EUROPE Friday December 21 2012

World Business Newspaper

9 7 7 0 1 7 4 7 3 6 1 5 9
5 1
Dec 20 prev %chg
S&P 500 1436.93 1435.81 +0.08
Nasdaq Comp 3039.76 3044.36 -0.15
Dow Jones Ind 13246.25 13251.97 -0.04
FTSEurorst 300 1142.8 1142.13 +0.06
Euro Stoxx 50 2658.3 2654.69 +0.14
FTSE 100 5958.34 5961.59 -0.05
FTSE All-Share UK 3121.27 3122.32 -0.03
CAC 40 3666.73 3664.59 +0.06
Xetra Dax 7672.1 7668.5 +0.05
Nikkei 10039.33 10160.4 -1.19
Hang Seng 22659.78 22623.37 +0.16
FTSE All World $ (u) 225.28 -
COMMODITIES
Dec 20 prev chg
Oil WTI $ Feb 89.98 89.98 -
Oil Brent $ Feb 110.36 110.36 -
Gold $ 1,666.95 1,670.15 -3.21
price yield chg
US Gov 10 yr 98.59 1.78 -0.03
UK Gov 10 yr 98.37 1.93 -0.04
Ger Gov 10 yr 100.76 1.42 -0.02
Jpn Gov 10 yr 99.30 0.78 -0.01
US Gov 30 yr 95.81 2.96 -0.03
Ger Gov 2 yr 100.00 0.00 0.01
Dec 20 prev chg
Fed Funds E 0.17 0.17 -
US 3mBills 0.06 0.06 -0.01
Euro Libor 3m 0.12 0.12 -
UK 3m 0.57 0.57 -
Prices are latest for edition
Dec 20 prev
$ per 1.324 1.326
$ per 1.626 1.627
per 0.814 0.815
per $ 84.4 84.3
per 137.2 137.1
$ index 80.8 80.7
SFr per 1.207 1.209
Dec 20 prev
per $ 0.755 0.754
per $ 0.615 0.615
per 1.228 1.227
per 111.7 111.7
index 83.8 83.7
index 91.34 91.49
SFr per 1.483 1.484
STOCK MARKETS CURRENCIES INTEREST RATES
World Markets
Austria 3.50 Malta 3.30
Bahrain Din1.5 Mauritius MRu90
Belgium 3.50 Morocco Dh40
Bulgaria Lev7.50 Netherlands 3.50
Croatia Kn29 Nigeria Naira715
Cyprus 3.30 Norway NKr30
Czech Rep Kc120 Oman OR1.50
Denmark DKr30 Pakistan Rupee 130
Egypt E19 Poland Zl 16
Estonia 4.00 Portugal 3.50
Finland 3.80 Qatar QR15
France 3.50 Romania Ron17
Germany 3.50 Russia 5.00
Gibraltar 2.30 Saudi Arabia Rls15
Greece 3.50 Serbia NewD420
Hungary Ft880 Slovak Rep 3.50
India Rup85 Slovenia 3.50
Italy 3.50 South Africa R28
Jordan JD3.25 Spain 3.50
Kazakhstan US$5.20 Sweden SKr34
Kenya Kshs300 Switzerland SFr5.70
Kuwait KWD1.50 Syria US$4.74
Latvia Lats3.90 Tunisia Din6.50
Lebanon LBP7000 Turkey TL7.25
Lithuania Litas15 UAE Dh15.00
Luxembourg 3.50 Ukraine 5.00
Macedonia Den220
Cover Price
In print and online
Tel: +44 20 7775 6000
Fax: +44 20 7873 3428
email: fte.subs@ft.com
www.ft.com/subscribetoday
Subscribe now
THE FINANCIAL TIMES
LIMITED 2012 No: 38,116

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, Malta, Athens, Cyprus, New York,
Chicago, San Francisco, Orlando,
Washington DC, So Paulo, Tokyo, Hong
Kong, Singapore, Seoul, Abu Dhabi, Sydney,
Johannesburg
US banks face sharp
rise in loan loss cover
The US accounting standards
setter unveiled tough rules
to increase the amount of
money banks must set aside
to cover soured loans and
bonds with its chairman
hinting reserves might have
to rise 50 per cent. Page 13
Oligarch jail term cut
Russian oligarch Mikhail
Khodorkovsky, an opposition
figure jailed on tax and
fraud charges after he
challenged the Kremlin, will
be freed in 2014 two years
earlier than expected in an
act of unprecedented
leniency. Page 5
East cools on euro
Enthusiasm for the euro is
cooling among the EUs
newest members in eastern
Europe, with Latvias prime
minister warning that his
citizens were turning against
the single currency. Page 5
US growth boost
The US economy grew
3.1 per cent in the third
quarter, revised figures show
ahead of forecasts and
putting it in a stronger
position to withstand any
fiscal cliff shocks. Page 3
BoJ extends stimulus
The Bank of Japan stepped
up monetary easing with a
Y10tn rise in its asset-buying
programme and signalled
that it could adopt a higher
inflation goal as requested
by prime minister-elect
Shinzo Abe. Page 2; Peter
Tasker, Page 9
$1bn Trafigura profit
Commodities trader
Trafigura earned about $1bn
for a second year running,
indicating that profitability
of the houses that dominate
raw materials remains high
despite the Chinese
slowdown. Page 13
Gloomy year for M&A
Investment banking activity
fees in 2012 fell 7 per cent
from 2011 making it one of
the worst dealmaking years
in a decade. Page 13; Pent-up
demand, Page 15
News Briefing
TOMORROW IN
FT WEEKEND
Brazenly Billy
Lucy Kellaway
talks to comedian
Billy Connolly
about fame, old
age and why he
loves a good
swear word
Life & Arts rts
Momentumaddiction has
sapped the hedgies mojo
Gillian Tett, Page 24
The 4 per cent curse
Has Apple peaked? Analysis, Page 6
By Jamil Anderlini in Handan
Shi Xinwangs jaw clenched
with emotion as he described
how he recently discovered that
his wife was a secret member of
Eastern Lightning, one of
Chinas largest doomsday cults.
In his parents freezing bed-
room cellar in their impover-
ished village in central China,
he held up a video on his phone
of his five-year-old daughter in
happier times, dancing and per-
forming for his wife Xiaowei.
At first I thought she was
just a normal Christian but
from the internet I soon learnt
that Eastern Lightning is a dan-
gerous cult, Mr Shi says. In
recent days she has told me to
withdraw all our money and
prepare to beg for Almighty
Gods mercy because the world
will end [today].
In desperation he has secretly
informed on her to the Chinese
authorities, which have been
rattled by the cult. A nation-
wide crackdown has so far led
to the arrest of about 1000 fol-
lowers of the quasi-Christian
group, which also calls itself the
Church of Almighty God.
Eastern Lightning, one of
Chinas most aggressive mille-
narian sects, believes that
Christ has been reincarnated as
a woman in central China and is
on a mission to lead the faithful
in a decisive battle to slay the
great red dragon of the ruling
Communist party.
Current and former adherents
told the Financial Times that
the group had adopted a theory
popularised in the Hollywood
film 2012 that says that an
ancient Mayan calendar pre-
dicted that doomsday would fall
today.
Believers expect three days of
complete darkness followed by
72 days of natural disasters,
starting from January 1, that
will devastate the earth and
wipe out all non-believers,
whom adherents, among them-
selves, refer to as snakes and
demons.
Followers direct recruitment
efforts at disenfranchised
groups in Chinas poorest rural
areas, including underground
Christian house churches
deemed illegal by Beijing, and
state-sanctioned Catholic and
Protestant congregations.
The pastor gave a sermon on
Sunday to warn us all about
this evil cult, says Han Xiut-
ing, 81, an administrator at the
officially sanctioned North Prot-
estant Church of Handan, the
closest city to the area where
Mr Shis wife has been trying to
harvest souls in preparation for
Armageddon.
After the service we gathered
together and burnt some of
[Eastern Lightnings] pam-
phlets.
In response to questions from
the FT, Eastern Lightning
denied that it was a cult and
said it was being persecuted by
the Communist party.
Eastern Lightning claims to
have millions of followers
throughout the country. The
government and other Christian
groups put their numbers at
close to 1m.
Additional reporting by Gu Yu
Chinas 610 office, Page 2
Beijing pre-empts end of the world in
crackdown on Eastern Lightning cult
The cult anticipates a
battle to slay the
great red dragon of
the Communist party
ICE in $8.2bn gamble with
deal to buy NYSE Euronext
By Philip Stafford
in London and
Arash Massoudi in New York
IntercontinentalExchange has
agreed to buy NYSE Euronext,
its 208-year old rival, in a $8.2bn
deal that will make the energy
and commodities bourse one of
the worlds largest derivatives
markets operators.
The deal, announced yester-
day, marks the biggest gamble
to date by ICE chief executive
Jeff Sprecher, who has long
coveted NYSE Liffe, the Euro-
pean derivatives exchange
owned by NYSE Euronext.
Last year ICE and Nasdaq
OMX jointly launched a $11.3bn
hostile bid to acquire and break
up NYSE, but abandoned the
move after US antitrust bodies
threatened to sue to block it.
ICE will keep the iconic
NYSE building on Wall Street
but wants to hive off Euron-
exts cash equities arms, which
include the stock exchanges of
Paris, Amsterdam, Brussels and
Lisbon. The company said that
it was exploring a listing of
Euronext if market conditions
allowed and European policy
makers supported the offering.
The deal will propel ICE, the
12-year-old exchange that has
grown through offering trading
in energy, emissions and com-
modities, into the trading of
listed interest-rate derivatives,
the worlds largest asset class.
It will also transform ICE into
the third-largest operator of
futures exchanges, posing a
threat to Deutsche Brse and
CME Group.
Markets have inherently
changed in the face of the
global financial crisis, said
Mr Sprecher. While derivatives
markets have become more glo-
bal . . . many cash and equity
markets have become more
regional as major European
financial institutions turned
their focus to capital efficiency
and regulatory reform.
ICEs ambitious takeover
NYSE share in a mixture of
cash and shares. The duo said
that they would have headquar-
ters in Atlanta, where ICE is
based, and New York.
NYSE shareholders will have
the option of either accepting
$33.12 in cash per share, taking
0.2581 ICE common shares or a
mix of $11.27 in cash plus 0.1703
ICE common shares, subject to
a maximum cash consideration
of approximately $2.7bn.
Mr Sprecher will remain chief
executive of the enlarged com-
pany while Duncan Niederauer,
chief executive of NYSE Euron-
ext, will be chief executive of
NYSE Group and president of
the enlarged company.
Like all other incumbent
exchanges, NYSE has seen its
dominant market share and
profits from stock trading
eroded in recent years by rivals
offering faster trading and
cheaper prices.
NYSEs combined share trad-
ing platform accounts for only
about a quarter of all US equity
trading, forcing it to focus on
European derivatives and IT
outsourcing services.
ICE was advised by Morgan
Stanley, and NYSE Euronext by
Perella Weinberg Partners and
BNP Paribas.
Lex, Page 12
Chiefs biggest bet, Page 17
NYSE rises, Page 26
www.ft.com/tradingroom
UK bank
panel calls
for stricter
reforms
By Patrick Jenkins
and George Parker in London
The UK risks failing to mend
bankings broken ethical stand-
ards and structure, according to
a review of the governments
reform plans by an influential
cross-party commission.
Andrew Tyrie, the Conserva-
tive MP who chairs the Parlia-
mentary Commission on Bank-
ing Standards, said the Libor
scandal which this week saw
Swiss bank UBS pay $1.5bn in
fines to regulators in the US, UK
and Switzerland was just the
latest proof that the banks
needed reining in.
Investigations into Libor
have exposed a culture of culpa-
ble greed far removed from the
interests of bank customers, cor-
roding trust in the whole finan-
cial sector, says the commis-
sions report, published today.
In a 146-page assessment of
the governments planned Vick-
ers reforms, the panel endorses
the central idea that universal
banks should be made to erect a
protective ringfence around
their high-street banking activi-
ties. However, it urges George
Osborne, the UK finance minis-
ter, to go much further.
The proposals, as they stand,
fall well short of what is
required, it says. Over time,
the ringfence will be tested and
challenged by the banks . . . to
succeed, banks need to be dis-
couraged from gaming the
rules.
The report argues for an elec-
trified ringfence, which would
see regulators given the power
to force the break-up of a bank,
or of the whole sector.
Mr Tyries panel fears the
banks will try to wriggle under,
over or around the ringfence
unless it is electrified. He
urged the banks to respect the
rules. We are saying to the
banks: help us make the
ringfence work. If not the regu-
lator may pull you apart.
The Treasury said it would
study the conclusions carefully.
Editorial Comment, Page 8
comes ahead of a big shake-up of
derivatives trading.
In the wake of the financial
crisis, global regulators want to
push more of the off-exchange
derivatives market on to trans-
parent trading venues and have
more deals processed through
clearing houses.
The changes are due to come
into effect next year in the US
and in 18 months in Europe.
Under the terms of the deal,
ICE has agreed to pay $33.12 per
Move for larger rival Threat to D Brse and CME Europe arm to be shed
Other listed
US & European
derivatives
Technology
Other
US & European
cash equities
Market data
Issuer services
ICE NYSE Euronext
Crude oil
& gas oil
OTC gas
OTC power,
oil & other OTC CDS
Market data
Source: Berenberg Bank
FT graphic
2011 revenues split (%)
29 25 21
19
13
13
9
19
14
8
13
17
Photo: Bloomberg
2

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
FINANCIAL TIMES
Number One Southwark Bridge, London SE1 9HL
SUBSCRIPTIONS AND CUSTOMER
SERVICE:
Tel: +1 44 207 775 6000
fte.subs@ft.com
www.ft.com/subscribetoday
LETTERS TO THE EDITOR:
Fax: +44 20 7873 5938
letters.editor@ft.com
ADVERTISING:
Tel: +44 20 7873 3794
emeaads@ft.com
EXECUTIVE APPOINTMENTS:
Tel: +971 4299 754
www.execappointments.com
Published by: The Financial Times Limited, Number One Southwark Bridge, London SE1 9HL, United
Kingdom. Tel: +44 20 7873 3000; Fax: +44 20 7407 5700. Editor: Lionel Barber.
Printed by: (Belgium) BEA Printing sprl, 16 Rue de Bosquet, Nivelles 1400; (Germany) Dogan Media
Group, Hurriyet AS Branch Germany, An der Brucke 2022, 64546 Morfelden Walldorf; (Italy) Poligrafica
Europa, S.r.l, Villasanta (MB), Via Enrico Mattei 2, Ecocity Building No.8. Milan; (South Africa) Caxton
Printers a division of CTP Limited, 16 Wright Street, Industria, Johannesburg; (Spain) Fabripress, C/ Zeus
12, Polgono Industrial MecoR2, 28880 Meco, Madrid. (Sweden) Bold Printing Group/ Boras Tidning
Tryckeri AB, Odegardsgatan 2, S504 94, Boras. (Abu Dhabi) United Printing & Publishing Company LLC,
Muroor Road, PO Box 39955, Abu Dhabi
France: Publishing Director, Adrian Clarke, 40 Rue La Boetie, 75008 Paris, Tel. +33 (0)1 5376 8250; Fax:
+33 (01) 5376 8253; Commission Paritaire N 0909 C 85347; ISSN 11482753. Germany: Responsible
Editor, Lionel Barber. Responsible for advertising content, Adrian Clarke. Italy: Owner, The Financial Times
Limited; Rappresentante e Direttore Responsabile in Italia: I.M.D.SrlMarco Provasi Via Guido da Velate 11
20162 Milano Aut.Trib. Milano n. 296 del 08/05/08 Poste Italiane SpASped. in Abb.Post.DL. 353/2003
(conv. L. 27/02/2004n.46) art. 1 comma 1, DCB Milano. Spain: Legal Deposit Number (Deposito Legal)
M325961995; Publishing Director, Lionel Barber; Publishing Company, The Financial Times Limited,
registered office as above. Local Representative office; Castellana, 66, 28046, Madrid. ISSN 11358262.
Sweden: Responsible Publisher, Bradley Johnson; Telephone +46 414 20320. UAE: Publisher, Adrian
Clarke, Tel: +33 (0)1 5376 8250; origin of publication, twofour54, Free Zone, Abu Dhabi.
Copyright The Financial Times 2012. Reproduction of the contents of this newspaper in any manner is
not permitted without the publishers prior consent. Financial Times and FT are registered trade marks
of The Financial Times Limited.
The Financial Times adheres to the selfregulation regime overseen by the UKs Press Complaints
Commission. The PCC takes complaints about the editorial content of publications under the Editors Code
of Practice (www.pcc.org.uk). The FTs own code of practice is on www.ft.com/codeofpractice.
Reprints are available of any FT article with your company logo or contact details inserted if required
(minimum order 100 copies). Phone +44 20 7873 4871. For oneoff copyright licences for reproduction
of FT articles phone +44 20 7873 4816. For both services, email syndication@ft.com
By Michiyo Nakamoto
in Tokyo
The Bank of Japan stepped
up its monetary easing yes-
terday with a Y10tn
($118bn) increase in the size
of its asset-purchasing pro-
gramme and signalled that
it could adopt a higher
inflation goal, as requested
by Shinzo Abe, the incom-
ing prime minister.
The central bank said it
would expand its asset pur-
chasing programme from
Y91tn to Y101tn by buying
more Treasury discount
bills and Japanese govern-
ment bonds.
Mr Abe turned the BoJs
role in reviving the Japa-
nese economy which has
dipped into recession into
a central election issue and
repeatedly called for it to do
more to combat persistent
deflation by adopting
unlimited easing.
He piled more pressure on
the bank after his Liberal
Democratic partys land-
slide win on Sunday,
reminding Masaaki
Shirakawa, BoJ governor,
of his desire to implement a
2 per cent inflation target.
Mr Shirakawa, who has
long resisted calls for more
aggressive easing, said the
BoJ policy board would
review its inflation goal at
its next meeting in January
and make a decision on
whether to change it. He
admitted Mr Abes request
for a higher price goal was
one factor behind the deci-
sion to discuss inflation at
the January meeting.
His comments heightened
expectations that the cen-
tral bank could adopt more
aggressive monetary easing
despite Mr Shirakawas own
reservations.
The chances are high
that the BoJ will raise its
inflation goal to 2 per cent
in January, said Mit-
sumaru Kumagai, chief
economist at Daiwa Insti-
tute of Research in Tokyo.
Mr Abe welcomed the
BoJs move, saying: What
we called for during the
lower house election is
being realised one by one.
After a regular meeting of
its policy board, the BoJ
which has an inflation goal
of about 1 per cent said it
would discuss the medium
to long-term price stability
that the Bank aims to
achieve at its January
meeting.
Mr Abe is expected to
choose a more dovish gover-
nor when Mr Shirakawas
term ends in April.
Some economists inter-
preted Mr Shirakawas com-
ments and the lack of a
clear commitment to rais-
ing the inflation goal as a
sign that the BoJ governor
was resisting political pres-
sure for more easing.
The BoJ believes it is
impossible to achieve an
inflation target, that it can-
not force people to go out
and spend, said Masamichi
Adachi, senior economist at
JPMorgan in Tokyo.
They are being forced to
do something that they
believe is not possible.
The BoJs independence,
as we know it, no longer
exists.
Mr Shirakawa defended
the banks efforts to stimu-
late growth, saying its asset
purchases would now be
close to 40 per cent of gross
domestic product.
Even before yesterdays
additional easing, the BoJs
asset purchase programme
was 27 per cent of GDP and
the largest among devel-
oped countries, he said.
The central bank has kept
its policy rate at virtually
zero since the collapse of
Lehman Brothers in 2008. It
adopted its asset-buying
programme in 2010.
Mr Shirakawa has warned
that aggressive bond buy-
ing by a central bank with-
out fiscal discipline would
cause a loss of market trust
and rises in long-term inter-
est rates.
Japan has a gross debt to
GDP ratio of more than 200
per cent, the highest in the
developed world.
It cannot be denied that
as the public debt rises and
the people become accus-
tomed to it, financial disci-
pline will be lost, Mr
Shirakawa said on Wednes-
day.
He reiterated his calls for
the government to play its
part to boost the economy.
See Comment
BoJ expands stimulus programme
Move comes after
Abe election win
Inflation goal faces
review in January
The chances
are high that the
BoJ will raise its
inflation goal to 2
per cent in January
By Victor Mallet
in New Delhi
Narendra Modi has been
convincingly re-elected as
chief minister of the Indian
state of Gujarat, a political
triumph that will
strengthen his chances of
becoming Indian prime min-
ister and leading the
worlds largest democracy.
Mr Modis Hindu nation-
alist Bharatiya Janata party
won 115 of the 182 seats in
Gujarat, close to the 117 he
won last time. His main
opponents, the Congress
party in power nationally
won only 61 seats, said
the Election Commission.
But in the smaller state of
Himachal Pradesh, Con-
gress defeated the incum-
bent BJP, winning 36 of the
68 seats, compared with 26
for the BJP.
Mr Modi, about to enter
his fourth term of office as
leader of Gujarats 60m peo-
ple, is credited by business
leaders and Gujarati voters
with promoting investment,
building infrastructure and
managing the local econ-
omy efficiently, in contrast
to the chaos, delays and
corruption prevalent in
some other parts of India.
We have set an example
before the country that if
good governance and devel-
opment can be seen on the
ground they will rise above
caste and community con-
cerns, he told a victory
rally in Ahmedabad.
However, the ascetic Mr
Modi is seen as divisive by
many Indians, who blame
him for the killing of hun-
dreds of Muslims by Hindu
mobs in Gujarat 10 years
ago, shortly after he
became chief minister for
the first time and a train
carriage full of Hindu pil-
grims was set alight by
Muslim attackers.
Mr Modi was accused of
discouraging police from
intervening to stop the
bloodshed over days of vio-
lence. He has always denied
the allegations and con-
demned the anti-Muslim
riots, saying he should be
hanged in public if his gov-
ernment was responsible.
The Gujarat victory will
boost Mr Modis chances of
being chosen by the BJP as
candidate for prime minis-
ter in the next general elec-
tion, due in 2014.
Congress leaders tried to
put a brave face on the
Gujarat defeat, with Palani-
appan Chidambaram, the
Indian finance minister and
possible prime ministerial
contender, even claiming
early in the day that Con-
gress was a winner in
Gujarat because the BJP
had been contained. He
said: We are not thinking
in terms of 2014 now. 2014 is
a good 16 months away.
Mr Modis victory was
nevertheless a setback for
Sonia Gandhi, Congress
leader, and her son Rahul,
who is a member of the
Nehru political dynasty and
has been groomed as a pos-
sible future prime minister.
Additional reporting by
Jyotsna Singh
Gujarat
win lifts
Modis
ambition
to be PM
In a poor and desolate
village in Chinas Hebei
province, Shi Xinwang
estimates about one in 10
local people are members
of the Eastern Lightning
doomsday cult including
his wife Xiaowei or in
the process of being
converted. It is hard to
know, he says, because
followers know each other
only by such codenames as
Strong as Steel and
Seeker.
Chinas modernisation
has been so fast and the
government has ignored
peoples need for spiritual
fulfilment, said Mr Shi,
who is not a follower
himself.
He said his wife was
happy and content when
they moved to Beijing in
2006 in search of a better
life and only rejoined when
she returned to their home
village to look after her
ageing father, who is also
an Eastern Lightning
devotee.
To aid in their
proselytising, Eastern
Lightnings songs are set
to the tune of Communist
anthems such as the
Internationale and the
group allegedly provides
small loans or even sexual
favours as inducements to
prospective members. The
group, inspired by myths
that the apocalypse is
coming today, is also
accused of kidnapping and
torture, say government
officials in charge of
infiltrating its ranks.
This religion is
extremely hard to smash
because they often only
have single points of
contact between separate
levels, one 33-year-old
Eastern Lightning cadre in
the eastern city of Jinan,
who is also a spy for the
Chinese police, told the
Financial Times. Its
actually very similar to the
Communist party during
its underground
revolutionary phase [before
1949].
Its also a bit like
pyramid selling, he added.
The more people you
recruit and more money
you give to the church the
higher your status will be
in heaven. If you dont
donate, you dont have a
chance for promotion in
this life either.
Eastern Lightning
representatives deny that
their organisation is a cult
and say they are being
persecuted by the
government.
In recent weeks there
have been sporadic
protests by groups of
believers in remote parts of
the country calling on
people to offer themselves
up for salvation and
taunting the ruling
Communist party that it is
about to be wiped out by
Gods wrath.
The party is especially
sensitive because of
Chinas history of
millenarianism going back
to the advent of the White
Lotus sect of Buddhism in
around the 13th century.
The Taiping rebellion a
quasi-Christian uprising in
the mid-19th century led
by a man who believed he
was the younger brother of
Jesus captured most of
southern China in a civil
war that remains the
bloodiest in history, with
as many as 30m killed.
More recently, Beijing
launched a crackdown in
1999 on the Falun Gong
spiritual movement that
has seen thousands of
adherents tortured and
imprisoned.
Eastern Lightning was
founded in the early 1990s
in central Chinas
overpopulated and poor
Henan province by Zhao
Weishan, a former member
of the radical Christian
shouters sect from
northeast China who
claimed to have discovered
the living female Christ
and told followers to throw
away the Bible.
Mr Zhao fled to the US
more than a decade ago,
where he was given
asylum on the grounds of
religious persecution.
The government has
launched attacks on the
group since it was
designated an evil cult in
2000 but, as with many
apocalyptic movements,
persecution is seen as
evidence that the end
of days is at hand.
They believe that
any hardship they
experience is a test
from God and so the
more we crack down
on them the more
they believe in this
cult, said an
official from the
Communist partys
shadowy and extrajudicial
610 office, which is
named after the date it
was established (June 10
1999) to lead the attack on
Falun Gong. The office is
now in charge of anti-
cult operations.
Although they also view
Eastern Lightning as a
dangerous cult, some
Christian activist groups
outside China are
concerned that the arrests
of adherents could mark
the start of a campaign
against underground
Christian churches.
Others argue that
restrictions on all forms of
religion actually encourage
the emergence of more
radical groups.
Mr Shi said he planned
to offer his wife an
ultimatum tomorrow, once
her doomsday prediction is
proved wrong.
If nothing happens on
December 21 then I will
tell her she has to quit and
if she wont, Ill move back
to Beijing with our
daughter and she will go
to jail.
Doomsday
cult is target
for Chinas
610 office
Religion
Crackdown against
Eastern Lightning
followers prompts
fears for Christian
churches, writes
Jamil Anderlini
French refuge under media siege
The little village of
Bugarach in southwest
France has found itself
under media siege this
week as the result of
internetfuelled stories that
it will survive the end of the
world supposedly due
today when the Mayan
calendar expires, writes
Hugh Carnegy in Paris.
A strangely shaped
mountain called the Pic de
Bugarach that overshadows
the village is the centre of
attention, having evoked
tales of extraterrestrial
powers for years.
Apparently, the rocks at the
top of the peak are millions
of years older than those
layered below, endowing it
with mysterious qualities.
According to internet lore,
the mountain will offer
protection to inhabitants
from the coming
apocalypse. One notion is
that it will open up and
aliens will emerge to
rescue those waiting for
redemption.
More than 200 journalists
and camera crews from
around the world have
flocked to the village for the
big day, far outnumbering
the handful of people who
have travelled to Bugarach
in search of shelter from
the worlds demise,
according to reports from
the scene.
The local authorities have
drafted in 150 police, shut
off access to the
mountain and
imposed restrictions
on movement
around the village in
an effort to keep
control.
Those deterred by
such measures had
the choice of other
sites deemed havens
from cataclysm in
Turkey, Italy and Serbia.
WORLD NEWS
By Simon Mundy in Seoul
Park Geun-hye began her
first day as South Korea's
president-elect with a visit
to the graves of her authori-
tarian father and his most
famous opponent, as she
sought to win over her
detractors after the fiercely
contested campaign.
I will appoint people
from all regions, genders
and generations, Ms Park
said yesterday, after her
victory over the liberal can-
didate Moon Jae-in was con-
firmed late on Wednesday.
I will try to cut off the
historical loop that has
caused extreme divides and
discord in the last half
century.
Her address, at the head-
quarters of her New Fron-
tier party, followed her visit
to Seouls national ceme-
tery. In a gesture of recon-
ciliation, she bowed before
the grave of her father, the
military ruler Park Chung-
hee, and that of Kim Dae-
jung, the leader of resist-
ance to Mr Parks rule, who
went on to serve as a liberal
president.
People close to Ms Park
say that one of her priori-
ties is winning the trust of
Mr Moons supporters,
many of them young people
who view her as an unwel-
come reminder of the coun-
trys authoritarian past.
Forty-eight per cent of
Koreans voted for Mr Moon,
so she really has to bring
the country together, said
Lee Chung-min, a senior
adviser to Ms Park. When
she appoints senior people
to cabinet, she will really
reach out across the aisle.
In pre-election surveys,
most voters cited the econ-
omy as their chief concern.
Ms Park put economic
democratisation, involving
a crackdown on bad prac-
tices by big business and
more support for those fur-
ther down the income scale,
at the heart of her cam-
paign. She is likely to raise
taxes, according to one per-
son in her camp, although
detailed tax plans were not
part of her election plat-
form. She also plans to cut
tuition fees for university
students, expand state
healthcare provision, and
stimulate new industries
through measures such as
start-up incubators to
help entrepreneurs.
However, she is to take a
relatively restrained line in
dealing with the power-
ful chaebol conglomerates,
compared with the changes
promised by Mr Moon.
While the liberal candidate
pledged to abolish the com-
plex circular sharehold-
ing structures that allow
the groups founding fami-
lies to retain control, Ms
Park believes that would
leave the companies vulner-
able to hostile takeovers.
Her camp says she will
focus on ensuring that
existing laws are imple-
mented more thoroughly.
She has promised to be
less generous in her use of
the presidential pardon
than Lee Myung-bak, the
outgoing president.
The US, which favoured
Ms Parks foreign policy
stance over Mr Moons, will
welcome her victory, accor-
ding to analysts in Wash-
ington. Mr Moon was
expected to work towards a
resumption of talks with
North Korea and economic
assistance. Ms Park is keen
to improve relations with
North Korea but will main-
tain a tougher stance than
her rival against its nuclear
weapons programme.
South Korea starts a two-
year term on the UN Secu-
rity Council next month,
allowing Ms Park to build a
greater global role for the
country.
See Editorial Comment
By Richard McGregor
in Washington
Chinese wanting to invest
in the US should not have
to undergo political back-
ground checks, a top Com-
munist party official said at
the close of high-level trade
talks with his counterparts
in Washington.
Wang Qishan, the outgo-
ing vice-premier responsible
for commerce, trade and
finance, said at a dinner
attended by US cabinet
members yesterday there
was no reason for Chinese
investors to be asked about
their political affiliations.
How can you check if
they belong to the Commu-
nist party or other parties?
he said, adding that Ameri-
cans were not asked similar
questions about their poli-
tics when investing abroad.
Mr Wang has just been
promoted to the seven-
member politburo inner-
circle, the ruling partys
most powerful body, and
will soon take up his new
job as the partys anti-cor-
ruption chief.
His comments about polit-
ical checks touch on a long-
running complaint of the
Chinese that their state-
owned companies are
unfairly discriminated
against when trying to
invest in the west.
The executives of Chinese
state companies are all
appointed, and removed, by
the personnel arm of the
Communist party.
However, China main-
tains that the companies
are independent business
entities that make decisions
on commercial grounds, not
at the direction of the rul-
ing party or the govern-
ment.
A congressional report
released in October warned
US companies not to do
business with Huawei, a
private telecommunications
equipment manufacturer,
because of security con-
cerns.
In full, www.ft.com/us
Park talks of accord after S Korea win Beijing attacks US
investor checks
Doomsday message: Beijing commuters by a poster for 2012, a disaster film, yesterday. Below, Falun Gong members in the US protest in 2001 AFP
Park Geunhye burns incense
at the national cemetery
DECEMBER 21 2012 Section:World Time: 20/12/2012 - 17:31 User: jamesa Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

