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BM&FBOVESPA Will Launch Tomorrow Office Of Representation In London
November 5, 2009-The Brazilian Securities, Commodities and Futures Exchange – BM&FBOVESPA is setting up a representative office in London. The objective of the office is to promote the Brazilian equities and derivatives markets in Europe, Africa, and the Middle East. Besides the new office in the British capital, the Exchange also has representative offices in New York and Shanghai.
In order to commemorate the new office, BM&FBOVESPA will host a luncheon, tomorrow, November 6, at 12 p.m., at the Mansion House, the official residence of the Lord Mayor of the City of London. Among the Brazilian and British dignitaries attending the event will be BM&FBOVESPA’s CEO, Edemir Pinto; the president of Brazil’s Central Bank, Henrique Meirelles; and the president of the Brazilian Development Bank - BNDES, Luciano Coutinho. During the event, Brazilian economist, Eduardo Loyo, will present a lecture on “Investment opportunities in Brazil”. The event will also celebrate the launching of the new BNDES subsidiary in London.
Source: BM&FBOVESPA
BNP sees benefits of Fortis purchase
November 5, 2009--A strong rebound in investment banking profits drove better-than-expected third- quarter results at BNP Paribas yesterday, as France's biggest bank reaped the benefits from its recent acquisition of Fortis bank.
BNP Paribas reported net profit of €1.3bn ($1.9bn) in the three months to the end of September - up 45 per cent on the same quarter last year - of which €277m was contributed by the core of Fortis, the Belgian bank acquired earlier this year.
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Source: FT.com
Pension insurance deficit doubles
November 5, 2009--The deficit at the nation’s pension insurance fund roughly doubled in the year to the end of March as a wave of insolvencies led to a rise in claims on the fund.
The Pension Protection Fund, the government-sponsored, employer-financed body that insures the pension promises of insolvent companies, said that its deficit for the year to March 31 rose from £517m to £1.2bn ($857m to $1.9bn), with £1.3bn in new claims adding to the shortfall.
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Source: FT.com
DB Index Research -- Weekly ETF Reports -- Europe
November 4, 2009-Highlights
Highlights
ETF Volume
Exchange based Equity ETF turnover rose by 6% on the previous week. Daily turnover for the previous week was E1.5bn. European fixed income ETF turnover rose by 2.2% to E184.6m, with money market ETFs continuing to be the main focus.
In exchange based bond ETFs, db x-trackers II EONIA TR Index ETF has the highest daily turnover of E19.63m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E80.07m.
There were 7 listings in the last week. db x-trackers cross listed 7 ETFs on Borsa Italiana.
European Style ETFs, led by short and leveraged products, kept its position as the leading product area with total turnover of E439m accounting for 29.89% of total ETF turnover, followed by European Regional ETFs with total turnover of E394m with 26.82% of total turnover. The DAX ETFs remain the dominant country products with total average daily volume of E210m across the nine listed products and accounting for 14.3% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 14.3% of turnover trading E210m per day with liquidity split across 26 ETFs and 42 different listings on 9 exchanges.
Market Share
The Deutsche Borse XTF platform has the largest market share with 37.2% of total turnover. The Euronext NextTrack platform has 21.7% market share. The LSE’s combined Italian Exchange and London market share is now 26.0%.
Assets under Management (AUM)
Total European Equity related AUM declined by 2.6% to E98.2bn during last week. AUM for DJ Euro STOXX 50 ETFs was E18.8bn accounting for 19.2% of total European AUM. Fixed Income ETF AUM remained at about the same level at E34bn.
Overall, the largest ETF by AUM was the Equity based ETF, Lyxor ETF DJ Euro STOXX 50 with AUM of E4.7bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.2bn.
To request a copy of the report click here
Source: Aram Flores and Shan Lan -DB Index Research
ETF Securities to launch world's largest Exchange Traded Currency platform
18 Currency ETCs providing long or short exposure to G-10 currencies
• Includes exposure to local interest rates
• Fully collateralised
• Exposure to world's most liquid asset class which has outperformed equities over 1yr, 3yrs and 5yrs
November 4, 2009--ETF Securities (ETFS), the global pioneer in Exchange Traded
Commodities (Commodity ETCs) and 3rd generation Exchange Traded Funds (ETFs) is planning
to launch the world’s largest and Europe’s first Exchange Traded Currency (Currency ETCs)
platform with trading expected to begin next week.
Currencies are the most liquid asset class
with over $3.2 trillion of trading each day yet it is one of the last asset classes to be packaged
in the form of an exchange traded product. ETF Securities is a pioneer of ETCs having
launched the world’s first Commodity ETC platform in Europe between 2003 and 2006 and
which now has accumulated over $15 billion in assets and recent trading of approximately
$1.4 billion per week.
Initially, 18 Currency ETCs will be listed on the London Stock Exchange (LSE) which will track recently launched MSFX Currency IndicesSM. The initial Currency ETCs provide long or short passive exposure to G10 currencies versus the US Dollar and include AUD, CAD, CHF, EUR, GBP, NOK, NZK, SEK and YEN. The ETCs also provide exposure to local interest rates in addition to FX movements between the relevant Currency and US Dollars. The new Currency ETCs will be fully collateralised in order to mitigate counter-party risk and will be listed in the ETC segment of the LSE.
