European Union trading fees are still +113% higher than similar fees within the US

Size: px
Start display at page:

Download "European Union trading fees are still +113% higher than similar fees within the US"

Transcription

1 European Union trading fees are still +113% higher than similar fees within the US Despite large decreases in brokerage commission rates across Europe, all-in trading costs remain high within European Union countries. Average EU Tax/Stamp duties increased from +4.4 basis points to +.38 basis points between 2Q7 and 2Q8. Driven by high stamp duties within Ireland and the United Kingdom, all-in trading fees are one area that may have been overlooked by MiFID. All-in all-in Trading trading fees fees within EU Eu and and US us countries: Tax/Stamp Duty Duty Commission EU US MiFID Article 21 and 4 are in place to keep the downward pressure on trading costs, but these efficiencies may be overshadowed if trading fees continue their upward climb. European Union commissions are down 31% in the past 12 months to an average of basis points. These commission reductions have been driven by technological advancements and increased competition within the marketplace, two factors which MiFID rules heavily support. US and Asian equity brokerage commissions have also witnessed similar reductions. The US (All Trading) brokerage commission average decreased from +8.8 basis points to basis points between 1Q8 and 2Q8. Japan (All Trading) brokerage commission average decreased from basis points to basis points between 1Q8 and 2Q8. Most other global markets have witnessed commission reductions as the trend towards low cost equity trading is global in scope. Although, increased competition for order flow and technological advancements are at the forefront of trading cost reductions, the advancement and broad global acceptance of trading cost analysis tools have certainly played a large role in driving commissions to these low levels.

2 EU Eu Brokerage Commission commission Post post MiFID mifid Basis Points Basis points 1 q8 q7 Austria Belgium Czech Denmark Finland France Germany Greece Hungary Ireland Italy Luxembourg Netherlands Poland Portugal Spain Sweden U.K. Global Average Post-trade Transparency in Europe remains a challenge Delayed trade reporting, format differences and double counting are just a few of the factors which are causing headaches for global money managers. As the introduction of MiFID is now over eight months old, many of the effects of these new policies are beginning to take shape. Under MiFID all transactions have to be reported and published to the market; however, since the concentration rule has been lifted these trades can be reported to any trade reporting facility as long as the data is easily accessible to the market. This process is encouraging more trades to be done off exchange since trades do not have to print on a primary exchange like the London Stock Exchange. Prior to the implementation of MiFID prints captured by the LSE were easily accessible on a daily basis for a reasonable cost to investors. Post MiFID, these data have been fragmented to other trade reporting venues, using multiple sets of condition codes and only provided to the market at a significant cost. Trade reporting venues use condition codes to highlight significant prices throughout the day including the Open, Close, Auction, Indicative, Test or several other price conditions to categorize trade data. In order to properly analyze trade data you need to understand the significance of each condition, complicating and increasing the cost of post trade transparency. In addition to the cost of capturing fragmented data, block trades (1, shares or greater) can be reported up to three days after the trade occurred, which becomes useless for investors monitoring the markets on a daily basis. Although, the MiFID requirements will promote cost reductions among execution venues, measuring these cost reductions has certainly become more complex.

3 Exchange and Venue Update Reg NMS in the US and MiFID in Europe has contributed to market fragmentation, which is no more evident than examining the volume traded on the New York Stock Exchange within NYSE listed stocks. Originally trading in NYSE stocks took place on the NYSE. During 1Q7, prior to the launch of Reg NMS roughly 8% of the trading in NYSE stocks took place on the NYSE, today that number is down to 3%. On July 11 th, 28 NASDAQ OMX executed 2.66% of NYSE shares, slightly more than the 2.61% of NYSE shares which were traded on the New York Stock Exchange that day. The below charts highlight the amount of shares executed on NYSE, NASDAQ and other venues for Coke, IBM and Google on August 19, 28 two hours into the trading day: Coke ALL Trades 2,676,2 1.% Coke NYSE 1,186, % Coke NASDAQ 18, % Coke Other Venues 97, % IBM ALL Trades 1,72,699 1.% IBM NYSE 668, % IBM NASDAQ 43,8 2.68% IBM Other Venues, % Google ALL Trades 939,984 1.% Google NYSE 184, % Google NASDAQ 339, % Google Other Venues 416, % As you can see from the previous data US equity liquidity is fragmented between multiple venues and exchanges and is no longer centralized on the NYSE or within the NASDAQ trade system. Although the NYSE may be losing market share within NYSE listed stocks overall volume is still growing. Average daily volume on the New York Stock Exchange continues to break records on a regular basis. On January 23 rd of this year the New York Stock Exchange recorded its largest trading day ever with over 6 billion shares traded for the day. July 28 was the most active month for the New York Stock Exchange with over 92 billion shares traded. The below chart highlights exactly how fast NYSE trading volumes have grown over the last few years

