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United Kingdom Country Analysis Brief-U.S. Energy Information Administration
September 17, 2010--Background
The United Kingdom (UK) is the largest producer of oil and second-largest producer of natural gas in the European Union (EU). After years of being a net exporter of both fuels, the UK became a net importer of natural gas and crude oil in 2004 and 2005, respectively. Production from UK oil and natural gas fields peaked in the late 1990s and has declined steadily over the past several years, as the discovery of new reserves has not kept pace with the maturation of existing fields.
In response, the government has begun a three-pronged approach to address the predicted domestic shortfalls: 1) increasing domestic production; 2) establishing necessary import infrastructure, such as liquefied natural gas (LNG) receiving terminals and transnational pipelines; and 3) investing in energy conservation and renewables.
Oil
According to Oil and Gas Journal (OGJ), the UK had 3.1 billion barrels of proven crude oil reserves in 2010, the most of any EU member country. In 2009, the UK produced 1.5 million barrels per day (bbl/d) and consumed 1.7 million bbl/d of oil.
Exploration and Production
The UK Continental Shelf (UKCS), located in the North Sea off the eastern coast of the UK, contains the bulk of the country's oil reserves. There are also sizable reserves in the North Sea north and west of the Shetland Islands. Besides these offshore assets, the UK also has the Wytch Farm field located in the Wessex Basin, the largest onshore oil field in Europe, which has produced more than 400 million barrels of oil over its 35-year life.
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Source: U.S. Energy Information Administration (EIA)
Turkey to engineer drought-resistant grain
September 17, 2010--Turkey will engage in research to produce a drought-resistant strain of grain at an agricultural research and development unit to be established in the central province of Konya next month.
The Ministry of Agriculture and Rural Affairs will launch the Drought Test Center in Konya where research on the water utilization capacity of various kinds of wheat and barley will be conducted to isolate the most drought-resistant strain, whose ability to withstand water shortages will be genetically enhanced.
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Source: Europe
Stocks to be included in ISE Stock Indices between 10/1/2010 – 12/31/2010
September 16, 2010--ISE 100, ISE 50, ISE 30 and ISE Banks 10 indices will be revised as shown in the table, for the fourth quarter of 2010 (10/1/2010 – 12/31/2010):
| Stocks to be included in ISE 100 Index | Stocks to excluded from ISE 100 Index | Substitute stocks for ISE 100 Index | ||||
| KENT GIDA KEREV?TA? GIDA MARSHALL BE??KTA? FUTBOL YATIRIMLARI | TAT KONSERVE ANADOLU HAYAT EMEKL?L?K COCA COLA ?ÇECEK GOLDA? KUYUMCULUK | BOYNER MA?AZACILIK TRABZONSPOR SPORT?F BOSCH FREN S?STEMLER? BR?SA Y ve Y GMYO | ||||
| Stocks to be included in ISE 50 Index |
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Source: Istanbul Stock Exchange (ISE)
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 10-Sep-10
September 15, 2010--Last week saw US$11.6 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in Personal & Household Goods with US$21.6 Mn and Food & Beverage with US$20.5 Mn while Insurance experienced net inflows of US$24.9 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$152.5 Mn net inflows. Media sector ETFs have seen the largest net inflows with US$202.6 Mn, followed by Banks with US$174.1 Mn while Telecommunications has experienced the largest net outflows of US$98.4 Mn YTD.
The US$9.0 Bn AUM invested in the ETFs is greater than the US$4.6 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
London Stock Exchange Group welcomes 45 Credit Suisse ETFs
New issuer for UK market
Product range expanded in Milan
Total number of London ETFs surpasses 300
September 15, 2010--45 Exchange Traded Funds (ETFs) issued by Credit Suisse have been admitted to trading across London Stock Exchange Group’s markets in the UK and Italy today. Credit Suisse has launched its London offering with 45 ETFs on the Main Market, 13 of which have also been listed on Borsa Italiana’s ETFPlus market today, expanding the firm’s existing range of products in Milan.
The products offer exposure to a wide range of benchmark indices from a variety of regions including Europe, North America, BRIC countries and other emerging markets.
