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Liquidity Calibration statement
The Financial Services Authority (FSA) published its enhanced liquidity regime in October 2009. This introduced both tougher qualitative and quantitative standards for firms.
March 8, 2010--At that stage the FSA said that it would not tighten quantitative standards before economic recovery is assured given that all firms were experiencing a market-wide stress. The FSA committed to giving a further update in the first quarter of 2010.
The FSA believes that it would be premature to increase liquidity requirements across the industry at the current time. This position will be reviewed later on in the year with a further announcement in Q4, 2010.
Meanwhile, the FSA is continuing to work with firms that are most affected by the new regime focusing on the steps they are taking to mitigate liquidity risk and on the additional impact of our progressively tightening quantitative requirements.
The FSA is also actively contributing to the international debate on liquidity.
Enhanced liquidity regime
Source: FSA.gov.uk
CESR Members provide commonly agreed answers to questions on EU CRA Regulation
March 8, 2010--CESR published today a FAQ document summing up questions received and, at the same time, providing commonly agreed answers by CESR Members to the EU Regulation on Credit Rating Agencies (CRA).
view FAQ: CESR Members provide commonly agreed answers to questions on EU CRA Regulation
Source: CESR
Largest UK groups take pensions bet
March 8, 2010--Britain’s 350 largest companies are taking big bets with their pension scheme investments that would, on average, leave them with losses equal to a fifth of their market capitalisation if stock markets moved against them, according to a study to be published on Tuesday.
The study, prepared by actuarial consultants Hymans Robertson, concluded that most pension schemes run by FTSE 350 companies were not a significant financial burden. Although accounting rules will make corporate pension schemes appear to have much larger deficits for 2009 than they did in 2008, schemes are not substantially weaker than they had been, the study concluded.
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Source: FT.com
UBS to set up dark pool in Europe
March 8, 2010--UBS will on Tuesday unveil plans for a European “dark pool” structured as a “multilateral trading facility” in the latest example of how trading platforms are still proliferating across Europe.
UBS already operates a platform known as UBS PIN on which it matches client orders, often over a period of hours throughout the trading day.
However the bank believes there are opportunities to attract other types of orders that need matched more quickly from other sources – such as high-frequency traders – on a separate platform.
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Source: FT.com
EU leaders eye new rules on derivatives
March 8, 2010-German Chancellor Angela Merkel and French President Nicolas Sarkozy are working on new rules for derivatives markets including controversial credit default swaps (CDS), Germany said on Monday.
"A joint proposal", also backed by Luxembourg Prime Minister Jean-Claude Juncker, head of the Eurogroup of eurozone finance ministers, will be presented to the European Commission, Merkel's spokesman Ulrich Wilhelm told reporters.
Derivatives -- complex and high-risk financial instruments -- have come under close scrutiny since the outbreak of the global financial crisis.
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Source: EU Business
Europe moves to create rescue fund
March 8, 2010--- Europe moved on Monday to create its own financial rescue fund, designed to shore up the euro currency should spiralling debts among wayward eurozone members like Greece trigger fresh market mayhem.
But German-driven plans immediately hit obstacles as the European Central Bank's top economist warned that such a fund would create the "wrong incentives" and France countered that it could take "years" to set up.
The European Commission said it would float proposals on Tuesday to create a "European" version of the International Monetary Fund.
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Source: EUbusiness
Deutsche Bank startet Plattform für Exchange Traded Commodities („ETC“)
08 März 2010 – Die Deutsche Bank gibt heute den Start ihrer nach modernsten Standards aufgebauten Plattform für börsengehandelte Rohstoffprodukte (Exchange Traded Commodities, ETC) bekannt. Die ersten vier
Rohstoffprodukte werden heute an der Deutschen Börse im Xetra Handelssystem
gelistet. Die neue Plattform wird im Laufe des Jahres 2010 unter dem Namen „db ETC“ in ganz Europa angeboten und unter anderem ETCs enthalten, die die Entwicklung der
Notierungen von Gold, Silber, Platin und Palladium abbilden
Bei den Rohstoffprodukten
handelt es sich um von db ETC Index plc emittierte Inhaberschuldverschreibungen.
