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Economy: Further reform needed to raise growth prospects in Poland
March 28, 2012--- Poland has been a strong performer across the OECD through the global economic crisis, growing much faster than most other countries and making impressive steps toward reducing the income gap with its European Union partners.
With the European economy now slowing, the country must take new measures to reduce government deficits, implement key reforms and lay the foundations for sustainable long-term growth, according to the OECD’s latest Economic Survey of Poland.
The report, presented today in Warsaw by OECD Secretary-General Angel Gurría and Polish Deputy Prime Minister Waldemar Pawlak, warns that GDP growth will slow to below 3 percent during 2012-13, primarily as a result of weak activity in Europe.
view Economic Survey of Poland 2012
Source: OECD
UK economy shrank more than expected in Q4
March 28, 2012--Britain's economy shrank more than expected in the last three months of 2011 than previously thought, driven down by a weaker services sector, official data showed on Wednesday.
The Office for National Statistics (ONS) said the economy contracted by 0.3% between October and December last year, taking the annual rate of growth to 0.5%.
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Source: FIN24
NYSE Euronext outlines European clearing strategy and implementation plan
April 28, 2012--NYSE Euronext today outlined its European clearing strategy and implementation plan, detailing the steps that will be taken to leverage its NYSE Liffe derivatives clearing platform to consolidate all of its European derivatives into a single derivatives clearing house, and delivering significant operational and margin efficiencies for clients.
“Our clients have long asked for a consolidation of clearing arrangements and the strength of our European derivatives business allows us to deliver meaningful benefits for them in the form of capital efficiencies and savings,” said Duncan Niederauer NYSE Euronext CEO. “Formalizing these steps now and communicating them clearly to our customers will allow them to more effectively plan their capital allocation needs and will enhance their operational stability in a highly competitive and fluid environment.”
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Source: NYSE Euronext
EDHEC-Risk’s annual European ETF Survey reveals investor attitudes to risk, replication and asset allocation
March 28, 2012--EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2011, which represents a comprehensive survey of 174 European ETF investors. The survey was conducted as part of the Amundi ETF research chair at EDHEC-Risk Institute on "Core-Satellite and ETF Investment."
In relation to the issues raised by financial authorities and international organisations on ETF risks, the survey suggests that investors have a differentiated view on different replication methods, taking several dimensions into account such as cost, tracking error, and accessibility of broad indices, among others, when making choices on the preferred replication mechanism. Depending on the objectives at hand, different replication mechanisms are perceived to have different types of benefits.
Industry communication on the risks of ETFs has led to the counterparty risk of physical ETFs being underestimated. As a result, investors think that full physical replication (a positive score of 2.28 out of 3) is less risky than synthetic replication (1.41 out of 3) in terms of counterparty risk. Even though almost all physical replication ETFs engage in securities lending, investors fail to appreciate the risk of this activity, giving full replication a score of 2.11 out of 3 for operational risk caused by securities lending, compared to 1.55 out of 3 for synthetic replication, even though synthetic replication ETFs do not use securities lending directly.
view the The EDHEC European ETF Survey 2011
Source: EDHEC-Risk Institute
Excellent creditworthiness at Deutsche Boerse Commodities
March 28, 2012--The independent rating agency Hoppenstedt gave Deutsche Börse Commodities GmbH a rating of "excellent creditworthiness". The rating agency awarded the company a score of 1.7 points on a scale of 1 to 6. The score reflects factors such as equity ratio, debt structure and operating margin.
“We are pleased to be awarded this score by an independent rating agency and feel this confirms our excellent business model,” said Martina Gruber, managing director at Deutsche Börse Commodities GmbH. “The joint venture Deutsche Börse Commodities is owned by seven strong partners, including Deutsche Börse. Xetra Gold, the bearer bond physically backed 100% by gold, is our sole business objective, meaning investors will hardly find more security anywhere.”
