merger between US carriers United and Continental that will create the world's biggest airline, with the companies now racing to secure US approval.
The green light from Brussels competition enforcers has still to be matched by US anti-trust authorities, who turned down a United-US Airways deal in 2001, with backing also required from shareholders of the two companies.
Five weeks after being formally notified, the European Commission "concluded that the transaction would not significantly impede effective competition" in Europe, where the US airlines service a combined 35 destinations.
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Source: EUbusiness
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