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Dow Jones-UBS Commodity Indexes January 2012 Performance Report
February 1, 2012 —The Dow Jones-UBS Commodity Index was up 2.47%, for the
month of January. The Dow Jones-UBS Single Commodity Indexes for tin, orange juice and silver
had the strongest gains with month-returns of 26.74%, 24.26% and 19.15%, respectively.
The Dow Jones-UBS Commodity Index is composed of 19 futures contracts on physical commodities and was introduced in 1999. The DJ-UBSCI family of indexes includes nine sector sub-indexes, multiple forward month indexes; sub-indexes for each individual commodity in the original DJ-UBSCI as well as for brent crude, cocoa, feeder cattle, gas oil, lead, orange juice,
platinum, soybean meal and tin.
January 2012 Commodities Commentary: Dow Jones-UBS Commodity Indexes Up As Fed Signals Low Interest Rates Through 2014
February 1, 2012--The Dow Jones-UBS Commodity Index ended up 2.47% for the month of January as investors pondered word that the U.S. Federal Reserve is prepared to extend the time frame for exceptionally low interest rates through 2014 in an effort to provide additional stimulus to the U.S. economy.
This action could increase growth and boost demand for commodities such as
industrial metals. Further, a weakening of the U.S. dollar against other key currencies including the euro made dollar-denominated commodities more accessible to holders of other currencies.
The Dow Jones-UBS Single Commodity Indexes for tin, orange juice and silver had the strongest gains with month-end returns of 26.74%, 24.26% and 19.15%, respectively.
Tin gained in January as the prospect of low U.S. interest rates at least until 2014 boosted speculation of increased demand for the metal used in plasma screens, mobile phones and cars.
NYSE Euronext Statement On EU Decision To Prohibit Merger Announces Resumption Of $550 Million Stock Repurchase Program Following Termination Of Merger Agreement
February 1, 2012 – NYSE Euronext announced today that in light of the
decision by the European Commission to prohibit its proposed combination with Deutsche Boerse, the companies are in discussions to terminate their merger agreement.
NYSE Euronext said it would focus on the successful standalone strategy that has delivered strong growth and diversification of its core businesses and that it would leverage its financial
strength to return capital to shareholders. In that regard, NYSE Euronext announced its intent
to resume a $550 million share repurchase program following the termination of the merger
agreement and after the release of its fourth quarter and 2011 year-end results on February 10,
2012.
BATS earns 11.1% U.S. equities market share in January.
February 1, 2012 – BATS Global Markets (BATS), a global operator of stock and options markets, today reported increased European market share in January and strong equities matched market share in the U.S. BATS reported 11.1% U.S. equities matched market share compared to 10.4% a year ago.
In Europe, BATS Europe and Chi-X Europe, which BATS is combining to form BATS Chi-X Europe, recorded consolidated market share of 25.9% compared to 25.4% in December 2011 and 23.8% a year ago. BATS Options reported 3.0% market share compared to 1.3% a year ago.
BATS operates two stock exchanges in the U.S., the BATS BZX Exchange and BATS BYX Exchange; BATS Options, a U.S. equity options market; and BATS Europe and Chi-X Europe, which operate FSA-authorized multilateral trading facilities.
Macquarie Group Is Said to Compete for Deutsche Bank Asset-Management Unit
February 1, 2012--Macquarie Group Ltd. (MQG), Australia’s biggest investment bank, is vying with at least three companies to buy asset-management divisions from Deutsche Bank AG (DBK), said two people with knowledge of the matter.
The deadline for second-round offers is next week, and the German lender plans to reach an agreement by mid-March, said the people, who declined to be identified as talks are private. Other bidders include JPMorgan Chase & Co., State Street Corp. (STT) and Ameriprise Financial Inc. (AMP), people with knowledge of the matter said last month.
IMF Working Paper-Changing Patterns of Global Trade
February 1, 2012--Summary:Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades.