4 Daily daily NYSE nyse Share share Volume (in (in billions) Billions of Shares Billions 1 of Shares Jul-8 NYSE Alternative execution venues are one of the biggest drivers moving trades away from the NYSE and the traditional NASDAQ trade system. BATS, BIDS, Liquidnet, Pipeline, ITG Posit, Instinet, Credit Suisse Cross Finder and Goldman Sachs Sigma X are just a few of the alternative venues which money managers are utilizing to bypass the traditional methods of trade execution. BATS Trading, which is one of the fastest growing alternative execution venues, has recently received approval from the Securities and Exchange Commission (SEC) to operate as a stock exchange. According to a Wall Street Journal article published Tuesday August 19 th, 28 BATS Trading averaged 969 million shares per day during the month of July. An enormous figure, especially considering just ten years ago this number would have been greater than the average daily share volume on the New York Stock Exchange. Project Turquoise The most highly anticipated European trading venue is almost operational. Turquoise which has a very similar financial structure to BATS seems destined for success in the European marketplace. Last Friday a select group of participants began trading on the exchange in order to test the system for a full launch in mid September. Project Turquoise is owned by a consortium of banks including: BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Societe Generale and UBS. Citigroup, Credit Suisse, Deutsche Bank and Morgan Stanley are also owners of BATS Trading. BATS Trading plans to enter Europe and compete with Project Turquoise prior to year end. Fixed Income Update Fixed Income trading cost analyses are gaining acceptance as Elkins/McSherry continues to see demand in the marketplace for tools which quantify Fixed Income trading costs. During 2Q8 Elkins/McSherry began utilizing additional Fixed Income data provided by Tullett Prebon and Market Axess. These data sources have been well received by Elkins/McSherry clients and have improved on their ability to accurately document and analyze exception trades. Fixed Income trading cost analyses revolve around documenting and analyzing high and low cost or exception trades. Many compliance officers see this evaluation as a strong compliance and management tool. The Elkins/McSherry Fixed Income analysis is adding value to the trading process by highlighting these trades and

5 providing Universe data for comparison purposes. According to the most recent set of Elkins/McSherry Universe data, a developed market fixed income trade can cost anywhere from +BP to +1BP. Emerging market fixed income trading costs range between +1BP to +3BP. The below chart highlights the average cost to trade various US bonds during 27. As you can see below, US Fixed Income trading costs range from +BP to +12BP. These are significant numbers considering a ten million dollar fixed income trade can cost any where from five to twelve thousand dollars. Bond Type Average. Cost (BP) Agency 6.73 Corporate 6.97 Mortgage.23 Municipal Treasury.87

Hungary s labour market indicators continue to improve

Hungary s labour market indicators continue to improve Hungary s labour market indicators continue to improve Employment rate higher again in Hungary According to the latest data, the positive trend regarding growth in the number of people in employment has

More information

SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2013

SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2013 Member: Finra and SIPC SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2013 Securities Listed on New York Stock Exchange Summary Statistics: Non-directed orders as percentage of total customer

More information

IMMIGRATION TO CANADA

IMMIGRATION TO CANADA NOTE: IMMIGRATION TO CANADA 1928-1971 RANK COUNTRY OF ORIGIN TOTALS 1 United Kingdom * 1152415 2 United States of America 527346 3 Italy 471940 4 Germany 370641 5 Netherlands 185664 6 Poland 117244 7 Greece

More information

PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC PO BOX 5320 SCRANTON, PA 18505-5320. SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2012

PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC PO BOX 5320 SCRANTON, PA 18505-5320. SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2012 PRUDENTIAL INVESTMENT MANAGEMENT SERVICES LLC PO BOX 5320 SCRANTON, PA 18505-5320 SEC Rule 606 Quarterly Report for the Quarter Ending March 31, 2012 Summary Statistics : Securities Listed on New York

More information

Electricity, Gas and Water: The European Market Report 2014

Electricity, Gas and Water: The European Market Report 2014 Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,

More information

KCG Americas LLC Rule 606 Disclosure: DTTX and GFLO 2015-Q2

KCG Americas LLC Rule 606 Disclosure: DTTX and GFLO 2015-Q2 KCG Americas LLC Rule 606 Disclosure: DTTX and GFLO 2015-Q2 KCG Americas LLC ( KCGA or the Firm ) has prepared this report for itself pursuant to a U.S. Securities and Exchange Commission rule requiring

More information

Analyzing Risk in an Investment Portfolio

Analyzing Risk in an Investment Portfolio Introduction Analyzing Risk in an Investment Portfolio October 16, 2012 PUBLIC TRUST ADVISORS Neil Waud, CFA Director Portfolio Management neil.waud@publictrustadvisors.com (303) 244-0468 Matthew Tight

More information

NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE EUROPEAN UNION 1 Quarter 4 2015

NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE EUROPEAN UNION 1 Quarter 4 2015 NEW PASSENGER CAR REGISTRATIONS BY ALTERNATIVE FUEL TYPE IN THE Quarter 4 2015 Alternative fuel vehicle (AFV) registrations: +20.0% in 2015; +21.1% in Q4 In the fourth quarter of 2015, total alternative

More information

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR

HSBC World Selection Funds April 30, 2016. Monthly Factsheets Class A and C Shares. Investment products: ARE NOT A BANK ARE NOT DEPOSIT OR HSBC World Selection Funds April 30, 2016 Monthly Factsheets Class A and C Shares Aggressive Strategy Fund Balanced Strategy Fund Moderate Strategy Fund Conservative Strategy Fund Income Strategy Fund

More information

Scope of the Securities Regulations

Scope of the Securities Regulations CHAPTER2 Scopeofthe SecuritiesRegulations T hemifidencompassesinvestmentfirms,regulatedmarkets,andmtf.itregulates investmentadviceasaservicerequiringauthorization.theu.s.regulationsfocus on brokers and

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

Eliminating Double Taxation through Corporate Integration

Eliminating Double Taxation through Corporate Integration FISCAL FACT Feb. 2015 No. 453 Eliminating Double Taxation through Corporate Integration By Kyle Pomerleau Economist Key Findings The United States tax code places a double-tax on corporate income with

More information

U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS

U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS U.S. FIXED INCOME TRADING SOLUTIONS FOR INSTITUTIONAL INVESTORS Direct trading access to European bonds MTS will provide U.S. institutional investors with real-time pricing and the ability to trade electronically

More information

MULTI-MARKET TRADING AND MARKET LIQUIDITY: THE POST-MIFID PICTURE

MULTI-MARKET TRADING AND MARKET LIQUIDITY: THE POST-MIFID PICTURE 2010 Scientific Advisory Board Conference How Should Regulators Address Changes in Equy Markets? MULTI-MARKET TRADING AND MARKET LIQUIDITY: THE POST-MIFID PICTURE Carole Gresse, Universé Paris-Dauphine

More information

PUBLIC VS. PRIVATE HEALTH CARE IN CANADA. Norma Kozhaya, Ph.D Economist, Montreal economic Institute CPBI, Winnipeg June 15, 2007

PUBLIC VS. PRIVATE HEALTH CARE IN CANADA. Norma Kozhaya, Ph.D Economist, Montreal economic Institute CPBI, Winnipeg June 15, 2007 PUBLIC VS. PRIVATE HEALTH CARE IN CANADA Norma Kozhaya, Ph.D Economist, Montreal economic Institute CPBI, Winnipeg June 15, 2007 Possible private contribution Possible private contribution in the health

More information

Exercise 39. The Euro. At the end of this exercise you will:

Exercise 39. The Euro. At the end of this exercise you will: Exercise 39 The Euro At the end of this exercise you will: Know how the Euro was named Know the countries using the Euro Be able to name all the Euro notes Be able to name all the Euro coins Be able to

More information

Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003

Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London

More information

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4 Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast

More information

Trade Cost Analysis: A Component of Risk Management

Trade Cost Analysis: A Component of Risk Management Trade Cost Analysis: A Component of Risk Management Coordinator: Jim Bryson As transaction cost management moves into the daily forum, transaction costs must be viewed daily and used to manage risk and

More information

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Prepared by Dr. Ann Hope This report should be referenced: Hope, A. (2007). Alcohol consumption in Ireland 1986-2006.

More information

PUBLIC & PRIVATE HEALTH CARE IN CANADA

PUBLIC & PRIVATE HEALTH CARE IN CANADA PUBLIC & PRIVATE HEALTH CARE IN CANADA by Norma Kozhaya, Ph.D. Economist, Montreal Economic Institute before the Canadian Pension & Benefits Institute Winnipeg - June 15, 2007 Possible private contribution

More information

Discover MTS Cash. Interdealer electronic market for fixed income rates products

Discover MTS Cash. Interdealer electronic market for fixed income rates products Discover MTS Cash Interdealer electronic market for fixed income rates products MTS Cash, our comprehensive & professional cash securities trading environment for the interdealer marketplace, delivers

More information

STOCK EXCHANGE TRENDS IN EUROPE AND THE WORLD - HOW THEY INFLUENCE BALTIC AND NORDIC MARKETS

STOCK EXCHANGE TRENDS IN EUROPE AND THE WORLD - HOW THEY INFLUENCE BALTIC AND NORDIC MARKETS STOCK EXCHANGE TRENDS IN EUROPE AND THE WORLD - HOW THEY INFLUENCE BALTIC AND NORDIC MARKETS 20 May, 2011 / Lauri Rosendahl Agenda Introduction Global / European / Nordic securities trading landscape -

More information

San Jose Police and Fire. Trade Cost Summary - Global Equity Trading Period End December 31, 2012

San Jose Police and Fire. Trade Cost Summary - Global Equity Trading Period End December 31, 2012 Trade Cost Summary - Global Equity Trading Period End December 31, 2012 1 Executive Summary Of Results OVERVIEW: Elkins/McSherry ran a Global Equity Trade Cost Analysis Report for The City of San Jose

More information

0HE THE HUNTINGTON INVESTMENT CO. 41 SOUTH HIGH STREET 7TH FL COLUMBUS, OH 43215

0HE THE HUNTINGTON INVESTMENT CO. 41 SOUTH HIGH STREET 7TH FL COLUMBUS, OH 43215 Note: Broker-dealers are required to disclose any material arrangements with the venues listed in each section below, including, but not limited to, any internalization or payment for order flow arrangements.

More information

www.pwc.com IPO Watch Europe Survey Q1 2011

www.pwc.com IPO Watch Europe Survey Q1 2011 www.pwc.com IPO Watch Europe Survey Q1 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 IPOs by market 6 Top five IPOs 7 US and Russia 8 Offering

More information

INTERNATIONAL TRACKED POSTAGE SERVICE

INTERNATIONAL TRACKED POSTAGE SERVICE INTERNATIONAL TRACKED POSTAGE SERVICE Index Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 Expanding Internationally

More information

COMMUNICATION FROM THE COMMISSION

COMMUNICATION FROM THE COMMISSION EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court

More information

TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division

TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS. Paulo Magina Public Sector Integrity Division TOWARDS PUBLIC PROCUREMENT KEY PERFORMANCE INDICATORS Paulo Magina Public Sector Integrity Division 10 th Public Procurement Knowledge Exchange Platform Istanbul, May 2014 The Organization for Economic

More information

Figure 1 Statutory corporate income tax rates

Figure 1 Statutory corporate income tax rates Figure 1 Statutory corporate income tax rates 7 6 1982 2001 5 4 3 2 1 Austria Belgium Canada Finland France UK Germany Greece Ireland Italy Japan Netherlands Notes: For countries using different tax rates,

