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EU opens way for tougher rules for ratings agencies
May 4, 2010--The EU Commission on Tuesday opened the way for tougher rules on credit ratings agencies, saying changes planned for December may not be enough after European debt downgrades rocked the markets.
"I think we will need to go further, especially given the impact of these agencies on all financial or economic systems," EU Finance Commissioner Michel Barnier told a European parliamentary committee.
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Source: EU Business
Financial markets: Commission calls on Hungary to implement Markets in Financial Instruments Directive (MiFID)
May 5, 2010--The European Commission has today acted to ensure safer and more competitive financial markets by asking Hungary to comply with its obligation to implement the Markets in Financial Instruments Directive (MiFID). The aim of this Directive is to regulate investment firms and trading venues by ensuring a high degree of competition and investor protection. If the Directive is not properly implemented, investors in Hungary will not enjoy the same level of protection as elsewhere in the EU. Meanwhile, Hungarian investment firms wishing to provide cross-border services are put at a disadvantage as Hungarian law does not require them to comply with European standards. The Commission's request to Hungary takes the form of a reasoned opinion. If the national authorities do not reply satisfactorily within two months, the Commission may refer the matter to the Court of Justice.
What are the aims of the EU rules in question?
The Markets in Financial Instruments Directive 2004/39/EC (MiFID) and its implementing Directive 2006/73/EC are to significantly reduce barriers to cross-border trading of shares and cross-border provision of investment services. This would mean that there would be more competition between investment firms, regulated markets and other trading platforms. It would force markets to become more efficient, lower costs for issuers and investors of accessing capital markets and give investors a far greater choice of equities, bonds etc. to invest in – allowing them to maximise their returns. This would enable more investments in Hungary, which will in turn create more wealth and jobs.
MiFID rules also aim at ensuring a high level of protection for investors in Hungary. For example, there are strict limits on the inducements which banks or financial advisers can receive in respect of the services which they provide to their clients. When executing client orders, firms have to take all reasonable steps to deliver the best possible result. For retail clients, the emphasis is on ensuring that they get the best price for the instrument and the costs associated with the execution.
How is Hungary not respecting this rule and how are EU citizens and businesses suffering as a result?
Hungary has incorrectly transposed a number of provisions of MiFID and its implementing Directive 2006/73/EC, including provisions linked to definitions, market transparency, the passporting of investment firm authorisations and investor protection. As a result, Hungarian companies do not have the possibility to provide their services in other Member States – leaving less room for growth and jobs in Hungary's financial sector. Furthermore, investors are not able to enjoy the same level of competitiveness and protection in financial markets as elsewhere in the EU.
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Source: European Commission
Eurasia a rising power in post-crisis world, analysts agree
May 5, 2010--Eurasia, a geographical description defining the landmass of Asia and Europe -- although it usually excludes developed Western Europe when talking in political and economic terms -- is rapidly becoming the world’s new economic center, statesmen, businessmen and academics who convened in Istanbul on Wednesday at the Eurasian Economic Summit all agreed.
The summit has brought together high-ranking officials -- including current and former presidents, prime ministers, ministers and bureaucrats -- analysts, academics and businessmen from Eurasian countries to discuss the new opportunities for the region and the aftereffects of the global economic crisis throughout Eurasia. The summit will conclude today.
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Source: Todays Zaman
EPEX Spot/EEX Power Derivatives: Power Trading Results In April 2010 - Volume Record On The Power Derivatives Market
May 5, 2010--In the framework of their cooperation, the European Energy Exchange AG (EEX) and the French Powernext SA integrated their Power Spot and Derivatives Markets in 2009.
In April 2010, a total volume of 166.2 TWh was traded on the joint subsidiaries EPEX Spot SE and EEX Power Derivatives.
Power trading on the day-ahead auctions on EPEX Spot accounted for a total of 21,954,563 MWh and can be broken down as follows:
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Source: EEX
UK official holdings of International Reserves
May 5, 2010--Part I: UK Government Foreign Currency Assets and Liabilities – April 2010
1. The UK Government’s net reserves rose by $561 million in April 2010, bringing the end-April total to $33,628 million (£21,960 million1) compared with $33,069 million (£21,802 million2) at end-March 2010.
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Source: HM Treasury
db x-trackers listet ETF auf S&P 500 Index
May 4, 2010--db x-trackers listet am 17. Mai einen ETF auf den S&P 500 Index an der Deutschen
Börse und der London Stock Exchange. Der ETF ist UCITS-III-konform und bildet
den S&P-500-Index ab, der die Wertentwicklung der 500 größten Unternehmen der
wichtigsten Branchen der US-amerikanischen Volkswirtschaft abbildet. Der ETF
richtet sich nach der Total-Return-Version des S&P-500-Index. Die bedeutet, dass
die Wertentwicklung des ETF die reinvestierten Dividenden enthält.
Mit weiteren Listings an verschiedenen Börsen in Europa und Asien wird der db xtrackers
S&P 500 ETF Investoren weltweit einen effizienten Zugang zu einem der
führenden Benchmarks für den US-amerikanischen Aktienmarkt bieten. Die
Pauschalgebühr beträgt 0,20 Prozent p.a. Mit dem neuen ETF setzt db x-trackers
den Ausbau seiner international führenden Produktpalette fort und ergänzt seine
bereits existierenden S&P-500-Produkte. Investoren steht damit eine noch größere
Auswahl an Investment-Möglichkeiten zur Verfügung. Schon vor der Börsennotierung
Mitte Mai können institutionelle Investoren den ETF direkt mit der Deutschen Bank
auf OTC-Basis handeln.
