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22nd meeting of the Market Participants Consultative Panel
July 6, 2010--Summary
a risk of a double-dip, the return of sovereign risk, possibly serious refinancing problems in the
commercial real estate sector, the amount of outstanding corporate debt and possibly rising
default rates, the need for analyzing the corporate bonds market structure and the need for more
investor education in light of vanishing boundaries between wholesale and retail markets.
Some financial disintermediation was seen as a positive development – though possible risks in terms
of financing in Central and Eastern European States and of SMEs were stressed. CESR’s report
on trends, risks and vulnerabilities in financial markets was received in a positive way and
suggestions were made on how to develop it further. Its publication was encouraged.
read more
Source: CESR
EPEX Spot / EEX Power Derivatives: Power Trading Results in June
July 6, 2010--In the framework of their cooperation, the European Energy Exchange AG (EEX) and the French Powernext SA integrated their Power Spot
and Derivatives Markets in 2009.
In June 2010, a total volume of 136.4 TWh was traded on the joint subsidiaries EPEX Spot SE and EEX Power Derivatives.
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of
21,355,184 MWh and can be broken down as follows:
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Source: European Energy Exchange AG (EEX)
EEX Trading Results For Natural Gas And CO2 Emission Rights In June
Record volume on the Spot Market for Natural Gas – Considerable increase on the CO2 Derivatives Market
July 6, 2010--The volume traded on the Natural Gas Spot Market of the European
Energy Exchange AG (EEX) amounted to 2,418,071 MWh in June (June 2009:
86,880 MWh) (GASPOOL and NCG market areas) which constitutes the highest
monthly volume since trading start.
The volume in Within-Day gas trading was 1,253,279 MWh and hence contributed to a
large proportion to the overall spot volume. Furthermore, a new daily record was
reached on the Spot Market with 300,286 MWh on 23 June 2010. During the month,
the Spot Market price for the day-ahead delivery of Natural Gas ranged between EUR
14.69 per MWh and EUR 21.45 per MWh.
read more
Source: EEX
Launch of “IFRS 2010” Guide Book on International Reporting Standards at Istanbul Stock Exchange
July 6, 2010--A meeting will be held at the Istanbul Stock Exchange (ISE) on Monday, July 5, on the occasion of the launch of the “IFRS 2010” guide book, released by the International Accounting Standards Board (IASB), and covering the international standards on financial reporting. The whole set of the book is published in Turkish for the first time.
Archive RSS Launch of “IFRS 2010” Guide Book on International Reporting Standards at Istanbul Stock Exchange
A meeting will be held at the Istanbul Stock Exchange (ISE) on Monday, July 5, on the occasion of the launch of the “IFRS 2010” guide book, released by the International Accounting Standards Board (IASB), and covering the international standards on financial reporting. The whole set of the book is published in Turkish for the first time.
The meeting is organized with the cooperation of the Capital Markets Board of Turkey (CMB), Istanbul Stock Exchange (ISE), and Turkish Accounting Standards Board (TASB). Following the keynote speeches by Mr. Hüseyin ERKAN, ISE Chairman & CEO; Mr. Bülent ÜSTÜNEL, Chairman of TASB; Dr. Masum TÜRKER, Chairman of the Expert Accountants’ Association of Turkey; Prof. Vedat AKGIRAY, Chairman of the Capital Markets Board of Turkey; and Mr. Tevfik B?LG?N, Chairman of the Banking Regulation and Supervision Agency, Mr. Jan ENGSTROM, Board Member of IASB will deliver a presentation on “Fair Value”.
As an important reference for both practitioners and trainers, the publishing of “IFRS 2010” as a two-volume full set in Turkish for the first time by TASB, sets a milestone for financial reporting in Turkey.
Turkish Accounting Standards Board (TASB), founded by virtue of an article added in the Capital Markets Law, has published the “Turkish Accounting Standards/Turkish Financial Reporting Standards“ with reference to international financial reporting standards in full compliance with IFRS in the Official Gazette. These stipulations have been adopted and applied by the Banking Regulation and Supervision Agency, Capital Markets Board of Turkey, and Undersecretariat of Treasury, and are updated on a continuous basis.