Der ETC Markt ist einer der am stärksten wachsenden Segmente im Markt für börsengehandelte Investmentprodukte.
Nach einem aktuellen Bericht von Deutsche Bank Research sind die verwalteten Volumen in börsengehandelten Rohstoffprodukten in Europa 2009 um 145 Prozent gestiegen, verglichen mit einem Anstieg von 43 Prozent im Aktien- und 17 Prozent im Rentensegment. Thorsten Michalik, verantwortlich für db x-trackers und db ETC sagte: „Wir planen bis Juni mehr als 30 Rohstoffprodukte aufzulegen. Wir werden die Plattform danach noch weiter ausbauen und die Produkte in ganz Europa anbieten.“
David Silbert, Global Head of Commodities der Deutschen Bank sagte: „Börsengehandelte Rohstoffprodukte auf der db ETC-Plattform der Deutschen Bank bieten eine einfache Möglichkeit für Investoren, sich in der Anlageklasse Rohstoffe zu engagieren, ohne Terminkontrakte handeln oder die entsprechenden Rohstoffe physisch besitzen zu müssen. Unsere an Rohstoffindizes gekoppelten ETCs bieten eine volle Besicherung der im Produkt enthaltenen Swaps. Dies geschieht durch die Hinterlegung mit Gold oder anderen Edelmetallen. Dabei handelt es sich um eine Innovation im Markt. Außerdem unterstützt die Deutsche Bank den laufenden Börsenhandel unserer ETCs als Market Maker.“
Zusätzlich zu den in US-Dollar notierenden ETCs wird die Deutsche Bank währungsgeschützte Produkte in Euro auf der Plattform anbieten (Details zu diesen Produkten finden Sie in der Tabelle unten). Rohstoffprodukte sind zwangsläufig an die Entwicklung des US-Dollars gekoppelt, da die unterliegenden Rohstoffe in US-Dollar gehandelt werden. Die Deutsche Bank will Rohstoffe für Anleger investierbar machen, die sich in dieser Anlageklasse engagieren wollen, ohne das Währungsrisiko in USDollar zu tragen.
Neben den währungsgeschützten Euro- und den US-Dollar-Produkten auf Rohstoff- Indizes wird db ETC Zugang bieten zu den von der Deutschen Bank entwickelten Optimum Yield Rohstoffindizes. Die Optimum Yield Rohstoffindizes zielen darauf ab, in Rohstoffe zu investieren und gleichzeitig die Verluste zu minimieren beziehungsweise
die Gewinne zu maximieren, die beim „Rollen“ der entsprechenden Rohstoff- Terminkontrakte entstehen. Anlageprodukte, die Optimum-Yield-Indizes abbilden, werden bereits erfolgreich von db x-trackers als börsengehandelte Indexfonds (ETFs) angeboten, die das Wort „booster“ in ihrem Namen tragen.
Bei db ETCs handelt es sich um besicherte Schuldverschreibungen der db ETC Index plc, die kontinuierlich an der Börse gehandelt werden können. Sie ermöglichen eine einfache, transparente und effiziente Partizipation an der Wertentwicklung von Rohstoffen. db ETCs, die auf Rohstoff-Indizes basieren, kosten eine Produktgebühr von 0,45 Prozent p.a., die Gebühren für die Plattform sind derzeit die niedrigsten im Markt. Alle Kosten, die mit den Produkten, den unterliegenden Rohstoff-Indizes oder der Besicherung entstehen, werden Anlegern gegenüber transparent ausgewiesen und können beispielsweise unter www.etc.db.com eingesehen werden.
Überblick über die ersten vier db ETCs:
Name : db ETC Brent Crude Oil Euro Hedged
Produktgebühr: 0.45% p.a.
Währung:EUR
(hedged)
ISIN:DE000A1AQGX1
WKN:A1AQGX
Name : db ETC Industrial Metals
Euro Hedged
Produktgebühr:0.45% p.a.
Währung: EUR
(hedged)
ISIN: DE000A1AQGY9
WKN:A1AQGY
Name: db ETC Monthly Short
Brent Crude Oil Euro
Hedged
Produktgebühr:0.45% p.a.
