Archiv: June 2006
Download the latest issue of the realtime magazine
Telekurs Financial’s news magazine covers many aspects of a changing technological and financial environment.
Find the latest issue 02/06 (download 1.01 MB) and…
…don’t miss the following articles:
- Intraday Pricing Service in the Swiss repo market
- Special dossier: Level 2
- Interdealer brokerage: A liquidity provider that charts the future
- highlights of Telekurs Financial's events, products and markets
To download the entire issue or separate articles (English, German and French versions), please visit www.telekurs-realtime.com.
Our readers will discover at a glance what’s happening in the world of finance and technology.
Computers 'set to read our minds'
An "emotionally aware" computer system designed to read people's minds by analysing expressions will be featured at a major London exhibition. Visitors to the Royal Society Summer Science Exhibition are being invited to help "train" the computer how to read joy, anger and other expressions.
Read the full article by BBC News.
Warren Buffet's heritage
The shareholders of Warren Buffet's company Berkshire Hathaway are currently concerned by a critical question: who on earth will be the successor to the throne and guide the company into (an even more) flourishing future? One shareholder put it less delicately during a general assembly:
"Who follows after your death, Mr Buffet?"
Mr Buffet's reaction: "My successor will not follow my strategy, but the company culture will remain the same."
Ambigious as this answer may be, Mr Buffet leaves no doubt on one point. He categorically refuses to step down from the post of CEO and says: "What kind of new CEO would that be? He would not be free in his decisions."
Swiss federal law introduces prospectus for structured products
The new Swiss federal law on collective capital investments (KAG) is scheduled to come into force at the beginning of 2007. Under the law, the regulation for structured products (i.e. combined derivatives) will be enforced with two requirements. On the one hand only licensed institutes are allowed to issue and sell those instruments and on the other hand the investors will benefit from greater transparency with the issuance of a global prospectus.
With regards to this prospectus, the Swiss banks have declared they would be ready for next January. Urs Roth, the Director of the Swiss Bankers Association told the media that a project group was presently defining the general standards. Urs Roth said the prospectus should comprise four to seven pages of information “with only little small print”. The issuing financial institutions will still be given enough freedom to create their products, but they should observe a consistent terminology and define standard rules for classifying the risk profile. Furthermore, it should be stipulated clearly that structured products do not fall under the rule of separately regulated investment funds. As a consequence the investor will bear the risk if his counterparty (i.e. bank) suffers bankruptcy.
Source: Finanz & Wirtschaft
New Valordata display features
Telekurs Financial is pleased to announce a number of enhancements to the Valordata service for reference and corporate actions data. Here is a summary of the main new features concerning both functions and data content.
The world has more millionaires
According to the latest "World Wealth Report" by Merrill Lynch and Capgemini the total global wealth of high net worth individuals (HNWIs) climbed 8.5 percent to $ 33 300 bln in 2005. As HNWIs are considered persons with a minimal wealth of $ 1 million. This latest figure is slightly above the traditional average of 8 percent. The year 2005 saw a growth in wealth (volumes) and also in the number of millionaires. The number of millionaires is currently estimated at 8.7 million investors worldwide, 85 400 of which own a fortune of more than $ 30 million. The report estimates also that the global wealth will rise to $ 44 600 bln until the year 2010.
According to the report, the rise of worldwide fortunes is mainly due to the continous economic growth and the higher valuations of assets through the markets. In the regions which were covered by the report the Gross Domestic Product (GDP) rose by an average of 4.3 percent. Countries such as China (+ 9.9 percent), India (+ 8 percent) and Russia (+ 6.4 percent) recorded growth rates above the average, whereas European economies and the USA (+ 3.5 percent) were only on a moderate growth path.
Read the full report by Merrill Lynch and Capgemini (download 3.16 MB).
Source: Neue Zürcher Zeitung
UBS expands presence in Russia
Yesterday, UBS announced that it has received a banking licence from the Central Bank of Russia. In line with its one-firm approach, UBS plans to offer wealth management, asset management, Rouble fixed income and foreign exchange services to supplement its leading existing Russian operations in equities and investment banking.
UBS opened a representative office in Moscow in 1996, and entered in a joint venture with Brunswick in 1997. In 2004, UBS purchased the remaining stake in the joint venture, and re-branded the business as UBS in 2005.