Source: Istanbul Stock Exchange (ISE)
Assessment of Securities Settlement in Sweden 2009
July 6, 2010--Finansinspektionen and the Riksbank have jointly assessed the securities settlement in Sweden 2009.
The assessment is based on the Recommendations for Securities Settlement Systems in the European Union (ESCB/CESR) which consists of 19 recommendations.
In the assessment in 2009, Euroclear Sweden AB complies with all of the assessed recommendations. One recommendation is however not applicable and has therefore not been part of the assessment.
view the Assessment of Securities Settlement in Sweden 2009
Source: Finansinspektionen
Denmark sets bar on transparency
July 6, 2010--Denmark’s banking industry does not have a large global reach – something made clear in the efforts of its mortgage banks to lobby other countries’ regulators to be heard in Basel.
But the industry’s officials could in fact have their own kind of global clout if recently introduced transparency laws are taken up elsewhere.
Last week the Danish Financial Supervisory Authority published the first round of reports into individual banks and will do so regularly, extending the number of banks until all are covered annually.
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Source: FT.com
AMF publishes the report of the working group on the MiFID review
July 6, 2010--For the review of the Markets in Financial Instruments Directive (MiFID), which will assess the directive's
impact on the development and organisation of European equity markets, the AMF Board set up a working
group chaired by Jean-Pierre Pinatton and Olivier Poupart-Lafarge in December 2009. The group,
composed of all stakeholders, has now published its findings, which will contribute to ongoing discussions at
domestic and European levels.
The report addresses three main themes:
- Improving transparency
Pre-trade transparency: the report outlines several proposals, which include keeping pre-trade
transparency waivers based on order size, as well as the requirements for negotiated transactions, which existed pre-MiFID, while clarifying the scope. Concerning the so-called
reference price waiver, which allows a multilateral trading facility (MTF) to operate as a dark pool
if the transactions it executes are based on a price imported from another trading system, the
report recommends regulating these arrangements by setting a maximum trading volume beyond
which the MTF is no longer eligible for the waiver.
Post-trade transparency: the group supports mandatory introduction of a consolidated tape system in Europe. It also recommends that trades executed on crossing networks and by systematic internalisers should be identified by a generic identifier and that, more generally, transactions not subject to pre-trade transparency requirements should be identified when made public. Another recommendation is to reduce trade publication delays, notably by cutting the maximum delay from 3 minutes to 60 seconds, and to shorten the deferral periods currently authorised for some types of transactions. The group acknowledges the need to harmonise trade flags1 on trading venues throughout Europe. And it stresses the importance of clarifying the notion of over-the-counter (OTC) trading, which at present is defined solely by default, and determining a suitable way of regulating OTC trades, notably by flagging them.
view report
Source: AMF
EU bank supervision project stalls over powers
July 6, 2010--An EU project to create pan-European watchdogs to police the financial sector hit a snag Tuesday as negotiations between EU lawmakers and states stalled over how much power to give them.
The European Parliament postponed a vote on the plan until September to give negotiators more time to reach a deal on what authority to grant to the agencies, which would oversee banks, insurers and markets.
EU states want power to ultimately rest in the hands of national agencies while the European parliament seeks to give the new cross-border authorities enough influence.
Britain, fearful that supervision of the London financial centre by Brussels would end up costing it taxpayers' money, secured in December safeguards that would give states a de facto veto on decisions made by the new bodies.
read more
Source: EUbusiness
db x-trackers steigert verwaltetes Vermögen auf 28,7 Milliarden Euro
July 5, 2010--db x-trackers, die Index-Tracking-Plattform der Deutschen Bank, hat ihr Wachstum
fortgesetzt. Bis Ende Juni 2010 verzeichnete db x-trackers in den beiden
Fondsgesellschaften db x-trackers und db x-trackers II insgesamt Nettomittelzuflüsse von 1,2 Milliarden Euro, das verwaltete Vermögen stieg auf 28,7 Milliarden Euro. In
Europa nimmt db x-trackers damit die dritte Position unter den ETF-Anbietern ein und ist weltweit die Nummer fünf (Quelle: Deutsche Bank Research, Stand Juni 2010). Das Produktangebot von db x-trackers umfasst nun 156 ETFs aus allen
Asset-Klassen.
