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FSA scrutiny comes under the spotlight
June 5, 2012--To cast about for the right person for six months and then find the answer in the mirror is hard to square with the definition of a wide-ranging search. So the appointment of Paul Manduca as chairman of Prudential has revived claims that the financial services sector is too insular in making senior appointments.
Financial services companies are not alone in seeking non-executive directors with specialist knowledge of the sector in which they will wield great influence.
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Source: FT.com
Boerse Stuttgart generates turnover of around EUR 7.6 billion in May
Increases in securitised derivatives, debt instruments and investment funds // High trading volumes in German government bonds ('Bunds') and corporate bonds
June 4, 2012--According to its order book statistics, Boerse Stuttgart generated turnover of around EUR 7.6 billion in May 2012. The trading volume was about 16 percent higher than in April.
With more than EUR 3.7 billion, securitised derivatives accounted for the largest part of the total turnover in May. So this asset class grew by more than 11 percent in comparison with the previous month. Investment products accounted for more than EUR 1.9 billion of the total turnover, while leverage products contributed just under EUR 1.8 billion.
Turnover in debt instruments in May was almost 25 percent higher than in the previous month, at more than EUR 2.3 billion. Corporate bonds accounted for more than EUR 1 billion of this figure. The largest growth was in German government bonds (‘Bunds’), which attracted particular interest from investors because of the continuing sovereign debt crisis. Turnover returned to a more normal level at around EUR 681 million, more than 88 percent higher than in April.
Turnover in equity trading amounted to EUR 793 million. German equities accounted for the largest share of the transactions volume, at EUR 618 million.
visit https://www.boerse-stuttgart.de/en/ for more info.
Source: Boerse Stuttgart
Semi-annual review of OMX Copenhagen 20 Index
June 4, 2012--The NASDAQ OMX Group, Inc. announced today the result of the semi-annual review of the OMX Copenhagen 20 Index (OMXC20), which will become effective with the market open on Monday June 18, 2012.
NASDAQ OMX reports the following changes in the OMXC20 Index portfolio:
Pandora A/S will enter and Sydbank will exit the portfolio.
The OMXC20 index is the leading Danish tradable index and consists of the 20 largest and most actively traded shares on the Copenhagen Stock Exchange.
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Source: OMX AB
NASDAQ OMX Nordic to offer trading in all Norwegian shares
Enables trading of all Nordic shares on one technical platform
June 4, 2012--NASDAQ OMX Nordic today announced the plan to broaden
its Norwegian shares trading and routing offering, by enabling its members to trade all shares listed on Oslo Børs on NASDAQ OMX Stockholm AB.
To complement the trading offering, NASDAQ OMX Stockholm is planning to introduce a new routing strategy enabling access to Oslo Børs opening and closing auctions, as
well as enabling posting of orders on Oslo Børs. The timeline of the plan is
set to September 2012 and is subject to regulatory consent.
In 2009 NASDAQ OMX Stockholm introduced trading of the most liquid Norwegian shares. The offering has been very successful. NASDAQ OMX has gained around ten percent market share of all shares listed on Oslo Børs, making NASDAQ OMX the only regulated stock exchange in Europe that has had real success in competing on a foreign market.
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Source: OMX AB
'One in three' chance Greece quits eurozone: S&P
June 4, 2012--International ratings agency Standard & Poor's said Monday there was a one in three chance that Greece will leave the eurozone in the months following June 17 polls.
"We believe there is at least a one in three chance of Greece exiting the eurozone in the coming months," if, for example, it were to reject the austerity measures and reforms agreed to in exchange for a massive EU-IMF bailout, SP said.
Turning its back on the deal could lead to "a consequent suspension of external financial support," it said.
"Such an outcome would, in our view, seriously damage Greece's economy and fiscal position in the medium term and most likely lead to another Greek sovereign default."
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Source: EUbusiness
Moody's lowers Greek rating on fears of euro exit
June 2, 2012--Moody's rating agency late Friday said it was lowering Greece's highest possible credit rating because there was an increased risk that the country would exit the euro zone.
Moody's said it "has lowered its assessment of the highest rating that can be assigned to a domestic debt issuer in Greece to Caa2 based on the increasing risk of a exit by the country from the euro area."
The highest rating "on any Greek security is currently B1, which is rating assigned to certain covered bonds. Any rating actions taken as a result of the new ceiling will be released during the coming week."
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Source: EUbusiness
Component Change Made In Euro STOXX 50, STOXX EUROPE 50 And STOXX North America 50 Indices
Changes are due to fast entry and fast exit rules
June 1, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced component changes in the EURO STOXX 50 and STOXX Europe 50 indices due to the fast entry rule; as well as changes to the STOXX North America 50 Index due to the fast exit rule.
Changes in the European indices will become effective with the open of markets on June 18th,
2012, and with the open of markets on June 8th, 2012 for the STOXX North America 50 Index.
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Source: STOXX
Northern Trust Monthly Funds Market Review
June 1, 2012--Northern Trust named Best Service Provider of ETFs in Europe
Irish Funds Industry Association to open office in Hong Kong
Luxembourg aiming to implement AIFMD by end of year
French withholding tax ruling could lead to fund manager rebates
US regulators confident more countries will join multilateral FATCA agreement
IRISH FUND HIGHLIGHTS
The Irish Funds Industry Association (IFIA) is to open a representative office in Hong Kong to assist local fund houses keen to establish an offshore presence. So reports Asset Servicing Times. Pat Lardner, the new chief executive of the Irish fund industry body, announced the plans at Fund Forum Asia. He said the new office would be headed up by Conor O’Mara, chairman of the Irish Chamber of Commerce (ICC) in Hong Kong, as part of a joint initiative between IFIA and the ICC. Ignites Europe 1 May
LUXEMBOURG FUND HIGHLIGHTS
Luxembourg aims to implement the alternative investment fund managers (AIFM) directive by the end of the year, in an effort to have a first-mover advantage over other fund domiciles. The Grand Duchy is setting out to become the first EU member state to transpose the directive, a move it hopes will help it replicate the success it has enjoyed with UCITS. Speaking last week at a London conference organised by Luxembourg fund association ALFI, Luc Frieden, Luxembourg's minister of finance, told delegates that "the implementation of AIFMD [was] imminent". Financial Times 28 May
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Source: Northern Trust
94 billion euros turnover on Xetra in May
June 1, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €99.0 billion in May - a decrease by 27 percent year-on-year (May 2011: €136.5 billion).
Of the €99.0 billion, €94.1 billion were attributable to Xetra – a decrease by 28 percent y-o-y (May 2011: €130.8 billion). €4.8 billion were attributable to the Xetra Frankfurt specialist trading, an 15 percent decrease y-o-y (May 2011: €5.6 billion). Order book turnover on Tradegate Exchange* totalled approximately €2.3 billion in May.
In equities, turnover reached €82.9 billion on Deutsche Börse’s cash markets (Xetra: €81.2 billion, Xetra Frankfurt specialist trading: €1.6 billion). Turnover in bonds was €1.8 billion, and in structured products on Scoach €1.8 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €12.1 billion.
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Source: Deutsche Boerse
Germany welcomes Irish 'yes' to EU fiscal pact
June 1, 2012--German Foreign Minister Guido Westerwelle on Friday welcomed Ireland's backing for a new European Union fiscal pact as a vote for "stability, growth and solidarity in Europe".
Westerwelle said the positive result of Thursday's referendum sent the right message to the rest of the bloc.
"The Irish people have voted for stability, growth and solidarity in Europe -- that is good for Ireland and for all of us in Europe," he said in a statement.
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Source: EUbusiness
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