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Over 50 Tons of Gold at Deutsche Börse Commodities
Record fund inflows and trading volumes for Xetra-Gold
July 5, 2010--Deutsche Börse Commodities' gold reserve backing the Xetra-Gold bearer bond has grown to 50.038 tons. Each unit of the security is backed by exactly one gram of physical gold held in the vaults. At a price of €32.54 (Xetra price on 30 June) per unit of Xetra-Gold or per gram of gold, the current value of gold in custody is more than €1.6 billion.
Xetra-Gold achieved record fund inflows in the second quarter. A total of 9.6 tons of gold were sold between April and June. The strongest day of sales since Xetra-Gold was launched in December 2007 was 12 May 2010. On this day, investors bought 2.5 tons of physical gold via the Xetra-Gold security. In terms of months, May 2010 also recorded the most sales of any month thus far with 7.2 tons.
On Xetra, the Xetra-Gold trading volume totaled €757.3 million in the second quarter and thus rose by 55 percent over the first quarter (€489.2 million). Xetra-Gold is therefore by far the best-performing security from the around 170 exchange traded commodities (ETCs) available on Xetra. Its share of total order book sales in the ETC segment is around 37 percent.
Xetra-Gold provides investors with one of the most favorable opportunities of acquiring and trading physical gold. The bid/ask spread is generally only around 0.1 percent. No ongoing management fees are charged for Xetra-Gold, as opposed to fund trading and other ETCs.
Xetra-Gold is largely purchased by private investors. Growing interest is also noted among institutional investors as the product meets the European UCITS directive.
Source: Deutsche Börse
Twelve New Currency ETNs Issued by ETF Securities launched on Xetra
First emerging market currency ETNs with long or short exposure tradable on Xetra
July 5, 2010--Eight additional euro-based currency ETNs and the first four emerging market-based currency ETNs, all issued by ETF Securities, are tradable on Xetra.
“We are pleased to be further expanding Deutsche Börse’s ETP segment with ETF Securities’ innovative products. The currency ETNs newly listed on Xetra enable investors to further diversify their portfolios,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.
"With currency ETNs, investors now have a broad variety of tactical and strategic currency investment opportunities. Of particular interest will be the Emerging Market currency ETNs, which offer investors the opportunity to participate in both the potential currency appreciation and a more dynamic interest rate environment. Both investment strategies, potential currency appreciation and changing interest rates are possible with Currency ETCs, either long or short," said Michael Geister, Senior Executive at ETF Securities.
With the 12 new currency ETNs, ETF Securities allows investors to participate in the performance of more currency indices. The underlying indices track the exchange rates of the euro to the Australian dollar, Canadian dollar, New Zealand dollar and US dollar. Investors can profit from a rising or falling euro rate depending on the ETN they choose.
Moreover, they can invest in emerging market-based currency ETNs for the first time. The underlying indices track the exchange rate of the US dollar to the Chinese renminbi and Indian rupee. Investors can also choose to profit from rising or falling US dollar rates with these ETNs.
Deutsche Börse combines the ETC and ETN asset classes in its Exchange Traded Products segment (ETPs). Deutsche Börse’s ETF and ETP range currently comprises 674 ETFs, 171 ETCs and 31 ETNs.
view new products
Source: Deutsche Börse
Action to tackle unfunded spending commitments
July 5, 2010--The Chief Secretary to the Treasury today announced that four Departments have agreed to reductions in unfunded spending commitments totalling £1.5bn.
As set out in the Chief Secretary’s statement to Parliament on 17 June, the Government had identified inherited spending plans whose funding was reliant on underspending across Government through the End Year Flexibility (EYF) system or additional funding from the Reserve.
The Government does not believe it was realistic to expect that underspending on the scale necessary to meet all of these commitments would have occurred. The urgent remedial action taken today will help ensure that there is no additional borrowing this year and that there is sufficient contingency in the Reserve to meet any unexpected pressures that might arise over the course of the year.