More information

relating to household s disposable income. A Gini Coefficient of zero indicates

relating to household s disposable income. A Gini Coefficient of zero indicates Gini Coefficient The Gini Coefficient is a measure of income inequality which is based on data relating to household s disposable income. A Gini Coefficient of zero indicates perfect income equality, whereas

More information

Cash machine withdrawal in the EU (+Norway and Iceland)

Cash machine withdrawal in the EU (+Norway and Iceland) Cash machine withdrawal in the EU (+Norway and Iceland) Country Is it free of charge to go to a cash machine from a different bank than consumers own to withdraw money? If withdrawal is not free of charge,

More information

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund

Foreign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)

More information

Expenditure and Outputs in the Irish Health System: A Cross Country Comparison

Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Expenditure and Outputs in the Irish Health System: A Cross Country Comparison Paul Redmond Overview This document analyzes expenditure and outputs in the Irish health system and compares Ireland to other

More information

Actual annual working time in France and in Europe in 2013

Actual annual working time in France and in Europe in 2013 Actual annual working time in France and in Europe in 2013 Update to the January 2012 study plus new data Summary of the Working Paper N.49 : La durée effective du travail en France et en Europe (June

More information

168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population)

168/2014-4 November 2014. At risk of poverty or social exclusion 2 rate in the EU28, 2008-2013 (% of total population) 168/2014-4 November 2014 At risk of poverty or social exclusion in the EU28 More than 120 million persons at risk of poverty or social exclusion in 2013 Almost 1 out of every 4 persons in the EU in this

More information

www.pwc.com IPO Watch Europe Survey Q1 2012

www.pwc.com IPO Watch Europe Survey Q1 2012 www.pwc.com IPO Watch Europe Survey Q1 2012 Contents European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 Top five 6 by sector and value 7 US activity 8 Offering value of by month

More information

Facts: Population Baldwin & Wyplosz 2006

Facts: Population Baldwin & Wyplosz 2006 Facts: Population Facts: Population 6 big nations: > 35 million (Germany, the UK, France, Italy, Spain and Poland). Netherlands: 16 million people. 8 small nations (size of a big city): 8 to 11 million:

More information

grow together with Oslo Børs Stockholm, 16 October 2012 Bente A Landsnes

grow together with Oslo Børs Stockholm, 16 October 2012 Bente A Landsnes Burgundy will continue to grow together with Oslo Børs 1 Stockholm, 16 October 2012 Bente A Landsnes Strategic rationale for Burgundy and Oslo Børs Create a long term competitive solution for Burgundy

More information

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner

Trends in Digitally-Enabled Trade in Services. by Maria Borga and Jennifer Koncz-Bruner Trends in Digitally-Enabled Trade in Services by Maria Borga and Jennifer Koncz-Bruner Digitally-enabled are those for which digital information and communications technologies (ICT) play an important

More information

Rules and Regulations SIX x-clear Ltd

Rules and Regulations SIX x-clear Ltd xcl-601 November 2012 Client info Table of contents 1.0 Introduction 3 2.0 Late settlement procedure 4 2.1 Overview 4 2.2 Procedure 4 3.0 Buy-in procedure 5 3.1 Overview 5 3.2 Procedure 5 4.0 Buy-in schedule

More information

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT AUGUST 2015 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q2 2015 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

The new European Banking Union landscape. Dirk Schoenmaker, Duisenberg school of finance

The new European Banking Union landscape. Dirk Schoenmaker, Duisenberg school of finance DSF POLICY BRIEFS No. 35/ October 2014 The new European Banking Union landscape Dirk Schoenmaker, Duisenberg school of finance Abstract The countries participating in the new European Banking Union have

More information

Preventing fraud and corruption in public procurement

Preventing fraud and corruption in public procurement Preventing fraud and corruption in public procurement CRIM, European Parliament 24 September 2012 Brussels János Bertók Head of division Public Sector Integrity OECD Data on trends in procurement Size

More information

International ACH: Payment Gateway to Europe

International ACH: Payment Gateway to Europe International ACH: Payment Gateway to Europe Treasury Symposium St. Petersburg Florida Tuesday, January 27 Concurrent Session 16 10:15am 11:30am International ACH: Payment Gateway to Europe Presenters:

More information

10. European Union. (a) Past trends

10. European Union. (a) Past trends . European Union (a) Past trends The total fertility rate in the 15 countries that presently constitute the European Union was on a rising curve until 196-65, when it attained 2.69 births per woman. Since

More information

Trends in the European Investment Fund Industry. in the First Quarter of 2016

Trends in the European Investment Fund Industry. in the First Quarter of 2016 Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information

Prospects for the Construction Industry. Oebele Vries

Prospects for the Construction Industry. Oebele Vries Prospects for the Construction Industry Oebele Vries Economic framework Credit crisis: deep global recession Strongly decreasing investment demand Lack of commercial credit possiblities Bottom has been

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

SERVICE SOLUTIONS Our commitment is your peace of mind

SERVICE SOLUTIONS Our commitment is your peace of mind EMPOWERING YOUR BUSINESS SERVICE SOLUTIONS Our commitment is your peace of mind www.toyota-forklifts.eu SERVICE SOLUTIONS Our commitment is your peace of mind As you would expect of the world leader in

More information

What if BAU would come true?

What if BAU would come true? What if BAU would come true? Scanning transport CO 2 emissions in the EU Petri Tapio & Jyrki Luukkanen Finland Futures Research Centre The approach Introduction of general trends on EU15 level GDP Transport

More information

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women 75/2015-27 April 2015 Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women Among the 44.1 million persons in the European Union

More information

Access the world. with Schwab Global Investing Services

Access the world. with Schwab Global Investing Services Access the world with Schwab Global Investing Services 78% of developed country equity market growth between 2000 and 2012 came from outside the U.S. 1 60% of developed country stock market capitalization

More information

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients 2 ALLIANCE TRUST SAVINGS About us We are part of the Alliance Trust group and have the backing

More information

Market Fragmentation: Does It Really Matter?

Market Fragmentation: Does It Really Matter? Market Fragmentation: Does It Really Matter? Transaction Services Citi Transaction Services Introduction Trading environments have evolved considerably as advances in information technology, increased

More information

Finland must take a leap towards new innovations

Finland must take a leap towards new innovations Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary 3 Foreword

More information

Hong Kong s Health Spending 1989 to 2033

Hong Kong s Health Spending 1989 to 2033 Hong Kong s Health Spending 1989 to 2033 Gabriel M Leung School of Public Health The University of Hong Kong What are Domestic Health Accounts? Methodology used to determine a territory s health expenditure

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Market analysis on Factoring in EU 25+2

Market analysis on Factoring in EU 25+2 EIF Project "Jeremie" General Report on Factoring 1 Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE Preliminary

More information

4 Distribution of Income, Earnings and Wealth

4 Distribution of Income, Earnings and Wealth 4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per

More information

CENTRAL BANK OF CYPRUS

CENTRAL BANK OF CYPRUS APPENDIX 2 NOTIFICATION BY A BANK INCORPORATED IN CYPRUS, WHICH WISHES TO PROVIDE SERVICES, ON A CROSS BORDER BASIS, IN OTHER EUROPEAN UNION (E.U.) MEMBER STATES IN ACCORDANCE WITH ARTICLE (28) OF THE

More information

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND

BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND BANK FOR INTERNATIONAL SETTLEMENTS P.O. BOX, 4002 BASLE, SWITZERLAND PRESS RELEASE CENTRAL BANK SURVEY OF FOREIGN EXCHANGE AND DERIVATIVES MARKET ACTIVITY IN APRIL 1998: PRELIMINARY GLOBAL DATA The BIS

More information

Voting power in the European Union

Voting power in the European Union Voting power in the European Union Federico Perea Justo Puerto MaMaEuSch Management Mathematics for European Schools 94342 - CP - 1-2001 - DE - COMENIUS - C21 University of Seville This project has been

More information

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,

More information

THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS

THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS Flash Eurobarometer THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS REPORT Fieldwork: January February 2014 Publication: May 2014 This survey has been requested by the European Commission,