3
WORLD NEWS
By James Politi
in Washington
The US economy grew
faster than expected by 3.1
per cent in the third quar-
ter, according to the latest
revision by the commerce
department, putting it in a
stronger position to with-
stand any shock from the
looming fiscal cliff.
The figure was higher
than the 2.7 per cent annu-
alised growth previously
estimated for the third
quarter, and far more than
the 1 per cent growth rate
that was originally calcu-
lated by the commerce
department two months
ago.
The upward revision fol-
lowed higher net exports, as
well as support from con-
sumer and government
spending.
Economists were com-
forted by the data which
showed the US economy
growing at its fastest since
late 2011 but cautioned
that it was unlikely to last
long. This revision was a
healthy one, driven by final
sales, not inventories, said
Nigel Gault, chief US econo-
mist at IHS Global Insight.
But it overstates the econ-
omys momentum, and we
expect growth of just below
1 per cent in the fourth
quarter.
Mr Gault added that the
outcome of talks in Wash-
ington to avert the fiscal
cliff a $600bn contraction
made up of tax rises and
spending cuts due next year
would be critical for the
US economic outlook.
The longer the negotia-
tions drag on, especially if
they extend into January,
the more the uncertainty
will hurt consumer and
business confidence, and
willingness to spend. A
timely resolution will help
confidence, but we should
not expect the economy
immediately to spring to
life, Mr Gault said.
Last week, the US Federal
Reserve showed it was not
especially confident in the
sustainability of the higher
growth rate seen in the
third quarter. It took the
unprecedented step of tying
rock-bottom interest rates
to the jobless level, pledg-
ing not to raise rates until
the unemployment rate
falls to 6.5 per cent, as long
as inflation does not rise
above 2.5 per cent. The US
jobless rate is 7.7 per cent,
according to the latest data
for November from the
labour department.
The stronger data on
growth yesterday came
amid encouraging figures
from the housing sector.
The pace of existing home
sales rose by 5.9 per cent to
a three-year high of 5.04m
units in November from
4.76m units the previous
month.
With tightening supply
and improving demand, the
fundamentals in the US
housing market are contin-
uing to move in a very posi-
tive direction, says Millan
Mulraine of TD Securities.
Notwithstanding these
improving fundamentals,
the housing rebound
remains vulnerable to any
disruption in the overall
economic recovery in the
near term, and any misstep
on averting the fiscal could
jeopardise the positive
momentum in this crucial
sector, he added.
Meanwhile, weekly job-
less claims rose by 17,000 to
361,000 after a big drop the
previous week.
The more reliable meas-
ure of jobless claims, the
four-week moving average,
fell to 367,000 as a spike in
claims in response to dis-
ruptions related to super-
storm Sandy in November
dropped out of the series.
Looking through the vol-
atility, it seems that the
underlying pace of lay-offs
has held fairly steady in
recent months, said econo-
mists at RBS in a note.
That is certainly encourag-
ing given the pullback in
capital spending the last
few months and the uncer-
tainty surrounding the 2013
outlook, but as we have
said repeatedly, it is the
slow pace of hiring that is
preventing better improve-
ment in the labour market,
not the current pace of lay-
offs, they added.
US economy
grows quicker
than forecast
More at FT.com
All eyes on Syria
2012 was dominated by an
election in the US, a
leadership transition in
China and turmoil in the
Middle East. Gideon
Rachman outlines the new
years big global flash
points and says the eyes
of the world will continue
to be on the conflict in
Syria in 2013
www.ft.com/2013video
World podcast
The killing of 26 people,
including 20 children, at an
elementary school in
Newton, has changed
Americas discussion about
gun control, but will it lead
to legislative change? FT
writers discuss the steps
President Barack Obama
can take to curb investment
in the gun industry
www.ft.com/worldweekly
They are called modern
sporting rifles in investor
presentations and industry
publications. Among enthu-
siasts they are often known
simply as black rifles.
One such semi-automatic
rifle, the Bushmaster .223,
was used to kill 20 children
and six adults in Newtown,
Connecticut. These weap-
ons are now the focus of
renewed attempts to impose
tighter controls on gun
ownership in the US.
They are also among the
fastest-growing product
lines for US gunmakers.
In the 1990s and 2000s, the
US rifle industry had a
problem. Hunting, a tradi-
tional core market, was in
long-term decline, as the
country became more urban
and suburban.
The number of hunters
fell from 16.6m in 1975 to
12.5m in 2006, according to
the US Fish & Wildlife Serv-
ice.
The answer was for gun-
makers to attract a new
generation of customers
with modern sporting rifles:
guns that looked not like
their fathers old bolt-action
rifles, but like the latest
military assault weapons.
As the chief executive of
Smith & Wesson, one of the
largest manufacturers of
the new style of rifle, put it
to investors in September,
there is an important mar-
ket in younger customers
who are coming of age,
very interested in firearms,
[and] grew up playing video
games.
Machismo is an important
part of the marketing.
Bushmaster has been run-
ning adverts in mens mag-
azines saying that owning
their guns was a way to
earn your man card.
In a 2010 survey by the
National Shooting Sports
Foundation, an industry
group, 99 per cent of owners
were men.
Modern sporting rifles
look like combat rifles
because that is what they
were designed as. Most of
the ones sold in the US are
based on the AR-15 design,
developed by Armalite for
the US Army in the
1950s and now produced by
many different manufactur-
ers. There is a vigorous cul-
ture of blogs and talk-
boards, including
www.ar15.com, home of
the black rifle, where
enthusiasts discuss equip-
ment and swap tips.
Owners generally like to
accessorise their guns,
spending hundreds of dol-
lars on extras such as
sights, scopes, lights and
grips.
Like other fashionable
guns such as the Glock pis-
tol, the AR-15 has also
become part of gangster rap
culture, name-checked in
songs by Tupac Shakur, 50
Cent and Lil Wayne.
The results have been
spectacularly successful.
Freedom Group, the owner
of Bushmaster rifles, said in
its most recent annual
report: The continued
adoption of the modern
sporting rifle has led to
increased growth in the
long-gun market, especially
with a younger demo-
graphic of users and those
who like to customise or
upgrade their firearms.
Freedom estimated that
while total sales of long
guns to US consumers rose
at an annual rate of just 3
per cent during 2007-11,
modern sporting rifles grew
at an annual rate of 27 per
cent.
That growth has acceler-
ated this year. Smith &
Wesson reported its sales of
modern sporting rifles had
more than doubled in the
six months to October com-
pared with the equivalent
period of 2011.
The number of hunters
rebounded to 13.7m in 2011.
But the NSSF survey found
that hunting was not the
principal reason why people
owned these guns. Target
shooting and home
defence were the most pop-
ular reasons, with big game
hunting a distant sixth.
Although not fully auto-
matic, AR-15s are capable of
rapid fire, and large maga-
zines holding 30, 50 or even
100 rounds reduce the need
to stop and reload.
As a commenter on an
online customer forum for
Walmart, the retail chain
which is one of the largest
sellers of these rifles, put it,
they fire as fast as you can
pull the trigger.
Almost a third of the
owners in the NSSF survey
said they used magazines
holding 30 or more rounds.
The US assault weap-
ons law that lasted from
1994 to 2004, banning sales
of large-capacity magazines
and some specified models
of semi-automatic rifle, had
large loopholes that allowed
manufacturers to escape its
restraints, but is believed
by its supporters to have
had some effect on the
availability of these guns.
Their increased popular-
ity today means the politi-
cal difficulty of reinstating
a similar ban may be even
greater now than it was
then.
See New York Notebook
Gun control measures centre on black rif les
A Rock River
Arms AR15 rifle,
similar to a
Bushmaster Getty
99%
Percentage of sporting rifle
owners who are male
56%
Percentage of sporting
rifle owners with no
military background
13.7m
Number of hunters in 2011,
up from 12.5m in 2006
88%
Percentage of sporting rifle
owners who are educated
to at least college level
Source: National Shooting Sports Foundation
US shootings
Reinstating a ban
on popular assault
weapons will be
politically difficult
to achieve, writes
Ed Crooks
Housing boost: existing home
sales hit threeyear high
Housing boost: existing home
sales hit threeyear high
DECEMBER 21 2012 Section:World Time: 20/12/2012 - 19:05 User: jamesa Page Name: WORLD2 EUR, Part,Page,Edition: EUR, 3, 1
4

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
By Michael Peel
in Abu Dhabi
Syrian rebels battled regime
forces around the central
city of Hama yesterday,
part of an intensifying cam-
paign to capture the crucial
road artery that links the
capital Damascus to the big-
gest cities.
Full opposition control of
the highway and rural
areas around the histori-
cally rebellious Hama and
its near southern neighbour
Homs would sever links
between the regimes twin
strongholds of central
Damascus and the coastal
northwest, analysts said.
While President Bashar
al-Assads regime maintains
control of large parts of the
biggest cities, the four-day
Hama opposition offensive
underscores how much of
the countryside and trans-
port links have slipped from
the governments grasp.
If the rebels were to take
Homs and Hama, the
regime would effectively be
cut off from its hinterland,
said Bernard Haykel, pro-
fessor of near eastern stud-
ies at Princeton University.
That would be a very seri-
ous blow.
Opposition fighters attac-
ked loyalist checkpoints in
Zughba, Maan and other
pro-regime villages in the
area around Hama, accord-
ing to the Syrian Observa-
tory of Human Rights, a
UK-based pro-opposition
monitoring group. It said
several rebel battalions
were involved in the cam-
paign, which had also tar-
geted checkpoints on the
Damascus-Aleppo road
north of Hama, where the
Syrian regime killed an esti-
mated 20,000 people during
a 1982 uprising.
Rebel forces around
Hama were trying to sur-
round a military air base
and drive out loyalist mili-
tiamen, known as shabbiha,
who have been launching
attacks from countryside to
the west of the city, said
Abu Malik, an activist who
was in the area in the
build-up to the offensive.
He said opposition fight-
ers wanted to take control
of the main north-south
road, to allow direly needed
supplies to be transported
directly from the Turkish
border to Hama and eventu-
ally Homs, which is Syrias
third-largest city. The lines
have to be open to allow
relief to go in, Abu Malik
said. We cant feed the
whole population by smug-
gling things in.
The contested 50km road
from Hama to Homs is
important to both sides, as
Homs is the meeting point
of numerous highways link-
ing population centres to
Damascus in the south. If
rebels were to cut that link,
Damascus would be isolated
from the north-western
homeland of the minority
Alawites, who dominate the
Assad government.
That would further under-
mine the regime and inten-
sify fears both of a parti-
tioning of the country and
of revenge attacks on Alaw-
ites by advancing rebels
already implicated in atroci-
ties, analysts said. Scores of
Alawites were killed in the
village of Aqrab last week,
in circumstances that
remain unclear.
Battle rages to control Syria artery
Rebels fight to seize
highway at Hama
Countryside slips
from regimes grip
Iran
Western sanctions set off
wave of street robberies
Street robberies in Iran
have risen in recent
months, resdients say, as
US and European sanctions
have taken their toll on the
economy and purchasing
power has fallen, writes
Najmeh Bozorgmehr in
Tehran.
There are no official
crime figures but Tehran
residents report assaults on
friends, relatives and
neighbours. Usually the
attackers are young men
bearing knives who demand
their victims hand over
money or other valuables.
Authorities have sought
to reassure people
concerned by the rise in
crime. Tehrans police chief,
Hossein SajediNia, said this
month more measures were
being taken to minimise
social crimes.
Ayatollah Sadegh Amoli
Larijani, the judiciary chief,
warned in midDecember
that the death sentence
applied to robbers armed
with weapons other than
guns. Peoples security is
more essential than bread.
He urged the police to kick
off a new round of dealing
with hooligans.
But one video posted on
the internet this month has
fuelled a feeling of
insecurity. Four men on two
motorbikes one holding a
knife stopped in a busy
street and forced a young
man to give them his
briefcase. They later cut his
face so he could not chase
them. Irans police have
identified the thieves and
arrested them.
The rise in crime follows
the fall of the rials value by
48 per cent this year, after
US and EU sanctions
aggravated already high
inflation and unemployment.
Official figures put the rise
in consumer prices for this
year at 26.1 per cent, while
youth unemployment stands
at 28.6 per cent. Many
people believe the real
figures are much higher.
The rise in social crimes
shows people feel under
enormous economic
pressure, said a senior
nonwestern diplomat.
In full: www.ft.com/iran
WORLD NEWS
Image rites: rebel fighters remove the portrait of Bashar alAssad from a military hospital at Halfaya, north of Hama Reuters
It was about time the
Syrian regime and those
who back it recognised
reality.
Nearly two years into
the most violent crisis of
the Arab awakening,
Russias deputy foreign
minister Mikhail Bogdanov
conceded this month that
an opposition victory could
not be ruled out. A few
days later, it was the turn
of Farouq al-Sharaa, the
Syrian vice-president, to
cast doubt on a military
solution and call for an
empowered national unity
government.
The shifting balance on
the ground is impossible to
ignore. Despite President
Bashar al-Assads vast
military superiority,
Syrias rebels have made
significant gains, seizing
military bases together
with more sophisticated
weaponry and forcing the
air force to reduce its
bombings of northern areas
under opposition control.
The regime lost much of
the countryside long ago.
Now its cities too are
threatened, with half of
Aleppo in rebel hands,
and a new offensive just
launched to seize Hama.
Fighting in the capital
Damascus has also
intensified, amid forecasts
a bloody battle for control
of the city is heating up.
To be sure, the regime
still has important military
assets. It can fight on and
wreak more destruction,
but it cannot win or
subdue the rebellion.
Diplomats estimate that
the regime has regrouped
as many as 80,000 of its
best trained forces in and
around Damascus
(compared with just a few
thousand inserted by the
rebels so far). It also still
has massive land artillery
capability, in addition to
the air force and an
arsenal of chemical
weapons that remains a
terrifying last resort.
Predictions of imminent
regime collapse might be
overstated. But diplomats
and analysts say the
mounting pressures on Mr
Assad present a new
opportunity to test the
diplomatic prospects.
For months, western
powers sympathetic to the
opposition (even if not
responding to dissidents
calls for military support)
have been waiting for the
moment when the regime
feels sufficiently cornered
to sue for peace. But
although Damascus and
Moscow appear to see the
moment is approaching,
the parameters of a deal
are still unclear and its
viability doubtful.
Salman Sheikh, a former
UN diplomat, now director
of the Brookings Doha
Centre, says the sticking
point remains the fate of
Mr Assad. The Russians
are flying trial balloons, he
argues, but still talking
about elections in which
the Syrian leader would
stand. The opposition and
its supporters, on the other
hand, see his departure as
the prerequisite for a
political transition.
Vladimir Putin, Russias
president, said yesterday
that the fate of Mr Assad
is not what preoccupies
him. Moscows concern, he
insisted, was to see an
agreement on what
happens next before any
change in the current
order. The necessity of an
internationally-backed
Syrian understanding is all
the more urgent today to
prevent what many
analysts warn could be
the fragmentation of
the country in the post-
Assad era.
It has gone beyond the
issue of Bashar, says
Samir al-Taqi, a former
Syrian government adviser
who is a dissident based in
Dubai. There is a
possibility that the
situation gets out of
everyones hands. What
happens after Bashar is
gone is important in terms
of who will listen to whom
and who are the forces
that can be worked with.
Without a political
understanding backed by
regional and international
powers, elite troops,
overwhelmingly drawn
from the same minority
Alawite community as the
Assad family, would
continue to protect
themselves and their areas
long after their leader is
gone, says Mr Taqi.
On the other side are
rebel factions that hold
different visions of the
future. The most fearless
and disciplined military
force among them is
Jabhat al-Nusra, a jihadi
group the US accuses of
being an affiliate of al-
Qaeda, and whose leaders
want to establish a state
based on strict Islamic
principles. Between the
rebels and the regime are
millions of Syrians who are
desperate for the suffering
and destruction to end and
are likely to be growing
tired of both sides in the
conflict. Mr Salman agrees
that Syrias future could be
one where militants and
warlords control patches
of territory, with no
central authority.
Its in everyones
interest that we start a
transition that establishes
some order, he says.
Shifting balance
presents new
opportunity
What happens
after Bashar is
gone is important
in terms of who
will listen to whom
GLOBAL INSIGHT
Roula Khalaf
in London
DECEMBER 21 2012 Section:World Time: 20/12/2012 - 18:24 User: jamesa Page Name: WORLD3 EUR, Part,Page,Edition: EUR, 4, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

5
WORLD NEWS
By Charles Clover
in Moscow
Mikhail Khodorkovsky,
once Russias richest man
who was sent to an Arctic
prison camp after he chal-
lenged the Kremlin, will be
freed in 2014 two years
earlier than expected after
authorities showed unprece-
dented leniency towards the
leading opposition figure.
But any hope that Presi-
dent Vladimir Putin might
be about to go soft on his
opponents was swiftly
crushed when prosecutors
charged opposition blogger
and protest leader Alexei
Navalny with fraud and
money laundering.
Despite the insistence of
Russias leadership that it
does not interfere in legal
matters, experts believe nei-
ther decision could have
been taken independently
of the Kremlin.
The new leniency shown
to Khodorkovsky, the
former Yukos chief, cre-
ates a picture of mixed sig-
nals coming from the
regime, which has consist-
ently tightened the screws
against the anti-Kremlin
opposition this year, said
Masha Lipman, a political
analyst at the Carnegie
Moscow Institute.
Since early summer, a
number of repressive meas-
ures have been signed into
law and criminal investiga-
tions opened against opposi-
tion leaders.
There is no reason to
doubt that the arrest of
Khodorkovsky and to sen-
tence him were decisions
taken at the very top, so
there is also no reason to
doubt that the decision to
reduce his sentence was
also taken at the very top,
Ms Lipman said.
The move to reduce the
sentences of Mr Khodorko-
vsky and his business part-
ner Platon Lebedev was
apparently motivated by a
recent decision to soften
punishments for the type of
economic crimes for which
they were convicted. The
two men deny the charges.
However, during a four-
hour press conference by
Mr Putin, during which he
lashed out at the medie-
val treatment of detainees
in the US, Russian federal
investigators announced
they would charge Mr Nav-
alny and his brother Oleg
with fraud and money laun-
dering. They accused the
brothers of embezzling
Rbs55m ($1.79m) from a
transport company in
2008-11, charges that could
carry a maximum jail sen-
tence of 15 years, according
to a spokesperson for Mr
Navalny.
Mr Navalny denied the
allegations, describing them
on his blog as blackmail,
and said they were revenge
for his taking part in an
unsanctioned protest
against the Kremlin last
weekend. This is the sec-
ond set of formal charges
filed against Mr Navalny,
who this summer was
charged with embezzlement
and causing more than
Rbs1m of damage to a tim-
ber company.
Those charges could see
Mr Navalny spend 10 years
in jail. Asked at a press con-
ference yesterday about
Khodorkovskys early
release, Mr Putin insisted
he had nothing to do with
the decision.
I am confident that eve-
rything will be fine and in
accordance with the law,
and Mikhail Borisovich
[Khodorkovsky] will be
freed, Mr Putin said. God
give him good health.
It was the first time Mr
Putin had publicly referred
to Khodorkovsky by his
name and patronymic, a
sign of respect in Russia.
He has in the past pub-
licly labelled Khodorko-
vsky a thief who
must sit in prison.
Vadim Klyugvant,
Khodorkovskys law-
yer, welcomed the reduced
sentence but called Mr
Putins comments the
usual demagoguery.
Khodorkovsky and Lebe-
dev were sentenced to
eight-year terms for tax
evasion in 2005, and con-
victed again of fraud in
December 2010, with 13-year
prison terms. The sentences
include time served since
they were detained in 2003.
Yesterdays ruling clears
the way for one of Mr
Putins fiercest critics to
walk free in October 2014;
Lebedev will be freed three
months earlier.
Pouring cold water on the
ruling, however, defence
lawyer Yuri Shmidt said he
would not believe it until
Khodorkovsky was released.
Maybe yet another case
against him will appear or
something else will happen
until the day he leaves the
penal colony its too early
to say, Mr Shmidt told
Reuters.
Khodorkovsky is a contro-
versial figure for the opposi-
tion, some of whom see him
as a symbol of defiance.
Others believe he is an oli-
garch who lost a clan war
against Kremlin opponents.
Mr Navalny, on the other
hand, has been at the fore-
front of mass protests in
Moscow and is seen as a
committed campaigner,
although some object to his
nationalist views.
Out sooner, still fighting,
www.ft.com/bb
Former
Yukos chief
wins early
release date
Khodorkovsky to
go free in 2014
Protest leader is
accused of fraud
Mikhail Khodorkovsky listens during a court session in 2010. Below, protest leader Alexei Navalny at a rally this month AFP
By James FontanellaKhan
in Brussels,
Neil Buckley in London
and Jan Cienski in Warsaw
Enthusiasm for the euro is
cooling among the EUs
newest members in eastern
Europe, as Latvias prime
minister warned that his
citizens were turning
against the single currency.
Valdis Dombrovskis, who
led one of Europes tough-
est austerity programmes in
part to keep Latvias euro
membership hopes alive,
says he faces a struggle to
get the Baltic republic into
the single currency by the
2014 target.
Five years ago before the
eurozone crisis everyone
wanted to enter the euro,
but we werent economi-
cally ready. Now that we
are ready to enter, many
have become sceptical,
said the centre-right leader.
Interviewed by the Finan-
cial Times in Brussels, Mr
Dombrovskis said the gov-
ernment was committed to
joining in January 2014, but
would have to work hard to
get the country on board.
Mr Dombrovskis is some-
thing of a star pupil in
Brussels for adopting harsh
austerity measures in 2009,
in part to keep Latvias cur-
rency pegged to the euro
and preserve its member-
ship hopes.
But after its economy
shrank 25 per cent peak to
trough, it resumed growth
largely without having suf-
fered social unrest. Neigh-
bouring Estonia, which also
underwent harsh austerity
measures and a deep reces-
sion, joined the euro last
year.
The Latvian prime minis-
ter said without austerity
the country could not have
met the entry requirements
of low inflation, a budget
deficit below 3 per cent of
gross domestic product, and
government debt below
60 per cent.
Bulgaria, which like the
Baltic states has pegged its
currency to the euro for a
decade and is one of only
three EU countries that cur-
rently meet the Maastricht
entry criteria in full, has
recently made clear it has
no short-term plans to move
towards membership.
Boyko Borisov, prime
minister, told the FT
recently his government
had no plans to join until
the eurozone crisis was
over. The EUs poorest
country should not have to
help fund bailouts of richer
states, he said.
In Poland, public opposi-
tion to euro adoption has
edged up slightly as the
eurozone crisis has deep-
ened, with a new opinion
poll sponsored by the
finance ministry finding 56
per cent of Poles were
against joining, up 3 per-
centage points from last
year.
Polands government still
insists it will join once its
economy meets the entry
criteria and eurozone recon-
struction is completed or,
as Donald Tusk, prime min-
ister, told parliament,
when the eurozone is safe
for each of its members.
The neighbouring Czech
government is much less
enthusiastic.
Petr Necas, the premier,
has said that his country
will not join during this
government, whose man-
date expires in 2014, and not
until 2020 at the earliest,
subject to approval by a ref-
erendum.
Vaclav Klaus, the euro-
sceptic Czech president, has
called the European Stabil-
ity Mechanism a mon-
strous and outrageous
thing and said this month
he would not sign the EU
treaty amendment creating
the eurozone rescue fund.
EUs newest
nations less
keen on euro
DECEMBER 21 2012 Section:World Time: 20/12/2012 - 19:39 User: hayesa Page Name: WORLD4 EUR, Part,Page,Edition: EUR, 5, 1
6

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
popular among Christmas shoppers, but
for every one it sells at the expense of
its larger sibling, margins fall.
Part of the problem is that Apple
faces competition from Amazon and
Google, who sell their $199 tablets at
negligible margins, to drive sales of
content or search advertising.
Analysts also fear that Apples
gradual shift to a more rapid
replacement cycle, to compete with the
fast turnover of new devices from
Samsung, Amazon and Google, will also
take a bite out its profitability, requiring
a huge investment in manufacturing
and supplies, and shortening the long
tail of older, highermargin devices such
as the iPhone 4 today.
I think theyre going through a very
significant change now in terms of
product cycles, former Apple chief
executive John Sculley told CNBC.
Traditionally, Apple introduces products
once a year; now its really introducing
products twice a year.
But concerns about iPhone availability
have eased in the runup to Christmas
and Apple made good on its promise to
launch the device in 100 countries by
the years end, its fastest rollout yet.
Some argue that Apple must release a
cheaper iPhone to cater to the mass
market, where devices using Googles
Android software dominate.
In China, the hot smartphone price
point is Rmb1,000, around $160,
before [operator] subsidy, says
Benedict Evans of Enders Analysis,
compared with the iPhone 4s
unsubsidised cost of $400.
Speed read
Shifting landscape Google and
Samsung are catching up with Apple
in hardware, while cloud services are
becoming more important
Time for change Tim Cook, Apple
chief executive, shook up the
companys management this year after
the flawed launch of its Maps app
Next big thing Some analysts expect
Apples next big product to be a
highend TV that would be controlled
by gestures and voice recognition
On the web
To read news and analysis on Apple
and other technology companies, go to
www.ft.com/techhub
ANALYSIS
Technology
It became the
worlds most
valuable company
by being
consistently
creative in
hardware and
software but can
Apple find its way
through the cloud?
By Tim Bradshaw
Innovators dilemma
then a TV and back again.
Aware of the inroads made by
Google, Microsoft and Amazon, Jobs
impressed the urgency of the transi-
tion to becoming a cloud-services
company on his biographer, Walter
Isaacson. We need to be the company
that manages your relationship with
the cloud, he said.
Apples share-price peak on Septem-
ber 19 happens to have coincided with
the release of iOS 6, the update to its
iPhone operating system that replaced
the popular Google Maps with an infe-
rior mapping application of its own.
While Apples products have pro-
gressed into the cloud, its corporate
organisation has not adapted. Cloud-
based services, such as maps and Siri,
the iPhones virtual assistant, require
constant tweaks and improvements at
the back-end. But until this autumn,
these tasks were overseen by Apples
software division, which is accus-
tomed to big-bang annual updates,
such as iOS 6. The perfectionist pri-
vate testing and pixel-level tuning
that Apple gives to a piece of software
before releasing it requires a very dif-
ferent design and development proc-
ess to more iterative, feedback-based
services such as Maps. Yet it took two
years after iCloud was launched for
Mr Cook to make the necessary
changes to Apples management
structures in Cupertino.
A shake-up in October led to the
departure of Scott Forstall, Apples
software chief. Power shifted towards
Sir Jonathan Ive, the British designer
credited with creating the unique look
of Apples hardware. And responsibili-
ties for Maps and Siri were handed to
Eddy Cue, who runs the iTunes and
App Store units.
The exit of Mr Forstall, who joined
Apple when Mr Jobs returned in the
late 1990s, is a big loss to the com-
pany, say those who worked for him.
Even those who rankled at his aggres-
sive management style say that in
many ways he was the closest Apple
had to Mr Jobs product leadership.
Yet Mr Forstall clashed with Sir
Jonathan, who now has responsibility
for the look and feel of software in
addition to his hardware role. Rela-
tionships that held together under Mr
Jobs frayed under Mr Cook.
Time magazine. Like no other.
A much discussed idea a premi-
um-quality Apple TV set could pro-
vide a new leg of growth. Mr Cook
hinted to NBC that the TV market
was now an area of intense interest
instead of a mere hobby. After a
visit to Asia, Jefferies analyst Peter
Misek reported several prototypes
floating around that were controlled
by gestures and voice recognition. It
could launch next autumn. We think
its vital that it comes, Mr Misek
said. Its a key linchpin in the home.
We think it would act as an ecosystem
halo effect.
Apples App Store and iTunes are
vital parts of this ecosystem. One app-
market researcher, Distimo, estimates
that on a typical day, consumer
spending on the App Store is $15m,
more than four times as much as
Google Play, its marketplace for
Android devices despite the iPhones
much smaller share of the handset
market. The money spent by Apple
customers on apps makes it less likely
that they will switch to Android,
where iPhone apps are incompatible.
But the App Stores success rests
in selling third-party software, much
of which is now available on Google
and Amazons platforms. Beyond the
core operating system, Apples own
apps and services are less successful;
Ping, Apples attempt at social net-
working within iTunes, was quietly
but ignominiously shut down in Sep-
tember. Other parts of Apples cloud
suite, such as iMessage, the free
text-messaging service built into iOS,
and Game Center, Apples social-
gaming hub, are prone to bouts of
downtime.
S
ome analysts say these issues
are merely symptomatic of
Apples rapid growth and can
be fixed with sufficient time,
investment and server capacity.
These do not require the application
of magic, says Horace Dediu of
Asymco, contrasting it with the inno-
vation needed to conjure new smart-
phones and tablets.
But the concern is more acute
because of the obvious advantage that
Google, which was born online, has in
cloud services. Patrick Gibson, an
independent app developer and former
iPad engineer, touched a nerve among
Apple watchers with a blog post
observation that Google was moving
faster. Google is getting better at
design faster than Apple is getting
better at web services, he wrote.
Next year, the well-oiled Apple hype
machine will crank up again to pre-
pare the way for its latest revolution-
ary product, be it a new phone, tab-
let or TV. Yet after the stratospheric
success of the past decade, Apple is
looking for new superlatives that can
excite Wall Street as well as the high
street. Carrying its reputation for per-
fectionism into the new era of serv-
ices will not be easy.
Most companies are good at one
thing. Apple is good at two hard-
ware and software and that made it
the worlds most valuable company,
says a senior Apple employee who left
this year. But its struggling with
getting good at the third.
In the dark? Tim Cook, Apple chief
executive, admits the cloud takes his
company outside its comfort zone Getty
Apple revenues*
Sources: Thomson Reuters, Citi Research; Strategy Analytics
Forecasts
0
20
40
60
80
0
50
100
150
200
250
2005 08 10 12 15
Annual % change $bn
Apple share price
Against competitors ($)
2008 09 10 11 12
0
100
200
300
400
500
600
700
Apple
Dow Jones 30
Technology
Titans index
Global smartphone
market share by sales
Q3 2012 (% and change since Q3 2011)
33.9
16
5.2
4.8
4.5
35.5
Samsung
+10.5% points
Apple
+1.7% points
Sony
No change
HTC
-6.0% points
Huawei
+0.5% points
Others
-6.8% points
*
Fiscal years
Those guys really didnt like each
other, says a former senior manager.
Steve kept everyone in line but with-
out Steve it got worse and became
very counterproductive. Credit to Tim
that he recognised this.
Mr Cook also recognised belatedly
that just as Apples best products
blend hardware, software and serv-
ices, so too must its teams. He told
Bloomberg Businessweek he had
made the changes to ensure Apple
was a fast-moving, agile company
where there are no politics, no agen-
das . . . These moves take collabora-
tion to a whole different level.
Appointing Sir Jonathan to lead
design in what one former staffer
calls a very pixel-driven engineering
culture shows that Mr Cook recog-
nises he is a numbers guy, not
someone with the feel for products of
his predecessor. One of the chal-
lenges facing Apple is that if [Mr
Cook] is the brains, where does the
soul come from? another former
employee says.
Tony Fadell, who led Apples iPod
division until 2008, says Mr Cook is a
really smart, brilliant guy, but that
until last year he was always behind
the scenes. Steve had a track record
of innovation that allowed him to
draw in people when he had some-
thing new, Mr Fadell says. In recent
media appearances Mr Cook has made
greater moves into the spotlight but
he lacks his predecessors magnetism.
Defenders of Mr Cooks product
nous point to the huge range of new
devices that Apple launched this
autumn, with near simultaneous rede-
signs of the iPhone, iPad and iMac.
This year has been an intense
year on products, Mr Cook told
M
aybe its just the 4 per
cent curse. In February
Apple became one of an
elite group of companies
whose market capitalisation grew so
large that it made up 4 per cent of the
combined value of the entire S&P 500.
Its share price peaked on September
19 at $702.10, from which point like
Microsoft, General Electric, Cisco and
other 4 percenters before it it fell 25
per cent.
This is partly the law of large num-
bers: achieving such a great valuation
triggers limits for some fund inves-
tors. And, after appreciating by more
than 70 per cent, many shareholders
perhaps fearing new US taxes on divi-
dends and capital gains simply
decided to enjoy their profits.
But for Apple sceptics, the swinging
stock-price chart had a different
meaning: that Apple has peaked.
Some investors are starting to won-
der whether Apples brilliant second
act the period of innovation that
delivered the iPod, iPhone and iPad
and made it the worlds most valuable
company is coming to an end.
Fourteen months since the death of
its founder Steve Jobs, Apple finds
itself in a changed technological land-
scape. Rivals such as Samsung and
Google are catching up in the smart-
phone and tablet businesses it pio-
neered. And the internet and services
in the cloud whether web-based
applications such as maps and mes-
saging or the ability to synchronise
content from one device to another
wirelessly are becoming just as
important as shiny hardware.
At similar junctures in the past,
Apple has simply produced another
blockbuster device. But the opportuni-
ties to reinvent new products such as
phones or personal computers are
becoming harder to identify. A televi-
sion set, seen as the most likely inno-
vation to emerge from Apples Cuper-
tino headquarters next year, is
expected to cost $1,500, not the $400 of
an iPad or the $99 consumers can pay
to get an iPhone making it harder to
imagine as a mass-market product.
The iPhone is expected to bring in
revenues of $80bn this year, with
another $30bn or more from the iPad,
making it harder for Apple to come up
with new products big enough to
make a difference. In the meantime,
Wall Street is struggling to under-
stand how much further the existing
products can grow. China and Latin
America, the next big untapped
mobile-device markets, offer thinner
profits and tougher competition.
The most wounding criticism lev-
elled against Apple is that its innova-
tion has become incremental its lat-
est iPhones and iPads looking little
different to their predecessors. That
puts pressure on Apples accompany-
ing services to dazzle and differentiate
from its many copycats. The App
Store and iTunes are thriving, still far
ahead of their competitors.
As its leadership in hardware has
come under pressure, Apple has found
itself having to learn the rules of a
new game. Its business still revolves
around drawing customers to stores
to buy its latest must-have gadget.
But online services are increasingly
important in keeping customers loyal,
acting as the glue that moves per-
sonal information and media between
a family of devices and helping to set
Apples portfolio apart.
In the cloud, Apple is operating out-
side its comfort zone something
chief executive Tim Cook acknowl-
edged when he apologised for its
flawed Maps app in September.
Jobs foresaw the importance of a
cloud services ecosystem as a way to
defend against cheaper competitors.
In 2010, when visibly ill, he launched
iCloud, declaring it our next big
insight.
We are going to demote the PC and
the Mac to be just a device, he said,
and we are going to move the digital
hub into the cloud.
The idea was that Apples cloud
would allow iPhone owners to float
their music and apps on to an iPad,
Those guys really
didnt like each other.
Steve kept everyone
in line but without
Steve it got worse
Product mix
The iPad mini is hot but watch the margins
The hottest thing this Christmas
is the iPad mini. But many Wall
Street analysts have been reducing
their forecasts for Apples earnings
in recent weeks in part due to the
cheaper devices popularity.
Some analysts are worried that the
heyday of Apples growth and
profitability is behind it. Deceleration
for iPhone sales is a virtual certainty
in the next six to 18 months, say
analysts at Citigroup, noting that some
suppliers were reporting lower orders
from Apple. This week Citi reduced its
Apple earnings forecasts for the next
two years by about 15 per cent and
now expect its gross margins to fall
from 43.9 per cent in the year to
September to 39.5 per cent next year.
The new, $329 iPad mini has been
$1,500
Expected cost of the Apple television
likely to be launched next year
$15m
Estimated amount spent in the
App Store on a typical day
DECEMBER 21 2012 Section:Features Time: 20/12/2012 - 19:19 User: paleita Page Name: BIG PAGE, Part,Page,Edition: EUR, 6, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

