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Euro area annual inflation up to 1.6%
EU stable at 2.0%
June 16, 2010--Euro area1 annual inflation was 1.6% in May 20102, up from 1.5% in April. A year earlier the rate was 0.0%. Monthly inflation was 0.1% in May 2010.
EU3 annual inflation was 2.0% in May 2010, unchanged compared with April. A year earlier the rate was 0.8%. Monthly inflation was 0.2% in May 2010.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In May 2010, the lowest annual rates were observed in Latvia (-2.4%), Ireland (-1.9%) and the Netherlands (0.4%), and the highest in Greece (5.3%), Hungary (4.9%) and Romania (4.4%). Compared with April 2010, annual inflation fell in ten Member States, remained stable in five and rose in twelve.
The lowest 12-month averages4 up to May 2010 were registered in Ireland (-2.5%), Latvia (-1.2%) and Portugal (-0.5%), and the highest in Hungary (5.1%), Romania (4.7%) and Poland (3.6%).
Euro area
The main components with the highest annual rates in May 2010 were transport (5.5%) and alcohol & tobacco (4.4%), while the lowest annual rates were observed for communications (-1.1%), recreation & culture (-0.3%) and food (-0.2%). Concerning the detailed sub-indices, fuels for transport (+0.71 percentage points), heating oil (+0.23) and tobacco (+0.12) had the largest upward impacts on the headline rate, while gas (-0.12), cars (-0.10) and telecommunications (-0.09) had the biggest downward impacts.
The main components with the highest monthly rates were recreation & culture and alcohol & tobacco (both 0.4%), while the lowest were food and communications (both -0.2%) and education (0.0%). In particular, fuels for transport (+0.04 percentage points), fruit (+0.03), package holidays and heating oil (+0.02 each) had the largest upward impacts, while vegetables (-0.06) and air transport (-0.02) had the biggest downward impacts.
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Source: Eurostat
Long JPY Short EUR currency ETC rises by 21 per cent
June 16, 2010--The ETFS Long JPY Short EUR currency ETC has rallied by 2.1 per cent, bringing its year-to-date gains to 21 per cent, the highest on ETF Securities’ currency ETC platform.
Despite high debt levels and being one of the sell-side’s biggest consensus short recommendations earlier in 2010, the Japanese Yen has been one of the world’s best performing currencies, maintaining its role as a safe-haven during periods of risk aversion.
With the Euro feeling the brunt of European sovereign risk, the combination of long Yen short Euro positions as tracked by the fund has made this cross the most profitable on the ETFS currency ETC platform.
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Source: ETF Express
NYSE Euronext is pleased to announce that AMUNDI IS has listed 3 new ETF on NYSE Euronext’s Paris market today
June 15, 2010-- 3 Amundi ETFs have lsited on the NYSE Euronext Paris today: They are:
Listing date: 15/06/2010
ETF name: AMUNDI ETF S&P 500
ETF ISIN: FR0010892224
ETF Symbol:500
Listing date: 15/06/2010
ETF name: AMUNDI ETF NASDAQ 100
ETF ISIN: FR0010892216
ETF Symbol:ANX
Listing date: 15/06/2010
ETF name: AMUNDI ETF FTSE MIB
ETF ISIN: FR0010892208
ETF Symbol:FMI
Source: NYSE Euronext
Ten Years of European Energy Trading on the Exchange – the History of EEX
June 15, 2010--European Energy Exchange AG (EEX) is celebrating ten years
of energy trading on the exchange. In those ten years EEX has evolved from the “Leipzig
power exchange” to one of the leading trading platforms for energy and related
products in Europe.
The starting signal for German power trading was given in Leipzig
on 14 June 2000. On the first trading day, 1,836 megawatt hours (MWh) were traded –
a modest trade volume from today’s perspective.
At the time of the merger between the two predecessor exchanges, LPX Leipzig Power Exchange and the Frankfurt-based European Energy Exchange, in July 2002, the new EEX already had 111 trading participants from ten countries.
EEX has shaped the energy market and has made a significant contribution to the further development of exchange trading in energy and to opening up new markets right from the outset. This includes for instance the continuous expansion of its product portfolio, such as the inclusion of trading in CO2 emission allowances, trading in financially settled coal futures and the launch of trading in natural gas three years ago. EEX reached a further important milestone for the expansion of its position in Europe with the establishment of its subsidiary European Commodity Clearing AG (ECC) in 2006.
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Source: EEX
France and Germany to float a financial transactions tax
June 15, 2010--- France and Germany say they will propose a tax on banks and financial transactions at the next G20 summit, but many countries oppose as yet undefined projects aimed more at public opinion.
President Nicolas Sarkozy and Chancellor Angela Merkel said Monday in Berlin they would make such a proposal to the current head of the G20 group of industrialised and emerging economies, Canadian Prime Minister Stephen Harper.
The next summit of the G20 group of advanced and emerging economies is to take place on June 26 and 27 in Toronto.