Überblick über den neuen db x-trackers ETF
db x-trackers ETF auf:S&P 500 Index
Währung: US-Dollar (USD)
Pauschalgebühr
(p.a.):0,20 %
ISIN: LU0490618542
„Der S&P 500 Index ist einer der am stärksten beachteten Benchmarks für den USAktienmarkt. Mit diesem Produkt stellen wir Investoren außerhalb der USA einen effizienten und kostengünstigen Zugang zum US-Aktienmarkt zur Verfügung. Im ETF-Angebot von db x-trackers befinden sich damit acht Möglichkeiten eines Engagements im US-Aktienmarkt. Neben dem neuen S&P 500 Index sind dies ETFs auf die Indizes S&P Carbon Efficient, den S&P 500 Shariah, S&P 500 Inverse Daily, S&P 500 2X Inverse Daily, S&P 500 2X Leverage Daily, MSCI USA und Russell 2000“, sagt Thorsten Michalik, verantwortlich für db x-trackers.
„Mit dem db x-trackers MSCI USA und dem db x-trackers Russell 2000 ETF haben wir bereits gezeigt, dass wir den US-Aktienmarkt sehr effizient mit sehr geringen Abweichungen zum unterliegenden Index abbilden können“, ergänzt Michalik. „Der db x-trackers MSCI USA ETF hat sich sogar besser als sein unterliegender Index entwickelt, mit einer positiven Differenz von 0,02 Prozent p.a. nach Kosten seit seiner Auflage im Januar 2007.“
Der db x-trackers S&P 500 ETF wird neben der Deutsche Börse Xetra und der
London Stock Exchange an folgenden weiteren Börsen gelistet werden: Borsa
Italiana, SIX Swiss Exchange, Nasdaq OMX Stockholm, NXSE Euronext Paris,
Singapore Exchange SGX und Hong Kong Stock Exchange.
Source: db x-trackers – Deutsche Bank Exchange Traded Funds
Xetra Receives Three Global ETF Awards
May 3, 2010--This year's 6th Annual Global ETF Awards® in New York saw Deutsche Börse receive awards in the following categories for the sixth consecutive time: “Exchange with the largest number of primary listed ETFs in Europe”, “Most proactive ETF Exchange in Europe” and “Largest ETF Exchange by Dollar turnover in Europe”.
The 6th Annual Global ETF Awards was organized by exchangetradedfunds.com, an information provider based in New York which specializes in Exchange Traded Funds, Exchange Traded Notes and Exchange Traded Commodities. The Awards reflects outstanding achievements in 2009 by participants in the ETF, ETN and ETC industry. Winners are selected on the basis of votes cast by the global marketplace and statistical data.
Xetra® is Europe's leading trading venue in terms of turnover for exchange traded funds with a market share of 38 percent. Average monthly trading volume in Q1 2010 stood at around €13 billion. Out of 14 issuers, its product offering is the largest in Europe, currently with 651 ETF listings. It enables investors to compile a broadly diversified portfolio of equities, bonds and commodities with low transaction costs. More than 250 market participants from 19 countries have access to trading in exchange-traded index funds at Deutsche Börse.
Deutsche Börse was the first European exchange to launch trading in ETFs, on Xetra on 11 April 2000. Since then, ETFs have become one of the most successful financial products in Europe. Fund assets have increased at an annual average rate of around 90 percent within the last ten years thanks to a continuous inflow of funds. Assets under management totaled a record €134.6 billion at the end of March. The growth has been driven by increasing recognition and the variety of uses for ETFs, which can be used in a growing number of markets and regions thanks to numerous new product launches.
Source: Deutsche Börse
The ISE introduces a new index: "TSKB Energy Index"
May 3, 2010--The Istanbul Stock Exchange (ISE) introduces a new Index jointly with the Industrial Development Bank of Turkey (TSKB), the first private investment and development bank of Turkey. With “TSKB Energy Index”, TSKB aims to offer an alternative investment instrument in Turkey, reflecting its professional know-how on the energy sector in the capital markets. The Index is the first of its kind in Turkey and is launched on May 3, 2010.
“TSKB Energy Index” consists of the ISE-traded companies active in the energy sector, with a minimum of 40 per cent of consolidated revenues generating from the energy sector. The Index is intended to offer a benchmark for domestic and international investors seeking to monitor the performance of the energy sector in Turkey.
Mr. Hüseyin ERKAN, the ISE Chairman & CEO, pointed out to the importance of this cooperation and the energy sector in Turkey, and said, “TSKB Energy Index has been created in order to reflect the price and return performance of the Turkish companies active in the energy sector. The constituent companies will be determined by TSKB and notified to the ISE. The Index will be calculated and maintained by the ISE.
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Source: FT.com
Euro ratings agency idea gains ground
May 3, 2010-- Prospects for a European credit rating agency gained ground on Monday among political leaders reeling from a costly, months-long battering from markets over Greece.
But calls by German Chancellor Angela Merkel and French Finance Minister Christine Lagarde only underlined the power of US adjudicators in a hugely influential finance sector over which Europe has no control.
Rating agencies have come under fire for cutting Greece's sovereign debt to junk status and downgrading the credit-worthiness of Portugal and Spain, in turn unsettling investors and sending borrowing costs for those countries soaring on financial markets.
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Source: EU Business
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 30-Apr-10
May 5, 2010--Last week saw US$233.0 Mn net inflows to STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Banks with US$218.2 Mn and Basic Resources with US$85.4 Mn while Industrial Goods & Services experienced net outflows of US$36.9 Mn.
Year-to-date, Media has had the largest net inflows with US$346.1 Mn net new assets, followed by Banks with US$117.6 Mn YTD. Telecommunications sector ETFs have had the largest net outflows with US$229.6 Mn YTD. In total, STOXX 600 sector ETFs have seen US$60.4 Mn net inflows YTD.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
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