7
DECEMBER 21 2012 Section:Ad Page Time: 20/12/2012 - 21:12 User: bhaskarand Page Name: AD HILTON, Part,Page,Edition: EUR, 7, 1
8

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
Without fear and without favour
Friday December 21 2012
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
Sleeper spies dont do electric blankets
From Mr Patrick Dransfield
Sir, I greatly enjoy Patti
Waldmeirs Shanghai Notebook,
and her recent column
Remembrance of things communist
(December 19) regarding copper bed
warmers (tangpozi) and electric
blankets took me back to my days of
living in the tiny Beijing flat of a
retired chemistry professor, Song Bai
Bai, in the summer of 1985.
Prof Song had returned from a
comfortable life in America to
rebuild the Chinese nation in 1949.
One of his prized possessions was a
US-manufactured electric blanket.
During the Cultural Revolution (1965-
1976), Prof Song and his wife suffered
numerous struggle sessions,
including a raid on their home by
Red Guards, who tore apart his
electric blanket, believing it to be a
transmitting device used by Prof
Song to communicate state secrets to
his American masters.
As Ms Waldmeir rightly concludes,
romanticising the revolution is one
thing and remembering it in a
historically accurate way is quite
another.
Patrick Dransfield,
Kowloon, Hong Kong
Republicans act
as if they had won
From Mr Steven M. Clayton.
Sir, Watching the fiscal cliff
negotiations is interesting; you
would think that the Republicans
were the ones that won most of the
races on Election Night because they
are the ones making all the
demands.
The election should have taught
them a lesson that Americans want
the parties to work together. Barack
Obama wont get everything he
wants, but neither should the House
Republicans. Time to put the
American people above party or
ideology.
Steven M. Clayton,
Ocean, NJ, US
Stop the press?
Start with people and culture if you want to rein in US guns
From Mr Michael J. Feigelson.
Sir, Jacob Weisberg is right to call
for a public health approach to gun
violence, but he doesnt do justice to
the importance of culture change
an important component of the
antismoking strategies he references
(On guns, Obama should follow
Bloombergs lead, Comment,
December 19).
As a New Yorker, I found the
inconvenience of smoking in the cold
was not enough to make me quit. It
was the disappointment of a friends
six-year-old son and my wifes look
of disgust when I came to bed
smelling of tobacco. The mayors
rules then made it easier to stay
healthy.
Cure Violence, a Chicago-based
non-governmental organisation, has
shown how to use this kind of
thinking to prevent shootings and
killings. They train people who are
credible and well-connected to
anticipate and interrupt violent
events. Then, like Michael
Bloomberg, they offer help to those
who want to change and rally the
voice of the community as a
reminder that violence is
unacceptable.
The result? Reductions in
shootings and killings of between 41
and 73 per cent.
Mr Weisbergs formula will help
make things better but, paired with
a culture change strategy, we can do
even more to honour the victims of
Newtown and the 3,000 American
kids killed by gun violence every
year.
Michael J. Feigelson,
Programme Director,
Bernard van Leer Foundation,
The Hague, The Netherlands
Correction
Due to a production error, it was
incorrectly stated in some editions
on December 17 that Lithuania, in
an October referendum, rejected a
plan for a pan-Baltic railway. In fact,
voters rejected one for a nuclear
power plant.
Weapons in the principals office are not the way forward
From Mr George J. Grumbach, Jr.
Sir, Louie Gohmert, a Republican
congressman from Texas, said he
wished the Newtown school principal
had had an M4 rifle in her office so,
when she heard gunfire, she pulls it
out . . . and takes him out and takes
his head off before he can kill those
precious kids (Tougher gun law
demanded, report, December 17).
Mr Gohmerts statement revalidates
H.L. Menckens aphorism that
Democracy is the theory that the
common people know what they
want, and deserve to get it good and
hard. We can now look forward to
legislation sponsored by this Solon
requiring that school principals be
combat-trained as marksmen with
assault rifles as part of their job
qualifications, and be required to
keep such weapons at their schools.
George J. Grumbach, Jr,
New York, NY, US
DoddFrank penalises conf lict mineral probity
From Mr Adam Greene.
Sir, Your analysis of the damaging
unintended consequences of the
Dodd-Frank provisions on conflict
minerals (The quest for clean
hands, December 19) is fully
consistent with nearly all reports
from central Africa, which show that
Dodd-Frank has indeed backfired by
creating a de facto embargo and
driving even more of the minerals
trade underground.
Barney Frank is absolutely wrong
in saying that the embargo was
caused by uncertainty over Securities
and Exchange Commission rules. The
true cause is the legislation itself,
which created huge disincentives to
sourcing from the Democratic
Republic of Congo in fact, all the
SEC rules do is specify how those
disincentives will work in practice.
Rather than encouraging responsible
sourcing from the DRC the OECD
approach Dodd-Frank imposes
significant penalties for doing so.
Indeed, the few efforts to source
responsibly from the region are
happening in spite of, not because of,
Dodd-Frank.
Unfortunately, this situation is
unlikely to change as long as the
Dodd-Frank provisions continue to
penalise, rather than encourage,
responsible sourcing from the
region.
Adam Greene,
Vice-President, Labor Affairs and
Corporate Responsibility,
United States Council for
International Business,
New York, NY, US
Press freedom and
the constitution
From Mr Leo Slaggie.
Sir, William M. Pinzlers suggestion
(December 19) of a confiscatory tax
on bullets as a way to control guns
is a useful proposal but not a new
one. The late Senator Patrick
Moynihan noted that the second
amendment establishes only a right
to keep and bear arms, not to keep
and bear ammunition. Moynihan
proposed banning ammunition to
achieve complete gun control
without a constitutional problem. I
note along the same lines that the
first amendment protects only
freedom . . . of the press. It says
nothing about ink and paper. This
suggests an entirely constitutional
approach to control annoying
journalism.
Leo Slaggie,
Falls Church, VA, US
Memo to Mario:
cheap funding for
Irish homeowners
From Mr Conor McCoole.
Sir, Your suggestion that Irelands
bank bailout debt obligation should
be mutualised by transferring it to
the European Stability Mechanism is
common sense (Let Ireland
succeed, editorial, December 19).
But spare a thought for hapless
homeowners who purchased their
homes in the past 10 years. They
have suffered numerous blows:
austerity, negative equity, falling
incomes, higher taxes and mortgage
interest rates that are many times
the official euro interest rate of
0.75 per cent. The dire consequences
for the economy are easy to foresee.
The damage to household wealth will
be life-long.
Heres a suggestion for Mario
Draghi, the newly minted FT
Person of the Year: consider
providing 20-year, ultra-cheap, fixed-
rate funding direct to those
homeowners suffering negative
equity as a result of purchasing their
own home in the past 10 years.
Beneficiaries should be required to
provide evidence of their home
purchase prices on the new Irish
property price register. Cheap
funding should be limited to 80 per
cent of the original home purchase
price, thereby excluding equity
release loans. Homeowners should be
allowed to keep this cheap funding
even if they sell and move.
Such a scheme would provide a
measure of direct, targeted relief
(and a little peace of mind) to
middle-class owner-occupiers who are
suffering most of all. It would help
stabilise household wealth, promote
economic recovery, reduce loan
defaults and strengthen public
acceptance of the troikas austerity
programme. And Mr Draghi could
be our Taoiseach after his stint in
the European Central Bank: Hail,
Mario the plain people of Ireland
will say!
Conor McCoole,
Singapore
COMMENT ON FT.COM
FT Alphaville
Cardiff Garcia: money markets close
to getting unTAGged
www.ft.com/alphaville
Material World blog
Vanessa Friedman: is reality television
a route to designer success?
www.ft.com/materialworld
New York Notebook
At least 20 reasons
to impose a gun tax
It is a rare corporate press release
that inspires the reader. But such
was the case this week when I
perused a statement issued by the
private equity group Cerberus
Capital Management.
Cerberus said it would try to sell
the Freedom Group, a collection of
leading firearms and ammunition
companies that includes Bushmaster,
maker of the military-style rifle that
Adam Lanza used last week to kill
26 people, including 20 children, at
the Sandy Hook Elementary School
in Newtown, Connecticut.
Cerberus said it was shocked and
deeply saddened by the events. But
it also described itself as having
made a financial investment in
Freedom six years ago, and that got
me thinking.
For those who do not speak the
lingo of Wall Street, investors can be
classified in various ways. Strategic
investors have a background in the
businesses in which they invest; by
contrast, financial investors just
want a return. By putting itself in
the latter category, it seemed to me
that Cerberus was saying it still did
not see itself as a gunmaker even
though it had owned many of the
biggest names in the business for
years; for all the private equity
group cared, it might as well have
been involved in the production of
lollipops or lingerie.
The ability to think in this way
helps to explain why people on Wall
Street make the big bucks. It is not
necessarily because they know so
much; it is because their focus is so
narrow. Where other people see a
semi-automatic rifle capable of
killing 20 children in a matter of
minutes, they see a cash flow.
The presence of a Cerberus in the
business of selling killing machines
such as the one that Lanza used
suggests there is a pretty penny to
be made in this trade. Otherwise,
the financial folks would be
somewhere else and that has clear
implications for Americans looking
for ways to keep their children safe.
As I read the Cerberus statement,
it occurred to me that we need a
sanctions regime that will make it
less profitable to sell weapons of
mass destruction to civilians. We
should impose heavy taxes on the
sale of every military-style rifle,
every automatic handgun, every
30-round magazine, and if legal
experts say it is possible every Ted
Nugent concert ticket, compact disc
and eight-track tape (on the grounds
he can be seen as the Mahmoud
Ahmadi-Nejad of the gun-clown set).
The policy could be designed to
keep the hunters happy. The goal
would be to discourage the mass
production and aggressive marketing
of weapons that can kill large
numbers of people in a short time.
We dont need a business that
produces the kind of results we saw
in Newtown.
By focusing on the profitability of
this weapons trade, gun-control
advocates would also be able to
avoid a big historical obstacle: the
US constitution. Its poorly-edited
second amendment reads: A well
regulated militia, being necessary to
the security of a free state, the right
of the people to keep and bear arms,
shall not be infringed.
Americans have long argued
about what this means. For my part,
I have trouble seeing how a well-
regulated militia has a place for a
twisted soul such as Lanza, or for
that matter, his late mother, who
made sure that there was plenty of
whizz-bang weaponry in the home
that she shared with a disturbed
child. But other people disagree and
I suspect that enough of them wear
robes at work to make my thoughts
on this question irrelevant.
I would just refer gun-control
advocates to the part of the
constitution that can be their friend:
article I, section 8. It says: The
Congress shall have the power to lay
and collect taxes, duties, imposts and
excises. I dont see where guns or
ammunition are excluded.
There would be no shortage of
good uses for the revenue raised.
Given the precarious fiscal situation
of the US, I imagine some of the
money would inevitably be put
toward reducing the federal budget
deficit. But it would only be right to
use some of the funds to help the
victims of gun violence and their
families, to buy back guns that are
in circulation, or to provide mental
health services to all those disturbed
young men who seem to be festering
in our suburban basements.
As for the level of the gun tax, if I
had my way, it would be crippling
100 per cent, or 1,000 per cent, of the
purchase price of the kind of rifle
Lanza used. But again, I cant see
that happening. A more practical
suggestion would be to start the
additional tax at 20 per cent 20 for
the 20 children who died.
gary.silverman@ft.com Its the consumerism I hate
Gary Silverman
Challenges for
Koreas new leader
Park Geunhye must go beyond vague promises
The quasi-mythical status of South
Koreas president-elect Park Geun-
hye her father ruled with an
authoritarian hand until his assas-
sination in 1979 both won and
lost her votes in Wednesdays pres-
idential poll against Moon Jae-in,
who was imprisoned as a student
protester. After edging a narrow
victory, Ms Park promised to reach
across this historical divide. But
her presidency must be judged as
much on the details of her policies,
on economic reform above all, as
on lofty but vague promises.
The campaigns theme was eco-
nomic democracy, in recognition
of the growing dissatisfaction with
an economic model based on the
mighty chaebol conglomerates. The
extreme dominance of manufactur-
ing by a handful of big companies
was instrumental in South Koreas
stunning industrialisation. How-
ever, continued growth requires a
more open economic structure.
The chaebol have not spread the
wealth equitably. Socially and eco-
nomically, Koreans are segregated
by a dual economy with few cov-
eted jobs in the chaebol-controlled
manufacturing sector and a swath
of unproductive jobs in an under-
developed service sector. Fairness
and cohesion aside, the model may
not be nimble enough to do as well
in an economy where value is cre-
ated by information and innova-
tion as it did in a simpler indus-
trial era. There is too little space
for entrepreneurs at present. This
risks perpetuating the divisions
that mar the old economic model,
while losing the growth that may
once have redeemed it.
Ms Park vows to enforce compe-
tition rules more strictly against
the chaebol. Equality before the
law would be a good and overdue
start: chaebol leaders tend to be let
off too lightly even for proved
fraud. But the new president
shows signs of too much deference
to the conglomerates. She has
backtracked on ending cross-share-
holdings that allow founding fami-
lies to keep control with very
small equity stakes. She should
reconsider.
Though the election focused on
domestic policy, Ms Park also faces
challenges with North Korea. She
continues a traditionally tough
stance towards Pyongyang. While
neither that nor the rival sun-
shine policy ever met with much
success, her demand for progress
in denuclearisation as a condition
for talks is sensible. Yet she
should recall that keeping the
North engaged in talks lessens the
threat of conflict, even if only mar-
ginally. Her political ancestry
allows her to trade concessions
with the North in a way other poli-
ticians in the South cannot.
Love your gut bugs
Bacteria could play a role in the fight against obesity
Biologists are shining a scientific
spotlight on previously neglected
inhabitants of our bodies. The
100tn bacteria that populate an
average adult, living mainly in the
guts, should be treated with more
respect, recent research shows,
because they play a vital role in
maintaining human health.
The latest study by Chinese sci-
entists provides new evidence that
the different types of microbes in
the gut can help to explain why
some people grow fat and others
dont. The microbiome, as it is
known, turns out to be a risk fac-
tor for obesity, alongside eating
too much, exercising too little and
having the wrong genes. Our
digestion has evolved to work with
the help of a kilogramme or so of
microbes; the way we extract calo-
ries from food and how fast our
appetite is satisfied determinants
of how much weight we put on
depend on the balance between the
200 to 300 bacterial species that
live in a typical human gut.
As several recent studies have
shown, this balance depends criti-
cally on what we eat. People living
on a modern western diet have a
very different microbiome from
their pre-industrial ancestors. And
a study of elderly people in Ire-
land, published in the journal
Nature this summer, showed a
direct relationship between diet,
bacterial diversity and wellbeing.
Although more research is needed
to prove the point, evidence is
growing that a varied diet, includ-
ing plenty of unprocessed fruit,
vegetables and cereals, promotes
the growth of beneficial bacteria in
the human body indicating
another possible theme for public
health campaigns.
At the same time scientists at
Reading University and elsewhere
are taking a more directed
approach. They are designing and
testing prebiotic dietary ingredi-
ents to select for a beneficial com-
munity of gut bugs that reduces
the risk of obesity and associated
problems such as diabetes.
Appreciation of the importance
of nourishing a healthy human
microbiome should also lend
weight to a quite different public
health campaign: the drive to cut
over-prescribing of antibiotics for
trivial or inappropriate infections.
Although antibiotics are intended
only to kill pathogens, there is col-
lateral damage to other microbes,
upsetting the bacterial balance.
The message for the holiday
period, as you eat your festive
foods, is to remember that you are
feeding not just yourself but all
the bugs in your body. Treat them
to a varied diet and do not poison
them with unnecessary medica-
tion.
Banking reform
Commission points to shortcomings in UK coalitions bill
When the Parliamentary Commis-
sion on Banking Standards was
established in July in response to
the Libor scandal, it was asked to
comment on the governments pro-
posals for banking reform. The
coalition wanted thoughts by the
end of the year so it could feed
them into its banking bill. This is
based on the conclusions of the
Vickers commission, and recom-
mends organising large banks into
retail and capital markets units.
Under Andrew Tyrie, its knowl-
edgeable chairman, the commis-
sion has long exhibited an inde-
pendent streak. Some of the grill-
ings it has administered to former
bank chiefs have come closer than
any other post-crunch investiga-
tion to achieving the reckoning
that might allow people to put the
crisis behind them. But it has also
worried a government that is
unwilling to reopen the Vickers
proposals. George Osborne, the
chancellor, last month urged the
commission not to unpick the
consensus around the bill.
The report does not quite do
that. Nonetheless, it expresses
scepticism about the efficacy of the
proposals and suggests ways in
which they could be strengthened.
The concerns are largely sensi-
ble. There are, for instance, real
questions about whether the
ringfence can be enforced between
two types of banking under the
same roof. Incentives to pierce the
fence are impossible to eliminate,
making it vulnerable to slips in
bankers probity or regulators per-
sistence. The commission is also
right to fret about the independ-
ence of retail subsidiaries within
banking groups. The risk-taking
culture of trading is not only anti-
thetical to the conservative values
that should govern retail banking;
it is also the dominant strain. So
within a single organisation the
former is always likely to seep
through and overwhelm the latter.
The commissions answer is to
electrify the fence. This would
make it subject to periodic review;
impose new legal duties on bank
directors; and reserve the power,
should banks abuse the rules, to
enforce full separation. A simpler
approach and one the FT favours
would be to split banks cleanly
as a first step rather than a back-
stop. While this might not avoid
the need for continuing policing, it
would solve the cultural problem.
A split may make it less likely
that banks need to be rescued with
taxpayer money. But, as the report
observes, it will not rid us of sys-
temically significant banks. The
authorities need the confidence
and tools to take apart a big loss-
making bank. This still remains
some way off.
Copper consumers cannot plan while
financial sector is distorting the price
From Mr Simon Hunt.
Sir, All copper consumers know
that the officially reported copper
price bears no resemblance to the
real activities of the metal as an
industrial material. The price is
being distorted by the activities of
the financial community by buying
copper and largely warehousing it
outside the reporting system. Why
then are there a reputed 1m tonnes
plus of copper cathode sitting in
bonded warehouses in China?
By approving JPMorgans copper
exchange traded fund (report,
December 18), the Securities and
Exchange Commission has sided
with the financial community at the
expense of industry. While the
tonnages to be held by the bank and
with the probable approval of
BlackRocks copper ETF are in
themselves not large, they can have
a significant impact on prices at the
margin.
The real issue is this: increasingly,
copper has become an intrinsic part
of the money game, just another unit
to securitise regardless of the impact
on industry. Copper consumers now
see even more clearly the demise of
copper as an industrial metal. The
metal has lost at least 3m tonnes to
substitution in all its forms over the
last seven years. That figure risks
getting even larger over the next
seven years, not just due to
traditional substitution but to the
introduction of new technology.
Copper consumers cannot plan their
future on the whims of the financial
sector. Globally, including China,
they are accelerating their efforts to
design copper out of their systems.
Another financial bubble is being
built around copper with perhaps
some 5m tonnes being held outside
the reporting system. This bubble
like all others will burst one day.
Simon Hunt,
Simon Hunt (Strategic Services),
Weybridge, Surrey, UK
From Mr Randall Greene.
Sir, As a Life Member of the
National Rifle Association, Id
hazard the guess that the
organisation was not immediate in
its response to the tragedy in
Newtown, Connecticut, in an attempt
to allow space for grief and the
gathering of facts a space which,
as one can read in the events of this
past week, is of little concern to
politicians.
While some enjoy target-shooting
with military-style weapons as sport,
a basic tenet of the American psyche
is that, when pressed to the extreme,
the assurance of domestic security is
in the hands of its citizenry not
the government. Dialling 911 may
catch the culprit, but its unlikely to
prevent the crime.
Randall Greene,
White Plains, NY, US
DECEMBER 21 2012 Section:Features Time: 20/12/2012 - 19:39 User: aldersonm Page Name: LEADER USA, Part,Page,Edition: EUR, 8, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

9
COMMENT
collided with the uncomfortable fact
that the other 26 members are not
so keen on the idea. Ms Merkel has
been offended by a clumsy attempt
to blackmail the eurozone into
making concessions in return for
British consent to closer integration.
Mr Hollande has already had his fill
of perfidious Albion. Mr Cameron is
left promising a referendum that
could leave Britain stranded on the
margins of its own continent.
And finally . . .
Play fair(ish)
West and east, north and south,
democratic and authoritarian the
biggest threat to incumbent leaders
flows from a growing resentment
about unfairness. In advanced
economies, the perception (and often
the reality) is that the wealthy have
grabbed all the gains of globalisation
while the rest have been handed the
burden of austerity. If there was a
single spark for the uprisings in the
Middle East it came from popular
rage at corruption at every level of
society. Mr Xi has warned that graft
could overturn the rule of Chinas
Communist party. He is right. No
one expects an egalitarian utopia,
but middle classes old and new are
looking with some menace at the
privileges of the 1 per cent.
philip.stephens@ft.com
It is no time to give up on economic liberalism
Tony Blair and Bill Clinton may
have come from a different end of
the political spectrum, they made no
attempt to reverse course. The
traumatic event was of course the
financial crisis that broke out in
2007-08 and administered a fatal blow
to economic liberalism.
Or did it? As far as normal goods
and services are concerned, there is
still a great deal to be said for giving
a leading role to prices and profits.
But for financial markets economic
liberalism, at least in the form we
have known it, has proved fatally
flawed. The tendency of capitalist
economies to boom and bust is
intimately connected with that
failure. As almost every government
and central bank is committed to its
reform, I would for the present
concentrate on other aspects.
The basic case for competitive
markets is, first, that they provide
consumers with what they wish to
have rather than with what some
authority thinks would be good for
them. Second, they provide some
guidance on how goods and services
should be produced. It would not
have been sensible to build the Great
Wall of China with 21st-century
electronic equipment when there
were millions of underemployed
labourers ready to hand. Thirdly,
allowing innovators to keep some of
the fruits of their activities may
provide some incentive to progress.
In a priori theory, competitive
markets do not have to be capitalist
ones. There have been numerous
blueprints, from market economies
based on state ownership to workers
co-operatives. But they have not
really got off the ground.
An example of misunderstanding is
a book that appeared this year with
the strange title Masters of the
Universe by Daniel Stedman Jones. It
was about free-market economists,
such as Friedrich Hayek and Milton
Friedman and their supposedly
malign influence over governments.
It is very thorough, honest according
to its lights, but thoroughly
misleading. For the thinkers in
question are not just politicians in
disguise. So far as they had an
overriding policy or agenda, it was to
reduce the influence of coercion in
human affairs. What they certainly
did not wish to do was to rule the
universe either directly or through
their political disciples.
There are, of course, numerous
examples of market failures. There
are the famous externalities.
Factories do not have to pay for the
damage caused by smoking
chimneys. Owners of smart front
gardens receive no benefit from the
enjoyment conferred on passers-by.
There is also always the
temptation of successful capitalists to
try to become monopolists. There are
correctives using markets and prices.
Examples range from the auctioning
of planning permits to anti-cartel
legislation. Free trade is often the
most effective corrective. Above all,
however, critics of market failures
are offset by political failures.
Governments often have neither the
incentive nor the knowledge to
impose effective correctives.
There have been
blueprints for economies
from state ownership to
workers cooperatives.
They have not worked
Shale gas exports will benefit America and its allies
America has sufficient resources
available to satisfy domestic needs
for more than 90 years.
America could now become a net
exporter of liquefied natural gas by
2016. Yet this prospect has aroused
concern among some US industrial
energy users, who are eager to retain
the competitive advantage they
currently enjoy from low energy
prices. The fear is that LNG exports
would lead to higher natural gas
prices in the US, even though
shipping and liquefaction costs mean
foreign consumers would always pay
more than domestic buyers. Some in
US industry are now opposed to any
LNG exports at all.
We believe, however, that LNG
exports can buttress US geopolitical
leadership and trade, while at the
same time continuing to support low
domestic natural gas prices and a
renaissance in domestic
manufacturing. In addition LNG
exports offer the potential for lower
global carbon emissions.
The US Department of Energy has
confirmed this view in a new report
examining the wisdom of exporting
LNG. The report, which echoes
many other studies, concludes that
exports would broadly benefit the
US economy with little impact on
domestic natural gas prices. It states
that LNG exports could generate up
to $47bn in new economic activity in
the US by 2020. The more gas
exported, the greater the benefits to
the US, the report concluded.
The reason is simple. Today much
natural gas is flared or shut in
because there is not a domestic
market for the gas produced as a
byproduct of exploration and
production of liquid hydrocarbons.
By capturing this lost natural gas for
export, the US would ultimately
reduce price volatility, bolster its
long-term reserves and enable its
natural gas sector to reach its
growth potential.
Meanwhile by becoming an
exporter, the US would fill a vital
role for its allies in Europe and Asia,
many of which are dangerously
dependent for natural gas on foreign
powers frequently hostile to US
interests. Reliance on Russian gas in
Ukraine and the EU would be likely
to diminish, for example.
Asian demand for natural gas is
growing rapidly. In the wake of the
Fukushima disaster, the need for
LNG in Japan, already the worlds
largest market has grown
considerably. China and India, both
heavily dependent on coal to meet
their energy needs, are looking to
capitalise on their own shale
formations but will not be able to
move swiftly enough to meet near-
term demand.
The environmental considerations
of these developments are also
important for US policy. Burning
natural gas to generate power
creates 50 per cent fewer carbon
emissions than burning coal. In the
US carbon emissions fell to 1992
levels in the first quarter of 2012,
owing mainly to a transition from
coal to gas. Many developing nations,
such as China and India, would like
to follow suit but lack access to the
resource. Exports from the US would
help to support this transition to
cleaner fuels.
Armed with its new report, as well
as mounting data that affirm the
benefits of natural gas exports, the
DoE should approve the applications
pending for LNG export terminals.
To date, Sabine Pass in Louisiana is
the only terminal to receive DoE
approval. Ultimately the Federal
Energy Regulatory Commission will
decide which projects are technically
viable and investors will decide
whether to provide capital, but more
green lights from the DoE would
give US trade partners confidence to
adopt natural gas in lieu of higher
emitting fuels. It would also affirm
Americas commitment to free trade.
After decades of energy insecurity,
the US has abundant domestic
resources to serve its own natural
gas needs today and far into the
future. Natural gas exports cannot
revive the US economy alone but
they can help lead us toward a more
robust energy future, a worthy and
achievable goal.
The writers were US secretaries of
energy under Presidents Bill Clinton
and George W. Bush respectively
Bill Richardson and
Spencer Abraham
Samuel Brittan
T
his is a good time to ask what
is left of an outlook known to
its enemies as neoliberalism
and by at least some of its friends as
just economic liberalism. One cannot
be too careful in choice of wording.
For neoliberalism was originally the
self-chosen name for a group formed
just before the second world war
around the US commentator Walter
Lippmann and which advocated,
among other things, making greater
use of market forces in economic
policy. It has only more recently
acquired pejorative associations.
Roughly speaking, the quarter
century after 1945 was not a
promising time for economic
liberalism except perhaps in West
Germany where Ludwig Erhard was
the guiding spirit of the so-called
economic miracle. The tide turned
towards economic liberalism in the
last quarter of the century,
symbolised by the leadership of
Ronald Reagan and Margaret
Thatcher in the 1980s. The approach
lingered on even after the departure
of these charismatic leaders. While
influence has been reduced to
obstructionism at the UN. Israel is
beginning to look very much alone.
Do something
The most frequently forgotten lesson
of politics is that doing nothing is a
policy choice and one that can be
every bit as risky as being decisive.
Frances President Franois Hollande
is among those who would do well to
recognise the dangers of inaction. My
friends in Paris tell me that the
president is fully apprised of the
urgent need to restore economic
competitiveness in order to avoid the
fate of some of Frances eurozone
partners. So far, however, Mr
Hollande has been content to do not
very much. Change forced by a crisis
of confidence in the markets would
be altogether more painful for the
president and for French voters.
There is a broader lesson here for
the eurozone. Angela Merkel may
have emerged as Europes
undisputed leader, but her
obsessively cautious approach to the
euro crisis has come with a sizeable
price tag. If the currency now looks
safe, it is because of the activism
of the European Central Banks
Mario Draghi. The danger is that
Mr Draghis audacity has encouraged
governments creditors and debtors
alike to put off again the
uncomfortable choices needed to
ensure sustained recovery.
Walk and . . .
Too many leaders think they can do
only one thing at once. They
succumb to the politics of either/or.
It should be both/and. The message
from Washington is that Mr Obama
has set the rebuilding of America
as the ambition for his second term.
Intractable foreign-policy issues
most obviously the stand-off between
Israel and the Palestinians are
destined to remain on the back
burner. Didnt someone once say a
US president should be able to walk
and chew gum at the same time?
New Year resolutions are made to
be broken. So politicians should
spare us the customary cascade of
empty promises on January 1. There
is no harm, though, in drawing
lessons from experience. In this
spirit, here are a few rules of the
road political leaders might usefully
ponder as they map a route for 2013.
Make friends and . . .
Americas wars in Iraq and
Afghanistan have testified eloquently
to the limits of hard power. Military
muscle will always matter, but in a
world tightly threaded by economic
interdependence, making friends and
influencing people is every bit as
important.
Expectations are that Xi Jinping
will take a harder line than the
departing Hu Jintao in asserting
Chinese power. Tensions between
Beijing and its neighbours over
conflicting claims in the South and
East China Seas are unlikely to be
eased by the election in Japan of the
more nationalist government of
Shinzo Abe.
Mr Xi, however, might reflect on
what has happened since China cast
aside Deng Xiaopings bide-your-time
approach to international relations.
Chinas neighbours have turned
against it and President Barack
Obamas pivot has seen Americas
return as a Pacific power. China
cannot wage economic war against
Japan without significant cost to
itself. Even great powers need allies.
Elsewhere, Russias Vladimir Putin
and Israels Benjamin Netanyahu
have often seemed to exult in
isolation. The result? Russias global
Getting the economy right is going
to be at the top of every leaders
attention. The reality, though, is
that the world will not stop to allow
Mr Obama to tend to Americas
domestic challenges. For one thing,
Mr Netanyahu looks pretty much
determined to pull the US into
another Middle East war this time
against Iran. For another, much as it
would sometimes like things to be
otherwise, the US remains the
indispensable power. The unipolar
moment may have passed, but there
are few serious problems around the
world that can be solved without US
engagement.
Think ahead
Heres one for David Cameron,
Britains prime minister. The hapless
Mr Cameron has made the mistake
of failing to recognise that what
might seem clever tactics often drive
politicians into strategic cul-de-sacs.
After a year spent appeasing and
occasionally pleasing the hardline
eurosceptics in his Conservative
party, he has suddenly woken up to
the fact that Britain is heading for
the exit of the EU.
I do not think that this was Mr
Camerons aim. But casual promises
to the eurosceptics that he can
secure a new settlement allowing
Britain to pick and choose in its
relationship with the bloc have
Export permits would
give US trade partners
confidence to adopt
natural gas in lieu of
higher emitting fuels
The biggest flaw in market
liberalism is in the distribution of
income and wealth. For a long time
the degree of concentration
fluctuated around a fairly stable rate.
But in the past two or three decades
it has increased markedly, making it
much more difficult for supporters of
capitalism to argue that a rising tide
floats all boats. We could live with
this situation in which the top 1 per
cent of US families owned 7-8 per
cent of US incomes, as in the early
1980s, but hardly when they are
getting 18 per cent as they are said
to do now. The respectable academic
response is to try to correct the
situation through the tax and social
security systems. But this may be
more difficult in a world struggling
to achieve genuine mobility of labour
where emigrants could overwhelm
the redistributive apparatus.
This has not happened yet. But we
need to prepare. The hard truth is
that tensions can develop between
free migration and other economic
freedoms. But for all the looming
problems, it is still untrue that the
nanny state knows best.
www.samuelbrittan.co.uk
I
f theres a bright spot in the
gloomy recent history of the US
economy, it is the expansion of
our energy sector. A plentiful and
inexpensive supply of natural gas
from shale rock has led to cheaper
electricity for consumers and
industry, the revival of US
manufacturing and greater US
energy independence.
A decade ago, natural gas
producers worried that Americas
supply was running dangerously low
and imports would be the nations
only salvation. No more.
Thanks to new drilling
technologies and an abundance of
shale gas, US proven natural gas
reserves surpassed 300tn cubic feet
in 2010, and technically recoverable
natural gas is estimated to exceed
2,200tcf, according to the Energy
Information Administration. This
represents an increase of 61 per cent
from the agencys estimate four
years previously. Given US natural
gas consumption of about 24tcf,
New year
rules of the
road for
world leaders
Middle
classes old
and new
are looking
with some
menace
at the
privileges
of the
1 per cent
Philip Stephens
T
he trade is known as the
widow-maker because it has
been financially fatal for so
long. Generations of gunslinger
macro traders have met their
nemesis by shorting Japanese
government bonds. They walk in
cool and confident, armed with
PowerPoint presentations. They leave
town horizontal, soaked in red ink.
The rationale was always
compelling why should Japan have
such absurdly low bond yields when
its debt to gross domestic product
ratio is among the highest in the
world, government spending is
roughly twice tax revenues and the
population is rapidly ageing? Yet
the result was always the same.
At whatever yield the call was made
3 per cent in 1996, 2 per cent in
2002, 1 per cent in 2011 it always
fell further, and the bet lost money.
Back in the day a neophyte
investment analyst was sometimes
dispatched to the trading desk to
demand an explanation. The
standard response was a sarcastic
more buyers than sellers.
That is the best explanation of
what has been going on in the
Japanese bond market for the past
15 years. It also describes what has
been happening in global bond
markets since 2008, when the world
started turning Japanese.
Private sector deleveraging,
distrust of risk assets, loss of faith
in growth, broken banks these
have all contributed to the surge in
demand for government paper.
The eurozone turmoil appeared to
offer an alternative narrative that
excess debt led to sovereign debt
crises but this was illusory since
Greece, Spain and the others are not
sovereigns. Wherever governments
have retained control over their
currency, markets have shrugged
off deficits, rating downgrades and
the prognostications of doomsters.
Following the Japanese template,
bond yields have fallen even as debt
levels have risen. This has been so
in the developed world and in the
developing world; in countries that
have current-account surpluses such
as Germany, and those perpetually
in deficit such as the US and UK.
In reality, bond markets are
reflecting economic fundamentals.
Risk-free rates should approximate
nominal GDP growth, which has
been in sharp decline globally.
With governments caught between
stimulus and austerity, and
monetary policy achieving little
traction, bonds have looked the
safest bet.
The great investment question for
2013 is whether change is in the air
and the deflation trade is over.
In Japan, the election victory of
Shinzo Abe means the last bastion
of hard money has fallen. The next
governor of the Bank of Japan, to be
appointed in the spring, will be a
dove. A shift towards inflation
targeting is likely. There will be less
enthusiasm for driving the economy
off a fiscal cliff, as Yoshihiko Noda,
the outgoing prime minister, risked
with planned tax rises.
Globally, the move to soft money
is gathering impetus as seen in the
US Federal Reserves move to tie
monetary policy to unemployment
and by favourable talk of nominal
GDP targeting by the Bank of
Englands governor-designate.
Will this be enough to change the
more buyers than sellers
paradigm? In the first instance,
probably not greater central bank
activism will mean greater purchases
of government bonds by those banks
in the short term.
But in the medium term it is likely
that governments will succeed in
generating higher inflationary
expectations. The aftermath of the
global financial crisis shows that
once radical options can quickly
become mainstream policies. If
current policies do not produce
results, new ideas are waiting in the
wings such as the outright
cancellation of bonds held on central
bank balance sheets.
In fact, consecutive waves of
quantitative easing have already
succeeded in lifting inflationary
expectations as measured by the
bond markets break-even rates.
The US rate has risen from negative
in the aftermath of the Lehman
shock to the average levels of 2000 to
2008. Even in Japan, five-year
inflationary expectations have risen
well above the bond yield. Almost
everywhere, investors in government
bonds are facing negative real yields
an unnatural and combustible
situation. In Japan this could be the
widow-makers last ride. If so, the
repercussions will be felt more
widely. World bond markets have
had it too good for too long.
The writer is a Tokyo-based analyst
at Arcus Research
Peter Tasker
The Japanese
bond market
may have
made its
last widow
Neophyte investment
analysts would receive
the standard and
sarcastic response more
buyers than sellers
COMMENT
ON FT.COM
BBC reveals a
sorry tale of
management
High pay at public
bodies stinks
they have taken
the worst practices
of the private
sector and ignored
the best, says
Andrew Hill
www.ft.com/
comment
DECEMBER 21 2012 Section:Features Time: 20/12/2012 - 19:41 User: aldersonm Page Name: COMMENT USA, Part,Page,Edition: EUR, 9, 1
10