More information

Mirae Asset Global Investments (Hong Kong) Limited

Mirae Asset Global Investments (Hong Kong) Limited PRODUCT KEY FACTS Horizons Exchange Traded Funds Series- 17 November 2015 This is an exchange traded fund. This statement provides you with key information about this product. This statement is a part

More information

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance

More information

EBA Report. High Earners and 2011 data. High Earners

EBA Report. High Earners and 2011 data. High Earners EBA Report High Earners 2010 and 2011 data High Earners 2010 and 2011 data Contents 1 Introduction 3 2 Template 4 3 2010 data 5 4 2011 data 15 2 Introduction Directive 2010/76/EC (CRDIII) introduced the

More information

February 22, 2015 MEMORANDUM

February 22, 2015 MEMORANDUM February 22, 2015 MEMORANDUM Re: Due Diligence Information for Advisors, Brokers, Hedge Funds and Other Financial Institutions and Intermediaries Using or Considering Interactive Brokers LLC as Prime Broker/Custodian

More information

Insurance corporations and pension funds in OECD countries

Insurance corporations and pension funds in OECD countries Insurance corporations and pension funds in OECD countries Massimo COLETTA (Bank of Italy) Belén ZINNI (OECD) UNECE, Expert Group on National Accounts, Geneva - 3 May 2012 Outline Motivations Insurance

More information

Applying for a Schengen visa

Applying for a Schengen visa Applying for a Schengen visa If you have any questions about this information booklet, please contact the International Student Advisers on internationalstudentsupport@glasgow.ac.uk or (0141) 330 2912.

More information

List of Tariffs applicable as of 1 July 2016

List of Tariffs applicable as of 1 July 2016 Patria Finance, a.s., Jungmannova 745/24, 110 00 Prague 1, Czech Republic, ID No. 26455064 Registered with the Commercial Register, Section B, File No. 7215 Maintained by the Municipal Court in Prague

More information

Global payments trends: Challenges amid rebounding revenues

Global payments trends: Challenges amid rebounding revenues 34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.

More information

Contracts for Difference (CFDs)

Contracts for Difference (CFDs) Interactive Brokers presents Contracts for Difference (CFDs) Andrew Wilkinson, Interactive Brokers Chief Market Analyst awilkinson@interactivebrokers.com Webinar begins @ 12:00 pm EST webinars@interactivebrokers.com

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries

The spillover effects of unconventional monetary policy measures in major developed countries on developing countries The spillover effects of unconventional monetary policy measures in major developed countries on developing countries Tatiana Fic National Institute of Economic and Social Research Objective The objective

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS Ref. Ares(2015)660570-17/02/2015 ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students

More information

Health Care in Crisis

Health Care in Crisis Health Care in Crisis The Economic Imperative for Health Care Reform James Kvaal and Ben Furnas February 19, 2009 1 Center for American Progress Health Care in Crisis U.S. spends twice as much per capita

More information

FUSIONS Food waste data set for EU-28. New Estimates and Environmental Impact

FUSIONS Food waste data set for EU-28. New Estimates and Environmental Impact FUSIONS Food waste data set for EU-28 New Estimates and Environmental Impact 15 October 2015 Food waste is an issue of importance to global food security and good environmental governance, directly linked

More information

Climate change is a global challenge that can only be addressed effectively through a global effort.

Climate change is a global challenge that can only be addressed effectively through a global effort. Climate change is a global challenge that can only be addressed effectively through a global effort. The UN Climate Change Conference in Bali in December 2007 should decide to launch a process for achieving

More information

UTX Europe V2 - Enhancements

UTX Europe V2 - Enhancements UTX Europe V2 - Enhancements Global Enhancements... 2 Country-By-Country Analysis - UTX Europe V2 Feature Enhancements... 3 Austria... 3 Belgium... 3 Czech Republic... 3 Denmark... 3 Finland... 3 France...