The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.
view IMF working paper-Changing Patterns of Global Trade
NASDAQ OMX Reports Fourth Quarter and Full Year 2011 Results
February 1, 2012--FY 2011 Non-GAAP Diluted EPS Grows 27% Over Prior Year
2011 Full Year Net Exchange Revenues and Earnings Reach Record Highs
The NASDAQ OMX Group, Inc. reported strong results for the fourth quarter of 2011. Net income attributable to NASDAQ OMX for the fourth quarter of 2011 was $82 million, or $0.45 per diluted share, compared with $110 million, or $0.61 per diluted share, in the third quarter of 2011, and $137 million, or $0.69 per diluted share, in the fourth quarter of 2010.
For the full year of 2011, net income attributable to NASDAQ OMX was $387 million, or $2.15 per diluted share.
Included in the fourth quarter of 2011 results are $44 million of pre-tax expenses associated with debt refinancing, the impairment of an available-for-sale investment security and merger and strategic initiatives.
Financial Highlights:
Average daily volume of 8.2 million contracts at Eurex Group in January
February 1, 2012-- In January 2012, the international derivatives exchanges of Eurex Group recorded an average daily volume of 8.2 million contracts (Jan 2011: 10.4 million).
Of those, 5.5 million were Eurex Exchange contracts (Jan 2011: 7.1 million), and 2.7 million contracts were at the U.S.-based International Securities Exchange (ISE) (Jan 2011: 3.3 million). In total, 174.1 million contracts were traded, thereof 120.3 million at Eurex and 53.8 million at the ISE.
Eurex Exchange grew slightly in its equity index segment, the largest product segment, to 59.8 million contracts compared with 59.2 million contracts in January 2011. Futures on the EURO STOXX 50® Index stood at 21.1 million contracts while 24.9 million options were traded on this index. Futures on the DAX totaled 3.0 million contracts while the DAX options reached another 4.7 million contracts. The Eurex KOSPI product reached 3.0 million contracts, compared to 176,000 contracts in January 2011.
European Commission blocks merger between Deutsche Börse and NYSE Euronext
Deutsche Börse achieves substantial earnings growth in 2011/ Company targeting organic growth/ Key decisions for further growth already made
February 1, 2012--The European Commission today announced that it is prohibiting the planned merger between Deutsche Börse AG and NYSE Euronext because, based on its definition of the market for derivatives trading, it considers the merger to be inadmissible under competition law. Deutsche Börse AG has taken note of the decision with disappointment. The Executive Board of Deutsche Börse AG responded: “This is a black day for Europe and for its future competitiveness on global financial markets.
The EU Commission’s decision is based on an unrealistically narrow definition of the market that does no justice to the global nature of competition in the market for derivatives. The over-the-counter (OTC) derivatives market, the major part of the market as a whole, is completely precluded. We therefore regard the decision as wrong. What’s more, it is inconsistent and runs counter to the aim of extending financial market regulation to the OTC derivatives market which the Commission is simultaneously pursuing. In its decision, the European Commission also takes a contrary stand to the assessment of the derivatives market arrived at in the USA back in 2007. There, the two Chicago exchanges CME and CBOT were allowed to merge to form the largest globally operating derivatives exchange.”
Stock-Flow Adjustments and Fiscal Transparency: A Cross-Country Comparison
January 31, 2012--Summary:Over the past three decades, large and persistent discrepancies between the annual change in public debt and the budget deficit, so-called stock-flow adjustments, were a prominent feature of debt dynamics in many economies. The aim of this paper is to investigate the underlying determinants of such discrepancies and their relationship with fiscal transparency using data for 163 countries.
Results show that such discrepancies can only be partly explained by balance sheet effects and the realization of contingent liabilities and that significant differences exist in average stock-flow adjustments across countries reflecting country-specific factors. The more fiscally transparent the country, the smaller these tend to be. The contribution of stock-flow adjustments to increases in debt is likewise smaller in countries with above average fiscal transparency. This may not be coincidental, as a lack of fiscal transparency may make it easier for governments to engage in deceptive fiscal stratagems.
view IMF Working paper-Stock-Flow Adjustments and Fiscal
Transparency: A Cross-Country Comparison