| Long Currency ETCs | LSE Code |
| ETFS Long AUD Short USD | LAUD |
| ETFS Long GBP Short USD | LGBP |
| ETFS Long CAD Short USD | LCAD |
| ETFS Long EUR Short USD | LEUR |
| ETFS Long JPY Short USD | LJPY |
| ETFS Long NZD Short USD | LNZD |
| ETFS Long NOK Short USD | LNOK |
| ETFS Long SEK Short USD | LSEK |
| ETFS Long CHF Short USD | LCHF |
| Short Currency ETCs | LSE Code |
| ETFS Short AUD Long USD | SAD |
| ETFS Short GBP Long USD | SGBP |
| ETFS Short CAD Long USD | SCAD |
| ETFS Short EUR Long USD | SEUR |
| ETFS Short JPY Long USD | SJPY |
| ETFS Short NZD Long USD | SNZD |
| ETFS Short NOK Long USD | SNOK |
| ETFS Short SEK Long USD | SSEK |
| ETFS Short CHF Long USD | SCHF |
Currency ETCs are intended for investors wishing to diversify their portfolio through the addition of a new asset class which has a low correlation with equities and bonds, or for those investors wanting to take advantage of tactical or strategic macro opportunities using the foreign exchange market. The table below shows that the returns of most major market currencies versus the US Dollar outperformed equities, bonds and real estate with lower volatility. For example, the MSFX Long AUD Index outperformed UK equities by 13.4, 55.4 and 37.2 percentage points over one, three and five years respectively with approximately 5% per annum of the total return over the five year period due to local Australian interest rates which have been incorporated into the MSFX Currency Index.
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Source: ETF Securities (ETFS)
Euro-Parliament nod for free emissions permits
November 4, 2009-The European Parliament's environment committee on Wednesday approved a list of 164 industrial sectors that will win free carbon emissions permits for the next five years if no global deal on climate change is negotiated next month.
Members of the powerful committee voted 39 for and 19 against, with one abstention, the parliament said.
A European Union action plan adopted in December 2008 to fight global warming places serious constraints on industry, which must reduce harmful carbon dioxide emissions by 21 percent from 2005 levels by 2020.
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Source: EU Business
ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 30-Oct-09
November 4, 2009--Highlights
Last week saw US$35.3 Mn net outflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Retail with US$17.2 Mn and Food & Beverage with US$12.5 Mn while Banks experienced net outflows of US$37.2 Mn.
Year-to-date, Basic Resources has been the most popular sector with US$411.2 Mn net new assets, followed by Banks with US$351.6 Mn net inflows. Financial Services sector ETFs have been the least popular with US$28.3 Mn net outflows YTD.
Visit Barclays Global for more information.
Source: ETF Research and Implementation Strategy, BGI
UK official holdings of International Reserves
November 4, 2009--Part I: UK Government Foreign Currency Assets and Liabilities
October 2009 1. UK Government’s net reserves rose by $555 million in October 2009, bringing the end-October total to $32,580 million (£19,772 million1) compared with $32,025 million (£20,048 million2) at end-September 2009.
Part II: Bank of England Foreign Currency Assets and Liabilities – October 2009.
1. Bank of England’s net holdings of foreign currency and gold fell by $3 million in October 2009 bringing the end-October total to -$1 million (£606,8701) compared with $1 million (£626,0172) at end-September 2009.
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Source: HM Treasury
Michael Foot publishes final report-independent review of British offshore financial centre
November 4, 2009-Michael Foot has today published his independent review of British offshore financial centres.
Michael Foot was asked by the Chancellor of the Exchequer to conduct a review of the long-term opportunities and challenges facing the British Crown Dependencies (CDs) and Overseas Territories (OTs) as financial centres.
The report covers a number of important areas that impact on the future sustainability of these jurisdictions and sets out a series of robust and sensible standards that Crown Dependencies and Overseas Territories will be expected to meet.
The report clearly states that British offshore financial centres must ensure they meet international standards on tax information exchange, financial regulation, anti-money laundering and countering the financing of terrorism, as well as ensuring, they put their public that finances on a firmer footing by diversifying their tax bases.
Financial Secretary to the Treasury, Stephen Timms said:
“I welcome Michael Foot’s report which comes amidst a real step change in the international determination to tackle tax and regulatory havens under the UK’s leadership of the G20.
This report sends a strong signal to overseas financial centres that they must ensure that they have the correct regulation and supervision in place, while also ensuring their tax bases are more diverse and sustainable to withstand economic shocks – this is essential to their long term stability”
Minister for the Overseas Territories, Chris Bryant said:
"I welcome Michael Foot's balanced and intelligent report. I have argued for some time that the Overseas Territories need to have robust governance of financial institutions, transparency in financial systems, proper regulation of off-shore financial services and a broader tax base.
The Overseas Territories have made substantial progress, especially in relation to financial transparency. I shall be working closely with the governments and governors to ensure that these recommendations are taken forward. There is still work to be done, but the Overseas Territories play a unique - and uniquely British - role, which I want to protect. "
Lord Bach, Ministry of Justice Minister for the Crown Dependencies:
“I welcome the publication of this considered and helpful review. As it recognises, the Crown Dependencies have much to be proud of in terms of meeting high international standards.
This is, however, a fast changing and increasingly complex financial environment. The report is clear that there is no room for complacency and we are confident that the Crown Dependencies will continue to lead the way in terms of meeting new standards as they evolve”
Source: HM Treasury
SocGen continues gradual recovery
November 4, 2009--Société Générale on Wednesday lowered its profit outlook in the light of the toughening regulatory environment, as it reported net profits for the three months to the end of September of €426m, continuing its gradual recovery from loss-making territory early this year.
Didier Valet, finance director of France’s number three bank, said: “As we await a definitive regulatory outcome [on global capital requirements], a return on equity of around 15 per cent looks more achievable than previous targets.”
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Source: FT.com
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