56.2 tonnes of gold valuing around €2.2 billion are currently stored in the German central vault for securities.
Source: Deutsche Börse Commodities
Economy: Bigger euro bailout fund needed to create space to boost growth, OECD says
March 27, 2012--Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros, OECD Secretary-General Angel Gurría said today.
The current level of commitment to the rescue funds is not enough to restore market confidence, he said. A credible financial firewall will provide governments with the breathing space they need to focus crucially on revitalising Europe’s economic growth and competitiveness.
“Weak financial conditions, fiscal consolidation and economic adjustment are restricting demand in the short-term before the long-term benefits on stability and growth are felt,” Mr Gurría said. “Decisive action to restore confidence and support demand is needed now.”
Presenting the OECD’s Economic Surveys of the Euro Area and the European Union in Brussels, Mr Gurría said: “The recent measures already taken to strengthen fiscal discipline, provide liquidity and implement growth-enhancing reforms – particularly in Greece, Italy, Portugal and Spain - are important advances towards a brighter economic outlook, but the challenges remain daunting.”
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Source: OECD
DB - Equity Research-ETF Research : Weekly European ETF Market Monitor
March 27, 2012----The most recent issue ofthe Weekly European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights
view report
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Moderating Risks, Bolstering Growth: Russian Economic Report 27
March 27, 2012--Russia's latest economic performance has been robust, in spite of the fact that output growth is slowing this year in line with weaker growth in Europe and in a number of emerging economies, says the World Bank’s Russian Economic Report №27 (PDF 1.5 Mb) launched today in Moscow.
The report analyzes the country’s recent economic developments and prospects. Special focus is on the invitation to Russia to accede to the WTO by the summer of 2012 - a unique and important opportunity for the country’s economic development.
Half a year ago, Russia’s economic prospects looked uncertain since the global economy was losing momentum, the expansion in the euro zone was grinding to a halt, and the commodities prices were beginning to fall. But at the end of 2011, the country’s economy returned to its pre-crisis level supported by the growing domestic consumption.
In 2011, measured in current dollar terms, Russia’s economy was the ninth biggest in the world, compared to the eleventh biggest in 2007. In 2012, Russia’s output might exceed US$ 2 trillion. Equalizing for prices difference with purchasing power parity, today Russian economy is already the sixth biggest in the world.
view the Moderating Risks, Bolstering Growth: Russian Economic Report 27
Source: World Bank
STOXX introduces Market Classification Model ande Emerging Markets Index
March 27, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced a market classification model to group countries included in the STOXX index universe into Developed and Emerging Markets. At the same time, the launch of the STOXX Emerging Markets Total Market Index was announced, which comprises those countries classified as Emerging Markets under the new model.
“With the launch of the STOXX market classification model and subsequently the STOXX Emerging Markets Index we once again take a step to confirm our commitment to developing rules-based and transparent index concepts that are at the same time highly innovative,” said Hartmut Graf, chief executive officer, STOXX Limited. “Emerging Markets continue to be global growth drivers. The new STOXX model is the first of its kind to offer market participants a completely comprehensible classification for Developed and Emerging Markets in five transparent steps.”
The STOXX market classification model relies on a completely rules-based and transparent methodology, and is the first such concept to exclude any subjective decisions from the process. The model is based on a three-step approach applying only five screening criteria, for which only data publicly available from the International Monetary Fund (IMF), World Bank, as well as data supplied by PricewaterhouseCoopers (PwC) is used.
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Source: STOXX
Lyxor: Nothing to fear from Esma rules
March 27, 2012--Lyxor’s chairman says synthetic exchange traded funds have nothing to fear from a recent consultation paper issued by the European Securities and Markets Authority, which aims to increase transparency in the sector.
Speaking at this month’s Alfi conference in Luxembourg, Alain Dubois told delegates that some have misinterpreted draft guidelines published by the regulatory body in January to be a potential crackdown on certain types of ETFs.
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Source: FT.com
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