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EU to increase investor protection in EU investment fund market
July 2, 2010--The European Commission has today completed a programme of improvements to the EU framework for investment funds. The new rules better empower investors by requiring a new standardised fund document, while also setting out in detail the high standards of conduct of business that investment fund managers must comply with.
These funds known as UCITS (Undertakings for Collective Investment in Transferable Securities) accounted for over € 5 trillion of assets in 2009, which is equivalent to half of EU GDP. The new rules improve the efficiency of the UCITS market in the EU by introducing and facilitating new possibilities for the pooling of assets from different funds, by simplifying the cross-border distribution of UCITS and by better coordinating the work of national supervisors. The new rules are to take effect from 1 July 2011.
Internal Market and Services Commissioner Michel Barnier said: "Today's package will improve investor protection, cut red tape and further strengthen the global competitiveness of Europe's investment funds. Furthermore, the steps we have taken to enhance transparency and the effectiveness of our rules show that Europe has learned its lessons from the crisis. I hope the hard-won trust we have earned from investors will deepen in the future. With the framework now in place, the hard work of implementation for both supervisors and market participants begins."
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Source: EUbusiness
Financial transactions tax to happen... one day: Belgian PM
July 2, 2010-- The idea of a global tax on financial transactions has failed to gain traction around the world but it will become a reality in Europe "one day or another," the Belgium EU presidency said Friday.
Belgian Prime Minister Yves Leterme, whose country holds the rotating European Union presidency for the next six months, said governments were still "far from" agreeing on a tax.
"On the other hand, I think that within the European Council (of EU leaders) we have nevertheless made enormous progress," Leterme said.
"It is an idea which I think will take shape one day or another," he said.
European Commission President Jose Manuel Barroso said leaders meeting at the G20 summit of developed and emerging powers in Toronto last weekend showed "no enthusiasm" for a global tax on financial transactions.
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Source: EUbusiness
German pension funds focus on liquidity, poll says
July 1, 2010--Among German institutional investors, pension funds are the least concerned about security when making investment decisions, according to a poll commissioned by alternatives manager Aquila Capital.
In total, more than 60% of the 169 institutional investors surveyed said security was paramount when it came to their investments.
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Source: IP&E
Boerse Stuttgart reports turnover of 6.9 billion in June
July 1, 2010--In June 2010, Boerse Stuttgart had a turnover of some EUR 6.9 billion according to its order book statistics. Due to the Football World Cup and the traditional summer lull, trading volumes were down on the previous month's figures, as was expected. Growth came from investors' enthusiasm for bond trading at the Stuttgart Stock Exchange.
In comparison with the previous month, turnover grew by 8 percent to nearly EUR 1.9 billion. Of this, EUR 1.1 billion, the biggest proportion of stock exchange turnover, was accounted for by corporate bonds. With a market share of more than 70 percent in June, Boerse Stuttgart is the market leader for corporate bond trading.
Boerse Stuttgart had a trading volume of more than EUR 3.8 billion in trading with securitised derivatives in June. Of this, EUR 2.1 billion was accounted for trading in leverage products and almost EUR 1.7 billion for trading in investment products.
In June, turnover in investment fund trading amounted to EUR 480 million. At roughly EUR 410 million, passively managed funds accounted for the bulk of trading volume in the case of investment fund units. This corresponds to a year-on-year growth of more than 30 percent.
Source: Boerse Stuttgart
Xetra Turnover up 29 Percent in June
July 1, 2010-- In June, 111.4 billion euros were traded on Xetra and on the floor at Börse Frankfurt – an increase of 27 percent year-on-year (June 2009: 87.9 billion euros). Of the 111.4 billion euros, 105.5 billion euros were traded on Xetra, an increase of 29 percent year-on-year (June 2009: 81.7 billion euros). 5.9 billion euros were traded on the floor, a slight decrease by 5 percent (June 2009: 6.2 billion euros).