BlackBerry in Japan
Read the full text of Ian Rowley's article from BusinessWeek online blog "New Tech in Asia".
You may also read related topics posted on this Weblog:
- Blackberry entering China
Find out more about Telekurs Financial's mobile financial information offering Telekurs iD mobile
Bill Gates to end daily Microsoft role
Bill Gates has announced he will end his day-to-day role as head of software giant Microsoft by July 2008. Mr Gates will continue to serve as the company's chairman and advise on key development projects after July 2008.
Read the full news text by BBC News.
Read also the following news reports about this topic.
UK to support Islamic finance
British Chancellor Gordon Brown has pledged support for the growth of Islamic finance, saying the UK can act as "a gateway" for the growing industry. He told the Islamic Finance and Trade Conference in London he wanted to make the UK a centre for Islamic investment. He called for stronger trading links between the UK and Muslim countries as well as global trade reform.
Read the full article by BBC News:
Read the following related topics posted on this Weblog:
- Islamic banking rapidly expanding
Google Takes Aim at Excel
Stepping up its attack on Microsoft's core business, Google plans to make available on Tuesday a test version of a Web-based spreadsheet program that is intended to make it simple to edit and share lists and data online.
Read the full article by the New York Times:
New Tech in Asia
"New Tech in Asia" is a Weblog of Business Week online dedicated to the latest technological developments in Asia. Experienced Business Week journalists cover this interesting field. Find an extract of Bruce Einhorn's last article "Beijing's new move to fight fraud":
The Chinese government, embarrassed by some high-profile accusations of plagiarim and fraud among professors at top universities, is taking action. Last Friday, the People’s Daily reported that the Ministry of Education had set up a commission to deal with the problem of misconduct among the country’s elite researchers
You may also read the latest posts of this Weblog related to Asian markets:
- Bank of China raises more money
Bank of China raises more money
Newly-floated Bank of China has raised an extra $1.4bn from its Hong Kong listing, the world's largest stock market debut for six years.
Read the full article by BBC News:
Read more news articles on this topic:
Read the following related topics posted on this Weblog:
- Bank of China sale raises $9.7bn
JP Morgan Chase Corporate Challenge 2006
On 1st June, 62 390 runners from 2191 companies were at the starting block of the 14th JP Morgan Chase Corporate Challenge in Frankfurt (Germany). The 5.6-kilometer (3.5-mile) event will almost certainly retain its title as the largest road race in the world in 2006.
“We are overwhelmed that we have a new record,” said John Jetter, CEO of JPMorgan in Germany. “Our event stands for team spirit, camaraderie, communication and fitness. As you can see, these values count a lot in the German economy.”
The German subsidiary of Telekurs Financial also participated in this event with a motivated team of 16 runners.
Seven companies had more than 1,000 participants – Allianz/Dresdner Bank (1,662), Siemens (1,312), Deutsche Bank (1,226), Deutsche Telekom (1,058), Commerzbank (1,034), Deutsche Bahn AG (1,1014) and Deutsche Lufthansa (1,003).
All the participants were sent off by the Mayor of Frankfurt, Achim Vandreike, and the Minister of Finance for the State of Hessen, Karlheinz Weimar. “This is a sensational event,” said Mayor Vandreike, noting that the 62,000 participants represented a full one-tenth of Frankfurt 's total population. “The party takes place before, during and a long time after the run. Being among the crowd is a great feeling!”
The motivated team of Telekurs Germany featuring a typical Swiss outfit. From left to right (top row): Oliver Schwebel, Horst Feulner, Dietmar Hobbie, Harald Stieling, Johannes Verheesen, Gerhard Heß, Edgar Lins, Ute Lins,
(bottom row): Julia Schmitz, Sebastian Schöber, Sabine Schmitt, Jolanthe Grosch, Frank Gräsner, Frank Frotscher, Yvonne Kever, Anett Rost
press release: Telekurs iD mobile in UK
Telekurs Financial is pleased to announce an alliance with Worldlink as the first UK Technical agent entitled to distribute Telekurs iD mobile, a leading portable financial information solution. Currently available on the BlackBerry PDA, this unique combination of user-friendly mobile software and comprehensive financial pricing and reference data from Telekurs Financial takes portable financial information to the next level.