Pietro Poletto, Head of Exchange Traded Products at London Stock Exchange Group, said:
“We are delighted to welcome Credit Suisse as a new issuer of ETFs on our London market today, and are pleased to accommodate the expansion of their existing product range in Milan. Europe’s exciting ETF growth story continues apace, and we are determined to continue leading it. Together, London Stock Exchange Group’s UK and Italian markets compose the largest ETF exchange in Europe by volume.”
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Source: London Stock Exchange
ETFs and ETPs Update August 2010 -London Stock Exchange
September 15, 2010--Year on year, value traded in the ETF & ETP market has been growing. This August we have seen a 38% increase from August 2009.
Credit Suisse, a new ETF issuer on the London Stock Exchange, has launched 45 ETFs on the Main Market, 13 of which have also been listed on Borsa Italiana.
HSBC and iShares have also expanded their ETF offering on the Main Market. HSBC launched its 'MSCI Pacific Ex Japan' ETF and iShares launched its 'Markit IBOXX EUR High Yield' ETF.
There are now 633 ETF & ETP offerings on the London Stock Exchange.
view ETFs and ETPs statistics for Aug 2010
Source: Lomdon Stock Exchange
Making derivatives markets in Europe safer and more transparent
September 15, 2010--As part of its ongoing work in creating a sounder financial system, the European Commission has tabled today a proposal for a regulation aimed at bringing more safety and more transparency to the over-the-counter (OTC) derivatives market. In its draft regulation, the Commission proposes that information on OTC derivative contracts should be reported to trade repositories and be accessible to supervisory authorities. More information will also be made available to all market participants. The Commission also proposes that standard OTC derivative contracts be cleared through central counterparties (CCPs). This will reduce counterparty credit risk, i.e. the risk that one party to the contract defaults. The Commission's proposal, fully in line with the EU's G20 commitments and the approach adopted by the United States, now passes to the European Parliament and the EU Member States for consideration. Once adopted, the regulation would apply from end 2012.
Michel Barnier, Commissioner for Internal Market and Services said: "No financial market can afford to remain a Wild West territory. OTC derivatives have a big impact on the real economy: from mortgages to food prices. The absence of any regulatory framework for OTC derivatives contributed to the financial crisis and the tremendous consequences we are all suffering from. Today, we are proposing rules which will bring more transparency and responsibility to derivatives markets. So we know who is doing what, and who owes what to whom. As well as taking action so that single failures do not destabilise the whole financial system, as was the case with Lehman's collapse.
Key elements of the proposal:
Greater transparency: Currently, reporting of OTC derivatives is not mandatory. As a result, policy makers, regulators but also market participants do not have a clear overview of what is going on in the market. Under the Commission's proposal, trades in OTC derivatives in the EU will have to be reported to central data centres, known as trade repositories. Regulators in the EU will have access to these repositories, enabling them to have a better overview of who owes what and to whom and to detect any potential problems, such as accumulation of risk, early on. Meanwhile, the new European Securities and Markets Authority (ESMA) will be responsible for the surveillance of trade repositories and for granting / withdrawing their registration. In addition, trade repositories will have to publish aggregate positions by class of derivatives to give all market participants a clearer view of the OTC derivatives market.
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Source: Europa
New framework to increase transparency and ensure coordination for short selling and Credit Default Swaps
September 15, 2010--The European Commission today adopted a proposal for a regulation on short selling and certain aspects of Credit Default Swaps (CDS). Its main objectives are to create a harmonised framework for coordinated action at European level, increase transparency and reduce risks. The new framework will mean regulators – national and European - have clear powers to act when necessary, whilst preventing market fragmentation and ensuring the smooth functioning of the internal market.
Internal Market and Services Commissioner Michel Barnier said: "In normal times, short selling enhances market liquidity and contributes to efficient pricing. But in distressed markets, short selling can amplify price falls, leading to disorderly markets and systemic risks. Today’s proposal will increase transparency for regulators and markets, and make it easier for regulators to detect risk in sovereign debt markets.