Turnover in German equities on Deutsche Börse’s cash markets amounted to 95.1 billion euros, while foreign equities turnover stood at 13.3 billion euros. Xetra and the floor at Börse Frankfurt accounted for 97 percent of the transaction volume in German equities on all stock exchanges in Germany. 91 percent of foreign equities traded on stock exchanges in Germany were traded on Xetra and on the floor in Frankfurt.
In June, 16 million transactions were executed on Xetra, an increase of 20 percent against the same period last year (June 2009: 13.3 million).
According to the Xetra liquidity measure (XLM), Deutsche Telekom AG was the most liquid DAX blue chip in June with 5.47 basis points (bp) for an order volume of 100,000 euros. EADS was the most liquid MDAX stock with 16.07 bp. The most liquid ETF was DB X-TR.II-EONIA T.R. 1C with 0.31 bp. The most liquid foreign stock was Royal Dutch Shell with 9.35 bp. XLM measures liquidity in electronic securities trading on the basis of the implicit transaction costs. It is expressed in basis points (1 bp = 0.01 percent); a low XLM denotes high liquidity in a security.
Siemens AG was the DAX stock with the highest turnover on Xetra in June at 6.8 billion euros. HeidelbergCement AG was the top MDAX stock at 844.3 million euros, while KUKA AG led the SDAX stocks at 45.1 million euros and Aixtron AG headed the TecDAX at 824.3 million euros. At 1.5 billion euros, the iShares DAX was the exchange-traded fund with the highest turnover.
On all stock exchanges in Germany 122.5 billion euros were traded in June according to orderbook turnover statistics – an increase of 21 percent compared year-on-year (June 2009: 101.6 billion euros). This total includes 115.7 billion euros in equities, warrants and exchange-traded funds, as well as 6.9 billion euros in fixed-income securities.
Source: Deutsche Börse
Average Daily Volume of 10.9 Million Contracts at Eurex and ISE in June
Eurex monthly trading volume rose by 25 percent y-o-y
July 1, 2010--At the international derivatives markets of Eurex, an average daily volume of 10.9 million contracts was traded in June (June 2009: 10.7 million). Thereof, 8.3 million contracts (June 2009: 6.7 million) were traded at Eurex; another 2.6 million contracts (June 2009: 3.9 million) were traded at the International Securities Exchange (ISE). The increase of Eurex turnover of 25 percent y-o-y is due to the increasing use of exchange-traded and centrally cleared derivatives in the current market environment, which was driven by high volatility and the dividend season. In total, 241.1 million contracts were traded on both exchanges compared with 232.5 million contracts in June 2009.
At Eurex, the equity index derivatives segment was the most successful segment, totaling 79.3 million contracts, compared with 71.1 million contracts in June 2009. Futures on the EURO STOXX 50 reached 41.1 million contracts (June 2009: 32.0 million); the options recorded another 24.2 million contracts (June 2009: 25.5 million). The DAX future reached a turnover of 4.0 million contracts while the DAX option achieved 6.3 million contracts.
In the Eurex segment of equity-based derivatives (equity options and single stock futures) 50.5 million contracts were traded (June 2009: 30.2 million). Thereof, equity options totaled at 24.7 million contracts (June 2009: 23.2 million). The dividend season led to a strong increase of incentivized block trades of single stock futures, which totaled 25.8 million contracts (June 2009: 7.1 million).
Eurex’s interest rate derivatives segment reached 52.9 million contracts, compared with 44.9 million in June 2009. Approximately 21.7 million contracts were traded in the Euro-Bund-Future, 13.7 million contracts in the Euro-Schatz Future, 12.5 million contracts in the Euro-Bobl-Future and almost 154.000 contracts in the Euro-BTP-Future.
Dividend derivatives traded more than 315,000 contracts, while the volatility derivatives recorded almost 74,000 contracts for both VSTOXX futures and options. Commodities derivatives totaled at 75,000 contracts.
Eurex Repo, which operates CHF- and EUR repo markets, grew by 10 percent and both repo markets hit a new overall record with an average outstanding volume of 228.4 billion euros (June 2009: 208.1 billion euros). The secured money market segment GC Pooling achieved the strongest growth with 29 percent and set a new monthly record with an average outstanding volume of 98.8 billion euros (June 2009: 76.9 billion euros). On 21 June, GC Pooling also achieved a record daily average outstanding volume of 108.5 billion euros.