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
Apple has come up with its
first redesign of the iMac in
three years as it faces
increasing competition in
this hottest of categories
the allinone PC.
In just three examples I
reviewed recently, Lenovos
A720 reset the bar for
thinness and versatility its
stand will lie flat or turn the
monitor into an easel;
Sonys Vaio Tap 20 has a
touchscreen and internal
battery that allow it to be
carried around like an
oversized tablet; and
HewlettPackards
SpectreONE competes with
the iMac on classy looks
and is only 1.15cm thick.
Apple does not believe
consumers want to use
touchscreens on laptops
and PCs, nor does it favour
versions that transform into
different devices, so the
new iMac stands up straight
and leaves touch gestures
to its excellent Magic
Trackpad accessory.
The most obvious
improvements are a thinner,
lighter design and a
gorgeous screen in either
21.5in (from $1,299, 1,099
in the UK) or 27in (from
$1,799, 1,499) sizes.
The new iMac is 80 per
cent thinner than its
predecessor, according to
Apple, and only 5mm thick
at its edges. However, the
bowed back thickens to
around 4cm in the middle.
To achieve its slimmer
figure, Apple has abandoned
a DVD and CD slot. This
may be the way things are
heading as we use memory
Chris Nuttall picks his favourite
from the crop of new apps
What it is: The Orchestra for iPad
($13.99, 9.99)
Why you should try it: Apple has reenabled gifting of
apps in iTunes just in time for the holidays and the
release of The Orchestra, another classic from Touch
Press. Extracts from composers ranging from Beethoven
to Stravinsky are played by the Philharmonia Orchestra.
You can watch these on splitscreen video, bring up a
synchronised score and touch a map of the orchestra
to hear particular sections playing.
Planet of the apps
Chris Nuttall
Personal
technology
There is only one winner
for each series of The Great
British Bake Off, one
amateur baker who is
crowned Britains best. This
year it was 23-year-old law
graduate John Whaite who
clinched the final of the
television show by
hairdrying his chocolate-
iced cake for a high shine.
He promptly signed a book
deal with Headline and
John Whaite Bakes will
appear early next year.
But Mr Whaite will not
be the only one to enjoy a
slice of success. The hit
BBC2 TV programme is
having a benevolent
economic effect far beyond
the onscreen participants.
[If I wanted to make] a
couple of hundred quid a
month as spending money
it would be fine, she says.
She has stopped the classes
to pursue more lucrative
roles with Sainsbury and
QVC. She also produced an
ebook, that went straight to
the top of the Kindle
downloads for baking.
And Edd Kimber, self-
styled as the boy who
bakes and the first winner
of GBBO back in 2010, says
he definitely struggled
financially for the first year
following his win. Like Mr
Whaite he was offered a
book deal and he published
his second title this
September. He has also
launched the Eddibles
Bakery stall on Maltby
Street market in south
London. I made a living
this year, Mr Kimber says.
Nevertheless, its better
than his old job as a bank
clerk: I like the fact that I
do something I love, and I
have a career from it.
The last word
A TVgenerated
craze for cooking
is inspiring new
ventures, writes
Natalie Whittle
The shows experts,
cookery doyenne Mary
Berry and professional
baker Paul Hollywood,
have felt the baking
bounce keenly. After
GBBO finished in October,
Mr Hollywoods book How
to Bake saw a threefold
increase in sales on
Amazon. Ms Berry saw a
fivefold Amazon sales
increase for her 2009 book
Mary Berrys Baking Bible
from when the latest series
started in August.
If baking is an inherently
domestic art, and the
recession a period when
people stay at home to
watch TV and/or make
cakes, bread and pies,
there is some logic to this
trend. Trade show
organiser Luke Collings
certainly saw the broader
potential of bakings new
popularity: My wife was
very much into the Bake
Off and it made me wonder
if there would be demand
[for a show]. He lined up
brand featured in GBBO)
food mixers every hour
before Christmas.
At John Lewis, sales of
food mixers are up 62 per
cent and demand for bread-
makers up 29 per cent.
Silicone bakeware sales
have increased 126 per cent
year on year. Marks and
British stayathome economy helps baking businesses rise
sponsors and booked Ms
Berry and Mr Hollywood to
make appearances. The
Cake & Bake Show at
Earls Court Exhibition
Centre drew 21,000 visitors,
with a Manchester date set
for next year and a second
London show. Mr Collings
says he covered costs this
year but forecasts a profit
for 2013, and has hopes for
a supermarket tie-in.
The baking bounce sends
people shopping in all sorts
of ways: a Zara bomber
jacket worn by Ms Berry
in one episode sold out and
baking equipment sales
have increased. In one show
of this series, contestants
were asked to build show-
stopping gingerbread
edifices (Mr Whaite
recreated Romes coliseum).
In the following days,
Selfridges in London saw a
jump in sales of gingerbread
house kits and year on
year sales rose 26 per cent.
The store also estimates it
will sell 20 KitchenAid (a
Spencer, Debenhams and
J Sainsbury have reported
similar rises.
There has also been a
flurry of classes in baking
skills. Le Cordon Bleu, the
classic cookery school
brand, has opened a
flagship site in London and
French baker Richard
Bertinet has expanded his
bread-making school with a
bakery shop in Bath.
But bakery business
founders beware: this is an
area where the facilities
available dictate profit, as
Holly Bell, a GBBO runner-
up in 2011 learnt. Her
former milieu was
advertising, so Ms Bell
recognised her own profile
would not be enough to sell
classes. I knew I had to
use the Bake Off brand to
leverage the business, she
says. Demand was strong
and immediate; her weekly
cake-decorating classes were
full. But, as she rented
kitchen space to teach, it
was hard to make money.
New iMac and
HPs Envy printer
make dream team
Sweet success: business is
brisk for baking products
Apple iMac

There are three classics on offer for the holidays this

week as Apple presents an improved version of its all
inone PC style leader, the iMac, and HewlettPackard
introduces an allinone printer that matches Apples
products for cool design. For classical music lovers
with iPads, The Orchestra app makes an excellent gift.
HP Envy 120e

Apple no longer makes

printers, but if it did they
might look something like
HewlettPackards $250
(212) Envy 120e allinone
inkjet.
This smooth pianoblack
box takes away all the
ugliness of paper feeds and
I was able to slide it
unobtrusively into our
entertainment centre, as a
wirelessly connected central
printing option for the
family.
Press the On button on
the front panel and the
printer unfolds before your
eyes, with the panel lifting
outward and up to a
horizontal position, a 4.3in
colour touchscreen coming
to life and paper supports
emerging from the interior.
For scanning and copying,
there is a seethrough panel
display, featuring a short, light-
hearted, movie of Minnie Mouse
encountering cartoon versions of fash-
ions best-known faces.
The windows are our most
involved project of the season. Conse-
quently, they receive proportionally
the largest budget, Mr Lee says.
Retailers remain tight-lipped on
costs, but analysts estimate that a
department store such as Barneys
makes about 72 window changes per
year, with a spend of between $20,000
and $100,000 per display.
Holiday budgets for the worlds top
department stores will run into the
hundreds of thousands, even millions
of dollars many spend more on that
one, six-week period than they will for
six or seven months of the entire
year, says Mr Burke.
In London, Harrods also worked
with Disney to create Once upon a
Dream, a 10-piece collection of
dresses inspired by Disney princesses
created by designers such as Versace,
Valentino and Oscar de la Renta.
Windows are a true reflection of
your brand and the very best product
you have to offer, says Mark Briggs,
Harrods store image director. We
loved the ideas of combining luxury
and fashion with fantasy and nostal-
gia, so carried the Disney theme into
and throughout the store to maximise
commercial opportunity, with a Dis-
ney caf and 7,000 square foot Disney
boutique.
Others favour a more timeless
appeal. Bergdorf Goodman charted
Shops wage winter window war
component, increasing a brands
online profile and exposure.
Both Selfridges and Bergdorf Good-
man have deployed multi-platform
social media campaigns this year with
behind-the-scenes footage, audio tours
and competitions on the Instagram
photo sharing site, while some of the
displays are accessible online.
While the video for our campaign
this year was conceived as the anchor
for the window display, the intention
was also to reach millions of consum-
ers via the web, not just those on
Madison Avenue, says Mr Lee.
With online shopping accounting
for about 10 per cent of annual holi-
day sales, according to ShopperTrak,
stores need to defend market share
both off and online from new guard
internet rivals such as FarFetch and
Net-a-Porter.
M
ediator Imagine Fashion,
launched in early 2011, is
a website designed to
bridge the gap between
retail and etail by allowing users to
explore the fashion industrys most
exquisite window displays before
clicking through to buy the products
online. The website takes a cut of any
sales made.
A single location will only ever
generate a capped amount of localised
traffic but online the potential
is limitless, says founder Amber Gor-
don.
Others in the industry remain more
traditional in approach. Tiffany & Co
focused its 260-store global campaign
Home for the Holidays on hand-
made miniature recreations of richly
decorated apartments on New Yorks
Upper East Side. These windows are
not connected to any online shopping,
they are simply meant to amuse, says
Richard Moore, vice-president of vis-
ual merchandising.
Tis the season to give and be
merry, after all, so ultimately we see
the displays as our way of giving cus-
tomers and passers-by something
back in return, he says.
F
or December shoppers, a
glimpse of the window dis-
plays put on by the worlds
most famous department
stores is as much a part of the festive
experience as hanging decorations on
the tree. For retailers, this long-cher-
ished tradition is also significant
although for different reasons.
Competition between department
stores and prestige brands becomes
absolutely cut-throat at this time of
year, says Robert Burke, a leading
luxury retail consultant and former
senior vice-president of fashion and
public relations for Bergdorf Good-
man, the US luxury department store.
While Christmas windows are the
pinnacle of self-expressive and crea-
tive display for stores, crucially they
also drive foot traffic and traffic
drives sales. They may look frivolous,
but windows are tactics deployed in a
serious turf war between rivals chas-
ing patrons and profits they are a
big business.
As consumer spending has slowed,
many luxury brands and shops have
invested heavily in glossy visual and
floor campaigns to retain the custom
of an increasingly tough crowd.
According to ShopperTrak, a lead-
ing provider of footfall monitoring
technology, US consumers were less
active this December than last year,
with foot traffic down 0.7 per cent and
sales down 1.5 per cent on 2011.
Nevertheless, the stakes are still
high, with the week of December 16
expected to have been the biggest ret-
ail sales week of the year, when mil-
lions of shoppers take to the streets.
The fourth quarter represents the
most significant portion of sales for
the year, so a strong holiday cam-
paign can help ensure you end on a
positive note, explains Mark Lee,
chief executive of Barneys New York,
the high-end department store.
This year, Barneys collaborated
with Disney on an Electric Holiday
A stunning display is
crucial in the holiday
season and many stores
are now making these
digital and interactive,
writes Elizabeth Paton
Budgets
for top
department
stores will
run into
millions of
dollars
Deck the halls:
Selfridges (above)
has a social media
campaign around
its window
displays this year;
Harrods (below
right) worked with
Disney; the
Bergdorf
Goodman display
(below left) was
hand crafted
Andrew Meredith
the glamorous brilliance of the Holly-
wood Jazz Age this year by packing
its Fifth Avenue windows with show-
girls, performing poodles and all-girl
orchestras dressed in beautiful con-
temporary designs.
At their best, windows should tran-
scend their commercial purpose and
become dream machines, fashion the-
atre, entertainment and year-end festi-
vals, says Linda Fargo, the stores
senior vice-president. What we inten-
tionally steer clear of are themes that
are futuristic, ironic, too highbrow or
too cool. We think of Bergdorfs as a
warm store, and prefer to keep the
tone inviting and exceptional.
Every element of the Bergdorf set
design is handcrafted by local artists
a time-intensive process that often
takes about nine months.
At Selfridges, the British depart-
ment store, preproduction takes a
year from idea to installation, with
a team that swells from nine to 100
in the run-up to the windows unveil-
ing in November. The costs are vast,
yet store director Alannah Weston
says holiday windows are the
most important advertising outlet for
her brand.
Our windows attract an influx of
both British and international shop-
pers who descend on stores quite liter-
ally just for Christmas shopping. And
we always find that products dis-
played in the windows at Christmas
do very well.
Some holiday windows are starting
to include a strong digital marketing
USB sticks or download our
media over the internet, but
the move could be too soon
for some users. Apple
provided me with a $79
Superdrive external DVD
drive, however, which did
not detract from the
minimalist aesthetics of the
iMac, although it lacks
Bluray compatibility.
The display module has
been fused with its glass
screen in the new model.
Eliminating the gap and
using a new coating means
a 75 per cent reduction in
reflection and an impression
that the vibrant Full HD
images are almost painted
on top of the screen.
Other features include a
720p HD webcam, dual
microphones, four USB 3.0
ports and an SD memory
card slot. Stereo sound has
been improved with more
space inside for the
speakers.
The iMac starts with a
generous 8Gb of memory;
but if you want more you
will have to take the smaller
21.5in model back to the
store DIY upgrades are
out because of the tightly
packed components within.
There is also an option
for a Fusion Drive, a new
concept from Apple that
prioritises your mostused
data and programs on a
lightningfast 128Gb solid
state drive, with a regular
hard drive providing the
bulk of storage. It made my
machine feel very
responsive.
These innovations and the
beautiful design mean the
iMac maintains a distinctive
appeal despite rivals going
allin on allinones.
MORE ON FT.COM
To see a slideshow of this seasons
innovative windows at luxury department
stores in London and New York, go to
www.ft.com/windows
MORE ON FT.COM
For more news and reviews
of allinone PCs, visit
www.ft.com/personaltech
on top. I placed documents
or photos face up and was
able to watch them being
scanned with technology
that does not blind you with
the usual light beams.
Other features include a
front USB port for charging
a smartphone, a memory
card slot and software and
apps that allow you to print
from a smartphone or
tablet.
The tradeoffs for the
sleek design are an internal
paper tray that holds only
80 sheets and the absence
of a document feeder for
scanning. But the 120e will
print on both sides of the
paper and is the quietest
model made by HP.
BUSINESS LIFE
DECEMBER 21 2012 Section:Features Time: 20/12/2012 - 17:53 User: paleita Page Name: BizLife, Part,Page,Edition: EUR, 10, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

11
ARTS
scatterbrained event commentator
from Best In Show, the whole movie
goes at a gallop. If it had opened two
weeks hence we would be calling it
the comedy pace-setter for 2013.
British film-maker Bernard Rose
cannot stop adapting Tolstoy. Anna
Karenina; The Kreutzer Sonata; best
so far, ivans xtc, his Hollywood
modernisation of The Death of Ivan
Ilyich. Boxing Day turns the short
story Master and Man into a spry if
improbable Colorado two-hander.
During a long days journeying, the
right hand (Danny Huston as a West
Coast property dilettante visiting the
Rockies) keeps being discombobulated
by the left. Thats Matthew Jacobs as
his English-born driver-for-the-day.
The latter shoulders a class chip or
two along with the heavy house-
touring duties, as master and man go
deeper, ever deeper into the snows
and unknowns from which they may
not return.
Some critics have moaned about
portentousness. (All that Gorecki
music.) But theres a rueful wit in
this character mismatch which
becomes a sort of love match. Zen
Buddyism. Do you want me to call
you sir? asks Jacobs at one point,
as if the whole matter of class and
social difference is a consensus
masquerade, a giant game of lets
pretend in which the world, by
amicable conspiracy, has agreed to be
the players.
You risk death by a surfeit of
magic realism while watching
Midnights Children (opening in the
UK on Wednesday). Of the half dozen
ways Salman Rushdies Booker Prize-
winning social-historical-fantastical
novel could have been brought to the
screen, director Deepa Mehta and
Rushdie himself, screenwriting, pick
probably the worst.
Contemporary Indian history,
enriched with fable and allegory,
can be packed into a novel, albeit a
mega-novel, if the author/narrators
personality is there (it was) to style
or singularise the plenitude. But
cinema is insistently real unless
counteracted by the insistently,
hyper-really imaginative. A film that
needed a Fellini, or Life of Pis Ang
Lee, instead whirls pedestrianly,
literalistically, through birth, sex,
Indian independence, swapped babies,
sorcerers abductions, Mrs Gandhis
emergency, until we want to say Stop
the whirl, I want to get off. Rushdies
own voice, delivering
gobbets of the novel,
proves another bad choice.
Its too wry, professorial,
media-familiar: all we see is
the hero of a hundred chat shows
with his beady charm. Everything
here needed enriching, amping up,
amplifying out. Less isnt always
more; sometimes more is more.
Ang Lees Life of Pi is an eye-
boggling demonstration of the
virtuosities available to the poetically
inventive film-maker in 2012 AD
(Anno Digitale). I kept thinking of
the TV Superman series and its
famous old voice intro. Is Lees film a
fable? Is it an adventure? No, its a
super-movie. Faster than a speeding
ballet, leaping tall decades at a single
bound, this action fantasy from Yann
Martels 2001 Booker Prize-winning
novel says a final goodbye to pre-
digital, pre-diluvian 3D.
Every filmgoer will re-become a
child as he/she watches the
shipwrecked Indian boy (played by
vivid newcomer Suraj Sharma)
grapple with adversity storms,
sharks, a fusillade of flying fish as
he is cast away at sea accompanied
by a tiger from his dads zoo-in-
transit. The other human characters,
including a blink-and-you-miss-him
Grard Depardieu as the ships cook,
are swiftly dispatched to Davy
Joness locker; we dont need them.
Though the worst of Martels book
survives along with the best the
arguments for Gods existence which
bookend the screenplay would barely
stand up in a kindergarten the best
occupies most of the screen time. The
lifeboats initial bestiary includes a
zebra, orang-utan and hyena
(terrifying), all digitised in part or
whole, all in our faces or at our
throats whenever Lee commands and
the 3D specs obey.
The digi-tiger is a dazzler, expert,
seamless, all-expressive: a screen tour
de force as captivating in its
virtuosity as the puppeteered stage
equine in War Horse. Lee and his
team also conjure high seas and
Af loat on
an ocean of
possibilities
Captivating:
Life of Pi; below,
Anna Kendrick in
Pitch Perfect
mighty squalls and, for contrast, a
night of phosphorescent jellyfish
glowing back at the moon and a
sunrise seascape golden, mirror-
placid, horizonless. Sometimes boat
and boy seem suspended in a
vacancy between transparent
infinities. This is picture-book picture-
making as ensorcelling as any we
have seen since Powells The Thief of
Baghdad, another tale of an Indian
boy, a world of magic, and
showdowns with the elemental.
West Memphis, a documentary
about an unresolved murder case,
was press-shown on the morning of
the day news broke of the
Connecticut school killings.
Coincidence? Or spooky cinematic
karma? The cases three boy victims,
also primary school age, were also
brutally and unfathomably murdered.
Americas violent underside Mr
Hyde to the Dr Jekyll of its
democratic freedom never changes.
The killings took place in 1994
Arkansas and delivered three teenage
suspects to Death Row, convicted of
Satanic homicides. That
interpretation was based on the
sexual mutilation of the bodies. The
trio of defendants were convicted on
slim evidence but with the
confession, coaxed by police, of the
most mentally challenged.
Amy Bergs enthralling film, co-
financed and initiated by no less than
Peter Hobbit Jackson, arrives 18 years
and three documentaries later. The
Paradise Lost triptych, made between
1996 and 2011 by two directors of
whom one, Joe Berlinger, went on to
Book of Shadows: Blair Witch 2, was
full of florid speculation reinforcing
notions of a cultist killing. Paradise
Lost 3: Purgatory, though, began the
climbdown into fact and followed
several routes taken also by Berg and
Jackson. With painstaking detective
work and deep-pocket recruitment of
witnesses (top forensic experts, top
attorneys), enough evidence was
culled to help free the accused
though not without some late-hour
plea-bargaining stipulated by the
Arkansas courts.
Astonishingly the film-makers also
shine a Klieg light on the likely
murderer, still free and likely to
remain so, despite damning DNA
evidence. Incredulously we watch
courtroom footage of this man
resisting grillings which would
barbecue a lesser liar. The movies
conclusion? In America death is
cheap and justice expensive. Only the
brave or quixotic spend their lives
trying to bring the two things closer
together.
In a poll on the hundred things we
least need from Hollywood a comedy
about an all-female a cappella group
might come first. Pitch Perfect,
though, is very funny: the Spinal Tap
of unaccompanied singing. Two teams
from the same fictive university go
all the way to Lincoln Centers
national contest final. Its the girls
who take centre screen, desperate to
restore their primacy after a victory-
robbing mishap cue flashback the
year before. (You have heard of
projectile vomiting; this is the Polaris
version.) The boys team does
everything borderline-legal to
outsmart them.
Both teams are led at the finish by
sceptics-turned-songsters. Anna
Kendrick (Up In the Air) is the
girls take-charge ingnue,
scrapping their flight
attendant costumes and
Kremlin parade choreography.
Skylar Astin for the boys decides
a cappella doesnt have to be the
organised nerd singing he called
it in scene one. (But it still
essentially is: no joke otherwise.)
With the incomparable John Michael
Higgins reprising his sardonic,
FILM
Nigel Andrews
Life of Pi
Ang Lee
West of Memphis

Amy Berg
Pitch Perfect

Jason Moore
Boxing Day
Bernard Rose
Midnights Children

Deepa Mehta
WEEKEND ARTS
This is a biennale that
crackles with freedom,
courage and imagination:
Rachel Spence reports
from the the KochiMuziris
Biennale, Indias first ever,
in tomorrows FT Weekend
Hans Christian Andersens The
Little Match Girl is trim and
sentimental. On New Years Eve, a
poor waif lights matches to fight the
cold. With each match, she
hallucinates about the joys of
Christmas. Presently, she freezes to
death and flies to heaven.
By her own estimation, Meow
Meow is a post-post-modern diva
who deals in kamikaze cabaret.
She is no waif. Joan of Arc is
flaming in her head beside
naughty pyromaniac children,
witches at the stake, global
warming and the Catherine wheel.
Meow is fiercely undomesticated and
her Little Match Girl, born in
Melbournes Malthouse Theatre, is a
bold step beyond Andersens
agit-prop fairy tale, as she labels it.
Were going to break the cycle
of world hunger and child poverty,
the cabaret artist purrs. She sets
about her task with the skittish
energy of a rogue firework. Meow is
not inhibited by the natural
boundaries presented by a stage.
Frequently she invades the
auditorium, recruiting obedient
people rub each other, rub me!
with frenetic zeal. Her social
message, condensed into the
injunction be careful with each
other, pops up in the course of
16 numbers Wagner, Purcell,
Porter, Coward and is garnished
with tutus, artificial chaos and a
huge chandelier (not explained). If
the menu of destitution and death
looks grisly, the presentation is
vibrantly upbeat.
Meow is eccentric, self-deprecating
and marvellously unafraid to look
ugly; she is imaginative and tasteful
(unlike Andersen, she expunges
sentimentality); her voice can sound
haunting or huskily lusty. But her
greatest gift is to seem so vividly
alive. Her stage presence is an
urgent fact that demands attention.
Beside Meow, most performers (not
least, her supporting artist, Chris
Ryan) feel airbrushed.
The main problem is one of
balance. Meow claims that thousands
of children will sleep on Britains
streets tonight. That is the meat of
her festive feast, but the trimmings
frothy cabaret japes upstage it.
The pill is sweetened. If it were too
bitter too serious audiences
used to vapid winter diets of
pantomimes and West End musicals
might just gag.
Other problems are technical.
Cabaret feeds on fumes and sweat
and Queen Elizabeth Hall is
relentlessly airy. The set is
irrelevant, the plot is missing and
bits of the script drag. In such
conditions, Meow can sputter, fizz
and flare, but not combust. It is a
good show, but a better one lurks
behind it.
www.southbankcentre.co.uk
Post
post
modern
diva:
Meow
Meow
Jeff Busby
A better world through cabaret
THEATRE
Meow Meows
Little Match Girl
Queen Elizabeth Hall, London

