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Deutsche Börse AG Releases Q1/2010 Results
Sales revenue increases to €519.2 million Decrease in costs adjusted for €27.8 million restructuring expenses EBIT of €245.6 million, excluding restructuring expenses increase to €273.4 million Implementation of initiatives to increase efficiency on track
May 10, 2010-- Deutsche Börse Group released its first quarter 2010 results on Monday. Sales revenue increased by 3 percent to €519.2 million over the previous quarter (Q4/2009) despite continued reluctance of market participants. Total costs for the first quarter 2010 stood at €298.8 million.
Adjusted for restructuring expenses of €27.8 million relating to measures to increase the operating efficiency, which were announced in February 2010, costs were below the 2009 level. Earnings before interest and tax (EBIT) amounted to €245.6 million. Adjusted for restructuring expenses, EBIT stood at €273.4 million, a considerable increase over previous quarters.
Gregor Pottmeyer, CFO of Deutsche Börse AG, said, “In the first quarter 2010 we achieved an increase of sales revenue over the previous quarters. The implementation of the efficiency measures we communicated in the first quarter is on track. The company is thus well positioned to benefit from a further recovery of financial markets.”
Q1/2010 results
Sales revenue of Deutsche Börse Group stood at €519.2 million in the first quarter of 2010. This corresponds to a decrease of 4 percent compared to the same quarter of the previous year (Q1/2009: €539.8 million) and an increase of 3 percent compared to the previous quarter (Q4/2009: €505.4 million). The year-over-year decrease in sales revenue is largely due to uncertainties on the markets in the first quarter 2009 as a result of the financial crisis and the considerably higher equity volatility this has caused. The quarter-on-quarter rise in sales revenue is due to a partial recovery in market activity; however the market environment overall continues to be characterized by reluctance of market participants.
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Source: Deutsche Börse
Amundi ETF broadens its product offering on the SIX Swiss Exchange with the listing of an unprecedented range of 6 Short Fixed-Income ETFs.
May 11, 2010--Amundi ETF continues its development in Switzerland with the listing of 6 unprecedented ETFs, bringing the total number of products listed on the SIX Swiss Exchange to
20.
These Short Fixed-Income ETFs, unprecedented on the SIX Swiss Exchange, offer
investors a daily inverse exposure to the Eurozone government bond market and the ability to take advantage of a potential rise in interest rates.
The range benefits from a favourable market background of low interest rates while responding to
diverse investor needs: portfolio diversification, hedging, tactical allocation, arbitrage, etc... It
includes six products which replicate a family of Short EuroMTS Eurozone Government Broad
indices of all maturities and buckets of maturities ranging from 1 to 15 years, enabling investors to
take positions on all or part of the Eurozone interest rate curve.
Launched in France in mid-January, this product range has experienced great success with both French and European institutional investors and has raised some 200 million Euros in just a few weeks.
In line with its European development plan, Amundi ETF will continue to widen its product range on the SIX Swiss Exchange. This will enable Swiss investors to benefit locally from Amundi ETF’s competitive prices, quality and innovation.
The Amundi ETF range is distributed by dedicated sales teams at Amundi and CA Cheuvreux.
Further information about Amundi ETF can be found on the amundietf.com website.
Source: Amundi
NYSE Euronext-European ETF activity highlights for April 2010
May 10, 2010--At the end of April, NYSE Euronext had 529 listings of 481 ETFs from 17 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
In April 2010, the number of ETFs increased by 26.9% compared to end of April 2009. So far this year, 32 new ETFs have already been listed.
Both the daily average number of trades and daily average turnover saw an impressive growth in April 2010. On average, there were 9 103 trades on a daily basis, representing an increase of more than 17.6% versus April 2009. Daily average turnover registered an even greater boost year-on-year, increasing from €311.6 million to €415.3 million in April 2010, or 33.3%. April 28 saw trading activity at near-record levels: That day, there were 23 340 trades and over €1.1 billion was exchanged.
