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France, Italy demand EU consider carbon tax on imports
April 15, 2010--France and Italy urged Brussels Thursday to consider an EU carbon tax on imports, jointly pressuring the bloc after Paris was forced to abandon the initiative at national level.
Sarkozy and Italian Prime Minister Silvio Berlusconi urged the European Commission to set the terms by which the EU could tax imports from non-EU countries whose industries are not subjected to the same pollution-fighting rules.
The bloc's executive arm must "specify without reservation the conditions in which such an adjustment mechanism could be set up" at EU borders, the leaders wrote to the commission's head Jose Manuel Barroso.
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Source: EUbusiness
STOXX launches EURO STOXX 50 Dividend Points Futures Index
April 14, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the EURO STOXX 50 Dividend Points Futures Index. The new index measures the performance of a hypothetical portfolio, in which an equal amount is invested into the one to five year EUREX futures contracts listed on the EURO STOXX 50 Dividend Points (DVP). The futures contracts are fully collateralized by a daily investment into the EONIA market (Euro OverNight Index Average).
The EURO STOXX 50 Dividend Points Futures Index has been licensed to Lyxor ETF to underlie an exchange-traded fund (ETF) which will be available in the next couple of weeks.
“The EURO STOXX 50 Dividend Points Futures Index is the newest addition to STOXX’s strategy index family, and also proof of our commitment to the development of innovative index concepts,” said Hartmut Graf, chief executive officer, STOXX Ltd. “The unique methodology of this new index provides market participants with a single sophisticated tool to measure the performance of a portfolio of multiple equal weighted futures contracts listed on the pure dividend points of the EURO STOXX 50 Index. Dividends as a separate asset class are becoming directly investable for the first time through this new index.”
"With the launch of the Euro STOXX 50 Dividend Points Futures Index, STOXX has brought a major innovation to the investment world, and is now able to provide investors with a privileged access on dividends as a true asset class. This new index constitutes an additional building block to investors seeking diversification and a reduced volatility,” said Isabelle Bourcier, global head of Lyxor ETF. The EURO STOXX 50 Dividend Points Futures Index replicates an investment strategy in which -- at a futures settlement date -- an equal amount of money is invested into the one, two, three, four and five year EUREX futures contracts listed on the EURO STOXX 50 Dividend Points (DVP). The investment in these contracts is fully collateralized by an investment of the index notional into the EONIA market. The interest earned from this collateralization is re-invested into the futures portfolio on a daily basis. Until the next settlement date, the index value represents the value of this portfolio of futures contracts. At the next settlement date, the shortest futures contract is settled and the portfolio is re-invested into an equal amount of one, two, three, four and five year futures contracts – the index rolls into its next stage.
The EURO STOXX 50 Dividend Points Futures Index is part of the STOXX Strategy Index family. It is based on the EURO STOXX 50 DVP, which is the first official calculation product to provide pure dividend data of the EURO STOXX 50 Index. Further information on the STOXX Strategy Indices is available at www.stoxx.com
Source: STOXX
EuroCCP Launches Clearing Service For US Equity Issues - First European Equities Clearing Service That Supports Trading Of US Securities During European Trading Hours With Settlement In DTC
April 14, 2010-- EuroCCP announced today that it has launched a new service offering central counterpary clearing of trades in US stocks and US exchange-traded funds (ETFs) to European trading firms. EuroCCP is the first European equities central counterparty (CCP) clearing US securities and settling them directly in the central securities depository in their home market of issue, The Depository Trust Company (DTC).
EuroCCP’s new service gives European trading firms their first-ever opportunity to trade US securities on a variety of pan-European platforms during European trading hours and to settle those trades in DTC. By offering a service where US securities settle directly at the US CSD, EuroCCP provides European trading firms with a more cost-effective post-trade solution.
Its clearing service for US issues allows EuroCCP to extend the efficiency, cost-saving and counterparty risk protection benefits it already provides to clients’ European-listed securities transactions to US stock and US ETF transactions. Initially, the US securities eligible for clearing through EuroCCP include approximately 100 stock issues and 50 ETFs. EuroCCP expects over time to expand the scope of eligible instruments to further equities, ETFs, and to ADRs.
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Source: EuroCCP
FESE European Equity Market Report – March 2010 Figures
April 14, 2010--The March FESE European Equity Market Report is now available.