Read the full text of this press release (download 69 kb).
You may also read the following related topics posted on this Weblog:
- Blackberry entering China
NYSE Euronext: world exchange in the making
Last Friday, the respective CEOs of NYSE and Euronext presented the outlines of the merger agreement. The CEO of the NYSE, John Thain, who is considered to be the driving force of the first transatlantic exchange, is certain to be supported by a large investor. In fact, the American hedge fund Atticus, which has shareholder stakes of 5 to 9 percent at the exchanges, had previously refused all the merger proposals from the German exchange Deutsche Boerse and approved the NYSE/Euronext deal.
With the merger of the two exchanges, NYSE Euronext will become the biggest exchange worldwide. Its market capitalisation is estimated at $ 20 bln dollar which is around $ 5 bln higher than the now 2nd biggest world leader, the Chicago Mercantile Exchange. NYSE Euronext will comprise the trading places of New York, Paris, Amerstam, Brussels and Lisbon and derivative trading from London. The trading volume is estimated between $ 80 and $ 100 bln.
The advantages will be felt by the investors. Trading hours will be expanded from eight to twelve hours a day. Furthermore, with the expected increase in volumes NYSE/Euronext will be able to cut on the settlement costs. Lastly, the purchasing of stock on both sides of the atlantic will be greatly facilitated making the multiple listings obsolete the future.
And how will this merger affect other important exchanges in Europe? The German exchange Deutsche Boerse said last Friday that it would still keep the door open for a cooperation with Euronext. The latest developments make it indeed difficult for Deutsche Boerse to find new alliance partners. Deutsche Boerse will not only come under presse by the new transatlantic exchange, but also by the latest attempts of Nasdaq to augment its control of the London Stock exchanges (LSE). Last Friday, the CEOs of Euronext and the Italian exchange Borsa Italiana met in Paris and talked about a possible alliance. According to press sources, the Warsaw exchange would also rather prefer Euronext as an alliance partner than the German exchange. But Deutsche Boerse has still some assets to offer. Compared to Euronext, Deutsche Boerse still remains more competitive in terms of trading costs with its successful settlement and clearing system. Secondly, Germany may expand its global role in the derivative trade with its top asset Eurex. Eurex, led by Deutsche Boerse and the Swiss exchange SWX, is the most important derivative exchange worldwide and may well present some alliance potential to the Chicago Mercantile Exchange and the Chicago Board of Trade.
MiFID: FSA issues paper on best execution
In May, the British Financial Services Authority (FSA) issued a discussion paper entitled "Implementing MiFID's best execution requirements". Under the MiFID regulation any investment firm has to guarantee best execution of trades to its ultimate investors. According to the FSA:
"In the UK, the policy underlying a best execution requirement is well accepted: by requiring execution intermediaries to seek the best possible deals for their clients, best execution protects investors and fosters market efficiency."
This discussion paper and other relevant MiFID issues can be found on FSA's website - www.fsa.gov.uk.
In order to clarify the relevant aspects of MiFID in terms of data requirements and to identify the corresponding risks and opportunities Telekurs Financial has been a proactive member of the various sub-groups of the MiFID Joint Working Group and has been in consultation with the FSA. The next issue of Telekurs Financial's corporate magazine realtime will feature a special report on MiFID.
NYSE and Euronext agree on merger
The New York Stock Exchange (NYSE) has agreed to buy the pan-European Euronext exchange, creating the first transatlantic stock market. The NYSE edged out its German rival, Deutsche Boerse, to clinch the deal, which aims to create a business worth $20bn (16bn euros; £11bn). The new firm will have its US base in New York and international headquarters in Paris and Amsterdam.
Read the full story by BBC News:
Read also the following news reports:
Read also the following related topics posted on this Weblog:
- NYSE plans merger bid for Euronext
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- Download the latest issue of the realtime magazine
- Computers 'set to read our minds'
- Warren Buffet's heritage
- Swiss federal law introduces prospectus for structured products
- New Valordata display features
- The world has more millionaires
- UBS expands presence in Russia
- BlackBerry in Japan
- Bill Gates to end daily Microsoft role
- UK to support Islamic finance