At the end of April, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €120.0 billion, an increase of 54.0% from the €77.9 billion at the end of April 2009.
The combination of the flow of 19 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 25.46 bps of all listed ETFs in April 2010, down from 49.87 bps in April 2009.
NYSE Euronext’s Liquidity Providers program continued to expand as well over the course of April. At the end of the month, 19 Liquidity Providers had a total of 990 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs. In April, 52 new LP contracts were added.
For more information, visit: www.euronext.com/etf.
Source: NYSE Euronext
European Central Bank Decides On Measures To Address Severe Tensions In Financial Markets
May 10, 2010--The Governing Council of the European Central Bank (ECB) decided on several measures to address the severe tensions in certain market segments which are hampering the monetary policy transmission mechanism and thereby the effective conduct of monetary policy oriented towards price stability in the medium term. The measures will not affect the stance of monetary policy.
In view of the current exceptional circumstances prevailing in the market, the Governing Council decided:
1.To conduct interventions in the euro area public and private debt securities markets (Securities Markets Programme) to ensure depth and liquidity in those market segments which are dysfunctional. The objective of this programme is to address the malfunctioning of securities markets and restore an appropriate monetary policy transmission mechanism. The scope of the interventions will be determined by the Governing Council. In making this decision we have taken note of the statement of the euro area governments that they “will take all measures needed to meet [their] fiscal targets this year and the years ahead in line with excessive deficit procedures” and of the precise additional commitments taken by some euro area governments to accelerate fiscal consolidation and ensure the sustainability of their public finances.
In order to sterilise the impact of the above interventions, specific operations will be conducted to re-absorb the liquidity injected through the Securities Markets Programme. This will ensure that the monetary policy stance will not be affected.
2.To adopt a fixed-rate tender procedure with full allotment in the regular 3-month longer-term refinancing operations (LTROs) to be allotted on 26 May and on 30 June 2010.
3.To conduct a 6-month LTRO with full allotment on 12 May 2010, at a rate which will be fixed at the average minimum bid rate of the main refinancing operations (MROs) over the life of this operation.
4.To reactivate, in coordination with other central banks, the temporary liquidity swap lines with the Federal Reserve, and resume US dollar liquidity-providing operations at terms of 7 and 84 days. These operations will take the form of repurchase operations against ECB-eligible collateral and will be carried out as fixed rate tenders with full allotment. The first operation will be carried out on 11 May 2010.
Source: ECB
Investing on the NASDAQ OMX Tallinn Stock Exchange to become more advantageous for UK residents
May 10, 2010--The UK tax office (HM Revenue & Customs) has included the NASDAQ OMX Tallinn Stock Exchange on its list of markets where investing and trading is more advantageous and hence also more attractive for the UK investor in terms of taxation.
"The inclusion of the NASDAQ OMX Tallinn Stock Exchange on the favoured stock exchanges list is recognition by the UK of the Estonian securities market. This will allow UK investors to trade in securities quoted in Estonia under a more advantageous tax regime. My belief is that as a result of the decision by their tax office we are going to see more new and active foreign investors on our local securities market," Andrus Alber, Chairman of the Management Board of the NASDAQ OMX Tallinn Stock Exchange, commented on the decision.
Since 5 May this year, the UK tax office has included the regulated market of the NASDAQ OMX Tallinn Stock Exchange on the list. The First North alternative market is not included on the list, as a more advantageous environment may apply to regulated securities markets only. Previously, the Stockholm, Copenhagen, Iceland and Helsinki stock exchanges have already been entered on the favoured list. In the Baltic countries, the NASDAQ OMX Tallinn Stock Exchange is first to have made the list.
All of the stock exchanges on the favoured list may be found here.