Alexander Gilmour
Konk Pack are a rip-roaring trio of
free improvisers whose in-the-
moment collisions deliver the thrust
of electronics with the confidence of
a long-term relationship they
played their first gig in 1997 and
have been touring ever since. The
electronica is more gadgets and
buttons than laptop and mouse, and
its industrial soundscapes have a
surprisingly warm-hearted core.
A seated Tim Hodgkinson conjures
dissonance from a wired-up lap
steel guitar and Thomas Lehn
dispatches fusillades of beeps from
analogue synth hes a physical
player who rolls and sways with
the mood. And for contrast and
balance, Roger Turner plays drums
with a strong, though somewhat
fractured, sense of time.
The methods and pulse are those
of free jazz, but here the ebb-and-
flow dynamics are magnified to
extremes. Both through-improvised
sets had quiet beginnings, roaring
climaxes and a pin-drop finish. And
both garnished instrumental
orthodoxy with scrapes, scratches
and clatters. Turner used four-stick
technique to produce a scampering
rattle and bowed a chunk of metal
for a finger-scraping screech.
Hodgkinson assaulted his lap steel
guitar with bottleneck, violin bow
and plastic comb the sounds were
raw, harsh and percussive, often
tweaked or distorted into an
amplified howl.
The first set opened with a
synthesised drone and the ponderous
throb of a church organ pedal. There
were fragments of drums and the
sporadic click of a heftily plucked
lap steel guitar. Tension grew,
with short press rolls and mighty
thumps, lightning-fast scampers and
pings bouncing across the stage
against a howl of white noise and
thrashing drums.
There were intense duets with
third party support, high-point
extremes, when all spoke as one,
and times when each musician
seemed out on a limb. And for
every furore there was a patch of
uneasy calm. The range was
extraordinary and, over two sets,
their internal coherence, though
abstract, effervesced with
intelligence.
The first set ended with a cymbal
hissing gradually into silence; the
earthier second set faded with a
spacious, barely perceptible pulse.
It gained accompaniment from a
clink of bottles from the bar at the
back. I think theyre moving the
bar, quipped Turner. Move it over
here, suggested Hodgkinson. And
that was that.
www.cafeoto.co.uk
JAZZ
Konk Pack
Caf Oto, London

Mike Hobart
DECEMBER 21 2012 Section:Features Time: 20/12/2012 - 17:10 User: cheald Page Name: ART USA, Part,Page,Edition: EUR, 11, 1
12

LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,193 Set by SLEUTH
1 2 3 4 5 6 7 8
9 10
11 12
13 14 15 16
17 18 19 20
21 22 23 24
25 26 27
28 29
G O O D T H
T E L U G U E M O T C O N
N B T N G N D
D O L F S C A L D R A G
A L T
A R N E A E S T V A T E S
M T N H V L
W E L T K Y O T O L A C
E E J R E N
O O P S A D A S Y G O T O
E C R R
H U L L A B A L O O E X A M
V O R A A T N
W R T E N S S E T T E E
E S O H T O T
JOTTER PAD
ACROSS
9 Sponge namely right beside couch
left out (9)
10 Before dark with third and ffth
characters changing places (5)
11 Friendly Welsh politician recalled two
islands (7)
12 Fool, perhaps, putting hand by
tailless dog (7)
13 Pills cost in the US (3)
14 Conductor from capital getting it in
the neck? (7,4)
17 Jolly Derbyshire town (not half)
attracting honour (5)
18 One celebrated in toast before a
period (3)
19 Roughage about to follow pork pie (5)
21 Partner outside is virtually accessible
in small dwelling (11)
23 Polish precious stone endlessly (3)
25 Sports body tucking into light snack,
a dessert (7)
27 Approximate area around front of this
building (7)
28 Record in unbroken role-play (5)
29 Spooky activity? (9)
DOWN
1 A strip of wood covering back of
cabin in oblique fashion (6)
2 Very clever fgure attending theatre
after getting two cups? (8)
3 Silent old boy upset with colossal
gobbledegook (5-5)
4 Piece in blog repelling bad-tempered
person (4)
5 Support everybody getting lift in
part of hospital its necessary for
launch? (10)
6 Bit of greens, something to chew on?
(4)
7 Confict in colourful band with fellow
standing for power (6)
8 Part of garment in medium time son
took off showing refnement (8)
15 Inexperienced person without means
ignoring refned basis for discussion?
(5,5)
16 Thought beginning to rouse fghter in
political contest (10)
17 Mess largely brute contrived giving
misleading information? (3,5)
20 It might describe lair a nob planned?
(8)
22 Drift shown by young offender, type
losing head (6)
24 Bachelor with mention of light jacket
(6)
26 Old rally regularly seen in airport (4)
27 Mature beef with bit of gristle
removed (4)
SOLUTION 14,192
Still fighting
Blog: Isabel Gorst on an
earlier release date for
Mikhail Khodorkovsky
and why Russias most
famous prisoner wont
kowtow to the Kremlin
www.ft.com/bb
Resource
nationalism
Video: James Smither
of Maplecroft explains to
the FTs Rob Minto how
shifts in commodity
prices affect a countrys
resource leverage
www.ft.com/authersnote
Most read
1
2
3
4
5
Scientists link obesity to gut bacteria
Park elected South Korean president
Google sells Motorola settop
business
UBS pays price for epic Libor
scandal
Greece faces make or break year
TODAY ON FT.COM
THE LEX COLUMN
Friday December 21 2012
Trading places
Source: Berenberg Bank
0
10
20
30
40
70
60
50
Stock exchange merger cost synergies*
(%)
ASX &
SFE
TSX &
Montreal
stock ex
NYSE &
Amex
stock ex
Domestic mergers Cross border mergers
CME &
CBOT
CME &
Nymex
DB &
ISE
NYSE &
Euronext
LSE &
Borsa
Italiana
Nasdaq &
OMX
*
Cost savings as a percentage of cost base of acquired exchange
Domestic
merger
average of
44%
International
merger
average of
26%
NYSE ICE baby
What is Jeff Sprecher to do with the
New York Stock Exchange? The boss
of IntercontinentalExchange has just
agreed to buy that venerable
institutions parent, NYSE Euronext,
for $8.2bn. But cash equity trading
is low margin, even if the NYSE
brand makes a profitable listings
business possible. The real attraction
is NYSEs Liffe European derivatives
exchange. So ICE aims to spin off
the Euronext equity exchange. Mr
Sprecher might like to spin off the
NYSE, too, but its status as a
symbol of American capitalism will
prevent him. So he is stuck with a
business that, in six years, has gone
from a near-monopoly in trading of
NYSE-listed stocks to a 25 per cent
share. Well, if floor trading should
die out, Mr Sprecher can always sell
the financial news channels footage
of men in blue coats yelling and
throwing paper.
This is a small complication. But
it is emblematic of the deals
complexities. If the tie-up works as
advertised, both sides will be happy.
ICE has paid NYSE Euronext
shareholders a 38 per cent premium
a total of $2.2bn for a stock that
has gone nowhere for four years.
For ICE the $450m in annual
synergies it expects, if realised,
are easily worth $3bn or more.
But if there is sufficiently small
overlap between the businesses for
antitrust regulators to allow it,
where will the savings come from?
ICE thinks NYSE Euronext could be
run more tightly. There is some
overlap: both companies have
clearing businesses, which are
costly to run. Mr Sprecher is betting
that, because the two clearing units
mostly clear different things
(energy, commodities and emissions
at ICE; interest rates and fixed
income at NYSE), regulators will be
sanguine. He may be right. And
ICE has a strong record of cost-
cutting. But it is buying a dreadful
chimera of a company, built out of
at least five previously distinct
parts.
There is a long list of big cross-
border stock exchange deals that
have failed to create value. If Mr
Sprecher keeps NYSE-ICE off that
list, it will be a major achievement.
China property
Naysayers on China wanted
everybody to believe that its
property market would have gone
pop by now. Investors who ignored
them will be glad they did. Shares in
Chinese property developers have
made the biggest gains in Hong
Kong this year, returning as much
as 80 per cent against 25 per cent for
the benchmark Hang Seng index.
Those returns are impressive
considering that Beijing has not
budged from its pledge to curb
property prices. But then the value
of house sales has still grown 10 per
cent this year. It is only recently
that unit prices have started to fall
now down a tenth from an August
peak. Even so, those price falls and
lower interest rates helped the sales
volume to jump 30 per cent in
November from last year.
This sales growth has helped
developers to reduce stock, but it is
the lack of price appreciation that is
squeezing all but the strongest. As
the price boom comes to an end,
falling margins and high leverage
have left developers facing returns
below the cost of capital. Debt-to-
equity ratios are more than 70 per
cent and short-term liabilities are up
sixfold since 2006, according to
Barclays. Little wonder that
Greentown, a developer, was forced
to raise HK$5bn from its shareholder
Wharf this year.
Such low cyclical returns and high
leverage mean valuations are
starting to look rich. Developers
such as China Overseas Land and
Investment the biggest by market
capitalisation trade on 12 times
forward earnings, close to their long-
term average of 14 times. Yet the
sectors average discount to net asset
values has shrunk to 35 per cent
from the historical average of 48 per
cent, notes Jefferies. With Beijing set
on tackling income equality and
supporting sustainable growth, price
appreciation is unlikely to return
any time soon. Chinas developers
must adjust to that.
Italy derivatives ruling
Is there no end to it? As regulators
around the world probe manipulation
of the interbank lending market,
prosecutors in Italy have zeroed in
on something a bit less esoteric but
no less troubling the mis-selling of
derivatives contracts. Deutsche Bank,
UBS, JPMorgan and Depfa Bank
have been convicted and fined 1m
each for aggravated fraud involving
the sale of a 1.8bn bond to the city
of Milan. The verdict could start a
cascade of similar cases, because
Italys local authorities went on a
structured finance binge in the past
decade. Moreover, it suggests that
banks are not entitled to make a
profit on those deals.
Milans case against the banks was
that they were not transparent in
their dealings with the city, and that
the complexity of the instrument in
question an interest rate swaps
transaction was not apparent. At
the time, local authorities were
seeking to refinance using interest
rate swaps as a means of increasing
current revenue while postponing
costs. According to the Bank of Italy,
some 35bn of local authority
borrowing may involve interest rate
swaps. The fact that the borrowers
underestimated what the costs would
be is coming back to punish them.
The court upheld Milans
complaint and ordered the banks to
surrender assets to the value of
nearly 100m roughly the profit
they are said to have made on the
transaction. The banks are to appeal.
A written ruling that should set out
the judges arguments in detail is
due within 90 days. So it would be
premature to leap to conclusions.
But local authorities, in Italy or
elsewhere, are hardly bastions of
financial expertise. Their borrowings
ought to be supervised by finance
ministries. Italian local authorities
can no longer engage in the type of
transaction at the heart of the Milan
case. If there is any lesson, it is that
it is time for clearer rules for such
bespoke transactions.
Areva
As profit warnings go, the one from
French nuclear power group Areva
yesterday was hardly of the
megawatt variety. Certainly, it was a
far cry from the whopping 2.4bn of
writedowns the Paris-based group
announced a year ago. This time
Areva is cautioning that earnings
could be a little light in 2013 more
than 1.1bn rather than the
previously anticipated 1.25bn floor,
at the pre-interest, tax, depreciation
and amortisation level. It is,
however, reconfirming guidance for
2012 and still expects break-even free
operating cash flow next year. Even
so, Arevas shares, which had been
edging up from 10-year lows, fell
about 4 per cent.
One worry may be that the
problems seem to stem from the
companys renewables business. This
is a small unit in the context of the
group overall: its 300m sales
accounted for just 3 per cent of the
group total in 2011. But Areva chief
executive Luc Oursel had been
projecting rapid growth for this
division, with annual sales to top
750m by 2013 and more than
1.25bn by 2014-16. Now Areva says
revenues from renewables will
probably be flat next year, in line
with the 600m expected for 2012.
Blame is placed on financing delays
at some projects. Investors, familiar
with the fickle nature of renewables
earnings flow at other European
companies, including Siemens, may
be nervous.
By contrast, Arevas core nuclear
business appears to be on track, with
target revenue growth of 3-6 per cent
confirmed for 2013. But the challenge
here was always going to come post-
2014, when Areva is projecting a
pick-up in sales growth to 5-8 per
cent a year. There have been some
positive developments following the
Carnival
It is almost a year since the cruise
liner Costa Concordia capsized off
Italy. Carnival, its owner, is still
feeling the consequences of that
tragedy and a fire on another Costa
ship shortly afterwards. The
company which controls half of the
global cruise market was able to
limit the fall in revenue to 3 per cent
over the year, but operating profits
were 27 per cent down as margins
collapsed.
Nevertheless, Carnivals shares are
up 15 per cent since the start of
January, and trade on 16 times
forecast earnings for 2013. The
investment case assumes that it can
pull off a dual recovery: in the short
term from the Concordia disaster,
and in the medium term from a
general malaise.
Even before this year, Carnival
had been going in the wrong
direction for a while. Operating
profits in 2011 were more than a 10th
lower than they had been five years
earlier, despite a big jump in
revenues during the period. The
global financial crisis did not help,
nor did the industrys enthusiasm for
new ships. Capacity rose 7 per cent
annually between 2000 and 2010.
Deutsche Bank expects that rate to
halve between now and 2016,
allowing the likes of Carnival to
improve pricing and margins.
But the company also has to battle
grim economic conditions, and its
cautious tone about 2013 knocked
6 per cent off the shares yesterday.
Earnings for the year could be 7 per
cent below previous expectations,
with the company pointing the finger
at lower pricing. Margins will
improve in 2013, but perhaps not as
much as the optimists hope.
Some investors will like Carnivals
promise to return its $1.3bn of
expected 2013 free cash flow to
shareholders, after dividends of a
similar amount in 2012. But its
profile a faltering recovery and
hefty cash returns suggests that
16 times earnings is generous.
post-Fukushima hiatus, but nuclears
prospects are far from rehabilitated.
Areva shares, on 14 times consensus
2013 earnings, may be in for a slow
crawl for a while yet.
DECEMBER 21 2012 Section:FrontBack Time: 20/12/2012 - 19:31 User: swordsd Page Name: 1BACK USA, Part,Page,Edition: EUR, 12, 1

13
Companies and sectors in this issue
Companies
Adidas..........................................14
Air China......................................17
Alent............................................ 26
Amazon............................... 6,14,17
Antofagasta................................26
Apple..............................6,17,25,26
Areva............................................12
Asiacell........................................24
Bank of America.......................26
Barclays.......................................16
Bed Bath & Beyond.................26
CBOE Holdings..........................26
CME Group............................17,26
CarMax........................................26
Cargill .......................................... 24
Carnival ....................................... 26
Centamin.................................... 26
Chicago Board of Trade.......... 17
China Overseas Land............... 12
China Three Gorges.................26
Cisco..............................................6
Citic Securities...........................17
Citigroup......................................16
ConAgra......................................26
Credit Suisse..............................16
D.E. Master Blenders...............26
Danske Bank.............................. 14
Depfa Bank.................................12
Deutsche Bahn.....................14,26
Deutsche Bank......................12,16
Deutsche Telekom.................... 14
Disney..........................................10
Emirates NBD............................ 14
Ericsson.......................................14
Facebook.....................................13
Fannie Mae.................................16
Freddie Mac................................16
Freedom Group........................... 3
Freeport-McMoRan................... 15
GKN............................................. 26
General Electric...........................6
Generali ....................................... 14
Getco........................................... 25
Glencore...................................... 13
Google.................................6,14,25
Gree Electric...............................17
Greentown...................................12
Herbalife..................................... 26
Hewlett-Packard........................25
Huawei...........................................2
ICAP............................................. 16
ITV................................................26
Intel .........................................15,25
Intercontinental Hotels............26
IntercontinentalExchange. 12,17,26
JPMorgan ............................. 12,16
Korek Telecom..........................24
Kraft ............................................. 15
Li Ning......................................... 14
Lotos............................................26
Maker Studios............................14
Microsoft.......................................6
Morgan Stanley.........................25
NYSE Euronext................12,17,26
Nasdaq OMX............................. 26
Nike.............................................. 14
Norges Bank Investment.........14
PPR...............................................14
Polymetal International ........... 26
ProLogis...................................... 14
Puma.......................................13,14
Qatar Telecom.......................... 24
RP Martin....................................16
Randgold Resources................ 26
Rosneft ........................................ 15
Royal Bank of Scotland...........16
SBM Offshore............................26
ST-Ericsson.................................14
STMicroelectronics....................14
Samsung.................................. 6,17
Siemens.......................................12
Smith & Wesson.........................3
SoftBank......................................15
Sprint Nextel .............................. 15
State Street ............................... 25
TNK-BP........................................15
Talisman Energy....................... 26
ThyssenKrupp.......................14,26
Time Warner .............................. 14
Trafigura......................................13
Tullow Oil....................................26
UBS....................................12,16,26
United Technologies................. 15
Vesuvius......................................26
Vitol .............................................. 13
Walmart.........................................3
Weir Group.................................26
Whitbread...................................26
Xstrata......................................... 13
YouTube...................................... 14
Zain Iraq..................................... 24
Sectors
Banks............................ 13,14,15,16
Gen Financial ....................13,15,17
Gen Industrials......................14,17
Media........................................... 14
Mobile & Telecoms...................14
Personal Goods......................... 14
Real Estate................................. 14
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 51
News Briefing
Yen
Source: Thomson Reuters Datastream
Against the dollar ( per $)
Oct 1 2012
78.06
Dec 20 2012
84.26
75
80
85
Yen gains after BoJ expands
bond-buying scheme, Page 26
Obermann to depart
After seven years in job,
D Telekom chief says he
will step down. Page 14
China trails CEO ranking
Only three from mainland
make it into top 100.
Page 17
Maker Studios funding
Time Warner backs video
network aiming to link
YouTube and TV. Page 14
Spain banking bailout
Brussels signs off on plan
to inject 1.87bn of fresh
capital into lenders. Page 15
Deutsche Bahn sues
Compensation sought
from ThyssenKrupp over
price fixing. Page 14
Danske Bank says sorry
Chief Eivind Kolding issues
general apology for pre-
crisis behaviour. Page 14
Carnival struggles
Costa Concordia operator
says cheaper 2013
bookings down on previous
years. www.ft.com/leisure
BNP exits Egypt bank
French lender sells
operation to Emirates
NBD for $500m.
www.ft.com/banks
Inside Business
Adidas soaks up the
punches to deliver
sporting success. Page 14
Bulls of Wall Street
Equity resilience no longer
underestimated. Page 25
CLO issuance booms
Private equity fuels
demand as hunt for yield
heightens allure. Page 24
M Stanley moves on Eris
Bank plans strategic
investment in futures
exchange. Page 25
Trading Post
Short copper, go long on
Bunds and use the Mexican
peso as a proxy for US
outperformance. Page 25
Markets & Investing
Companies
Friday December 21 2012
Libor failure Five internal audits at UBS did not spot rate-fixing Page 16
There is little peace and even
less goodwill to all men in
Washington this Christmas as
congressional Republicans and
the White House argue over
how to avoid the spending cuts
and tax rises due in January.
Next weeks build-up to the
fiscal cliff would be bad
enough for investors, even if it
was not combined with
holidays. In the week between
Christmas and New Year junior
staff will be running many
bank trading desks and hedge
funds, while plenty of other
investors have already squared
their positions, ready to return
in the new year. The market
will be much less liquid than
usual, with little trading, and
the trading there is having a
bigger impact on price.
Drop tense political
negotiations into this market
and the volatility could spoil
many a break.
Yet history suggests
Christmas has typically been
kind to investors. In spite of
the lack of trading, equities
have been less volatile in the
final week of the year than is
usual and have produced better
returns. It is true there have
been no monster returns; the
best gain on US shares in the
last 84 Christmas weeks was
5.3 per cent, a rise beaten on
average at least one week each
year. But the median weekly
return was triple the norm,
and there has been little
downside to staying in the
market.
Investors who can tear
themselves away from fiscal
cliffery next week should think
about taking profits on risky
assets after a good year and
buying what underperformed.
Topping up bond holdings
seems unappealing with yields
below inflation; but disciplined
rebalancing reduces risk and
boosts returns.
Only in a market with a
multiyear trend the dotcom
or credit bubbles, for example
does rebalancing harm returns.
Since 1980 a 60/40 US equity/
bond portfolio turned $100 into
$2,566 if left. Rebalanced once a
year back to 60/40, it would be
worth $2,784, and would have
been less volatile, too.
Short View returns in January
www.ft.com/shortview
US banks
face steep
rise in bad
loans cover
By Tracy Alloway in New York
and Adam Jones in London
The US accounting standards
setter has unveiled tough new
rules that will increase the
amount of money banks have to
set aside to cover soured loans
and bonds.
The proposed rules from the
US Financial Accounting Stand-
ards Board are likely to prove
controversial among banks, as
well as the FASBs counterparts
at the International Accounting
Standards Board.
The FASB has yet to under-
take an official study estimating
the impact of the proposed
rules, but its chairman, Leslie
Seidman, said yesterday that
feedback from financial institu-
tions indicated banks might
have to increase their loan loss
reserves by 50 per cent. The
board will examine the impact
of the rules as it collects indus-
try reaction, which is expected
to continue into next year.
We do expect some increase
in the reserves for financial
institutions, but thats some-
thing well be learning more
about during the comment
period, Ms Seidman said.
Under current US accounting
rules, banks are required to set
aside money for bad loans
largely using a so-called
incurred loss model, meaning
they do not have to reserve
for soured loans until losses are
considered probable or have
already been incurred. That
methodology has led to violent
swings in the amounts of money
banks put aside in loan loss pro-
visions in recent years.
The FASBs proposal would
shift banks to an expected
loss model in hopes of avoiding
the shocks experienced in the
financial crisis. Under this
model, banks would have imme-
diately to estimate the amount
of potential losses they might
incur on loans, or bonds, and set
aside money to cover them.
The FASB and IASB have
been pushing jointly to move to
an expected loss model, but
significant cracks have emerged
in their attempt. Ms Seidman
said IASB plans to limit loss
estimates for performing loans
to 12 months. The FASB will not
limit those estimates.
Hans Hoogervorst, IASBs
chairman, has criticised the
more conservative US account-
ing approach, claiming it would
deter banks from lending.
We think there will be plenty
of pushback from the industry,
as the new guidance would
require higher initial recogni-
tion of credit losses as new loans
are originated, leading to day
one losses, said Glenn Schorr,
banking analyst at Nomura. So
we get the argument that this is
potentially another disincentive
for banks to lend.
The American Bankers Asso-
ciation said it welcomed FASBs
attempt to simplify the account-
ing method, but that the boards
unlimited timeframe for esti-
mating loan losses could be a
potential issue for the banks.
The proposal appears to
require banks to extend some
estimates of losses so far into
the future that reliability will
likely be called into question,
said ABAs Bob Davis.
A year in M&A, 2012
Annual % change, or comparison to 2011
Sources: Mergermaket; Thomson Reuters FT Graphic
7%
Down
5.2%
Down 3rd
Up to
33.5%
Down
4.8%
Down
$2.1tn
Value of
global M&A
Global investment
banking fees
US M&A activity
worth $727.6bn
Value of the largest deal
between Glencore and Xstrata,
however Rosneft spent more
than $59bn acquiring
TNK-BP in two
transactions
Percentage change in value
of cross-border deals
Change in value of global
pharma deals, though
agriculture deals
rose the most
Average global ebitda multiple,
the lowest since 2003
Goldman Sachs global M&A
ranking with deals
totalling $531bn
Citigroups global M&A ranking,
up from 7th last year
8.3%
Down
$46bn
11.5x
No 1
Deal advisers heave sigh of
relief to see grim 2012 end
By Anousha Sakoui in London
and David Gelles in New York
Advisers will turn their backs
on 2012 with little regret, as the
year will rank as one of the
worst for dealmaking in a
decade.
Globally, fees from investment
banking activity including
mergers and acquisitions, equity
and debt issuance slid 7 per
cent on 2011, reaching $69.4bn in
the year to date. Indeed, despite
a late flurry of deals in the final
quarter, 2012 ranks as the worst
year for fees since 2009. Euro-
pean fees were at their lowest
level for a decade at just over
$15bn, according to data pro-
vider Thomson Reuters.
While fees were boosted by
companies taking advantage of
low interest rates to raise debt
funding, with 2012 a record year
for junk bonds, M&A provided
the greatest share of fees.
Yet global M&A fell, with
$2,058bn worth of deals done,
down 5.2 per cent on 2011,
almost half that of the market
peak in 2007. It is the worst year
for M&A since 2009: before that
it had not been so low since
2004, Mergermarket says.
European M&A fell 9.7 per
cent to $635.3bn, despite some of
the worlds biggest deals being
done in the region, as US invest-
ments into the continent
dropped 12.3 per cent. US M&A
fell 8.3 per cent to $727.6bn.
Unpredictable markets meant
fees from equity issuance hit a
low not seen since 2008. Yet the
US continued to drive invest-
ment banking activity, with
Facebooks initial public offering
making 2012 the regions strong-
est year for listings since 2007.
Despite the gloom, large deals
such as that between commod-
ity trader Glencore and miner
Xstrata, as well as record-break-
ing Chinese and Japanese acqui-
sitions, provided some comfort.
It shows that if there is com-
pelling strategic sense you can
pull these big deals off, said
Giuseppe Monarchi, co-head of
Emea M&A at Credit Suisse.
Other bankers are more posi-
tive. We are seeing signs of a
growing equity market pipeline
which should lead to increased
confidence and more deal activ-
ity as risk aversion abates, said
Henrik Aslaksen, global head of
M&A at Deutsche Bank.
Dealmaking saw a late rally in
final quarter, with Rosnefts
$59.1bn acquisition of two stakes
in TNK-BP boosting the value of
deals done by 41.9 per cent.
M&A is the wild card for
2013. With organic growth not
forthcoming, it is only a matter
of time before boards start to
look for growth through acquisi-
tions, said Vis Raghavan, head
of banking, Emea, at JPMorgan.
Deals beget deals.
Pent-up demand, Page 15
FASB proposals likely
to prove contentious
Lenders may have to
lift reserves by 50%
Banks would shift to an
expected loss model
to avoid the shocks
experienced in the
financial crisis
The Short View
James Mackintosh
Trafigura earns nearly $1bn as
commodities traders defy gloom
By Javier Blas in London
Trafigura, the commodities
trader, earned about $1bn for
the second year running in 2012,
indicating that the profitability
of the worlds top houses domi-
nating raw materials has
remained high in spite of slower
economic growth in China.
The privately held company,
based in Geneva and Singapore,
has told its lenders and bond-
holders it made profits of
$991.9m in the year to Septem-
ber, down 11 per cent from last
years record $1.11bn.
Trafigura is the worlds sec-
ond largest independent metals
trader, after Glencore, and the
third largest oil trader behind
Vitol and Glencore. It does not
release its accounts publicly.
Trafigura has expanded
aggressively and has built a new
subsidiary of petrol stations, oil
terminals and storage sites.
That expansion helped lift prof-
its from just $31m in 2002 to
2012s figure.
Executives have said they are
aiming to establish that net
income level as Trafiguras base
level of profitability.
The drop from 2011 was due to
higher staff costs and expenses
related to new investments and
business purchases, it said in its
annual report, seen by the
Financial Times. Gross profit, a
rough measure of underlying
profitability, was up on the
year. Revenues fell 1.6 per cent
to $120bn.
This year, Trafigura moved
the legal headquarters of its key
trading division from Switzer-
land to Singapore, highlighting
the attractions of the city-states
low-tax regime and proximity to
China. In a further setback for
Switzerland, it is halving its Lu-
cerne office, relocating staff to
Geneva, Singapore and Mumbai.
The company has vowed to
remain privately held, but is
bringing in outside investors
through its subsidiary Puma
Energy, which focuses on petrol
stations. Last year, it sold a 20
per cent stake to the Angolan
state oil company and has indi-
cated that it could float that
business in 2014 at the earliest.
Additional reporting by Jack
Farchy
14