Nach aktuellen Zahlen der Deutschen Bank ist der Markt für ETFs sowie für ETCs(Exchange Traded Commodities) in Europa weiter deutlich gewachsen. Beide
Produktgruppen verwalten nach dem ersten Halbjahr 2010 rund 197,6 Milliarden Euro, 16 Prozent mehr als Anfang des Jahres. Die Mittelzuflüsse bzw. neu eingesetztes Kapital betrugen 2010 in Europa 15,7 Milliarden Euro bis Ende Juni. Nach Asset-Klassen gewichtet stieg das verwaltete Volumen bzw. eingesetzte Kapital am stärksten bei Alternativen Investments (plus 81 Prozent) und Rohstoffen (plus 41 Prozent). In den USA stieg das verwaltete Volumen weniger stark, um 5
Prozent auf 829 Milliarden US-Dollar im ersten Halbjahr 2010. Auch der asiatische Markt für börsengehandelte Indexprodukte hat eine kritische Masse erreicht, mit einem verwalteten Volumen von 69,3 Milliarden US-Dollar.
Laut einer kürzlich veröffentlichten Studie von Deutsche Bank Research ist auch zukünftig mit Volumenszuwächsen vor allem bei Rohstoffen und Alternativen Investments zu rechnen. „Nach einer aktuellen Umfrage planen nahezu zwei Drittel der befragten Investoren, in diesem Segment künftig ETFs verstärkt zu nutzen“, sagt Thorsten Michalik, verantwortlich für db x-trackers. Weiterhin scheinen Investoren bezüglich Schwellenländer-Aktien sowie Short- und Hebel-Produkten hohes Interesse ausgedrückt zu haben. Um auf die gestiegene Nachfrage von Seiten der Investoren zu reagieren, hat db x-trackers 2010 insgesamt weltweit bereits 40 neue ETFs aufgelegt. Davon bilden 17 Produkte Indizes aus dem Bereich Schwellenländer-Aktien ab, bei 10 Neuauflagen handelt es sich um Short-oder Hebel-ETFs.
Um das große Interesse an Rohstoffinvestments zu bedienen, wird die Deutsche Bank 2010 das Geschäftsfeld db ETC weiter ausbauen. Bei db ETC – ExchangeTraded Commodities handelt es sich um besicherte Schuldverschreibungen. Bis Ende Juni wurden durch die beiden Emittenten DB ETC Index plc bzw. die DB ETC plc bereits 23 db ETC aufgelegt, die die Entwicklung einzelner Rohstoffe oder definierter Rohstoffkörbe abbilden. Als jüngste Ergänzung wurde eine Produktpalette mit ETCs aufgelegt, die die Entwicklung von Edelmetallen abbilden. Sie werden von der DB ETC plc emittiert und tragen die Bezeichnung db Physical Precious Metal ETC (db Physical PM ETC). Entsprechende Produkte für Gold und Silber sind bereits an der London Stock Exchange gelistet, in Deutschland aber nur institutionellen Investoren zugänglich. Im Juli werden weitere db Physical PM ETC für Platin und Palladium aufgelegt und sollen auch in Deutschland gelistet werden. Stark vereinfacht dargestellt, erfolgt eine Besicherung der db Physical PM ETC Wertpapiere durch Barren des jeweiligen Edelmetalls, die physisch eingelagert werden. Die Entwicklung des Wertes des db Physical PM ETC ist unter Berücksichtigung einer Produktgebühr an den Kassakurs des Edelmetalls gekoppelt.
Eine Innovation die bislang ebenfalls institutionellen Investoren vorbehalten ist, sind
die währungsgeschützten Edelmetall ETCs. Für Ende Juli ist das Listing der db Physical Euro Hedged ETCs auf Gold, Silber, Palladium und Platin an der Deutschen Börse geplant. Damit steht Anlegern eine neue Investitionsmöglichkeit zur
Verfügung, denn bisher konnten Edelmetall-ETCs nur in US-Dollar und mit dem damit verbundenen Währungsrisiko gehandelt werden. Die jährlichen Kosten
betragen aktuell nur 0,29 Prozent für den db Physical Gold ETC sowie 0,45 Prozent für die anderen db Physical PM ETC. Die Währungssicherungsgebühr beträgt dabei für die währungsgeschützten Varianten derzeit 0,30 Prozent p.a..
Source: db x-trackers
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
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