More information

INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS

INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS Flash Eurobarometer INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS REPORT Fieldwork: February-March 22 Publication: June 22 This survey has been requested by the European Commission,

More information

Foreign A id and Foreign Investment

Foreign A id and Foreign Investment 13 Foreign A id and Foreign Investment Financial flows to developing countries take two main forms aid that comes from foreign governments, often called official development assistance, and investment

More information

EU Lesson Plan. Name of Teacher: Sharon Goralewski School: Oakland Schools Title of Lesson Plan: The European Union: United in Diversity

EU Lesson Plan. Name of Teacher: Sharon Goralewski School: Oakland Schools Title of Lesson Plan: The European Union: United in Diversity EU Lesson Plan Name of Teacher: School: Oakland Schools Title of Lesson Plan: The European Union: United in Diversity Grades: 6th or 7 th Description: This lesson introduces the students to the countries

More information

Securities services fees and commissions

Securities services fees and commissions Securities services fees and commissions EQUITIES TRADING LITHUANIA, LATVIA, ESTONIA, trading shares on-line AB Nasdaq OMX Vilnius, AB Nasdaq OMX Riga, AB Nasdaq OMX Tallinn stock exchanges http://www.omxgroup.com

More information

Wind Power in Germany in 2014

Wind Power in Germany in 2014 Renewables International www.renewablesinternational.net Wind Power in Germany in 2014 Bernard CHABOT BCCONSULT, Garbejaire B107, 06560 VALBONNE, France Email: Bernard_Chabot@yahoo.fr Content Scope, main

More information

Rules and Regulations SIX x-clear Ltd

Rules and Regulations SIX x-clear Ltd xcl-601 July 2014 Client info Table of contents 1.0 Introduction 3 2.0 Late settlement procedure 4 2.1 Overview 4 2.2 Procedure 4 3.0 Buy-in procedure 5 3.1 Overview 5 3.2 Procedure 5 4.0 Buy-in schedule

More information

Equity Release Schemes in the European Union

Equity Release Schemes in the European Union Reifner Clerc-Renaud Perez-Carillo Tiffe Knobloch Equity Release Schemes in the European Union institut fur finanzdienstleistungen e.v. Contents PREFACE I EXECUTIVE SUMMARY V TABLES XXIX FIGURES XXX 1.

More information

OPTIMTRADER COMMISSIONS

OPTIMTRADER COMMISSIONS OPTIMTRADER COMMISSIONS OptimTrader offers three different accounts of commissions. and commissionable accounts shall be determined on the basis of the initial deposit, while the Premium account is determined

More information

Professional Clients Mai 2010. A. Introduction. Helaba Best Execution Policy

Professional Clients Mai 2010. A. Introduction. Helaba Best Execution Policy Helaba Best Execution Policy Professional Clients Mai 2010 Editor: Landesbank Hessen-Thüringen MAIN TOWER Neue Mainzer Str. 52-58 60311 Frankfurt am Main Germany Contacts Elke Blass Phone: (+49) 69/91

More information

Consultation on the market structure for the trading of smaller equity securities outside of the FTSE 350 index

Consultation on the market structure for the trading of smaller equity securities outside of the FTSE 350 index Consultation on the market structure for the trading of smaller equity securities outside of the FTSE 350 index - Closing date for responses: 14 January 2013 M a r k e t C o n s u l t a t i o n Issued:

More information

Computing our Future Computer programming and coding in schools in Europe. Anja Balanskat, Senior Manager European Schoolnet

Computing our Future Computer programming and coding in schools in Europe. Anja Balanskat, Senior Manager European Schoolnet Computing our Future Computer programming and coding in schools in Europe Anja Balanskat, Senior Manager European Schoolnet ABOUT THE SURVEY What do Ministries currently think about the topic? Curricula

More information

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2 2014.3 2014.4 2015.1

More information

EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT

EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT Research, development and innovation are key policy components of the EU strategy for economic growth: Europe 2020. By fostering market take-up of new, innovative

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level

More information

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost *

The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * The Role of Banks in Global Mergers and Acquisitions by James R. Barth, Triphon Phumiwasana, and Keven Yost * There has been substantial consolidation among firms in many industries in countries around

More information

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015

ETFs at SIX Swiss Exchange. Lugano, 23 November 2015 ETPD Stream 2015 ETFs at SIX Swiss Exchange Lugano, 23 November 2015 European ETF asset growth is ongoing Source: ETFGI, industry insights, October 2015 3 Market Status ETF Segment 1 118 listed ETFs (1

More information