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Source: EUbusiness
More daylight and stricter rules for the derivatives market
June 15, 2010--Proposed EU rules on derivatives trading must be made clearer and tougher, so as to reduce speculative trading and ensure that as many derivatives as possible are traded through open channels that are subject to rules, the European Parliament said in a resolution adopted on Tuesday. The resolution also suggests ways to regulate the trade in credit default swaps and reduce the regulatory burden on corporate end-users of derivatives.
Caught in the eye of the storm of the Greek debt crisis and widely criticised for the opaque way in which they are traded, derivative products are currently being scrutinised at national level, EU level and also by the G20. This resolution comes a few weeks before the European Commission publishes its legislative proposals to regulate derivative trading.
More transparency and also strict rules
The resolution, which was adopted by show of hands, advocates "abandoning the prevailing view that derivatives need no further regulation because they are only used by experts and specialists" Instead, it calls for strict rules to prevent inexperienced users and speculators from building up dangerous levels of risk.
The proposed legislation should include rules banning purely speculative trading in commodities and agricultural products, adds the resolution. Upper risk limits should be considered for trade in agricultural products and in each specific commodity, including greenhouse gas emission allowances so as to reduce speculation and help these markets to function transparently.
view the Derivatives Markets: Future policy actions
European Parliment
db x-trackers launches two daily short bond ETFs on LSE
June 14, 2010--db x-trackers, Deutsche Bank’s exchange-traded fund platform, has listed two daily short bond ETFs on the London Stock Exchange.
One ETF tracks a daily short UK sovereign index and the other tracks a daily short US sovereign index.
The indices replicate the daily inverse performance of the overall universe of the respective sovereign bond market of all maturity buckets.
The daily short bond ETFs are suitable for institutional investors who want to use them for hedging strategies to react in real time to intra-day market fluctuations and take advantage of declining bond markets.
Source: Online News
FESE response to CESR Consultation Paper on Equity Markets
June 15, 2010--The most important challenge to confront in the MiFID review concerns the regulatory boundaries and requirements among the different execution venues. CESR’s Consultation Paper includes an estimate of OTC trading – a figure which was yet to be confirmed by an official source - and it also discusses some aspects of the business models used by OTC platforms. This is a welcome step in the right direction.
Going forward, EU decision-makers should ensure that the principle ‘same business same rules’ is applied. Regulation must deliver efficient price formation, fair and orderly markets and a level playing field. These concepts need to be re-strenghtened in MiFID; to uphold these principles means re-installing much needed investor confidence in equity markets.
view FESE Response_CESR CP equity markets
Source: FESE
End "bankers' bonus" culture, says Economic Affairs Committee
June 15, 2010--New rules to end the bankers' risk-taking culture that led to the global economic crisis were backed by Economic and Monetary Affairs Committee MEPs on Monday evening. Bailed-out bank directors must get no bonuses until banks have repaid public support, bankers' bonuses must be capped at 50% of total remuneration, and bankers' bonus payments should be deferred until profits are actually earned, not just forecast, added the committee. The rules will be put to a plenary vote in July.
The new rules are designed "to deliver a robust and fair remuneration system that encourages long-term stability, not excessive risk taking. The new rules on bank capital will ensure that banks put aside enough money to cover losses on high-risk trading, such as complicated mortgage-backed securities, which they are still holding on their books from before the crisis. It is too much of a risk to leave taxpayers exposed to these potentially toxic assets”, said Arlene McCarthy (S&D, UK), who is steering them through Parliament, before the vote.
Welcoming the result of the vote, committee chair Sharon Bowles (ALDE, UK) said "I want banking to return to the idea that existed in private banks when partners had their own money on the line and had a vested interest in the long-term health of the bank. If bankers and traders want to leave and go to other jurisdictions, it just shows that they do not have confidence in their own performance. To those that would leave I say good riddance.”
Dubbed the "Capital Requirements Directive III" (CRD3), upon which Parliament has equal decision-making rights with the Council, the new rules give legal shape to the recommendations of the Basel Committee, a body of banking supervisors from around the world. Reviewed at regular intervals, this directive updates laws on some of the fundamentals of banking. CRD3 aims to end unsound bonus policies and step up disclosure and capital requirements in areas where speculative activity is common.
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Source: European Parliment
Private equity ‘barbarians at the gate’ of ESG: conference report
June 14, 2010--Some of the world’s largest private equity companies, battling an image problem and a shift in market dynamics, had very warm words about incorporating environmental, social and governance (ESG) factors into their operations at a conference in London last week.
The likes of Carlyle Group and Kohlberg Kravis Roberts (KKR), with some $140bn in assets under management between them, are not perhaps best known for their responsible investing credentials. Indeed, the industry still suffers from its ‘Barbarians at the Gate’ image, a reference to the book about the huge, controversial buyout of RJR Nabisco in the 1980s. But their appearance at the PEI Responsible Investment Forum, co-hosted by the United Nations Principles for Responsible Investment, showed which way the sector wants to head.
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Source: Responsible Investor
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