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
COMPANIES
By Daniel Thomas
in London
Ren Obermann will stand
down as chief executive of
Deutsche Telekom at the
end of next year after 16
years with the former state-
owned German telecoms
operator.
Mr Obermann, who
requested that the board
terminate his employment
contract, is well regarded
in both financial and politi-
cal circles in Germany,
although his last significant
act will be remembered as
the failed attempt to merge
its US business with AT&T
last year.
Even so, he is seen by
investors to have had a
good seven years as chief
executive during a difficult
period for traditional tele-
coms groups in Europe,
including more successful
mergers of non-core opera-
tions in the UK as well as a
recent deal to merge with
MetroPCS in the US.
Ulrich Lehner, chairman
of the board, said that he
deeply regretted Mr Ober-
manns decision.
Mr Obermann, 49, said
that he wanted to move
closer to operational activ-
ities to take a more entre-
preneurial role than was
possible for the head of
an international corporate
group, although he did not
say where that would be.
One analyst said a move of
this kind was in keeping
with a reputation for being
customer-focused and with
an eye on innovation, but
added that Mr Obermann
was also known to have a
tendency to glaze over
when asked about more cor-
porate activities such as
cost cutting and working
with the unions on labour
policy.
Mr Obermann said: I
want to go back to having
more time for customers,
for product development
and for technology.
Deutsche Telekom last
month unveiled a three-
year business plan to build
next-generation fibre broad-
band and 4G mobile serv-
ices in Germany and the US
at a cost of almost 30bn.
As part of the plan, it said
it would reduce its dividend
for the next two years.
Timotheus Httges,
finance director, will suc-
ceed Mr Obermann as chief
executive. Mr Httges, who
has been with Deutsche Tel-
ekom since 2000, said: By
2014, we expect to halt the
decline in revenues and
start growing again. There-
fore, we will invest heavily
primarily in our networks
in Germany.
Mr Obermann joined
Deutsche Telekom shortly
after the former state
monopolys privatisation in
1996, and became the
youngest chief executive of
a major German corpora-
tion in 2006.
D Telekom
chief to
step down
next year
MOBILE & TELECOMS
Obermann wants
new challenge
Norways oil wealth fund
has accelerated its efforts to
increase its real estate allo-
cation, launching a 2.4bn
spending spree on ware-
houses and industrial prop-
erty across Europe.
Norges Bank Investment
Management, whose market
value was $650bn at the end
of the third quarter, will
work with ProLogis, the US
warehouse specialist, to
build up a portfolio that
will see it become one of
the largest owners of Euro-
pean industrial property.
The move into industrial
real estate marks a depar-
ture for the worlds largest
sovereign wealth fund by
assets in the way it buys
property. Norges previous
investments have tended
towards the top end of the
market and include a 25 per
cent stake in Londons
Regent Street and shops on
the Champs Elyses.
The fund, which will be
managed by ProLogis, will
be seeded with a portfolio of
195 properties with floor
space of almost 50m sq ft,
all of which are already
owned by the US group.
The bulk of the portfolio
will then be built through
acquiring assets on the
open market.
Karsten Kallevig, chief
investment officer for real
estate at Norges, said the
move into industrial prop-
erty with ProLogis marked
an advancement of its strat-
egy of increasing its real
estate exposure.
Norges has a stated strat-
egy of investing in property
through joint venture part-
nerships. Earlier this year,
it announced a tie-up with
Generali, the Italian
insurer, to buy offices and
shops in central Paris. It
also bought a half stake of
Meadowhall, the 1.5bn
Sheffield shopping centre,
in October.
Ed Hammond
and Richard Milne
Norway oil fund launches
2.4bn warehouse spree
REAL ESTATE
Ericsson is to write down
the full value of its stake in
the lossmaking ST-Ericsson
joint venture and take a
SKr8bn ($1.22bn) charge in
the fourth quarter as the
Swedish telecoms equip-
ment maker ruled out
becoming full owner of the
mobile phone chipmaker.
STMicroelectronics, the
Franco-Italian maker of
semiconductors, announced
earlier this month that it
wanted to quit the joint
venture, in which both com-
panies hold 50 per cent.
Ericsson said yesterday
that the SKr8bn non-cash
charge reflected a write-
down of the fair value of
ST-Ericsson as well as
including about SKr3bn in
funding needed for the
available strategic options
for the joint venture.
ST-Ericsson has been hit
by the woes at its biggest
customer, handset maker
Nokia, and the joint ven-
ture has accumulated losses
of more than $2bn since
2009 after struggling to
make headway with other
smartphone manufacturers.
Ericsson has declined to
comment on its plans for
ST-Ericsson but yesterday
ruled out taking full owner-
ship of the company.
Rumours swirled all
autumn that the Swedish
group was looking into the
future of the unit. ST-Erics-
son announced plans to cut
a quarter of its then 6,500
jobs in April.
Ericsson has repeatedly
said that it sees value in the
modem technology that it
contributed to ST-Ericsson.
It repeated that it contin-
ued to explore strategic
options and added that its
best estimate for these was
that they would need about
SKr3bn of cash from Erics-
son, mostly in 2013.
Ericssons shares fell by
2 per cent in early trade
yesterday to SKr65.
Richard Milne
Ericsson rules out full
ownership of chipmaker
MOBILE & TELECOMS
Deutsche Bahn is suing
ThyssenKrupp and three
other companies for com-
pensation over a rail price-
fixing scandal that threat-
ens to heap further finan-
cial damage on the German
steel and technology con-
glomerate.
The claim for compensa-
tion comes little more than
a week after ThyssenKrupp
reported a full-year 5bn
net loss after booking a big
writedown on failed steel
plant investments in the US
and Brazil.
ThyssenKrupp said Deut-
sche Bahn had not yet spec-
ified the size of its claim
and the German state-
owned rail operator
declined to comment on
the size of possible
compensation.
However, German media
reports, citing Deutsche
Bahn sources, estimated the
size of total compensation
at 750m and said Thys-
senKrupp could be liable for
about 400m of that
amount.
Deutsche Bahn sought
compensation after Ger-
manys federal cartel office
in July imposed 124.5m in
fines on four companies
over their involvement in
conspiracy to make and
supply rails to Deutsche
Bahn at inflated, anti-
competitive prices over sev-
eral years.
The competition author-
ity fined a unit of Thys-
senKrupp 103m, a unit of
Vossloh 13m and two units
of Voestalpine a total of
8.5m.
Voestalpine acted as a
whistleblower in the case
and is not involved in the
lawsuit brought by Deut-
sche Bahn.
Investigations of anti-
competitive practices
involving other companies
continue.
Chris Bryant
Deutsche Bahn seeks
damages over price f ixing
GENERAL INDUSTRIALS
Danske Banks chief execu-
tive has become one of the
first leaders of a financial
institution to issue a gen-
eral apology for the lenders
behaviour leading up to the
financial crisis.
The apology from Eivind
Kolding, chief executive
since February but deputy
chairman from 2005-11, caps
a recent period of contro-
versy for the bank, which
has been much criticised
for its new advertising cam-
paign as part of efforts to
regain the publics trust.
In our ambition to meet
the markets and investors
expectations about growth
and to create short-term
profit from ourselves and
our customers, we lost a
certain amount of focus on
our long-term values. We
admit that and apologise for
it, Mr Kolding wrote in an
op-ed for Politiken newspa-
per in Denmark.
He also said Danske had
been oblivious to the speed
limit in the fast growth
before the 2008-09 crisis.
Mr Kolding, previously a
senior shipping executive as
head of Maersk Line,
launched a new strategy
last month for Denmarks
biggest bank. We believe
that regaining trust is
important for all banks
including Danske Bank, he
told the Financial Times in
an interview a month ago.
But the advertising cam-
paign accompanying the
strategy has been hugely
controversial, predomi-
nantly for its use of a pic-
ture showing a protester
with a dollar bill taped over
his mouth with occupy on
it. After protests from cus-
tomers and the Occupy
Wall Street movement, Dan-
ske withdrew that advert
but kept others including a
woman voting in parlia-
ment with a child on her
lap and two women kissing,
all under the slogan New
Normal: the world has
changed and we are chang-
ing with it.
Richard Milne
Danske head says sorry
for banks role in crisis
BANKS
Time Warners investment
group is joining a lineup of
Hollywood names including
Robert Downey Jr and
Elisabeth Murdoch in
backing Maker Studios, the
popular online video network
that aims to link YouTube
and traditional television,
writes Emily Steel.
The companies yesterday
announced a $36m series C
funding round, led by Time
Warner Investments.
Founded in 2009, Maker
followed the strategy of
traditional Hollywood studios
by inking deals with creative
talent and building a
40,000square foot
production facility in Culver
City, California complete
with sound stages,
production offices, prop and
wardrobe areas, recording
booths, makeup artists and
more. The company is home
to some of the most popular
online video stars, including
KassemG, Nice Peters, the
Shaytards and rapper
SnoopDoggs WestFestTV.
Unlike traditional studios,
however, Maker primarily
distributes its content online.
The company received
funding from Googles
YouTube to launch online
channels, and now operates
more than 5,000 channels
that garner 2bn online views
a month. The new
investment round will allow
it to continue to sign on
talent and expand into
Europe and other markets,
said Courtney Holt, Makers
chief operating officer.
Existing investors such as
Greycroft Partners; the
investment company for
American actor Mr Downey;
Ms Murdoch, daughter of
Rupert Murdoch; and FUEL:
M+C, the investment
company for Jon Miller, a
former News Corp executive,
all participated in the latest
round of funding.
Makers other new
investors include Beirut
based Daher Capital and
Jon Landau, an Academy
Awardwinning film producer
whose credits include
Titanic, Avatar, Dick Tracey
and Honey, I Shrunk the
Kids. The investment is said
to value the company at
about $200m, a person
familiar with the matter said.
The news comes as
traditional media companies
scurry to understand how to
exploit the market for online
video, against a backdrop of
a new generation of viewers
who are flocking to the
medium and the rise of
internetconnected TV sets
that blur the divide between
the two media.
Meanwhile, a new set of
companies are rushing in.
Amazon said yesterday that
its film and production arm
was moving ahead with pilot
shows for its first original
series, created by talent
behind popular TV shows
including The Daily Show
and the Big Bang Theory.
Robert Downey Jr is among a Time Warnerled group of Hollywood names that announced a $36m funding round AP
Key backing for Maker online studio
Adidas soaks up the punches to deliver sporting success
Here, in no particular order, are six
ingredients of success in top-level sport
natural talent, hard work, luck, inferior
rivals, ambition and confidence. Add
favourable macroeconomic conditions and
intimate knowledge of the business and its
customers, and you have a formula for
successful chief executives of sporting
goods companies too.
Herbert Hainer, chief executive of
Adidas, strikes me as a wonderful, almost
Muhammad Ali-like example of the
confidence required to succeed in the
business of sport. Last month he was
absorbing punches on the ropes as he
informed investors that Adidas, the
worlds second-largest sportswear group by
sales after Nike, had lowered its 2012 sales
forecast. Then he skipped back into the
centre of the ring and delivered a well-
timed blow: We will see record sales and
earnings in 2013 . . . All that I hear from
the markets is that we are winning market
share in each and every country.
Adidas shareholders should thank the
super-confident Mr Hainer for guiding the
company skilfully through a year that
threw up more than its fair share of
unusual challenges. Adidas is set to finish
2012 with a stock price up more than 40
per cent from its level 12 months ago. This
compares with a 33 per cent rise in
Germanys blue-chip Dax-30 index, of
which Adidas is a member, and more
pertinently a meagre 2.5 per cent
increase for Puma, Germanys other
leading sportswear group.
It helped, of course, to be a big sports
goods company in a big sports year, what
with the London Olympics and the
European football championship finals.
Still, Adidass success did not come easy.
Mr Hainer began the year knowing that
Nike would take over as the official kit
supplier for the NFL American football
league, a lucrative contract held since 2001
by Reebok, an Adidas subsidiary.
Matters at Reebok went from
disappointing to ugly when a forensic
audit uncovered extensive fraud at
Reeboks Indian unit, whose former
managing director and chief operating
officer were arrested. A third blow came
in September when a financial quarrel
erupted between the National Hockey
League, the association that runs
professional ice hockey in North America,
and the players, who all wear Reebok
gear. Not one game has been played all
season, and the three-month dispute is
eating into the 100m in annual revenues
that Adidas gets from Reeboks NHL-
related sales.
Adidas has therefore slashed its 2015
sales target for Reebok by a startling one-
third to 2bn. This is a brave step. In 2005
Adidas trumpeted its $3.8bn acquisition of
Reebok as the deal that would park its
tanks on Nikes lawn in the North
American market and enable it to take
aim at the US groups global domination.
Nike still holds the top position, but for
Mr Hainer there is better news: investors
are keeping Adidass share price high in
spite of the troubles at Reebok.
One explanation is Mr Hainers
irresistibly infectious confidence about
Adidass future. A second is that he has a
shrewd instinct about where the sports
goods business must go next to expand its
appeal to customers. In an age of
increasing life expectancy, this industry
can tap into the desire of older people to
jog, walk, go to the gym and play golf. At
the other end of the age spectrum, Mr
Hainer points out, sport and fitness can
help address obesity among young people.
These are not the only longer-term
trends that work in Adidass favour. There
is also the Chinese market to consider. In
contrast to steel, textiles and other
western industries, the Chinese sports
goods sector has never threatened the
supremacy of Nike and Adidas.
The US and German giants are much
better than Chinas Anta Sports and Li
Ning at securing contracts with star
athletes and developing brand loyalty
among sports fans. As Adidas noted
confidently in its guidance to investors
last month, local players [in China]
struggle with declining brand image as
well as inventory and product ageing
issues.
But if Adidas can do it, why cant Puma,
which is based in the same German town
of Herzogenaurach and which was born
out of the same pre-second world war shoe
business? In a nutshell, Puma, owned by
PPR, the Paris-based luxury goods
company, has too many product lines and
too fuzzy an idea of itself as a premium
sports fashion and lifestyle brand.
Moreover, a recent clear-out of top
executives at Puma contrasts starkly with
the long-term boardroom stability at
Adidas. Mr Hainer can sip his Christmas
Sekt with confidence.
Tony Barber is the Financial Times
Europe Editor
tony.barber@ft.com
www.ft.com/insidebusiness
Tony
Barber
INSIDE BUSINESS
on Europe
COMPANIES ROUNDUP
More news at
FT.com
Carnival said advanced
bookings for 2013
continued to be behind
the previous year at lower
prices, as the cruise ship
operator fought to recover
from the capsizing of the
Costa Concordia in
January, in which 32 died.
BNP Paribas became
the second French lender
in as many weeks to
divest its Egyptian bank
after announcing yesterday
the sale of BNP Paribas
Egypt to Emirates NBD for
$500m.
Samsung will still face
EU charges for having
breached antitrust rules by
refusing to provide rivals
access to its technology,
despite the South Korean
groups decision to stop
seeking a sales ban on
Apples devices in Europe.
Deutsche Banks
headquarters have been
searched by prosecutors
for the second time this
month. They visited the
bank in connection with an
inquiry into whether Josef
Ackermann, the exchief
executive, and other
former managers gave
false testimony in a court
case last year. The
allegations are denied. Eivind Kolding: regaining
trust important for banks
Contracts & Tenders
DECEMBER 21 2012 Section:Companies Time: 20/12/2012 - 18:05 User: vickersj Page Name: CONEWS1, Part,Page,Edition: EUR, 14, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

15
COMPANIES
For yet another year since the finan-
cial crisis took hold, many companies
around the world shied away from
dealmaking, opting instead to focus
on fortifying their balance sheets and
returning capital to shareholders.
Their caution was understandable.
Faced with malaise in the eurozone,
slowing growth in emerging markets,
and political elections in France, the
US and Japan, many executives and
directors thought doing no deals was
safer than forging ahead with
megadeals in uncertain times. As a
result, worldwide M&A volumes fell
5.2 per cent to $2.06tn from 2011,
according to Mergermarket.
Some of these reasons for prudence
will persist next year. The eurozone
recovery remains tepid, emerging
markets are not longer booming and
the US faces a looming fiscal cliff.
Despite these persisting woes, many
dealmakers believe that there is so
much pent-up demand that more
deals will simply have to get done in
2013.
Many companies this year decided
not to do deals, but to return capital,
says Chris Ventresca, co-head of
North America M&A at JPMorgan.
As we go into the next year, they
wont have anything new to talk
about other than modest, organic
growth, and pressure will grow for
them to do deals to drive their stock
price higher.
This thesis is supported by a strong
finish to the year. A flurry of big
deals, such as SoftBank taking control
of Sprint Nextel, and Freeport-
McMoRan Copper & Golds purchase
of Plains Exploration and Production
and McMoRan Exploration, lifted
fourth-quarter volumes compared
with the previous year.
The back end of the year, and the
fourth quarter in particular, you
could really feel an increase in busi-
ness across the board, says Scott
Lindsay, co-chairman of global M&A
at Credit Suisse.
Bankers say that activity has picked
up, too, stoking hopes of a brisk start
to 2013.
Last year at this time there was a
lot of volatility in the market, says
Robert Kindler, global head of M&A at
Morgan Stanley. This year theres a
lot less volatility, so there are more
conversations going on. Its taking
longer to do deals, but the level of
conversations this year compared
with last year is much higher. Its a
good cause for optimism.
North America was as usual at the
centre of dealmaking, accounting for
41 per cent of global activity. Mean-
while, emerging markets targets
climbed slightly, up 2.3 per cent,
boosted by Rosnefts acquisition of
TNK-BP. This dynamic looks set to
continue next year, with modest
growth in the US looking good com-
pared with uncertain prospects else-
where.
The US is the best positioned econ-
omy in the world right now from an
industrial, technology and service per-
spective, says Michael Carr, head of
M&A in the Americas for Goldman
Sachs. If you look at growth rates
over the next three to five years the
US has the best opportunity to pro-
duce the most durable and sustained
growth. If youre running a large glo-
bal business and you dont have a
meaningfully large exposure to the
US, youre going to lag.
Even low single-digit growth in the
US will probably prove more attrac-
tive than uncertain prospects in
Europe and Asia.
If you see 2 to 3 per cent sustaina-
ble growth here, thats better than
southern Europe, better than north-
ern Europe, says Lee Meyerson, head
of M&A at law firm Simpson Thacher.
Companies will still be looking at
Asia as a longer-term growth opportu-
nity, but now and for the foreseeable
future, the US remains the largest
economy in the world.
In Europe, deal volumes were down
10 per cent for the year and despite
the late flurry of deals posted the
worst quarter in the eurozone since
2010. From this low base, some deal-
makers expect a return to growth.
I expect 2013 will see a recovery,
which will be more pronounced in
Europe where uncertainties have been
greatest, says Wilhelm Schulz, head
of Emea M&A at Citi. Sectors such as
telecoms and utilities will see more
dealmaking as they face ratings pres-
sure while capex requirements are
increasing.
While the value of bids out of the
eurozone into the US jumped 106.5 per
cent over the past year, the value of
US bids into the region dropped 12 per
cent. However, some expect dealmak-
ing in Europe next year to be fuelled
by bargain hunters. US deals into
Europe are largely driven by the ques-
tion, Is it a good value? says Steve
Baronoff, chairman of global M&A at
Bank of America Merrill Lynch. Its
still hard to determine if were at the
bottom with Europe.
Before M&A enjoys a renaissance,
however, US politicians will have to
reach a new agreement on taxes and
avoid the fiscal cliff.
If we can have a rational solution
to the fiscal cliff, we have the opportu-
nity to have an improved M&A year
in 2013, says Scott Barshay, head of
Cravaths corporate department. If
we go over the cliff, then were likely
to have a down M&A year.
Pentup demand set to drive deals in 2013
News analysis
While many reasons for
this years prudence will
remain, a rise in M&A is
expected, say David Gelles
and Anousha Sakoui
By Tobias Buck in Madrid
Spain took another crucial
step towards overhauling
its troubled banking system
yesterday after the Euro-
pean Commission signed off
on a government plan to
inject 1.87bn of fresh
capital into four Spanish
lenders.
Spanish officials hope
that the move will complete
the process of recapitalising
the countrys banking sec-
tor, which has now
absorbed close to 40bn
from the bank bailout fund
agreed by European Union
ministers last June.
Spains lenders have been
hit particularly hard by the
recent sharp recession and
housing bust, which forced
banks to realise painful
losses on their loan portfo-
lio and property assets. The
past few months have seen
an intense effort by Madrid
and Brussels to accelerate
the clean up of the sector,
through a sharp rise in pro-
visions, injections of capital
and the creation of a state-
run bad bank that will take
dud loans and assets off the
books of Spanish lenders.
Under the terms of the
commission agreement,
Banco Mare Nostrum
(BMN) will receive 730m in
additional capital, with
604m going to Banco
CEISS, 407m to Caja3 and
124m to Liberbank.
All four groups were cre-
ated over the past two years
through a series of mergers
between cajas, the regional
savings banks that have
been at the heart of the
Spanish banking crisis.
Many cajas expanded rap-
idly during the boom years,
lending generously to prop-
erty companies and home
buyers, and later found
themselves particularly
exposed to the housing
downturn.
The banks will now have
to drastically shrink their
balance sheets, close or sell
all their branches outside
their home region and refo-
cus their business on retail
banking and lending to
small and medium sized
enterprises.
Once the capital injection
has taken place, the Span-
ish state will become the
majority owner of both
BMN and Banco CEISS.
Caja3 is already in the
process of merging with
another Spanish lender, but
the remaining three banks
have to be listed or sold by
2017.
Last month, the European
Commission signed off on
the restructuring plans for
the four weakest Spanish
lenders with the greatest
need for fresh capital. Ban-
kia, CatalunyaCaixa, NCG
Banco and Banco de Valen-
cia will receive close to
37bn, with Bankia
accounting for about 18bn
of the total.
We have managed to
bring under way a thorough
restructuring of eight banks
in a matter of just a few
months, Joaqun Almunia,
the EU competition com-
missioner, said yesterday.
Brussels agrees Spanish bank boost
BANKS
Record year for junk bonds as investors chase higher yields
Overall global debt issuance
rose in 2012 buoyed by a
record year for junk bonds
but problems in the
eurozone, regulatory
concerns and economic
growth worries curtailed
sales in other parts of the
bond market, writes Mary
Watkins.
Global bond issuance
increased 5 per cent to
$5.95tn in 2012, with bond
sales by sovereigns and
agencies only marginally up
on last year. Overall
issuance by financial
institutions was tempered by
eurozone woes.
However, global high yield
corporate bond issuance hit
a new record in 2012 as
noninvestment grade
companies took advantage
of strong investor demand
and low coupons to hoard
debt, according to data from
Thomson Reuters.
With investors chasing
better yielding assets in the
face of record low rates on
traditional haven assets such
as US Treasuries and Bunds
and significant pent up
demand after a slower 2011,
high yield corporate issuance
rose 38 per cent to $397bn
this year. In the fourth
quarter coupons averaged
7.604 per cent, shy of this
years record lows, versus
about 9 per cent over the
past decade.
Overall corporate issuance,
including from investment
grade companies, also rose,
buoyed by a string of deals
in the US from groups such
as United Technologies,
Kraft and Intel.
Corporates have
benefited this year from the
fact that they are seen as a
safe harbour. Companies
have streamlined, their
earnings are good and post
Lehman they are leaner and
meaner, said Brendon
Moran, global cohead of
corporate origination, DCM
at Socit Gnrale. Theres
also been a theme of
disintermediation of the
banks. Companies are more
inclined to go to the bond
markets.
The European Central
Banks offer to provide
threeyear loans to banks
via its longerterm
refinancing operation at the
end of last year averted a
liquidity squeeze in Europes
financial system but reined
in overall supply.
However, it was ECB
president Mario Draghis
pledge in July to do
whatever it takes to save
the eurozone, accompanied
by the launch of the ECBs
programme to buy the
sovereign debt of countries
such as Spain and Italy, that
helped remove the tail risk
of a eurozone breakup.
ECB action paved the way
for a rally that saw yields on
eurozone peripheral
government bonds drop and
encouraged a spurt of
issuance by banks.
The fact that both Irish
and Portuguese issuers were
recently able to access the
unsecured market is strong
testament to the current
state of play and, barring
any negative headlines, I
dont see that changing as
we go into 2013, said
Melissa Smith, head of high
grade debt capital markets,
Emea, at JPMorgan.
She said that while
worries over growth and the
fiscal cliff of tax rises and
spending cuts in the US
hang over bond markets,
action by central banks had
given investors and issuers
cause for some optimism.
If you see
2 to 3
per cent
sustainable
growth here,
thats better
than
southern
Europe,
better than
northern
Europe
ON FT.COM
Examine the
performance of
investment banks
over 2012 including
total fees
generated
www.ft.com/
leaguetables
For Europes
largest private
equity houses, the
US market has
been a blessing
www.ft.com/
usbuyouts
Predictions for next year
Bill Conway
CoFounder and CoCEO,
The Carlyle Group
The US is the best place in
the world to invest now and
for 2013, as energy prices
remain constrained and the
US housing market recovers.
I dont expect the deductibility
of interest to be changed in
the US. The spectacular deals
will be done in Europe
because of the lack of
liquidity and the need to sell
assets. Growth can cover up
a lot of problems and until
recently China and Brazil were
growing at a very robust rate.
But today you have to be
more selective when buying
companies in the emerging
markets because not all parts
of their economy are growing
at the same rate.
Barry Rosenstein
Founder,
Jana Partners
The environment for activism
is as good as weve seen in a
very long time. In many cases
you have well meaning
management, but they are too
close to the situation, or they
have the wrong incentives,
when there are so many
things they could be doing to
create value, and thats even
before factoring in the return
of M&A.
Andrea Orcel
Head of investment
banking at UBS
The equity, and therefore the
M&A market, offer some
value, while the risk free rate
in bonds broadly does not.
2013 should be a year when
the allocation to equity
products increases and if it
does so, confidence will start
recovering too. Carefully
unwinding the bond bubble
will be a critical job for central
bankers, investors and
investment bankers alike.
Scott Barshay
Head of corporate
department at Cravath
Once the uncertainty clears up
theres a lot of good reasons for
companies to do M&A. Theyve
got relatively high valuations
they need to support, theyve
cut costs to the bone, and the
debt markets are very robust
right now. When you take all
that together, the fundamentals
are present for a strong M&A
environment.
Raymond McGuire
Global head, corporate and
investment banking, Citigroup
As you have a more constructive
political environment, a more
confident macroeconomic
environment, and as the system
gets more comfortable with the
regulatory overlay, you will have
addressed three of the major
factors that have dampened the
conviction of CEOs. Its going to
take a while, this is not going to
change immediately. But I
believe there will be a return to
confidence, which will increase
activity. Investors are going to
demand growth.
Gene Sykes
Global head of M&A
at Goldman Sachs
Borrowing rates and current
credit conditions would suggest
that the returns from M&A are
starting to look very attractive,
helping close the gap between
buyers and sellers. There is
definitely a shift with corporates
to a lets get things done
mindset as theyve grown weary
of operating in a state of
suspense. Industries and sectors
such as technology, natural
resources and healthcare, that
are going through fundamental
changes, are likely to generate
M&A deals.
A restructuring of
eight banks has
been brought
under way
Joaqun Almunia
EU commissioner
DECEMBER 21 2012 Section:Companies Time: 20/12/2012 - 19:02 User: vickersj Page Name: CONEWS2, Part,Page,Edition: EUR, 15, 1
16

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
LIBOR SCANDAL
UBSs $1.5bn settlement for
manipulating interbank
lending rates is the fourth
separate regulatory finding
against the Swiss group in
as many years underlin-
ing the failure of bank exec-
utives to reform the corpo-
rate culture.
Settlement documents
released on Wednesday
described myriad failings,
some starting in 2005 but
others continuing to late
2010 nearly two years
after the bank was found in
breach of regulations in the
UK and US.
In January 2009, the bank
paid $780m to US authori-
ties after admitting helping
US citizens evade paying
taxes. Ten months later, it
settled with UK authorities
over lax controls in its
wealth management divi-
sion, and
Regulators found that
until September 2009, UBS
allowed traders who made
money betting on Libor
rates to be put in charge of
the banks daily rate setting
process and, for much of
the time, had no rules gov-
erning this inherent conflict
of interest.
According to the regula-
tors investigations, five
separate internal audits at
UBS failed to spot the rate
fixing. While the banks
2008 compliance review rec-
ognised the risk of Libor
submissions being dis-
torted, the Swiss regulator
Finma found that UBS had
concluded there was no
correlation between its sub-
missions and trading posi-
tions.
A second compliance
review in 2009 simply drove
the traders to camouflage
their requests as market
colour, the UKs Financial
Services Authority said.
UBSs internal watchdogs
also missed evidence that
traders were engaging in
wash trades buying and
selling the same securities
simply to earn commissions
for the brokers who were
helping them to manipulate
interest rates.
In 2009, the UBS manager
in charge of overall
responsibility for the integ-
rity of the banks Libor
submissions was using an
electronic chat room when
a yen Libor submitter asked
traders for rate requests. He
reacted by sending the sub-
mitter a private message
saying: Just be careful
dude. The submitter
responded: I agree we
shouldnt have been talking
about putting fixings for
our positions on public
chat.
David Meister, head of the
Commodity Futures Trad-
ing Commission (CFTC)
enforcement division,
argued that this approach
to supervision encouraged
others. UBSs lack of sys-
tems and controls and lax
oversight was the Petri dish
that spawned a widespread
culture of using rate sub-
missions as mere tools to
increase the success of trad-
ers portfolios, and to make
false reports to protect the
franchise, he said.
Although clients began
complaining that UBS was
submitting Libor estimates
to benefit its trading book
in 2005, and the CFTC
started asking UBS for doc-
uments in 2008, the bank
did not uncover evidence of
rampant rate-fixing until
the end of 2010.
It represents the latest in
a series of compliance fail-
ings that have occurred
across the banks divisions,
from investment banking to
wealth management.
When the FSA made an
unsuccessful attempt last
year to fine its ex-chief
executive of wealth man-
agement, a London tribunal
heard a litany of serious
failings which were not
disputed by UBS and alle-
gations of a culture predi-
cated upon revenue at all
costs.
Just last month, a London
jury convicted one of UBSs
former traders, Kweku Ado-
boli, of the biggest banking
fraud in British history
after he lost $2.3bn in rogue
trades. The FSA also fined
the bank 29.7m for allow-
ing the unauthorised
trades.
The trading loss is now
seen among UBS staff as
the new benchmark of
wrongdoing, with reports of
relief among employees
that the banks $1.5bn glo-
bal Libor settlement was
only half an Adoboli.
UBS has implemented
major changes to personnel
and procedures, starting
with its decision to hire a
new general counsel in
2008.
Since then, 600 members
of the banks 2,000-strong
legal and compliance team
have been replaced through
attrition and lay-offs. UBS
also restructured the team
to ensure compliance staff
all reported to, and had
their pay decided by, UBSs
general counsel rather
than the heads of business
divisions.
We believe in the golden
rule: if you control pay and
promotion, you can build
the character necessary to
stay the course and be
uncompromising, and the
courage necessary to steer
the business into safer
waters, the bank said.
The group threw even
more resources at compli-
ance after it first became
aware of the yen libor rate
fixing attempts in 2010.
An internal team of four
that began conducting the
investigation was supple-
mented at times by a team
of 60 external lawyers, and
350 contract lawyers, to
review 250 million pages of
information.
Regulators investigations find that five separate internal audits at UBS over several years did not
spot the rate fixing. Brooke Masters, Caroline Binham, Kara Scannell and James Shotter report
Failure to reform costs UBS dear
News analysis
Libor
The daily London interbank
offered rate is the collective
name for a set of key
benchmark rates that reflects
how much it costs banks to
borrow from each other in
various currencies. It is the
reference rate for about
$350tn of financial products
from home mortgages to
credit cards so small
moves in the reference rate
can have significant knockon
effects in the economy.
Explainer
UBSs lack of
systems and
controls and lax
oversight . . .
spawned a culture
of using rate
submissions as
mere tools
Libor scandal in numbers
$1.5bn
Penalties agreed to be
paid by UBS to US, UK
and Swiss regulators
-1.6%
Percentage fall in UBS
share price since
Tuesday's close
30%
Turnover of UBS staff
working in legal and
compliance since 2008
250m
Number of pages
reviewed by UBS in its
internal Libor
investigation
410
Number of lawyers working
on Libor investigations for
UBS, including a team of
60 external lawyers and
350 contract lawyers
15,000
Amount spent per
quarter by UBS on
payments to brokers
for their assistance
over 18 months
2,000
Requests made to
influence Libor,
including 1,000 involving
interdealer-brokers
45
UBS employees
involved in, or knew
about rate rigging
$350tn
Estimated value of
contracts referenced
to Libor
SFr2bn to
SFr2.5bn
Net loss UBS expects
to report in Q4 2012
$450m
Settlement Barclays
paid UK and US
regulators in June for
alleged rate
manipulation
$236m
Estimated value Tom Hayes, a former
UBS trader at the centre of US
authorities allegations about Libor
manipulation, generated for UBS
between 2007 and Sep 2009
By FT reporters
The former trader who
faces criminal charges in
the UBS rate-fixing probe
has been linked to rates
traders at Royal Bank of
Scotland, JPMorgan Chase
and Deutsche Bank, accord-
ing to a US criminal indict-
ment filed in the case.
A fourth bank, Citigroup,
has also been publicly tied
into the sprawling Libor
manipulation investigation
through the indictment of
Tom Hayes. Prosecutors
alleged that Mr Hayes, who
worked at both UBS and
Citi in the last decade, tried
to influence yen Libor sub-
missions to benefit his
derivatives position.
The indictment identifies
the institutions only by
their headquarters loca-
tions, but several people
familiar with the investiga-
tion confirmed which banks
were involved. All four
banks declined to comment.
Mr Hayes and his lawyer
could not be reached for
comment.
The people also confirmed
the identity of two inter-
dealer brokers described
only by letters in a separate
regulatory settlement
between UBS and the UK
Financial Services Author-
ity.
RP Martin is the firm
where the FSA alleges that
a few employees benefited
from nine wash trades
matched buy and sell trades
placed purely for the pur-
poses of generating 170,000
in commission.
The brokerage said: This
matter relates to a small
number of individuals and
an aspect of the companys
business which comprises a
small part of its overall
turnover. The company con-
tinues to co-operate fully
with regulators. It declined
to comment further.
ICAP, the interdealer bro-
ker founded by Michael
Spencer, is the company
that the FSA said received
quarterly payments of
15,000 from UBS for provid-
ing a fixing service. ICAP
declined to comment except
to repeat a prior disclosure
saying that the company is
co-operating with informa-
tion requests from several
regulatory authorities. Nei-
ther RP Martin, nor ICAP
have been accused of
wrongdoing.
In one March 2007 conver-
sation, an RBS trader is
alleged to have asked Mr
Hayes to make sure UBSs
submissions to the rate set-
ting process were on the
low side. Can u go fr low
everything plse? the docu-
ment says the trader wrote.
People close to the situa-
tion say RBS has fired four
people and has entered into
late-stage settlement negoti-
ations with US and UK reg-
ulators. RBSs chief execu-
tive Stephen Hester has
said the bank is hoping to
conclude a deal by the end
of February and people
familiar with the talks say
the bank expects to pay
more than the 290m fine
paid by Barclays but less
than UBS.
Two people have left
Deutsche in connection
with the Libor probe.
Prosecutors allege in the
indictment that a Deutsche
trader and Mr Hayes
agreed to fix the price of
interest rate derivative
products.
Citi and JPMorgan have
each acknowledged that
they are under investiga-
tion; two people have left
JPMorgan over the scandal.
Citi has already settled with
Japanese regulators over
efforts to manipulate the
Tokyo interbank rate.
Trader linked to brokers at four banks
Repercussions
Star trader was
richly rewarded
Tom Hayes, the former
UBS trader charged with
conspiring to manipulate
yen Libor rates hundreds
of times over three years,
started his career as a
22yearold trainee for
Royal Bank of Scotland,
writes Michael Stothard.
Described by an old
classmate as an
incredibly smart geek
who was nice, soft
spoken and calm, he took
only five years to rise to a
job with UBS in Tokyo as
one of the most significant
players in the yen interest
rate swap market.
Now 33 and the father
of a oneyearold boy,
Mr Hayes generated
hundreds of millions of
dollars in trading revenues
over three years betting
on interest rate
movements for the bank,
according to the US
Commodity Futures
Trading Commission.
He is likely to have
generated millions for
himself as well. The Swiss
regulator Finma has
reported that traders at
UBS could potentially
triple or even sextuple
their annual salaries with
bonuses for good results.
The documents released
by the US Department of
Justice this week show
traders well aware of the
potential rewards. One
broker allegedly wrote to a
UBS derivatives trader:
Think of me when yur on
yur yacht in monaco
wont yu.
US prosecutors allege
that in Tokyo from 2006
to 2009 Mr Hayess
success was driven by his
attempted manipulation of
the yen Libor rate on at
least 335 of 738 trading
days in collusion with
other traders and brokers.
Mr Hayes supposedly
said that a single basis
point or 0.01 per cent
move in the final yen Libor
rate could result in a $2m
profit for his trading book,
according to prosecutors.
It is alleged that on
occasion UBSs Libor rate
submission was moved by
several basis points.
The allegations this
week state that Mr Hayes
acted with others to fix
the rates. Roger Darin, a
trader who worked for
UBS in Singapore, Tokyo
and Zurich and was at
certain times responsible
for the yen Libor
submissions at UBS, was
also charged.
Less is known about
Mr Darin, but according to
his LinkedIn profile, he
obtained a bachelors
degree in business
administration from the
adulteducation college KS
Kaderschulen in St Gallen,
east Switzerland, where he
studied in the mid1990s.
Mr Hayes, who left UBS
in 2009 to join Citigroup
briefly, could not be
reached for comment.
Mr Darins lawyer declined
to comment.
By Caroline Binham
in London and
Kara Scannell in New York
For a while at least, manip-
ulating Libor was a profita-
ble business for UBS. But a
record $1.5bn fine to settle
US and UK investigations
may be only the initial
price the bank must pay as
a result of the scandal.
Tom Hayes, the British
former UBS and Citigroup
trader charged by the US
authorities on Wednesday,
made UBS at least $260m by
himself in his three years at
the bank, some reaped by
manipulating yen-denomi-
nated Libor, according to
findings released by the US
Commodity Futures Trad-
ing Commission.
His reputation as one of
the banks most valuable
traders was cemented when
he took up a Tokyo-based
position as a trader of deriv-
atives pegged to yen Libor.
Such was his status within
the bank that he was given
a risk limit of as much as
$3m per basis point one
100th of a percentage point
the CFTC said, in an indi-
cation of just how much
money could be made or
lost by tiny movements in
Libor, the benchmark rate
that underpins $350tn worth
of notional swaps.
It was the enormous vol-
umes of trades and large
trading risks employed by
Mr Hayes, 33, that made the
yen swaps market viable,
the regulators found.
His trades immediately
injected significant liquidity
in a previously illiquid mar-
ket, the CFTC wrote. Not
surprisingly, brokers were
eager to develop relation-
ships with the senior yen
trader in an effort to obtain
a piece of his business.
Prosecutors now allege
that this business was ille-
gal. Mr Hayes London-
based lawyer did not reply
to calls or an email seeking
comment.
If UBS was making
money via illegal trades,
others lost.
Among the biggest losers
are, allegedly, Fannie Mae
and Freddie Mac, the US
gover nment - cont r ol l ed
mortgage groups, which
together own or guarantee
roughly half of all outstand-
ing US home loans. A US
regulator claimed on
Wednesday that the groups
may have lost more than
$3bn in uncollected interest
payments.
The auditor of the regula-
tor, the Federal Housing
Finance Agency, recom-
mended pursuing a lawsuit
to recoup costs.
If filed, it would not be
the only Libor-related law-
suit tied to home loans. A
class action filed by an Ala-
baman pensioner accuses
UBS and 11 of the other big-
gest banks of being incen-
tivised to manipulate Libor
to a higher rate on certain
dates on which adjustable
mortgage interest rates
were reset. This resulted in
homeowners paying more
between 2000 and 2009,
according to the complaint.
UBS is also a respondent
in several other class
actions filed over the past
18 months since the global
probe into at least 20 banks
and interdealer brokers
gained pace.
Unlike Barclays the
only other bank to have set-
tled US and UK Libor
probes UBS admitted that
at times its manipulation of
rates was successful. That
could provide a road map to
class action lawyers and the
state attorneys-general who
are investigating whether
their constituents were
harmed by the conduct.
One obstacle plaintiffs law-
yers and state investigators
have faced so far is linking
an artificial movement to a
bond they purchased or
home mortgage they
obtained.
Among the many Libor-
related US claims awaiting
approval to proceed is an
antitrust suit brought by
the Mayor of New York and
the City of Baltimore. UBS
is one of 16 defendants fac-
ing potential damages that
could rise as high as $1tn.
We continue to work
closely with experts, coun-
sel and interested parties
and the evidence of manipu-
lation found within UBS
will assist us considerably
with progressing the antici-
pated action, said Lianne
Craig, a lawyer at Hausfeld,
the plaintiffs law firm.
Record f ine unlikely to be the end
Counting the cost
170,000
Commission allegedly
earned by nine wash trades
Fannie Mae was allegedly
among the biggest losers
Pressure is growing on Swiss
regulator Finma after two of
the countrys political parties
called for the resignation of
its head of banking
supervision, Mark Branson,
who was in charge of UBSs
Japanese securities unit
between 2006 and 2008,
writes James Shotter in
Zurich.
In the Libor settlement on
Wednesday between the
Swiss bank and four global
regulators, including Finma, it
became clear that employees
at UBSs Japanese unit had
been heavily involved in
attempts to manipulate
various benchmark rates
around the world.
According to Finmas own
findings a large part of the
interference with submissions
to benefit proprietary trading
positions at UBS can be
assigned to a trader who
worked in the Tokyo office
between 2006 and 2009.
UBSs Japanese unit pleaded
guilty to wire fraud as part of
its settlement with the US
Department of Justice.
In light of the revelations,
Switzerlands Green Party
demanded a parliamentary
investigation into Mr
Bransons position at Finma,
and into the watchdogs
handling of the Libor affair.
Mark Branson has to
resign said Daniel Vischer,
the Greens MP for Zurich.
As long as he remains in his
role, Finma has a credibility
problem.
Switzerlands socialist party
also called for Mr Branson to
resign, arguing that Finmas
credibility cannot be
preserved if someone, who
as a manager was
responsible for one of the
biggest scandals in modern
finance, remains in position
as head of its bank
supervisory activities.
However, Patrick Raaflaub,
the head of Finma, defended
Mr Branson, who recused
himself from the investigation
into UBS.
There have now been five
investigations into the
manipulation of Libor by
the FSA, the DoJ, the CFTC,
the Japanese FSA and
Finma and not one of
them has found any
indication that Mark Branson
knew of or was involved in
wrongdoing relating to Libor
in any way, he said, adding
that Finma would cooperate
with any parliamentary
inquiry.
Mr Raaflaub also dismissed
suggestions that Mr Branson
should have been aware of
problems at his unit.
Profile
Mark Branson
MORE ON FT.COM
Libor Lexicon
Do you know your Libor from
Tibor? Test yourself with our
guide to the key terms of the
raterigging scandal, from
lowballing to wash trades
Explainer:
www.ft.com/liborlexicon
Contracts & Tenders
DECEMBER 21 2012 Section:Companies Time: 20/12/2012 - 19:47 User: vickersj Page Name: CONEWS3, Part,Page,Edition: EUR, 16, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