Währung: EUR
(hedged)
ISIN: DE000A1AQGW3
WKN:A1AQGW
Name : db ETC Monthly Short Brent Crude Oil Euro
Hedged
Produktgebühr:0.45% p.a.
Währung:EUR
(hedged)
ISIN:DE000A1AQGW3
WKN:A1AQGW
Name:db ETC Monthly Short Gold Euro Hedged
Produktgebühr:0.45% p.a.
Währung: EUR
(hedged)
ISIN:DE000A1AQGZ6
WKN:A1AQGZ
Source: Deutsche Bank
db x-trackers launches SGX-listed China and Indonesia ETFs
March 8, 2010--Deutsche Bank has launched a Ucits III compliant exchange-traded fund which tracks the performance of the CSI 300, an index that replicates the performance of the 300 most representative A-shares listed on the Shanghai and Shenzhen stock exchanges.
The ETF is listed on the Singapore Exchange.
The announcement comes ahead of Deutsche Bank’s planned launch next week on the SGX of an ETF tracking the MSCI Indonesia Index.
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Source: ETF Express
The Carbon Rich List:The companies profiting from the EU Emissions Trading Scheme
March 5, 2010--Executive Summary
This report presents company level analysis
of the EU Emissions Trading Scheme for 2008 and looking ahead till 2012 when the current phase of trading ends.
The EU ETS was set up ‘to promote reductions
of greenhouse gas emissions in a ‘cost-effective and economically efficient manner’ as a centrepiece of European efforts to tackle climate change. However, our company level analysis has uncovered a number of trends which have serious implications for the short and long term future of the ETS.
Carbon Fat Cat Companies
For Phase 2 of the EU ETS running from 2008 to 2012 companies are to receive free allocations of EUA permits, each equivalent to one tonne of CO2 emitted. As a result of generous allocations compounded by the impact of the global recession, many companies now find themselves in a position where they have far more permits to pollute than they require. Whether or not these companies choose to sell the permits to generate windfall profits they have been effectively handed significant assets by Member State governments across the EU – thus we have termed these companies, ‘Carbon Fat Cats’.
• The top ten Carbon Fat Cats share between them 35 million surplus EUA permits in 2008 equivalent to the annual emissions of Latvia and Lithuania. The permits are worth an estimated €500 million at current carbon prices.
• Looking ahead to 2012 the Carbon Fat Cats will share an estimated 230 million surplus EUA permits worth €3.2 billion a sum far greater than the investment in renewable and clean technology for the same period, or indeed the EU Commission’s budget for environment as a whole.
These companies are not required to make cuts to their CO2 and as EU ETS rules allow permits to be banked for use in future phases of trading and are likely to be insulated from the need to make cuts to their CO2 emissions going forward. Our findings run strongly counter to recent claims from industry groups that stronger climate change targets would damage competitiveness.
view report
Source: Sandbag.org
Average daily value traded up 25 per cent in February
April 5, 2010--- Average daily trading on the international order book almost doubles
The average daily value traded across London Stock Exchange Group's equity markets during February increased 25 per cent year on year to £7.4 billion (€8.5 billion). The average daily number of trades was 865,706, one per cent lower than February 2009.
UK Cash Equities
The average daily value traded on the UK equity order book was £4.4 billion (€5.1 billion), an increase of 10 per cent year on year, while the average daily number of trades was down nine per cent at 566,718.
Italian Cash Equities
The average daily number of trades in Italian equities was 246,227, up 16 per cent on the same month last year. The average daily value traded during the month also grew, reaching €2.7 billion (£2.3 billion), a 49 per cent increase on last year.
International Cash Equities
During February, the average daily value traded in international stocks on the Group's equity order books nearly doubled, up 99 per cent year on year, totalling £670 million (€765 million). Meanwhile the average daily number of trades was 52,761, up 35 per cent on last February.
ETFs and ETCs
Trading in ETFs and ETCs during the month was strong, with the average daily number of trades up 60 per cent year on year, totalling 15,609. The average daily value traded was up 38 per cent to £428 million (€489 million).
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Source: London Stock Exchange
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