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Source: FESE
EEX copes with financial market crisis with a dip in growth in
April 14, 2010--Sales and profit situation stable in spite of decline in trading by participants from
the financial markets – Trade volumes from energy sector increase further –
Cooperation with Powernext implemented – Structures and processes strengthened
further – Positive outlook for 2010
The financial market crisis has had a considerable impact on
the past financial year 2009 of European Energy Exchange AG (EEX). This was primarily
due to the decline in trading activities by participants from the financial market
sector on the Power Derivatives Market, which could not be fully offset by the
increased trade volumes generated by the participants from the energy sector. In spite
of these adverse effects, however, the sales and profit situation of EEX remained stable
during the financial year 2009. “EEX has generated good results even under the difficult
conditions of the past year“, Iris Weidinger, Chief Financial Officer of EEX AG,
comments.
The consistently high trust which the market, the trading participants and the partners place in the stability of the EEX exchange platform, its structures, processes and the security constituted an essential factor for the development of business which was satisfactory overall with regard to the economic situation. “
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Source: EEX
Turquoise To Launch US Equity Trading
April 14, 2010--The London Stock Exchange PLC (LSE.LN) said Wednesday that Turquoise is to expand its trading services into U.S. securities, leveraging the relationship between Euro CPP and DTCC.
-From April 23, Turquoise will offer trading in 175 of the most liquid U.S. equities, ADRs and ETFs.
-Trading will be in U.S. dollars, with clearing through Euro CCP and settlement in DTC.
-Trading service will be free for three months, with a maker-taker basis points tariff introduced thereafter.
-Shares at 0905 GMT up 1 pence, or 0.1%, at 758.5 pence valuing the company at GBP2.06 billion.
Source: ADVFN
Central bank announces exit strategy from crisis measures
April 14, 2010--The Turkish Central Bank is looking ahead to a period of strong growth and has announced plans to roll back the extraordinary measures put into place during the economic crisis of 2009.
According to an announcement by the bank released yesterday titled “Monetary Policy Exit Strategies,” the bank has set out a strategy to cope with the economic developments of the post-crisis period. The central bank’s strategy will be to pump less liquidity into the market in the coming period by cutting back on the amount of funds it provides.
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Source: Todays Zaman
Greek bonds falter again, Portugal raises two billion euros
April 14, 2010--Greece was back under pressure on Wednesday as investors demanded higher borrowing rates to take its bonds while Portugal, also facing debt problems, successfully raised two billion euros.
The turnaround for Greece was unwelcome, reversing gains made since an EU-IMF debt contingency plan was agreed Sunday even as the government got its new tax regime through parliament, a key step to improving the public finances.
The yield, or the rate of return paid on Greek 10-year benchmark bonds jumped to 7.034 percent in late trade Wednesday, up from 6.815 percent on Tuesday and 6.637 percent on Monday.
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Source: EUbiusiness
Industrial production up by 0.9% in euro area Up by 0.7% in EU27
February 2010 compared with January 2010
April 14, 2010--In February 2010 compared with January 2010, seasonally adjusted industrial production1 grew by 0.9% in the euro area2 (EA16) and by 0.7% in the EU272.
In January 20103 production increased by 1.6% and 1.7% respectively. In February 2010 compared with February 2009, industrial production increased by 4.1% in the euro area and by 3.5% in the EU27. These estimates are released by Eurostat, the statistical office of the European Union.
Monthly comparison In February 2010 compared with January 2010, production of intermediate goods increased by 1.5% in the euro area and by 1.4% in the EU27. Capital goods rose by 0.9% and 0.6% respectively. Non-durable consumer goods fell by 0.2% in the euro area and by 0.6% in the EU27. Production of energy decreased by 0.4% and 1.6% respectively. Durable consumer goods dropped by 0.6% in the euro area and by 0.2% in the EU27.
Among the Member States for which data are available, industrial production rose in seven, fell in thirteen and remained stable in France and Italy. The highest increases were registered in Slovenia (+6.4%), Luxembourg (+3.6%) and Denmark (+1.8%), and the largest falls in Bulgaria (-5.7%), Latvia (-3.0%) and Greece (-2.9%).
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Source: Eurostat
Greek bailout masks Argentine slippery slope: analysts
April 14, 2010--Europe's bailout will only stick a patch on Greek finances and do nothing for the euro's long-term health, with the slippery slope to an Argentina-style default a real concern, analysts warn.
"It all seems horribly reminiscent to those early days when Argentina slid towards a cruel collapse," said Canadian Peter Boone, a research associate at the London School of Economics, in a detailed paper that argued against International Monetary Fund support.
Money simply "gives time to politicians to understand that the situation is very serious -- and that can have very serious consequences" if leaders do not take appropriate measures, added Zsolt Darvas, a research fellow at the Bruegel Institute in Brussels.
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Source: EUbusiness