Source: NASDAQ OMX
LSE-Press releases10- May -2010 - Equity value traded up two per cent in April
May 10, 2010--- Continued strong performance on the Group’s government bond trading platform, MTS
In April, the average daily value traded across London Stock Exchange Group’s equity markets was £7.7 billion (€8.8 billion), up two per cent on last year. 16.0 million equity trades were carried out across the Group’s electronic order books, with a combined value of £153 billion (€175 billion), also up two per cent per cent on April 2009. The average daily number of trades was 802,118, 24 per cent lower than the same month last year.
UK Cash Equities
The average daily value traded on the UK equity order book was £4.1 billion (€4.7 billion) a decrease of eight per cent year on year, while the average daily number of trades was down 27 per cent at 509,596.
Italian Cash Equities
During April, the average daily number of trades in Italian equities was 237,784, down 23 per cent on the same month last year. The average daily value traded during the month was up eight per cent at €3.2 billion (£2.8 billion).
International Cash Equities
Total value traded in international equities increased 63 per cent on April 2009 to £14.6 billion, while the average daily value traded was also up 63 per cent year on year, totalling £731 million (€836 million). The average daily number of trades was 54,738, up 16 per cent on last April.
ETFs and ETCs
Trading in ETFs and ETCs saw the average daily number of trades up 50 per cent year on year, totalling 18,655. The average daily value traded was up 40 per cent to £480 million (€549 million).
Included in the strong monthly performance was a new single day record for both turnover and number of trades on ETFPlus on 28 April, with 29,691 trades and a value of £677 million (€778 million).
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Source: London Stock Exchange
Giant aid package saved Europe from 'disaster': Lagarde
May 10, 2010--Europe avoided a disaster thanks to the trillion-dollar financial rescue package for troubled eurozone economies, French Finance Minister Christine Lagarde said in a newspaper interview.
"Every public official, including me, had in our minds the fear of a disaster if we did not quickly reach an agreement," Lagarde told the financial daily Les Echos in an interview to be published Tuesday.
"All the symptoms that had preceded the crisis of autumn 2008, just before the bankruptcy of Lehman Brothers, reappeared. It's undeniable," she said, referring to the failure of the Wall Street giant in September 2008.
The deal agreed by European Union finance ministers early Monday marks a "historic turning point," she said.
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Source: EU Business
Ted Hood: ETF platform is much to celebrate
The day after Source reached its first anniversary, chief executive Ted Hood is a little subdued. He went out to celebrate with his 20-strong team the night before and his usual ebullience seems slightly dimmed.
This lasts only until he is asked about Source’s progress over the year, when he perks up and starts listing the achievements of the investment bank-owned platform for exchange traded funds.
In that time, it has launched 47 equity ETFs, covering country, regional and market sector indices, and 28 exchange traded commodities. Mr Hood is especially proud of the sector indices, which have been a hit with the hedge fund community keen to use them in complex trading strategies.
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Source: FT.com
Hedge funds and private equity - vote postponed
May 10, 2010--The Economic and Monetary Affairs Committee has postponed its vote on the Alternative Investment Fund Managers Directive, so more consideration can be given to the opinion of the Legal Affairs Committee.
The vote is now scheduled for next Monday, 17 May 2010.
The vote on the financial supervisory package is going ahead today as scheduled.
Source: European Parliment
EC to publish corporate governance green paper
May 7, 2010--Michel Barnier, EU Commissioner for Internal Markets and Service, has confirmed that the Commission will publish a draft green paper on strengthening corporate governance at financial institutions later this month.
Speaking at a meeting of the Economic and Monetary Affairs Committee (ECON) earlier this week, Barnier said the green paper would be published in May and is expected to include measures to strengthen control and risk management in institutions and directors' liability.
He also suggested the paper could include broader reflections on corporate governance in listed companies and corporate social responsibility.
Currently European corporate governance is formed of a combination of existing rules mainly relating to mergers and acquisitions and shareholder rights, alongside recommendations on the inclusion of independent directors and director’s activities.
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Source: IP&E
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