The electronic trading platform Eurex Bonds, which rounds out Eurex’s fixed-income product range, saw a volume of 7.9 billion euros (single counting) in June. In May 2010, the figure was 8.76 billion euros, and in June 2009 volume was 12.1 billion euros.
Source: Eurex
ECX Monthly Report June 2010
July 1, 2010--2010 ECX volumes passed the 3 billion tonne mark in June. 585,296 contracts were traded during the month, at an average of 26,604 per day.
The gradual migration of EUA and CER futures business from OTC cleared to screen-based continued over the first half of 2010. Over 65% of EUA futures were executed on the screen during this time, compared to 41.5% during the first half of last year.
ECX Daily Futures remained very actively traded in June, with over a million tonnes traded on average every day: the percentage of the total carbon spot market during the month reached 45%.
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Source: ECX
Deutsche Börse algo news feed now available in three data centers in London
July 1, 2010--The algo news feed AlphaFlash of Deutsche Börse – Market Data & Analytics will be available in three London data centers starting 15 July 2010. This raises the total number of data centers which provide direct access to this data feed to seven worldwide. AlphaFlash, a joint product of Deutsche Börse and the financial news agencies Need to Know News and Market News International, both entities of Deutsche Börse, delivers more than 150 machine readable macroeconomic indicators directly into trading algorithms.
By adding three new centers in London, a key market for algo traders, Deutsche Börse is responding to customer demand for an expansion of the proximity hosting infrastructure in Europe.
"The new offering of different data centers on location provides algo traders direct and ultra-fast access to AlphaFlash data in order to trade on London markets. We are making it as easy as possible for firms to use our algo news feed”, said Georg Gross, Head of Front Office Data & Analytics at Deutsche Börse.
AlphaFlash clients in London can choose among three providers. Telehouse London Metro, which is already being used by Deutsche Börse for its low latency market data feeds, allows clients to add AlphaFlash via existing connections. City Lifeline, an independent London provider, offers access to Deutsche Börse's existing network as well as proximity to London data sources and metro-area market centers. The Equinix data center LD4 International Business ExchangeTM in West London was chosen because of existing demand from clients who are already using Equinix services.
In addition co-location and proximity hosting options for AlphaFlash are available in Chicago, New Jersey, Washington and Frankfurt. Further data centers, particularly in Asia, are being planned.
For more information about AlphaFlash, please visit: www.deutsche-boerse.com/alphaflash.
Source: Deutsche Börse
Investors seek clarity on euro rescue fund
July 1, 2010--Two months after European leaders unveiled a “shock and awe” €750bn rescue package to restore confidence in the eurozone, quite how their plan will work remains far from certain.
Nervous investors are demanding clarity, warning that the crisis for the single currency area could worsen.
At the heart of the plan to underpin the finances of indebted eurozone nations is the European Financial Stability Facility, a special purpose vehicle with €440bn of loans at its disposal for troubled countries.
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Source: FT.com
Publication of the Finance Bill 2010
July 1, 2010--The Government is today publishing the 2010 Finance Bill. The Bill will enact the key tax measures at the heart of the Emergency Budget package, to cut the unprecedented deficit, deliver fairness and promote enterprise.
In addition to this Finance Bill, which will quickly enact the Government’s priorities, there will be a further bill in the autumn. This will introduce minor, technical measures announced by the previous Government and will be published in draft later this month, to allow thorough pre-legislative scrutiny.
The Exchequer Secretary David Gauke MP said:
“The Government’s inheritance was one of debt and unsustainable spending. We are taking the decisive action needed to pay for the past and plan for the future. That is why today we are legislating the key measures at the heart of our comprehensive five-year plan to put the British economy back on track.
"We have made the tough choices needed to get our borrowing down, but we will do it in a way that is fair, protects the vulnerable and supports businesses across Britain.”
view Finance Bill 2010-11
Source: HM Treasury
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