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FTSE Italia Index Series Review June 2010

June 9, 2010-The FTSE Italia Joint Executive Group has approved the following changes to the FTSE Italia Index Series which will become effective after the close of business on Friday, 18 June 2010 (i.e. on Monday, 21 June 2010).

Il FTSE Italia Joint Executive Group ha approvato le seguenti modifiche per la serie di indici FTSE Italia che diverranno effettive dopo la chiusura delle contrattazioni di Venerdì 18 Giugno 2010 (Lunedì, 21 Giugno 2010).

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FESE Response To CESR Consultation Paper On Transparency For Bonds

June 9, 2010--FESE welcomes the opportunity given by CESR to respond to the Consultation Paper on technical advice to the European Commission in the context of the MiFID review on transparency for bonds.

View FESE Response_CESR CP 10-510 on Transparency for Bond

IOSCO expands its global membership to include Iceland, the Maldives, Saudi Arabia and Syria

June 9, 2010--The International Organization of Securities Commissions (IOSCO) has today welcomed the securities markets regulators from Iceland, the Republic of the Maldives, the Kingdom of Saudi Arabia and Syria as its newest members.
The four newest members’ applications for membership were accepted at today’s meeting of IOSCO’s Presidents’ Committee, which is made up of the chairmen and chief executives of it member securities regulators.

In fulfilling the criteria for membership the applicants demonstrated their commitment to IOSCO’s Objectives and Principles of Securities Regulation and that their regulatory regimes allowed them to become signatories to Appendix A of the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.

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Measures adopted by CESR Members on short selling-Updated

June 9, 2010--EU securities regulators are closely monitoring the functioning of the markets under the current circumstances and are considering together possible actions which might be taken to contribute to orderly functioning markets. Any such actions will be taken with a view to strengthening confidence in financial markets and protecting investors

Particularly, CESR, in its role as a network bringing together EU securities regulators, has been coordinating actions by its Members regarding the short selling practices, in particular in financial companies. Some EU securities regulators have adopted measures in their respective markets either to limit, or to introduce stringent requirements or further reporting obligations by firms to supervisory authorities on short-selling.

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Bank of Ireland issue raises €1.7bn

June 9, 2010--Bank of Ireland has met its target of raising €3.4bn (£2.8bn, $4.1bn) of fresh capital, more than demanded by its financial regulator, after it received a strong show of support for its deeply discounted rights issue.

The bank said that investors had bought 95 per cent of the new shares offered in its €1.7bn rights issue. The remaining shares, known as the “rump”, were sold to investors shortly after the results were announced.

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European private equity applies new strategy

June 9, 2010--Private equity has returned to the dealmaking fray in Europe this year. Buy-out activity in the region has trebled from the same period last year, according to Dealogic, but the deals look very different to those done before the financial crisis.

As well as being smaller, bankers say buy-out deals in the post-credit crisis world are likely to use much less debt, to be bought from another private equity owner and to be in a defensive sector, such as healthcare.

PAI Partners’ €500m ($602m) buy-out of Cerba European Lab is a good example of the new type of deals. It is a secondary buy-out in the healthcare sector and PAI is financing only half the deal with debt.

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Societe Generale launches Football 2010 Tracker

June 9, 2010--Societe Generale, a provider of UK exchange-traded products, has launched a tracker indexed on a basket of European shares sensitive to the World Cup 2010.

Several international companies, mainly in beverages, food producers and retailer sectors, have been shown to perform especially well before, during and after the events.

Consequently, Societe Generale analysts identified 16 European shares that have historically outperformed or at least been in line with the DJ Stoxx 600 Index during a World Cup.

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Boerse Stuttgart strengthens market coverage in Switzerland

June 8, 2010--Stuttgart Stock Exchange cooperates with Swissquote Bank Ltd
Boerse Stuttgart has launched a new cooperation agreement with Swissquote Bank Ltd in order to expand its share of the attractive retail investment market in Switzerland.

The parties complement each other extremely well. Boerse Stuttgart is the biggest stock market for private investors and Europe’s leading exchange for trading in securitised derivatives, while Swissquote Bank Ltd has around 150,000 customers and has established itself as the Swiss market leader in online banking and brokerag

“We intend to position our activities in Switzerland even more effectively. This is a very interesting retail investment market. Swissquote Bank is the ideal choice of partner,” observed Christoph Lammersdorf, CEO at Boerse Stuttgart. Swissquote Bank Ltd is already offering attractive order options in securitised derivatives, equities, debt instruments, investment fund units and ETFs on the Stuttgart Stock Exchange.

Under the terms of the cooperation, Boerse Stuttgart Holding GmbH sold its interest in Tradejet Ltd to Swissquote Bank Ltd. Tradejet Ltd is a Swiss information and online brokerage platform. Boerse Stuttgart Group had been majority shareholder in Tradejet Ltd since the company’s formation in 2004.

The new owner will take over Tradejet’s customers and employees. “Our involvement in Tradejet Ltd not only helped to raise awareness of Boerse Stuttgart in Switzerland. Above all, it also generated greater interest in the trading of securitised derivatives,” noted Lammersdorf.

European institutional assets surpass €5 trillion

June 8, 2010--European institutional assets were €5.2trn at end-2009, up 8.3% from previous year (€5.2trn)
Total AUM of IPE’s Top 400 Managers 2010 is €29.1trn (€23.4trn in 2009)
Increase in AUM of 24.3% over 2009

BlackRock accounts for 7.9% of assets in study and is largest manager at €2.3trn following merger with BGI
Amundi (merger of CAAM and SGAM) is now eighth largest manager
Top 100 managers account for 85% of assets (€24.7trn) of Top 400

The net volume of European institutional assets increased by 8.3% over the 12 months to the end of 2009, according to data supplied to IPE by the leading 400 asset managers with business in Europe.

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EU to press ahead with bank levy plan

June 8, 2010--European Union finance ministers have pledged to pursue plans for a levy on banks, in spite of disagreement over what to do with the proceeds and the decision by the world’s richest nations to drop plans for a global tax.

“The EU has to be proactive in following this up,” said Elena Salgado, Spanish finance minister, after chairing a meeting of EU ministers in Luxembourg on Tuesday.

Michel Barnier, EU internal market commissioner, said he was not abandoning the idea of using money raised by a levy on the banking industry to establish an EU-wide network of domestic funds that could be used to resolve financial problems at individual banks in the future. “We will persist in this matter,” said Mr Barnier.

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