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Boerse Stuttgart aims for strategic growth in Germany and abroad
Germany’s Minister of Finance, Dr Wolfgang Schäuble, congratulates the Stock Exchange and in his speech he underlines the importance of Europe’s single currency
March 1, 2011--Boerse Stuttgart marked its 150th anniversary on this date with a celebration at the Liederhalle Culture and Convention Centre in Stuttgart.
Addressing the around 500 guests in his opening speech, Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH, laid out Boerse Stuttgart’s strategic ambitions: to build further on its existing position as Germany’s biggest exchange for retail investors and as Europe’s leading specialist stock exchange for securitised derivatives.
The event was attended by prominent figures from business and politics, and the list of speakers included Wolfgang Schäuble, the Federal Minister of Finance, and Ernst Pfister, Minister of Economic Affairs of the Federal State of Baden-Württemberg.
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Source: Boerse Stuttgart
ETFs face clampdown if risks are not spelt out, warns FSA
March 1, 2011--The Financial Services Authority (FSA) has warned it could stamp down on the proliferation of exchange-traded funds (ETFs) if more is not done to inform consumers of the risks of investing in the products.
The City regulator expressed concerns about consumers' understanding of the products, as well as the quality of marketing and whether it fully reflected the investment risks.
The warning, in the FSA's annual retail risk report, comes amid growing concern about the complexity of some ETFs. An ETF is a security that tracks an index, commodity or basket of assets but trades in the same way as a share. ETFs have become popular tools for retail investors to gain exposure to commodities or other assets they would not otherwise have easy access to.
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Source: The Telegraph
Average daily volume of 10.3 million contracts at Eurex Group in February
Eurex Repo continues to grow in all markets
March 1, 2011-- In February 2011, the international derivatives exchanges of Eurex Group recorded an average daily volume of 10.3 million contracts (Feb 2010: 10.6 million). Of those, 7.1 million were Eurex contracts (Feb 2010: 7.45 million), and 3.2 million contracts (Feb 2010: 3.15 million) were traded at the U.S.-based International Securities Exchange (ISE). In total, 142.1 million contracts were traded at Eurex and 61.0 million at the ISE.
In its largest product segment – equity index derivatives – Eurex Exchange achieved 58.4 million contracts (Feb 2010: 67.1 million), thereof 28.1 million were index futures and 30.3 million were index options. Futures on the EURO STOXX 50 Index stood at 23.9 million contracts and 23.6 million on the options of this index. Futures on the DAX index totaled 2.6 million contracts while the DAX options reached another 5.5 million contracts.
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Source: Eurex
Turnover on Xetra grows by 9 percent in February
Number of transactions up 23 percent
March 1, 2011-- Order book turnover on Xetra and on the trading floor of the Frankfurt Stock Exchange stood at €112.7 billion in February – a rise of 9 percent year-on-year (February 2010: €103.1 billion). Of the €112.7 billion, €105.5 billion was attributable to Xetra which registered growth of 9 percent y-o-y (February 2010: €97.0 billion). €7.3 billion was attributable to floor trading in Frankfurt, an increase of 19 percent y-o-y (February 2010: €6.1 billion).
Order book turnover on Tradegate Exchange totalled €2.3 billion in February, making it 126 percent higher y-o-y (February 2010: €1.0 billion).
In equities, turnover reached €95.3 billion on Deutsche Börse’s cash markets (Xetra: €92.2 billion, Frankfurt trading floor: €3.1 billion). Turnover in bonds was €2.1 billion, and in structured products €2.4 billion (including Scoach). Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €12.8 billion.
A total of 17.6 million transactions were executed on Xetra in February, a growth of 23 percent y-o-y (February 2010: 14.3 million).
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Source: Deutsche Börse
EU interim forecast: Recovery gaining ground
March 1, 2011--The economic recovery in the EU continues to make headway. After a strong performance in the first half of 2010, real GDP growth for both the EU and the euro area slowed down in the second half. The deceleration was expected and in line with the soft patch in global growth and trade that reflected the withdrawal of stimulus measures. Looking ahead, real GDP growth in 2011 is now forecast at 1.8% in the EU and 1.6% in the euro area, a slight upward revision compared to the autumn forecast. The improved outlook is supported by better prospects for the global economy and strong EU business sentiment. The recovery is expected to become more balanced towards domestic demand. Uncertainty remains high and developments across countries are uneven. The Commission's inflation forecast for 2011 has been revised up as compared to the autumn due mainly to higher energy and commodity prices. It now stands at 2.5% in the EU and 2.2% in the euro area.
EU Economic and Monetary Affairs Commissioner, Olli Rehn said: "After a slowdown of growth in the second half of last year, the EU economic recovery is expected to gain further ground this year. While exports should continue supporting the recovery, a rebalancing of growth towards domestic demand is expected for 2011, resulting in more sustainable growth. However, the recovery remains uneven and many Member States are going through a difficult phase of adjustment. Moreover, despite the recent relative calm in the financial markets, the situation has not yet fully normalised. Ensuring a stronger recovery calls for an agreement on an ambitious agenda of fiscal consolidation and structural reforms, as outlined in Commission's Annual Growth Survey".
