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European Commission Pushing For “Bad Policy” On Short Selling And Credit Default Swaps, Warns London MEP
December 7, 2010--A leaked report from the European Commission has highlighted the “efficiency of CDS markets in sovereign debt” and praises credit default swaps for keeping national bond yields low. The leaked document even says that CDS has benefited Greece by providing it with added liquidity.
This paper is at odds with the European Commission's current draft regulation which imposes restrictions and reporting requirements on sovereign CDS.
Commenting on the leaked reported Syed Kamall, Conservative MEP for London who is the key ECR Group negotiator in the European Parliament for the Short Selling Regulation, is “concerned that the Commission has not considered the findings of its own paper when drafting its Regulation on Short Selling and Credit Default Swaps” and even worse, the Commission never made its research public.
Syed Kamall MEP for London said:
"It is hardly surprising that the European Commission kept a tight lid on this paper - it goes against its own legislation. In a nutshell, the paper says that restrictions on credit default swaps of sovereign bonds is bad policy. Yet this is exactly what the Commission regulation is pushing for.
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Source: Mondovisione
Summary Report On Copper Markets By Sucden Financial
December 7, 2010-A summary report, produced in November by LME Category 1 broker Sucden Financial, shows the fundamentals of copper markets, including global statistics on production and consumption and estimates of change for 2011.
<view report
Source: Mondovisione
First Exchange-Traded Funds Backed by Industrial Metals Will Start Dec. 10
December 7 2010--ETF Securities Ltd., whose managers started the world’s first gold-backed exchange-traded product, said it will list similar funds holding copper, nickel and tin on the London Stock Exchange on Dec. 10.
Other ETPs backed by aluminum, lead and zinc will be introduced next year, the Jersey, Channel Islands-based company said in an e-mailed statement today. The first three funds will be denominated in dollars and carry a management expense ratio of 0.69 percent, it said. A seventh fund will track all six metals.
“They give investors, for the first time, direct access to the physical metals market,” ETF Securities Chairman Graham Tuckwell said in the statement. “Investors are increasingly looking at hard assets as a way to hedge against growing concerns about sovereign risk, currency debasement and potential inflation.”
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Source: Bloomberg
Natixis to launch SRI ‘conviction’ funds in pursuit of sustainable alpha
French manager also adds dedicated emerging markets fund to climate change range.
December 7, 2010--Natixis Asset Management (NAM), the €527bn French funds house, is taking a major step for a mainstream manager towards targeting a clear ‘sustainability’ alpha (potential for outperformance) within companies by launching an SRI conviction European equity fund run by a dedicated portfolio team.
The fund, which will be introduced next year, is to be run by a team of five under Suzanne Sénellart, portfolio manager at NAM. The team already runs about €1bn in assets and Sénellart is also co-portfolio manager with Clotilde Basselier of NAM’s Impact Funds Climate Change fund, which launched last year. Speaking to Responsible-investor.com, Philippe Zaouati, deputy chief executive officer and head of business development at NAM, and Emmanuel Bourdeix, director of equities, allocation and structured products, both members of the fund manager’s executive committee, said the new strategy would push NAM further than its current best-in-class strategy for SRI funds. Bourdeix said.
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Source: Responsible Investor
Xetra-Gold Top Pick for Asset Managers
Almost three quarters of all precious metal portfolio recommendations for “Xetra-Gold”
December 7, 2010--Nearly 75 percent of all investment recommendations in precious metals from banks and independent investment advisors are for “Xetra-Gold”. This was the conclusion reached by Quanvest GmbH in its assessment of investment recommendations as part of this year’s Fuchsbriefe tests. “71 percent of all portfolio recommendations for precious metal investments are for Xetra-Gold,” said Christian Libor, managing director of Quanvest.
Once a year, the publisher Fuchsbriefe along with its cooperation partners at Private Banking Prüfinstanz tests the best asset managers in German-speaking countries. Quanvest supported the analysis of securities accounts. Investment recommendations made by 100 banks and independent asset managers were examined this year. The test required investment recommendations to be based on ethical and sustainable criteria and a portion of the assets to be invested in gold.
“Right before Xetra-Gold’s third birthday, we have once again received confirmation that our product concept is just right: inexpensive, flexible and very safe,” said Martina Gruber, managing director of Deutsche Börse Commodities GmbH. “We know from our customers that one reason for Xetra-Gold’s popularity is that the gold reserves are not decreased by the deduction of management fees. Xetra-Gold is “durable” in the truest sense of the word,” said Gruber.
Since its launch in Germany in December 2007, Xetra-Gold has been by far the best performing product in Deutsche Börse’s ETC segment. Xetra order book turnover from January to November 2010 totaled €2.1 billion, with a monthly average of €193.6 million. This corresponds to a 33 percent market share in Deutsche Börse’s ETC segment (179 products).
Xetra-Gold is backed 100 percent by gold. Currently, Deutsche Börse Commodities gold reserves amount to 49.9 tonnes and are valued at around €1.7 billion. Private investors can have the physical gold delivered to their own bank and receive it there personally. A total of 436 private investors have taken advantage of this opportunity since Xetra-Gold has been available.
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Source: Deutsche Börse Commodities
New EU bank stress tests set for February
November 7, 2010--New EU bank stress tests will be organised in February, with the 2011 series adding an examination of their liquidity positions, the EU's economic affairs commissioner Olli Rehn said Tuesday.