17
COMPANIES
By Andrew Hill
Only three chief executives
from mainland China make
the top 100 in the latest
ranking of corporate lead-
ers long-term performance
indicating that Chinese
companies still have work
to do to catch up with glo-
bal competitors.
The ranking is based on
growth in shareholder
returns and market capitali-
sation achieved during the
tenure of chief executives
appointed since 1995. It
includes chief executives
who have since left office.
The 2013 list, published
online today by Harvard
Business Review (HBR), is
led by Steve Jobs, the late
chief executive of Apple,
who led the 2010 ranking,
ahead of Jeff Bezos of Ama-
zon.com and Yun Jong-
yong, ex-chief executive of
Samsung Electronics.
Apples share price has
fallen but, during Mr Jobs
tenure, the technology com-
panys market value rose by
an adjusted $359bn. If you
want to create a lot of
shareholder value, it pays
to take over a company that
hasnt been doing well.
The highest ranking
mainland Chinese chief
executive on the list is Li
Jiaxiang, former chief exec-
utive of Air China, at
number 17. Wang Dong-
ming of Citic Securities and
Dong Mingzhu of Gree Elec-
tric also made the top 100.
Chinese business leaders
told the studys authors
Morten Hansen of Univer-
sity of California, Berkeley,
and Herminia Ibarra and
Urs Peyer of Insead that
as the countrys companies
become more innovation-
focused, their performance
will improve.
US companies chief exec-
utives took six of the top 10
spots, but punched below
their weight. Their average
position among the 3,143
chief executives analysed
was lower than that of
counterparts from Latin
America, India and the UK.
US CEOs have not been as
competitive on a global
scale as one might think.
The study assesses the
long-term performance of
corporate leaders, at a time
when shareholders are
focusing on short-term
share price and earnings
movements. In an interview
with HBR, Mr Bezos said:
If youre inventing and
pioneering, you have to be
willing to be misunderstood
for long periods of time.
The authors found no cor-
relation between financial
performance and perform-
ance on social and environ-
mental measures.
The top 100 chiefs gener-
ated an average total share-
holder return of 1,385 per
cent, and added an adjusted
$40.2bn to their companies
market capitalisations dur-
ing their tenure. The bot-
tom 100 which HBR does
not name saw returns fall
57 per cent on average, and
presided over a $13.6bn drop
in market value.
www.ft.com/topceos
hbr.org
Chinese trail
rankings of
top 100 CEOs
GENERAL INDUSTRIALS
If youre inventing
and pioneering, you
have to be willing to
be misunderstood
for long periods
In the past decade, Jeff
Sprecher and Interconti-
nentalExchange have been
the exchange industrys big
upstarts.
An ultimately ill-fated
attempt to buy the Chicago
Board of Trade in 2007 was
launched when Mr Sprecher
delivered his bid during the
industrys big annual con-
ference, slipping his offer
under the hotel door of the
then-CBOT chairman.
As the ICE chief execu-
tive acknowledged yester-
day: I like competing and I
like competing against
incumbents and I like going
into markets and seeing
where we can effect
change.
Indeed Mr Sprecher has
emerged as a central force
in turning what was once a
sleepy sector into one of the
liveliest areas of mergers
and acquisitions in the past
decade. From start-up in
2000, Mr Sprecher has built
up ICE through a series of
deals into energy and com-
modities trading exchange
valued at $9bn.
Now the ambitious,
relentlessly positive Mr
Sprecher has taken his
most ambitious shot yet;
buying NYSE Euronext,
owner of the totemic New
York Stock Exchange, to
see if he can effect change
there.
Analysts estimate that
the combined group will
have a market capitalisa-
tion of about $15bn. That
suggests that Mr Sprechers
business is moving closer to
reaching the dominant glo-
bal exchange operator, CME
Group, which has a market
value of about $17bn.
The acquisition of the US
equities business marks a
departure for ICE as it has
never had an interest in
share trading before.
Indeed, he stressed that his
real interest lay in NYSE
Euronexts futures business
in April 2011.
At the time ICE had com-
bined with Nasdaq OMX to
try to break up an agreed
but doomed merger
between NYSE Euronext
and Deutsche Brse.
NYSE Euronext itself has
been built by mergers and
acquisitions. Three Euro-
pean stock exchanges
formed Euronext, which
then bought the London-
based Liffe derivatives
exchange, before merging
with NYSE in 2007.
Among Mr Sprechers
first tasks was to stress that
ICE would be keeping the
US equities business and its
distinctive Wall Street
building. It is a tremen-
dous revenue and cash flow
generator, said Mr
Sprecher. When you start
to peel away parts of the
onion, you see that they are
a very healthy equities
business that looked a lot
more attractive than what
we appreciated.
While equities trading is
low margin, the listings
business and data are very
high margin. Everyone
wants to list on NYSE and
the listings throw off a lot
of cash, said one adviser
on the deal.
But it is far from a full
conversion to equities. At
the same time NYSE and
ICE signalled they planned
to spin off the European
equities, options and indi-
ces businesses either via a
listing or sale, should regu-
lators allow. We want to
expose what a good solid
company Euronext is if
organised properly, said
Mr Niederauer.
NYSEs technology busi-
nesses will also be given
only until the completion of
the deal, expected in the
second half of 2013, to prove
themselves worthy of fur-
ther investment.
The merged company
envisages a further $300m
of cost savings on top of the
$150m Mr Niederauer has
targeted in the next two
years for NYSE Euronext.
But ultimately the real
prize for ICE is Liffe, the
derivatives exchange, and
the opportunity to expand
into interest rate deriva-
tives. That was the opportu-
nity denied to Mr Sprecher
when he lost out to CME for
CBOT in 2007. Interest rate
derivatives are among the
worlds largest assets
classes and used increas-
ingly to offset risk.
The deal will make ICE
the third-largest derivatives
markets operator in the
world by number of con-
tracts traded and put pres-
sure on CME, the market
leader, and its other rival
Deutsche Brse as proposed
rules are set to shake up
the sector.
Global regulators want to
move more OTC derivatives
trading on to transparent
trading exchanges, and
make more deals be proc-
essed through clearing
houses. Exchanges are aim-
ing to grab market share
from banks and brokers
with a range of products
that mimic traditional prod-
ucts like swaps.
However volumes on both
NYSE and ICE have fallen
about 15 per cent this year
on weak investor appetite
for trading and flat global
interest rates.
Despite the current low
interest rate environment,
this is an area Jeff has
sought for over five years,
says Rich Repetto, analyst
at Sandler ONeill. With
the OTC, Dodd-Frank regu-
latory transformation, this
acquisition makes the com-
petition between exchanges
only more interesting.
Illustrating how fierce the
competition has become,
Morgan Stanley yesterday
agreed to buy a stake of US-
based start-up Eris
Exchange, which specialises
in the so-called swap
futures that are expected
to gain favour.
Reporting by Philip Staf-
ford in London and Arash
Massoudi and David Gelles
in New York
See Markets
ICE chief
makes his
biggest bet
with deal
INVESTMENT COMPANIES
News analysis
Agreed purchase of
NYSE Euronext
has put exchange
closer to main rival,
write FT reporters
I like competing
and I like going into
markets and seeing
where we can
effect change
Traders on the NYSE yesterday: Everyone wants to list on the exchange, says ICE chief Jeff Sprecher Reuters
DECEMBER 21 2012 Section:Companies Time: 20/12/2012 - 19:45 User: hendrym Page Name: CONEWS4, Part,Page,Edition: USA, 17, 1
18

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
DECEMBER 21 2012 Section:Ad Page Time: 20/12/2012 - 11:06 User: leej Page Name: AD FILLER, Part,Page,Edition: EUR, 18, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