Growth forecast for the EU and euro area slightly revised up
Reflecting better prospects for the global economy and upbeat sentiment in the EU, real GDP is forecast to grow by 1.8% in the EU and 1.6% in the euro area in 2011. This represents an upward revision of 0.1 pp. in both regions compared to the autumn forecast of 29 November 2010. This aggregate picture is based on updated projections for France, Germany, Italy, the Netherlands, Poland, Spain and the United Kingdom, which together account for about 80% of EU GDP. At the disaggregate level, developments remain uneven across Member States. In the euro area, Germany is expected to lead the recovery, with GDP growth projected at 2.4%, followed by France (1.7%), while Spain's recovery remains muted (0.8%). Outside the euro area, growth in Poland and the UK is respectively projected at 4.1% and 2.0%.
After a buoyant recovery in the first half of last year, the global economy went through a soft patch in the third quarter, but activity rebounded in the last quarter of 2010. Leading indicators suggest a continuation of expansion of activity. Global GDP (excl. EU) is therefore projected to grow by some 4¾% in 2011, a ¼ pp. more than expected in the autumn forecast.
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Source: Europa
Eurozone 2011 growth revised up to 1.6%
March 1, 2011--The eurozone's economy will grow by 1.6 percent this year but the recovery will remain uneven within the 17-nation single currency area, the European Commission forecast on Tuesday.
The EU's executive arm, which late last year forecast 2011 growth of 1.5 percent, said the improved outlook was supported by "better prospects for the global economy and upbeat EU business sentiment."
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Source: EUbusiness
Flash estimate - February 2011-Euro area inflation estimated at 2.4%
March 1, 2011--Euro area1 annual inflation2 is expected to be 2.4% in February 2011 according to a flash estimate issued by Eurostat, the statistical office of the European Union. It was 2.3% in January 20113.
Computation of flash estimates
Euro area inflation is measured by the Monetary Union Index of Consumer Prices (MUICP). To compute the MUICP flash estimates, Eurostat uses early price information relating to the reference month from Member States for which data are available4 as well as early information about energy prices.
The flash estimation procedure for the MUICP combines historical information with partial information on price developments in the most recent months to give a total index for the euro area. No detailed breakdown is available. Experience has shown the procedure to be reliable (20 times exactly anticipating the inflation rate and 4 times differing by 0.1 over the last two years). Further information can be found in Eurostat News Release 113/2001 of 5 November 2001.
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Source: Eurostat
iShares launches first Sustainable ETFs on the LSE
Global and European Sustainability Screened funds offer investors precise access to ‘best-in-class’ sustainable companies
February 28, 2011--iShares, the Exchange Traded Funds (ETF) platform of BlackRock, Inc. (NYSE: BLK), today launched two sustainable equity ETFs on the London Stock Exchange in response to demand for funds which invest according to environmental, social and governance
criteria.
The iShares Dow Jones Global Sustainability Screened fund and the iShares Dow Jones Europe Sustainability Screened fund are physically backed products and the first London listed ETFs to offer regional access to the sustainable sector.
The Dow Jones indexes family uses a best-in-class approach for selecting companies that are performing best against sustainable criteria based on the Sustainable Asset Management‘s (SAM) Corporate Sustainability Assessment. This assessment analyses the world’s largest companies based on economic, environmental and social criteria, with a focus on industrys pecific criteria. Additionally, there is an element of negative screening, choosing to exclude companies with involvement in alcohol, tobacco, gambling, armaments & firearms and adult entertainment.
The selection process allows iShares investors cost efficient and liquid access to best in class European and Global companies which operate in a sustainable manner.
Axel Lomholt, Head of Product Development for iShares EMEA, commented: “We have seen growing demand from clients for ways in which they can incorporate environmental, social and governance considerations into their investments. Sustainable responsible investing is a fast growing market, with €5 trillion in assets under management in Europe at the end of 2009, an increase of 87% on 2007.1
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Source: BlackRock
FSA publishes first Retail Conduct Risk Outlook
February 28, 2011--The Financial Services Authority (FSA) has today published its first Retail Conduct Risk Outlook (RCRO), which examines how a range of current, emerging and potential risks could impact customers.
The RCRO is a key component in the FSA’s consumer protection strategy to identify risks earlier, proactively intervene earlier in the product chain and prevent consumer detriment.
The report’s analysis of current and upcoming risks informs how the FSA will set its priorities and deploy its resources. These will be outlined in the FSA’s Business Plan, next month.
view the Retail Conduct Risk Outlook 2011
Source: FSA.gov.uk
EEX establishes separate Settlement of EUA Primary Market
February 28, 2011--From 1 March 2011 the clearing house of the European
Energy Exchange AG (EEX), European Commodity Clearing AG (ECC), will carry out the settlement of transactions in European emission allowances (EUA) separately for transactions from the Primary Market Auction and the Secondary Market to provide for
a clear proof of origin.
To this end, ECC will establish two internal delivery accounts for every trading participant licensed for trading in EUA. The clearing house exclusively uses the first delivery
account for the emission allowances acquired in the Primary Market Auction, while the second delivery account is used for transactions resulting from trading on the Secondary Market.
In the past, the EUA auctioned off by the German federal government were specifically marked by ECC so that every trading participant really received “new“ EUA in a requested delivery to its register account. The separation of the delivery accounts now enables the trading participant to effect separate administration and independent inventory management for the EUA acquired through different channels.
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Source: EEX
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