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Source: HM Treasury
UK Official holdings of international reserves-June 2010
July 5, 2010--This monthly press notice shows details of movements in June 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 June 2010:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
Majority of hedge funds see ‘trying’ year in 2010
July 5, 2010--Hedge fund managers feel they aren’t out of the woods quite yet. Seven out of 10 said they expect a ‘trying’ year as the industry faces regulatory oversight and competition picks up with more funds likely chasing investment dollars, according to a survey by accounting and audit firm Rothstein Kass.
“It is no surprise that the outlook for 2010 echoes the concerns of 2009 rather than the unbridled optimism of years past and reflects a more conservative approach to the future,” Rothstein Kass consultants wrote. Hedge funds rebounded last year from 2008’s deep losses with an average 19 percent return. But this year’s market gyrations highlight the pitfalls that are still present two years after the financial crisis.
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Source: Todays Zaman
CESR updates the list of measures recently taken by Members regarding short-selling.
July 5, 2010--CESR published on 22 September 2008 a statement that facilitates an overview of actions taken by CESR Members in relation to short-selling. The statement paper includes either the statements or links to the statements published by CESR Members explaining the measures taken. This paper is not a comparison of the measures taken.
CESR updates the list of measures recently taken by Members regarding short-selling. The documents will be updated on a continuous basis; the latest update has been provided by the Hellenic Capital Markets Commission.
View the Measures adopted by CESR Members on short selling- Updated -
Source: CESR
Eurozone purchasing index slows for second month: survey
July 5, 2010--A key leading indicator of growth in the eurozone slowed for the second month in a row in June amid weaker exports, waning domestic demand and a slowdown in orders, a reference survey showed on Monday.
The purchasing managers' index (PMI) compiled by data and research group Markit fell to 56.0 in June, confirming an earlier estimate, down slightly from May and the post-recession peak of 57.3 in April.
Any score above the 50-point line indicates economic growth. The index has been above that threshhold for 11 consecutive months now.
"The Eurozone PMI data indicate that growth in the region is likely to have peaked and the risks have increased of a further easing in coming months," said Markit chief economist Chris Williamson.
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Source: EUbusiness
Supervisory board reshuffle for Stuttgart Stock Exchange
Dr Michael Völter and Dr Manfred Pumbo elected as new members.
Holger P. Härter resigns as Supervisory Board Chairperson.
July 5, 2010--Dr Michael Völter, Member of the Management Board of SV Sparkassen Versicherung Holding AG, and Dr Manfred Pumbo, Head of Group Controlling at Wüstenrot & Württembergische AG, have been elected as new members of the Supervisory Board for the companies at the Stuttgart Stock Exchange. The elections of new members of the Supervisory Board of Boerse Stuttgart Holding GmbH, Boerse Stuttgart AG and of Euwax AG had become necessary after the death of Dr Jan Wittig and the resignation of Hans-Peter Bruker.
Furthermore, the previous Chairperson of the Supervisory Board of Boerse Stuttgart Holding GmbH, Boerse Stuttgart AG and Euwax AG, Holger P. Härter, has resigned with immediate effect. The reason for this are the guidelines for appointments to the Boards decided by the new Board of Trustees of the association Vereinigung Baden-Wuerttembergische Wertpapierboerse e.V. These guidelines provide that only persons who are professionally engaged in the service of one of the association’s members can be appointed to the Supervisory Board.
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Source: Boerse Stuttgart
Assets of Turkish banks increase 18 percent in May
July 2, 2010--The total size of Turkish banks’ assets had reached TL 879.31 billion as of the end of May, surging by 18 percent compared to one year earlier, a recent report has shown.
The Banking Regulation and Supervision Agency (BDDK) released its latest report on the Turkish financial sector on Friday, finding that the total assets of banks grew by TL 134.16 billion, or 18 percent, in the span of a year.
The BDDK report also revealed Turkish banks’ securities amounted to TL 277.27 billion as of May, climbing by 26.4 percent over the same month of last year.
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Source: Todays Zaman
CESR publishes guidelines for the use of the Key Investor Information Document
July 2, 2010--The guidelines published today concern the methodology for calculation of the ongoing charges figure in the KIID and the methodology for the calculation of the synthetic risk and reward indicator in the KIID.
view the methodology for calculation of the ongoing charges figure in the KIID
view the methodology for the calculation of the synthetic risk and reward indicator in the KIID
Source: CESR
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