Rehn said "a new round of even more rigorous and even more comprehensive bank stress tests (was) ... due to start in February next year and will be based on the new financial architecture that will enter into force next January."
The Finnish official said Europe should "opt for the fullest possible transparency," adding that the EU would draw lessons from 2010, when Irish banks escaped the spotlight only to need a massive international bailout later.
Ireland National Recovery Plan. 2011-2014
November 7, 2010--Overview and Summary
This Plan provides a blueprint for a return to sustainable growth in our economy. It sets out in detail the measures that will be taken to put our public finances in order. It identifies the areas of economic activity which will provide growth and employment in the next phase of our economic development. It specifies the reforms the Government will implement to accelerate growth in those key sectors.
Reducing the budget deficit will not, by itself, solve our economic difficulties. We must build on our strong export performance by improving our competitiveness. We must enhance our productive capacity by maintaining investment in key infrastructure projects and in education. We must remove barriers to employment and ensure that those who have lost their jobs are retrained and are ready to take up employment as the labour market recovers. This Plan sets out the key reform measures the Government will take to return our economy to a sustainable medium-term economic growth path.
view the National Recovery Plan. 2011-2014
Source: www.budget.gov.ie
Two new ComStage ETFs launched on Xetra
December 7, 2010--Two new exchange-listed equity index funds issued by ComStage have been tradable in Deutsche Börse’s XTF segment since Tuesday.Br>ETF name: ComStage ETF PSI 20
Asset class: equity index ETF
ISIN: LU0444605215
Total expense ratio: 0.50 percent
Distribution policy: non-distributing
Benchmark: PSI 20 Index
ETF name: ComStage ETF PSI 20 Leverage
Asset class: equity index ETF
ISIN: LU0444605306
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: PSI 20 Leverage Index
The two ETFs enable investors to participate in the performance of Portuguese companies for the first time – with single or double leverage. The PSI 20 Index comprises the 20 largest and most liquid companies listed on the Euronext in Lisbon.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 759 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse:
ETF Securities Launches World’s First Physically-Backed Industrial Metal ETCs
November 7, 2010--ETF Securities Limited has today launched the world's first physically-backed industrial metal Exchange Traded Commodities (ETCs). These new products will, for the first time, give investors access to industrial metals in an easy, secure and transparent way via a security traded on the London Stock Exchange. A total of six individual metals are being offered under the Prospectus together with a basket comprising all the metals.
The first securities to be available for trading will be ETFS Physical Copper, ETFS Physical Nickel, and ETFS Physical Tin. Trading in these securities is expected to commence on Friday 10th December. The remaining securities, being ETFS Physical Aluminium, ETFS Physical Lead and ETFS Physical Zinc and ETFS Physical IM Basket, will be available for trading in the new year.
The Industrial Metal ETCs have been designed to "bolt on" to the pricing, delivery and rules of the London Metal Exchange (LME) – the world's most respected exchange for the trading of industrial metals. The Issuer, ETFS Industrial Metal Securities Limited, will effect all creations and redemptions through a special purpose LME account and will be subject to the LME rules and regulations, including lending guidance. Market makers will be able to effect creations and redemptions against delivery of LME physical metal, evidenced by LME Warrants1. This will ensure the transparency of all trading in the underlying physical metal. The Issuer will initially hold metal as LME Warrants but may move some (but not all) metal off-warrant as assets build up in order to stay within lending guidance and to reduce storage fees. At all times, all metal will be stored in warehouses which are approved and audited by the LME. The costs of holding the Industrial Metal ETCs will comprise a management fee as well as storage and insurance fees. Storage fees will be capped at the warehouse fees published annually by the LME but may be reduced over time if the Issuer is able to negotiate lower fees once assets build up.
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Source: ETF Securities
Ljubljana Stock Exchange uses Deutsche Börse’s Xetra System
Vienna Stock Exchange links Slovenian Stock Exchange to the Xetra Network
December 6, 2010--Electronic securities trading at the Ljubljana Stock Exchange was transferred to Deutsche Börse’s pan-European Xetra trading system on Monday. The Slovenian exchange is being linked to the Xetra network through the Vienna Stock Exchange, which has operated its own cash market with Xetra since 1999.
The technical requirements are now in place to provide users of the fully electronic Xetra trading system with direct access to the Slovenian financial market. Deutsche Börse and the Vienna Stock Exchange are supporting the development of the Slovenian capital market by offering international investors this access. In addition, around 30 new market participants from Slovenia now have the opportunity to access the approximately 500,000 instruments traded on Xetra.
Frank Gerstenschläger, a member of Deutsche Börse AG’s Executive Board, said: “We have been working with the Vienna Stock Exchange for over ten years as a sourcing partner. We are delighted that this successful cooperation means one more CEESEG partner exchange, the Ljubljana Stock Exchange, can operate with Xetra technology.”
Cash market trading on the Vienna Stock Exchange has been based on Xetra technology since November 1999. Since December 2009, the Central European Gas Hub (CEGH) has operated with Xetra under license from the Vienna Stock Exchange. Alongside Ljubljana, the CEESEG partner exchanges in Prague and Budapest are to use the Xetra trading system in the future. The Vienna Stock Exchange is taking a central international role in the CEE Stock Exchange Group (CEESEG), coordinating international projects and driving their future development.
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Source: Deutsche Börse
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