Regulators will also gain clear powers to restrict or ban short selling in exceptional situations, in coordination with the new European Securities and Markets Authority (ESMA). Today's proposals are a further step towards greater financial stability in Europe."
Short selling is the sale of a security the seller does not own with the intention of buying it back at a later point in time in order to deliver it. Naked short selling is where the seller has not borrowed the securities, or ensured they can be borrowed before settlement prior to the short sale. It can lead to specific risks of settlement failure (i.e. not completing the transaction). Since the onset of the financial crisis, many Member States have taken actions to suspend or ban short-selling. Uncoordinated actions can be less effective and lead to difficulties on the market, including impacting on investor confidence.
Greater transparency
At present, there is little reliable information available on short selling: it is difficult for market participants and regulators to know which securities are being traded "short" and their overall significance. Today’s proposal enhances transparency by requiring that all share orders on trading venues be marked as 'short' (so-called "flagging") if they involve a short sale, so that regulators know which transactions are short. In addition, investors will have to disclose significant net short positions in shares to regulators at one threshold (0.2% of issued share capital), and to the market at a higher threshold (0.5%). These measures will mean market participants are better informed whilst allowing regulators to monitor markets and detect developing risk. Concerning sovereign bonds, regulators will be better able to detect possible risks to the stability of sovereign debt markets by receiving data on short positions, including those obtained through sovereign Credit Default Swaps (a derivative sometimes regarded as a form of insurance against the risk of default).
view REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on Short Selling and certain aspects of Credit Default Swaps
Source: Europa
August 2010 Euro area annual inflation down to 1.6% EU down to 2.0% [Rapid]
September 15, 2010--Euro area1 annual inflation was 1.6% in August 20102, down from 1.7% in July. A year earlier the rate was -0.2%. Monthly inflation was 0.2% in August 2010.
EU3 annual inflation was 2.0% in August 2010, down from 2.1% in July. A year earlier the rate was 0.6%. Monthly inflation was 0.2% in August 2010.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States
In August 2010, the lowest annual rates were observed in Ireland (-1.2%), Latvia (-0.4%) and Germany (1.0%), and the highest in Romania (7.6%), Greece (5.6%) and Hungary (3.6%). Compared with July 2010, annual inflation rose in ten, remained stable in nine and fell in eight Member States.
The lowest 12-month averages4 up to August 2010 were registered in Ireland (-2.3%), Latvia (-2.0%), Portugal and Slovakia (both 0.3%), and the highest in Hungary and Romania (both 5.0%) and Greece (3.5%).
Euro area
The main components with the highest annual rates in August 2010 were alcohol & tobacco and transport (both 3.3%) and housing (2.6%), while the lowest annual rates were observed for communications (-0.5%), recreation & culture (-0.1%) and clothing (0.2%). Concerning the detailed sub-indices, fuels for transport (+0.31 percentage points), heating oil (+0.13) and vegetables (+0.08) had the largest upward impacts on the headline rate, while garments (-0.08) and telecommunications (-0.07) had the biggest downward impacts.
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Source: Eurostat
Proposal for a Regulation on Short Selling and Credit Default Swaps - Frequently asked questions
September 15, 2010--What is short selling?
Short selling is the sale of a security that the seller does not own, with the intention of buying back an identical security at a later point in time in order to be able to deliver the security. Short selling can be divided into two types:
1."Covered" short selling is where the seller has borrowed the securities, or made arrangements to ensure they can be borrowed, before the short sale.
2."Naked" or "uncovered" short selling is where the seller has not borrowed the securities at the time of the short sale, or ensured they can be borrowed.
Who engages in short selling and why?
Short selling is used by a variety of market participants including hedge funds, traditional fund managers such as pension funds and insurance companies, investment banks, market makers and individual investors. Short selling can be used for the following reasons:
for speculative purposes (e.g. to profit from the expected decline of a share price);
to hedge a long position (e.g. to limit losses in comparable shares in which a long position is held);
for arbitrage (e.g. to profit from the difference in price between two different but inter-related shares); and
for market making (e.g. to meet customer demand for shares which are not immediately available).
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Source: Europa
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