19
|urJ BiJ 0e| 0-l YielJ
A6F Fartoers Iovesteot Maoagers (IreIaod) Liited (I8L)
www.ocui.cua
F8A 8ecogoised
/C|l Eae|ir M|ts |l uClTS |urJ EuR E C 11+.c9 0.ZZ 0.00
/C|l Eae|ir M|ts |l uClTS |urJ uS0 / S 11c.+5 0.Z+ 0.00
/C|l Cluuol |ireJ lrcuae uClTS |urJ CB| C f 1+3./9 0.0Z 0.00
/C|l Cluuol |ireJ lrcuae uClTS |urJ EuR B C 139.19 0.0Z 0.00
/C|l Cluuol |ireJ lrcuae uClTS |urJ uS0 / S 1+0.c5 0.03 0.00
/C|l lrJio |ireJ lrcuae uClTS |urJ CB| C f c.Z9 0.31 0.00
/C|l lrJio |ireJ lrcuae uClTS |urJ EuR B C 91.3 0.1+ 0.00
/C|l lrJio |ireJ lrcuae uClTS |urJ uS0 / S c.1 0.++ 0.00
A6FI FM Liited (JE8)
8eguIated
/C|l BolorceJ |urJ uS0 S 10.9c 10.99 0.00 0.00
/C|l Cluuol C|eJit |urJ uS0 C S 1Z.53 1Z.53 0.00 0.00
/C|l |ucuseJ Euit] |urJ uS0 S 11.Z5 11.Z 0.01 0.00
/C|l lrte|rotiurol BurJ |urJ uS0 S 1c.+/ 1c.+/ 0.01 0.00
/C|l Multi/sset |urJ uS0 S 10.0 10.0 0.0+ 0.00
/C|l MultiSt|ote] |urJ uS0 S 1c0.+3 5.00 0.00
A6FI
ther IoteroatiooaI Fuods
/C|l Cu|e St|ote] |urJ uS0 S 1+Z.+ 0./c
/C|l Cluuol C|eJit uClTS |urJ EuR C C 11.c 0.00 0.00
/C|l Cluuol C|eJit uClTS |urJ uS0 C S 11.1 0.00 0.00
/C| |o|tre|s St|oteic 0uus |urJ uS0 / S 1Z3.5 0.c 0.00
0/C|l lrJio |ireJ lrcuae |urJ uS0 / S 9./ 0.05 0.00
/C|l T|oJir St|ote] |urJ uS0 S cc.5/ .31
AIceda Fuod Maoageeot 8.A.
MoroeJ ur t|e /lceJo uClTS |lotu|a
www.olceJo.lu
F8A 8ecogoised
/C Ris| |o|it] / |urJ ,EuR / C 1Z+.9Z 131.1/ 0.Z1 0.00
/C Ris| |o|it] / |urJ ,CB| / f 1Z5.c1 13Z.10 0.Z3 0.00
/C Ris| |o|it] / |urJ ,uS0 / S 1Z+.05 130.Z5 0.ZZ 0.00
/C Ris| |o|it] 1Z |urJ ,EuR / C 1+c.Z 15.05 0.+1 0.00
/C Ris| |o|it] 1Z |urJ ,CB| / f 111.5/ 11/.15 0.3Z 0.00
/C Ris| |o|it] 1Z |urJ ,uS0 / S 159.35 1/.3Z 0.+5 0.00
/C Ris| |o|it] 1/ |urJ EuR / C 100.+0 105.+Z 0.+Z
/C Ris| |o|it] 1/ |urJ CB| / f 99.5/ 10+.55 0.+Z
/C Suect|ua |urJ ,EuR / C c3.05 c/.Z0 0.1 0.00
/C Suect|ua |urJ ,CB| / f cZ.5+ c./ 0.15 0.00
/C Suect|ua |urJ ,uS0 / S cZ.3 c./ 0.30
AIger 8I6A (Lk)
8eguIated
/ae|icor /sset C|uwt| / S 3Z.Z1 3+.Z 0.19 0.00
/ae|icor /sset C|uwt| l S 3+.ZZ 3+.ZZ 0.Z1 0.00
Aericao 6eotury 8icav (Lk)
J|M custuae| se|.ice. -35Z+Zc533
F8A 8ecogoised
/Cl Curc Cul C|wt| E / /cc S 11.01 0.0/ 0.00
/Cl Curc Cul C|wt| E l /cc S 11.11 0.0/ 0.00
/Cl Cul C|wt| Euit] /cc | S 11.5c 0.05 0.00
/Cl Cul C|wt| Euit] l /cc | S 11.c+ 0.05 0.00
/Cl uS /llCou C|wt| E / /cc S 11.0+ 0.09 0.00
/Cl uS /llCou C|wt| E l /cc S 11.1+ 0.09 0.00
Auodi Fuods (Lk)
5 /llee Sc|ee| |Z5Z0 |ureauuu| - ++ ,0Z0 /0/+ 933Z
www.oaurJiurJs.cua
F8A 8ecogoised
/usulute Vo| Z EuR f 9/.+/ 0.01 0.00
BJ. Eu|u Cu|uu|ote /E Closs R EuR C 1/.0Z 0.01 0.00
BJ. Cluuol /u Closs R uS0 S Z5.+ 0.03 0.00
E. Eae|ir Eu|uue /E Closs R EuR C 30.0+ 0.05 0.00
E. Eae|ir wu|lJ /u Closs R uS0 S 95.ZZ 0./ 0.00
E. C|eote| C|iro /u Closs R uS0 S 519.05 +.05 0.00
E. |otir /ae|ico /u Closs R uS0 S 1c.+0 .Z 0.00
Aotares Iovesteot Maoageeot Ltd
ther IoteroatiooaI
/E| |tJ usJ ,Est S +Z5.Z3 3.5c
/E| |tJ Eu| ,Est C +Z5.5Z 3.1 0.00
Arisaig Fartoers
ther IoteroatiooaI Fuods
/|isoi /|ico Cursuae| |urJ |iaiteJ S 19.0+ 0.03 0.00
/|isoi /sio Cursuae| |urJ |iaiteJ S 51.Z/ 0.30 0.00
/|isoi |otir /ae|ico Cursuae| |urJ S Z9.3 0.11 0.00
A8N INE8IMENI 8I6A (Lk)
1Z, |ue Euere Ruuue|t, |Z+53 |ureauuu|
8eguIated
/Rl lewl] lrJus.Ec.|J / C S 9c.50 0.1 0.00
Arteis Iovesteot Maoageeot LLF (6M)
8eguIated
/|teais Cul |eJe |J |tJ CB| f 5Z.0/ 0.9+ 0.00
/|teais Cul |eJe |J |tJ EuR C +9.Z+ 0.c
/|teais Cul |eJe |J |tJ uS0 S 5Z./1 0.95
/|teais uK |eJe |J |tJ EuR C 153.+1 3.03
/|teais uK |eJe |J |tJ CB| f 1c.+1 3.3
/|teais uK |eJe |J |tJ uS0 S 159.c3 3.1Z 0.00
Artisao Fartoers IobaI Fuods FL6 (I8L)
Beour |ore |uuse, Me|ce| St|eet |uwe|, 0uulir Z, l|elorJ
Tel. ++ ,0 Z0/ / /130
F8A 8ecogoised
Artisao IobaI Fuods pIc
/|tisor Eae|ir Mo||ets |urJ Closs l EuR C c.++ 0.03 0.00
/|tisor Cluuol Euit] |urJ Closs l uS0 /cc S 11.0/ 0.01
/|tisor Cluuol 0uuu|turities |urJ Closs l EuR C 10.ZZ 0.03
/|tisor Cluuol Volue |urJ Closs l uS0 /cc S 11.c 0.01 0.00
/|tisor Volue |urJ Closs l uS0 /cc S 11.53 0.0+ 0.00
Ashburtoo Fuod Maoagers Liited (JE8)
1/ |ilo|] St|eet, St |elie|, Je|se] JE+ cSJ 0153+ 51Z000
F8A 8ecogoised
Ashburtoo IobaI Fuods F66
Ste|lir /sset Mt. |urJ |C f Z.3901 Z.509 0.000/ 0./1
Ste|lir /sset Mt. |urJ |C Closs l f 10+.5// 109.c90 0.0Z/9 0.00
Ste|lir lrtl. E. |urJ |C f 5Z.155c 5+./3 0.1190 0.00
0ullo| lrtl. E. |urJ |C S 9.933+ 10.+301 0.0+1c 0.00
Eu|uueor E. |urJ |C C +./55 5.003c 0.003c 0.00
Eu|uueor E. f |eeJe| |C f 1.Z+Z1 1.30+Z 0.0001 0.00
Eu|uueor E f |eeJe| |C Closs l f 10c.3105 113./Z0 0.00 0.00
C|irJio E. f |eeJe| |C f 1.095c 1.150 0.0055 0.00
C|irJio E f |eeJe| |C Closs l f /5.10Z3 /c.c5/+ 0.3/+ 0.00
Ashburtoo Fuod Maoagers Liited (JE8)
8eguIated
Ashburtoo 8epIica FortIoIio Ltd
/s|uu|tur Reulico 0ullo| /cc uS0 S 99.01/ 103.9c5 0.09c1
f /sset Moroeaert |urJ f 35.//9Z 3/.5cZ 0.0119 0.00
S /sset Moroeaert |urJ S 31./15 33.30Z3 0.0300 0.00
Eu|u /sset Moroeaert |urJ C 1.+/3 1.5+0/ 0.000Z 0.00
Multi /sset Coutiuus |urJ CB| f 1.0cc9 1.1+33 0.000+ 0.50
Multi /sset Coutiuus |urJ CB| Closs l f 101.c/Z 10.//1 0.0+1 0.+
Multi /sset BolorceJ |urJ EuR C 0.99Z3 1.0+19 0.0001 0.09
Multi /sset BolorceJ |urJ CB| f 1.1+/ 1.ZZZ9 0.000+ 0.1/
Multi /sset BolorceJ |urJ uS0 S 1.1+9/ 1.Z0/Z 0.001Z 0.3c
Multi /sset BolorceJ |urJ CB| Closs l f 10+.31/ 109.5/9c 0.03Z0 0.3
Multi /sset BolorceJ |urJ uS0 Closs l S 101.10/3 10.1Z/ 0.099/ 0.5Z
Multi /sset BolorceJ |urJ EuR Closs l C 100./c5/ 105.cZ50 0.0139 0.+c
Multi /sset /|essi.e |urJ CB| f 1.0/Z 1.1ZZ 0.000c 0.15
Ashburtoo Eergiog Markets Fuods Liited
C|irJio E |urJ S 0.9ZZ 0.9c/ 0.009 0.00
C|irJio E Closs l S 1Z1.5/Z9 1Z/.515 0.c+3c 0.00
Ashore Maoageeot 6opaoy Ltd (8)
8eguIated
Eae|ir M|ts |iuiJ lr. |'uliu S 10.c+ 0.11 1./1
|ucol Cu||erc] 0eut |lu S Z9.53 0.ZZ 0.00
Russior 0eut |u|tuliu S //.93 0.c3 0.00
/s|au|e /sior Recu.e|] S Z9.cZ 0.5 0.00
MultiSt|ote] S 1/.19 0.0+ 0.00
Eae|ir M|ts Cluuol lr. |uliu S c.03 0.13 0.00
Eae|ir M|ts Cu|uu|ote |i| YielJ S 1Z3.Z 1./+ 0.00
Tu||is| 0eut |urJ |tJ S 105.5 3.93 0.00
Ashore 8icav (Lk)
Z |ue /lue|t Bu|sc|ette |1Z+ |ureauuu|
F8A 8ecogoised
EM Euit] Select uS0 | S 119.+c 0.1c 0.00
|urJ BiJ 0e| 0-l YielJ
EM M|ts Cu|u.0eut uS0 | S 1Z1.++ 0.1/ +.00
EM M|ts 0eut l0K | lK| 119.5Z 0.ZZ 10.9+
EM M|ts 0eut CB| | f 1Z+./+ 0.Z3 3.c0
EM M|ts lr..C|oJe Cu|u. 0eut uS0 | S 1Z5.11 0.Z5 0.00
EM M|ts |uc.Cc] BJ uS0 | S 1ZZ.c+ 0.3/ 3.cZ
EM M|ts |uc.Cc] Mure] M|t uS0 | S 10+.39 0.1c 0.00
EM M|ts Su..0eut uS0 | S 1Z1.c 0.19 0.00
EM M|ts Su..lr..C|oJe 0eut uS0 | S 1Z+.c 0.1/ 0.00
Eae|ir Mo||ets 0eut Retoil uS0 S 10c.Z 0.Z0 5.Zc
Eae|ir Mo||ets 0eut Retoil EuR C 1/.+/ 0.30 15.03
|ucol Cu||erc] CB| | f 110.+/ 0.19 0.Zc
|ucol Cu||erc] Retoil EuR | C 103.9 0.1c 0.3
|ucol Cu||erc] Retoil uS0 | S 11+./0 0.Z0 0.53
Aspect 6apitaI Ltd (k)
ther IoteroatiooaI Fuods
/suect 0i.e|siieJ uS0 S 3Z1.3 5.01 0.00
/suect 0i.e|siieJ EuR C 19Z.+Z Z.99
/suect 0i.e|siieJ CB| f 9/.01 +.+5
/suect 0i.e|siieJ C|| S|| 9Z.9 1.+3 0.00
/suect 0i.e|siieJ T|erJs uS0 S 93./5 0.Z/ 0.00
/suect 0i.e|siieJ T|erJs EuR C 93.59 0.Z/ 0.00
/suect 0i.e|siieJ T|erJs CB| f 9.ZZ 0.Zc 0.00
AtIaotas 8icav (Lk)
8eguIated
/ae|icor 0]roaic S Z30+.1+ /.cZ 0.00
/ae|icor 0re S Z1Z9.0 1c.15 0.00
BurJ Cluuol C 115c./3 13.c3 0.00
Eu|uc|uissorce C Z1.55 /.ZZ 0.00
|o| Eost S 0c./Z 0.+0 0.00
LME Asset Maoageeot (Lk)
B|ME S|o|io'o uau|ello |urJ SlC/V Sl|
8eguIated
S lrcuae |urJ S|o|e Closs / /cc S 111.c9 0.++ 0.00
S lrcuae |urJ S|o|e Closs B /cc S 113Z.cc 0.+/ 0.00
S lrcuae |urJ S|o|e Closs C /cc f 1051.35 1051.35 0.++ 0.00
S |i| YielJ |urJ S|o|e Closs / /cc S 1135.Z 3.30 0.00
NF Faribas Iovesteot Fartoers (Lk)
10, |o|ewuuJ /.erue, |urJur lw1 //
lr.estu|s Se|.ices ,++ 0Z0 /595 /Z
F8A 8ecogoised
NF Faribas Iosticash
Bl| |o|iuos lrsticos| EuR | C 11.1 0.00 0.00
Bl| |o|iuos lrsticos| CB| | f 1Zc.+9 0.00 0.00
NF Faribas L1
Bl|| |1 BJ /sio erJouor | S 1+c.09 0.Z1 0.00
Bl|| |1 BJ Best Selectiur w|lJ Eae|ir | S Z39./Z 0.1 0.00
Bl|| |1 BJ Best Selectiur w|lJ Eae|ir lrc f 1+Z.c 0.1/ .09
Bl|| |1 BJ Cu||ercies wu|lJ | C 153.cc 3.cZ 0.00
Bl|| |1 BJ Eu|uue Eae|ir | C 59+.Z 0.3+ 0.00
Bl|| |11 BJ wu|lJ | C 31Z.03 0.93 0.00
Bl|| |1 BJ wu|lJ Eae|ir Cu|uu|ote lrc S 11+.9c 0.1/ 0.00
Bl|| |1 BJ wu|lJ Eae|ir |ucol | S 1/+.05 0.53 0.00
Bl|| |1 BJ wu|lJ Eae|ir |ucol lrc f 105.+5 0.1/ .+3
Bl|| |1 BJ wu|lJ |i| YielJ | C c9.01 0.0 0.00
Bl|| |1 E /sio Eae|ir | S 93.5 0.+5 0.00
Bl|| |1 E Best Sel /sio erJouor | C +ZZ.9 Z.5+ 0.00
Bl|| |1 E Best Sel Eu|u | C 3+c.55 Z.+0 0.00
Bl|| |1 E Best Sel Eu|uue | C 15c.11 0.91 0.00
Bl|| |1 E Best Sel Eu|uue lrc f 103.c 0.c1 3./
Bl|| |1 E Best Sel Eu|uue eruK | C 113.// 0./9 0.00
Bl|| |1 E Best Sel Eu|uue eruK lrc f 10.cZ 0.9c Z.35
Bl|| |1 E Best Sel uS/ | S 319.Z Z.39 0.00
Bl|| |1 E C|iro | S 305./5 Z.55 0.00
Bl|| |1 E Eu|u | C Z+.c/ 1.1 0.00
Bl|| |1 E Eu|uue | C ++0.c1 Z.5 0.00
Bl|| |1 E Eu|uue Eae|ir | C 1150.+3 +.1 0.00
Bl|| |1 E Eu|uue C|uwt| | C 3+.// 0.Z1 0.00
Bl|| |1 E |i| 0i. |ociic | C 5c.99 0.Z9 0.00
Bl|| |1 E lrJio | S 9c.+0 0.+ 0.00
Bl|| |1 E lrJuresio | S ZZ/.Z5 3.0c 0.00
Bl|| |1 E |ociic erJouor | C 1Z.51 1.1 0.00
Bl|| |1 E Russio | C 9/.0 0.Z5 0.00
Bl|| |1 E Russio lrc f 110.// 0.05 Z.11
Bl|| |1 E Tu||e] | C Z59./0 Z.5 0.00
Bl|| |1 E uS/ C|uwt| | S 1/./5 1.1 0.00
Bl|| |1 E uS/ Saoll Cous | S 11.0+ 0.15 0.00
Bl|| |1 E wu|lJ Eae|ir | S 59Z.99 0.5/ 0.00
Bl|| |1 E wu|lJ Ere|] | C 5c+.05 3.3/ 0.00
Bl|| |1 E wu|lJ |eolt| Co|e | C +cZ.Z1 5./Z 0.00
Bl|| |1 E wu|lJ Mote|iols | C c3.5c 0.1 0.00
Bl|| |1 E wu|lJ utilities | C 10Z.1+ 0.+9 0.00
Bl|| |1 C|eer Tie|s | C 135.1c 0.93 0.00
Bl|| |1 0uuu|turities uS/ | S 9Z.03 0.1c 0.00
Bl|| |1 0uuu|turities uS/ lrc f 1Z0.0c 0.39 Z.+9
Bl|| |1 0uuu|turities| uS/ lrc f 39.39 0.0c Z.+Z
Bl|| |1 0uuu|turities wu|lJ | C 9/.3+ 0.+1 0.00
Bl|| |1 Reol Est Secu|ities Eu| | C 1/0.Z+ 0.3/ 0.00
Bl|| |1 Reol Est Secu|ities Eu| lrc f 101.+0 0.++ 3.5Z
Bl|| |1 V350 | C 105.c1 0.15 0.00
Bl|| |1 V350|lrc f 9.Z/ 0.1Z 0.c
Bl|| |1 w|lJ CuaauJities | S c9.13 0.+/ 0.00
Farvest
BurJ Eu|u C 193./+ 0.ZZ 0.00
BurJ Eu|u MeJiua Te|a C 1/0.cZ 0.0 0.00
BurJ uS/ |i| YielJ S Z0.5 0.13 0.00
BurJ uS0 Cu. lrc S 1Z+.90 0.15 Z./
BurJ wu|lJ Cu|uu|ote lrc S 10c.00 0.Z3 3.5+
BurJ wu|lJ Eae|ir S +11.+ 0.+ 0.00
BurJ wu|lJ lrlotiur|J C 13c.59 0.0+ 0.00
CuaauJ /|uit|oe | S 100.+c 0.03 0.00
Euit] /ust|olio /S cZ.31 1.0 0.00
Euit] B|o/il lrc S 115.+/ 1.c9 0.00
Euit] BRlC S 133.9 0.+5 0.00
Euit] Jouor lrc ZZ0/.00 +.00 Z.5c
Euit] Jouor Saoll Cou lrc 3Z1.00 10.00 1.1
Euit] |otir /ae|ico lrc S 5cZ./0 .3+ 3.Z+
Euit] Russio 0uu.lrc S /3.30 0.1/ 1.9c
Euit] Suut| Ku|eo lrc S 9Z.1c 0.0c 1.3c
Euit] uS/ lrc S 1.31 0.+9 Z.0
Euit] uS/ MiJ Cou S 1+1.+1 0.11 0.00
Euit] uS/ Volue lrc S //.0 0.+3 Z.0c
|leriule BurJ Eu|uue Cu|u. C 11/.33 0.01 0.00
|leriule BurJ w|lJ lrc S 19.3/ 0.0+ Z.50
Steu c0 w|lJ Eae|ir C 9.1c 0.1 0.00
Steu 90 EuR0 | C 1095.+/ 0.95 0.00
w|lJ /|icultu|e | C 9c.01 1.33 0.00
w|lJ /|icultu|e uS0 | S /9.c+ 1.0/ 0.00
NF Faribas
ther IoteroatiooaI Fuods
Coauuell |ME |o|e S Z9c.++ 0.01 0.00
Bl| C|| uS0 S 1ZZ3.3+ 0.01 0.00
N MeIIoo IobaI Fuods (I8L)
10 0ueer Victu|io St|eet EC+V +|/ -++ ,0 131 305 3131
F8A 8ecogoised
/sior Et] / uS0 | S 3.Z 0.01 0.00
BlY Mellur /usulute Retu|r Euit] f 1.0c 0.00 0.00
BlY Mellur /sior Euit] |urJ S 3./3 0.0Z 0.00
BlY Mellur B|o/il Euit] S 1.ZZ 0.0Z 0.00
BlY Mellur Eae|ir Mo||ets |ucol Cu||erc] lr.estaert C|oJe 0eut |urJ S 1.00 0.01 0.00
BlY Mellur Eae|ir Mo||ets Cu|uu|ote 0eut |urJ S 110.+1 0.Z
BlY Mellur Eu|ulorJ BurJ |urJ C 1./Z 0.00 0.00
BlY Mellur Cluuol Euit] |i|e| lrcuae S 1.1c 0.01 0.00
BlY Mellur Cluuol ||uue|t] Secs C 1.Z1 0.00 0.00
BlY Mellur Cluuol BurJ |urJ S Z.+3 0.00 0.00
BlY Mellur Cluuol Euit] |urJ S 1.+ 0.01 0.00
BlY Mellur Cluuol |i| YielJ BurJ C 1.5c 0.00 0.00
BlY Mellur Cluuol 0uuu|turities |urJ S 1.93 0.0Z 0.00
BlY Mellur Cluuol Reol Retu|r EuR |urJ C 1.1 0.00 0.00
BlY Mellur Cluuol Reol Retu|r S 1.Z+ 0.00 0.00
BlY Mellur |urTe|a Cluuol Euit] CB| C 1.39 0.00 0.00
BlY Mellur uK Euit] Ste|lir f 1. 0.00 0.00
BlY Mellur uS Euit] |urJ S 1.19 0.01 0.00
Eae|ir M|ts 0eut C uS0 | S Z.0c 0.00 0.00
Eae|ir M|ts 0eut |C C uS0 | S 1./+ 0.01 0.00
|urJ BiJ 0e| 0-l YielJ
E.ulutiur Cluuol /lu|o C EuR | C 9/.++ 0.13 0.00
Cluuol 0]roaic BurJ |urJ C uS0 | S 1.13 0.00 0.00
aok oI Aerica 6ap Mgt (IreIaod) Ltd (I8L)
8eguIated
Cluuol |iuiJit] uS0 S 1.00 0.00 0.3Z
arcIays Iovesteot Fuods (6I) Ltd (JE8)
39l+1 B|uoJ St|eet, St |elie|, Je|se], JEZ 3RR C|orrel lslorJs 0153+ c1Zc00
F8A 8ecogoised
ood Fuods
Ste|lir BurJ | f 0.+5 0.00 Z.+9
ariog IoteroatiooaI Fd Mgrs (IreIaod) (I8L)
lu|t|e|r T|ust, Ceu|e Cuu|t 5+Z TuwrserJ St|eet, 0uulir Z Reu u l|elorJ 0Z0 /Z1+ 100+
F8A 8ecogoised
/SE/l ||urtie|s / CB| lrc f 11Z.c9 0.+Z 0.0
/sio C|uwt| / CB| lrc | f 3/.c9 0.0+ 0.00
/ust|olio / CB| lrc f /5.99 0.Z0 Z.01
0]roaic Eae|ir Mo||ets / CB| /cc | f 10.11 0.0Z 0.00
Eoste|r Eu|uue / CB| lrc f 3./3 0.Zc 0.ZZ
Eae|ir M|t 0eut |C / CB| |eJeJ lrc f 11./1 0.01 +.33
Eae|ir 0uuu|turities / CB| lrc | f Z1.59 0.11 0.00
Eu|uuo / uS0 lrc | S +3.01 0.1 1.0+
Clu /|eote BurJ / uS0 lrc | S 11.+5 0.0Z 1.c0
Clu Eae|ir Mo||ets / CB| lrc | f Z0.c5 0.0/ 0.30
Clu Select / CB| lrc | f c.Z9 0.01 0.00
Clu Resuu|ces / CB| lrc | f 1+.+1 0.0c 0.00
|i| YielJ BurJ / CB| |eJeJ lrc | f /.31 0.01 .c
|ur Kur C|iro / CB| lrc f 50Z.ZZ 1.01 0.00
lrJio |urJ Closs / CB| lrc f 10.3 0.03
lrte|rotiurol BurJ / CB| lrc | f 1/.+c 0.09 Z.Z+
|otir /ae|ico / uS0 lrc | S +/.Z0 0.1c 1.+9
MEl/ / CB| lrc | f 9.9 0.01 1.Z9
Bo|ir Cluuol Mirir |urJ Closs / CB| lrc f /.3 0.01
ariog IoteroatiooaI Fd Mgrs (IreIaod) (I8L)
8eguIated
C|iro /S|o|e / CB| lrc f 5./0 0.1+ 0.00
ariogs (Luxebourg) (Lk)
F8A 8ecogoised
Russio / CB| lrc | f 35.c3 0.01 0.00
edIa Fuods FIc (I8L)
Z0 /uc|u|c| |ore, |urJur, EC+l /BB
0eolir. 00 3531 5+Z Z90/ Erui|ies. 00 ++Z0 /+c +300
F8A 8ecogoised
BeJloa Cluuol / f 1c.15 1c.15 0.Zc 0.00
BeJloa Cluuol B f 1//./c 1//./c 0.Zc 0.Z3
BeJloa Eae|ir Mo||ets / f ZZ3.31 ZZ3.31 0.Z3 0.00
BeJloa Eae|ir Mo||ets B f ZZ5./0 ZZ5./0 0.Z0 0.c0
BeJloa Eu|uue / f 1Z.5/ 1Z.5/ 0./Z 0.00
BeJloa Eu|uue B f 13Z.Z+ 13Z.Z+ 0.// 1.+
BeJloa Jouor / f /5./ /5./ 1.0c 0.00
BeJloa Jouor B f /5.Zc /5.Zc 1.0/ 0.Z0
BeJloa uK / f 1ZZ.3/ 1ZZ.3/ 0.05 0.00
BeJloa uK B f 1Z3.c+ 1Z3.c+ 0.03 Z.0c
BeJloa Cluuol lrcuae |urJ f cc.1Z cc.1Z 0.Z5 +.33
Iack8ock (JE8)
8eguIated
Bloc|Ruc| uK ||uue|t] f 33.c/ 0.10 +.Z+
B|K lrtl CulJ 8 Cere|ol S 9./c 10.31 0.10 0.00
Iairore Fuods FL6
F8A 8ecogoised
8ith & WiIIiasoo Iovesteot Maoageeot
Adioistrators - NF Faribas
Bloi|au|e Cluuol Euit] urJ S 11.1/ 0.03 0.00
Iakeoey Maoageeot Ltd (Lk)
8eguIated
Blo|ere] lr.estu|s lritiol Se|./ S Zc.3 0.0c 0.00
Blo|ere] lr.estu|sS0cl0c S c.00 0.0Z 0.00
Blo|ere] lr.estu|sS11l0c S 1Z.15 0.03 0.00
Blo|ere] lr.estu|sS10l09 S 10.51 0.03 0.00
Blo|ere] lr.estu|sS0+l10 S 9.c/ 0.0Z 0.00
Blo|ere] lr.estu|sS09l10 S 10.1 0.03 0.00
Blo|ere] lr.estu|sS11l10 S 9./+ 0.0Z 0.00
Blo|ere] lr.estu|sS0l1Z S 10.// 0.01
Iueay Asset Maoageeot LLF (Lk)
8eguIated
BlueBo] Ea M|t /us Ret BJ ll C 105.01 0.1Z 0.00
BlueBo] Ea M|t BJ B uS0 S Zc9.99 0.15 0.00
BlueBo] Ea M|t Cu|u BJ B S 1+.c9 0.5 0.00
BlueBo] Ea M|t Sel BJ B uS0 S 1/1.c+ 0.33 0.00
BlueBo] Ea M|t |uc Cc] BJ B uS0 S 1c0.33 0.5/ 0.00
BlueBo] Cul Cur.e|t BJ l uS0 S 1/0.5Z 0.5 0.00
BlueBo] Cul |i| YielJ BJ B S 119.c5 0.5c 0.00
BlueBo] |i| YielJ B EuR C Z99.55 1.90 0.00
BlueBo] |i| YielJ Cu|u BJ B C 1Z/.+c 0./0 0.00
BlueBo] lr. C|J B EuR C 15.9c 0.1/ 0.00
BlueBo] lr. C|J B Eu|u Cu. BJ |urJ C 1Z+.Z0 0.35 0.00
BlueBo] lr. C|J l Eu|u / BJ |urJ C 1Z+.1+ 0.Zc 0.00
BlueBo] lr. C|J |iuu| |J B C 1ZZ.Zc 0.10 0.00
BlueBo] St|uct.|Js. |i| lrc |uor |J C 1/.c+ 0./1 0.00
BlueBo] St|uct.|Js. |i| YielJ Er| |J C Z01.+5 1.01 0.00
Iueay Asset Maoageeot LLF (6M)
8eguIated
BlueBo] 0ist|esseJ 0uu |J |ia / f 1Z1.05 3.+3 0.00
Blueuo] Moc|u |J / S 1Zc.55 0.+ 0.00
ooIieId Asset Maoageeot Liited
ther IoteroatiooaI Fuods
T|e |uruuw lew Eu|uue |urJ S 55.+ 55.+ 1.05 0.00
NhIE
ther IoteroatiooaI Fuods
Bur|ute /lte|roti.e Multi/|uit|oe ,uS0 Closse ,EuR C 999.00 39.00 Z.00
Bur|ute /lte|roti.e Multi|e|u|aorce ,uS0 Closse ,EuR C 909Z.00 39.00 0.00
raear roup F66 Liited (8)
8eguIated
uK /|icultu|ol Closs / f 1.11 0.00 0.00
uK /|icultu|ol Closs B f 1.Z0 0.00 0.00
StuJert /ccua Closs / f 1.+3 0.00 0.00
StuJert /ccua Closs B f 1.1Z 0.00 0.00
6 FortIoIio Fuod FIc (I8L)
lu|t|e|r T|ust, Ceu|e Cuu|t 5+Z TuwrserJ St|eet, 0uulir Z Reu u l|elorJ 00 353 1 5+Z Z000
F8A 8ecogoised
Reol Retu|r Cls / f 190.95 190.95 Z.1Z 1.9Z
CC 0ullo| |urJ f 139.55 139.55 Z.0Z 1./
Couitol Volue |urJ Cls V f 1Z1.c+ 1Z1.c+ 0.3Z 0.Z/
6 FortIoIio Fuod Ltd (6M)
8eguIated
l/V f Z5Z+9.51 /c.3/ 0./Z
6A6EI8 (8witterIaod) 8A
Tel. -+1 ZZ 30 9+ 00 www.coceis.c|
ther IoteroatiooaI Fuods
0]roaic Rotc|et BurJ |urJJouor 5Z19.00 59.00 0.00
6apitaI IoteroatiooaI Iuods services (Lk)
, |uute Je T|e.es, |Z33 Serrire|ue|,|ureauuu|
Couitol lrte|rotiurol is uo|t u
T|e Couitol C|uuu Cuauories
www.couitolirte|rotiurol.cua
F8A 8ecogoised
rowth Fuods
Cou lrt /ll Ct|] E B S|| 1.55 0.0 0.00
Cou lrt /ll Ct|] E B C 13./1 0.03 0.00
Cou lrt /ll Ct|] E B S 1c.19 0.0/ 0.00
Cou lrt /ll Ct|] E B0 f 11.1/ 0.0+ 0.01
Cou lrt Eae| /sio E B S|| c.3Z 0.01 0.00
Cou lrt Eae| /sio E B C .cc 0.00 0.00
Cou lrt Eae| /sio E B S 9.13 0.03 0.00
Cou lrt Eae| /sio E BJ f 5.1 0.01 0.00
Cou lrt Cluuol Euit] B S 1/.Z 0.0c 0.00
Cou lrt Cluuol Euit] B0 f 10.31 0.05 0.11
Cou lrt Cluuol Euit] B S|| 15./0 0.0c 0.00
Cou lrt Cluuol Euit] B C 13.00 0.05 0.00
Cou lrt Eu|uueor E B0 f c.3 0.0Z 0.95
Cou lrt Eu|uueor E B C 11.+Z 0.03 0.00
Cou lrt Eu|uueor E B S|| 13./9 0.05 0.00
Cou lrt Eu|uueor E B S 15.1 0.05 0.00
Cou lrt Jouor Euit] B C .c0 0.01 0.00
Cou lrt Jouor Euit] B S 9.0Z 0.00 0.00
Cou lrt Jouor Euit] B S|| c.Z1 0.00 0.00
Cou lrt Jouor Euit] B0 f 5.5Z 0.00 0.00
Cou lrt /sio| er Ju E B S|| 15.+c 0.01 0.00
Cou lrt /sio| er Ju E B C 1Z.cZ 0.03 0.00
Cou lrt /sio| er Ju E B S 1/.01 0.0Z 0.00
Cou lrt /sio |er Ju E B0 f 10.0Z 0.01 0.Zc
Cou lrt Ea M|ts |urJ B0 f 53.0c 0.Z+ 0.c+
Cou lrt Ea M|ts |urJ B S|| cZ.0+ 0.3+ 0.00
|urJ BiJ 0e| 0-l YielJ
Cou lrt Ea M|ts |urJ B C /.c 0.15 0.00
Cou lrt Ea M|ts |urJ B S c9.9c 0.5Z 0.00
rowth aod Iocoe Fuods
Cou lrt Clu C|uwt| lrc B0 f 9.Z1 0.05 0.1
Cou lrt Clu C|uwt| lrc B C 11.c3 0.05 0.00
Cou lrt Clu C|uwt| lrc B S|| 1+.Zc 0.0c 0.00
Cou lrt Clu C|uwt| lrc B S 15./0 0.0c 0.00
Cou lrt Eu| C|uwt| lrc B C 1/.0/ 0.01 0.00
Cou lrt Eu| C|uwt| lrc B S|| Z0.1 0.0+ 0.00
Cou lrt Eu| C|uwt| lrc B S ZZ. 0.03 0.00
Cou lrt Eu| C|uwt| lrc B0 f 1Z./Z 0.0Z 3.1Z
Cou lrt uS C|uwt| lrc B C 13.39 0.03 0.00
Cou lrt uS C|uwt| lrc B S|| 1.1/ 0.0 0.00
Cou lrt uS C|uwt| lrc B S 1/.// 0.0 0.00
Cou lrt uS C|uwt| lrc B0 f 10.c1 0.0+ 0.33
bjective ased Fuods
Cou lrt Ea M| Tut 0uu B S|| 11.3+ 0.0Z 0.00
Cou lrt Ea M| Tut 0uu B C 9.3c 0.00 0.00
Cou lrt Ea M| Tut 0uu B S 1Z.++ 0.0+ 0.00
Cou lrt Ea M| Tut 0uu BJ f /.3+ 0.0Z Z.05
Cou lrt Cul /us lrc C|uw B S 11.13 0.01 0.00
Iocoe Fuods
Cou lrt Ea M|ts 0eut B S|| 13.50 0.0Z 0.00
Cou lrt Ea M|ts 0eut B C 11.1/ 0.00 0.00
Cou lrt Ea M|ts 0eut B S 1+.c1 0.05 0.00
Cou lrt Ea M|ts 0eut BJ f c.+5 0.01 3.5
Cou lrt Ea M| |ucCu| 0ut B S 11.c5 0.0+ 0.00
Cou lrt Ea M| uSS 0eut B S 11.50 0.03 0.00
Cou lrt Eu|u BurJ B S|| 1.9Z 0.00 0.00
Cou lrt Eu|u BurJ B f 9.Z 0.00 1.1
Cou lrt Eu|u BurJ B S 1c.0 0.01 0.00
Cou lrt Eu|u BurJ B0 C 1+.01 0.0Z 0.00
Cou lrt Clu | lrc 0uu B S|| 31.0+ 0.03 0.00
Cou lrt Clu | lrc 0uu B C Z5./0 0.05 0.00
Cou lrt Clu | lrc 0uu B S 3+.1Z 0.0+ 0.00
Cou lrt Clu | lrc 0uu B0 f 13.Z 0.01 5.0/
Cou lrt Cluuol BurJ B S|| 1c.+0 0.0Z 0.00
Cou lrt Cluuol BurJ B C 15.Z3 0.03 0.00
Cou lrt Cluuol BurJ B S Z0.ZZ 0.03 0.00
Cou lrt Cluuol BurJ B0 f 10.3c 0.01 1.19
6AI6o 8eiosuraoce pportuoities Fuod Ltd. (k)
9 |o||oVille RuoJ, S E |eo|aor BuilJir, ZrJ |luu|, |oailtur, Be|auJo
Authorised Fuods
C/TCu Re 0uus |urJ 0|Js S 0.9c 0.0901 0.00
6AI6o 8eiosuraoce Fuod Ltd. (M)
8eguIated
C/TCu Re |urJ |tJ Se|ies / S 1Z1Z.30c5 10/./3c1
C/TCu Re |urJ |tJ Se|ies B S 1ZZ5.1+35 11+.c33+
6edar 8ock 6apitaI Liited (I8L)
8eguIated
CeJo| Ruc| Couitol |J |lc S Zc1.c+ 0.30 0.00
CeJo| Ruc| Couitol |J |lc f Z/+.+/ 1.c9 0.00
CeJo| Ruc| Couitol |J |lc C ZZ3.cZ Z.00 0.00
Ihe 6harIeagoe Fuod (6M)
8eguIated
l/V EuR C Z51.Z0 /.5
l/V uS0 S Z+9.+5 /.0
6harIeagoe 6apitaI (IM) Ltd
ther IoteroatiooaI Fuods
0CC0 Eoste|r Eu|uueor S 350.93 0.c/ 0.00
C|o|leaore lew ||urtie|s R S 13.30 0.1 0.00
Magoa breIIa Fuod FL6
Moro /|ico R C 9.+Z 0.0/ 0.00
Moro Eoste|r Eu|uueor R C c.0 0.01 0.00
Moro Eae|ir M|ts 0i. |J R /cc C 11.Z 0.0 0.00
Moro Eae|ir M|ts 0i. |J R 0ist C 10.0 0.05 Z./3
Moro Cluuol Eae|ir Mo||ets R C c.+/ 0.0Z 0.00
Moro |otir /ae|icor R C 10.3 0.0+ 0.00
Moro Mero R C 11.10 0.01 0.00
Moro lew ||urtie|s R C c.1 0.13 0.00
Moro Tu||e] R C 11.51 0.11 0.00
Moro urJe|.olueJ /ss |J R C 9./3 0.0Z 0.00
6harIes 8chwab WorIdwide Fuods FIc (I8L)
8eguIated
Sc|wou uS0 |iuiJ /ssets |J S 1.00 0.00 0.01
6hartered Asset Maoageeot FIE Ltd
ther IoteroatiooaI Fuods
C/MCT| |iaiteJ S 395+1.3 395+1.3 Z3+Z.9 0.00
C/M CTi |iaiteJ S 1135.31 19.09 0.00
Roles/sio lr.estaert Cuauor] S Z.+9 Z.+9 0.0Z Z./0
6heyoe 6apitaI Maoageeot (k) LLF (I8L)
C|e]reir.estu|.Relotiurs@c|e]recouitol.cua
8eguIated
C|e]re Cur.e|tiules /usulute Retu|r |urJ C 1155.9+ 1.90 0.00
C|e]re Cur.e|tiules /usulute Retu|r |urJ S 1155.5c 1.93 0.00
C|e]re Cur.e|tiules /usulute Retu|r |urJ f 1131.5 1.90 0.00
6heyoe 6apitaI Maoageeot (k) LLF
ther IoteroatiooaI Fuods
C|e]re Eu|uueor E.ert 0|i.er |urJ C 1ZZ.53 0.11 0.00
C|e]re |i| lrcuae C|eJit |urJ EuR lrst C 139./3 5.50 0.00
C|e]re Reol Estote 0eut |urJ Closs /1 f 10/./3 1.35
C|e]re |urlS|u|t C|eJit |urJ S 1c9.5+ 1.53
C|e]re Molocco /sio Euit] |urJ Closs / S 1+00.39
6ity FioaociaI Asiao AbsoIute rowth Fuod(6M)
8eguIated
/sior /usulute C|uwt| Closs / S 100.9/ 0./5 0.00
/sior /usulute C|uwt| Closs C S 10+.99 0.c+ 0.00
6ity oI Loodoo Iov Mgt 6o Ltd (I8L)
ZrJ |luu|, CuilJ |uuse, CuilJ St|eet, 0uulir 1 00 353 1 ++c 5033
F8A 8ecogoised
T|e Ea.M|t Volue 8 C|uwt| CB|lrst f 11.5 0.0 0.00
T|e Ea.M|t Volue 8 C|uwt| CB|Ret f 11.3 0.0 0.00
T|e Eae|ir wu|lJ uS0 Retoil / S 5.01 0.30 0.00
T|e Eae|ir wu|lJ uS0 lrstl S c.93 0.3Z 0.00
T|e Cluuol Euit] |urJ S 1Z.1Z 0.05
T|e lotu|ol Resuu|ces uS0 Retoil / | S .09 0.00 0.00
T|e lotu|ol Resuu|ces uS0 lrstl S .Z5 0.00 0.00
6MI Asset Mgt (Luxebourg) 8A (Lk)
Z3 |uute J'/|lur, |c010 St|osser |ur 00 35Z 31/c311
F8A 8ecogoised
6MI IobaI Network Fuod (u)
8egiooaI Eguity 8ub Fuods
CMl Curtirertol Eu|u Euit] C ZZ./+ 0.03 1.50
CMl |ociic Bosir Er|orceJ Euit] S ++.1/ 0.0Z 1.c3
8iogIe 6ouotry Eguity 8ub Fuods
CMl Ce|aor Euit] | C +c.ZZ 0.0Z 1.c/
CMl Jouor Er|orceJ Euit] | Z+1.0 Z.9/ 1.5+
CMl uK Euit] f 10. 0.01 Z.+5
CMl uS Er|orceJ Euit] | S 53./1 0.+1 0./c
Iodex Irackiog 8ub Fuods
Eu|u Euit] lrJer T|oc|ir C 15.1/ 0.00 3.13
Jouor lrJer T|oc|ir +5Z.5Z 0.5Z 1./Z
uK Et] lrJer T|oc|ir f 13.55 0.01 3.5c
uS Et] lrJer T|oc|ir S +0.ZZ 0.30 0.9+
Maoaged 8ub Fuods
Cluuol BurJ f 1.5/ 0.00 1.1+
Cluuol letwu|| MJ Cluuol MrJ f 1.9/ 0.00 0.5c
Cluuol Euit] f Z.0Z 0.00 0.+1
ood 8ub Fuods
CMl Eu|u BurJ | C +Z.cZ 0.0 3.09
CMl Jouorese BurJ 195.cc 1./ 0.+3
CMl uK BurJ f /.93 0.01 Z.+0
CMl uS BurJ S 13.53 0.0Z 1.99
6urreocy 8eserve 8ub Fuods
CMl Eu|u Cu||erc] Rese|.e C Z5.+3 0.00 0./3
CMl Stl Cu||erc] Rese|.e f +.99 0.00 1.09
CMl uS 0ll| Cu||erc] Rese|.e S 9.9 0.00 0.10
CMl /ccess c0 Cu | C 5.+ 0.00 0.00
6MI Fuod Maoagers (IoM) (IM)
Cle|icol MeJicol |se, Victu|io RuoJ, 0uulos, luM lM99 1|T 01Z+ Z5599
F8A 8ecogoised
CMl |i| lrcuae ||C f 0.5Z1/ 0.55+ 0.0011 3./9
CMl Ste|lir Rull uu ||C f 3.1555 3.35Z+ 0.005 0.00
Moriaua |e|aitteJ C|o|e c.5
6oheo & 8teers 8I6A (Lk)
8eguIated
Eu|uueor Reol Estote Secu|ities C 1+./ 0.0c 0.50
|urJ BiJ 0e| 0-l YielJ
Eu|uu.ReolEstote Sec. lX C 1c.ZZ 0.10 0.00
Cul ReolEstote Sec. l S 9.33 0.0Z 3.+c
Cul ReolEstote Sec. lX S 10.59 0.0Z 0.00
6ogest 8A (Lk)
1/ suo|e EJuuo|J Vll /5009 |o|is, www.cuaest.cua
F8A 8ecogoised
Cuaest /sio | S 31c3.+9 3+.5 0.00
Cuaest Eu|uue | S|| +/c.1/ 35.15 0.00
6ogest Far East Liited (Lk)
8eguIated
Cuaest |orJo S Z301.1Z /.59 0.00
6ogest Far East Liited (k)
ther IoteroatiooaI Fuods
C.|.E. 0lYX |ul0 S +3.0+ 0./9 0.00
6ogest 8A (F8A)
1/ suo|e EJuuo|J Vll /5009 |o|is
F8A 8ecogoised
Cuaest Moellor C 1Zc.1 0.c0 0.00
6ogest AM IoteroatiooaI Ltd (I8L)
+ St Steu|er's C|eer, 0uulir Z, l|elorJ
F8A 8ecogoised
Cuaest Ct| /sio er Jou 0lS | S 5.9 0.03 119.Z0
Cuaest Ct| Eae|ir M|t 0lS | S 30.Z+ 0.1c 0.13
Cuaest Ct| Eu|uue 0lS | C 1+.+ 0.09 0.00
Cuaest Ct| CEM |C 0lS | C 10.+c 0.0Z 0.Z5
6oupIaod 6ardiII Fuods FIc (I8L)
31l3Z St Joaes's St|eet, |urJur, Sw1/ 1|0
F8A 8ecogoised
CC /sio /lu|o |J Cls / Eu|u C 1+.++ 1+.++ 0.0/ 0.00
CC /sio /lu|o |J Cls B uS0 S 1+.10 1+.10 0.0/ 0.00
CC /sio /lu|o |J Cls C CB| f 13.c9 13.c9 0.0/ 0.00
CC /sio /lu|o |J Cls l uS0 S 11.05 11.05 0.0
CC Jouor /lu|o |J Cls / Eu|u C 5.Z1 5.Z1 0.1+ 0.00
CC Jouor /lu|o |J Cls B CB| f 5.Z 5.Z 0.1 0.00
CC Jouor /lu|o |J Cls C J|Y 53c.0/ 53c.0/ 15.+ 0.00
CC /sior E.ulutiur |J. Cls / uS0 S 1+.93 1+.93 0.0 0.00
CC /sior E.ulutiur |J. Cls B CB| f 1+.05 1+.05 0.05 0.00
CC /sior E.ulutiur |urJ Cls C uS0 /cc S 1.++ 1.++ 0.0 0.00
6outts (I8L)
RBS /sset Moroeaert ,0uulir |iaiteJ
CuilJ |se, |.0. Bur +935, CuilJ St, l|SC 0uulir 1 00 353 1 +Z c+00
F8A 8ecogoised
6outts Iovesteot Frograes
Curt EuR Suec Euit] Se| 1 | C c9./3 0.+9 0.00
Curt EuR Suec Euit] Se| Z | C 9Z.1 0.5Z 0.c1
Curt EuR Suec Euit] Se| 5 | C 9Z.Z 0.51 1.0Z
uK Euit] lrJer ||u|oaae Se| 1 | f Z3.+c 0.1Z Z./0
uK Euit] lrJer ||u|oaae Se| Z | f Z3./c 0.1Z 3.0/
uK Euit] lrJer ||u|oaae Se| 5 | f Z3.9c 0.1Z 3.30
uK Sueciolist Et] ||u Se| 1 | f 1/.+3 0.1Z 0.1
uK Sueciolist Et] ||u Se| Z | f 1/./3 0.1Z 0.9Z
uK Sueciolist Et] ||u Se| 5 | f 1/./ 0.1Z 1.13
uS Euit] lrJer ||u|oaae Se| 1 | S +c.c+ 0.3/ 0./0
uS Euit] lrJer ||u|oaae Se| Z | S +9.c 0.3c 1.05
uS Euit] lrJer ||u|oaae Se| 5 | S +9.// 0.3c 1.Zc
Curtl Eu|u Et] lrJer ||u Se| 1 | C Z/9.c1 1.3c 1./1
Curtl Eu|u Et] lrJer ||u Se| Z | C Zc+.9+ 1.+Z 1.9Z
Curtl Eu|u Et] lrJer ||u Se| 5 | C Zc5.Z+ 1.+1 Z.13
uS Su.e|eir BurJ lrJer ||u Se| 1 | S Z+.3/ 0.03 1.51
uS Su.e|eir BurJ lrJer ||u Se| Z | S Z+.+5 0.03 1./Z
uS Su.e|eir BurJ lrJer ||u Se| 5 | S Z+.c/ 0.03 1.9/
Curtirertol Eu|u Su.e|eir BurJ lrJer ||u Se| 1 | C 1ZZ.Z 0.Z5 Z.cc
Curtirertol Eu|u Su.e|eir BurJ lrJer ||u Se| Z | C 1Z3.0/ 0.Z 3.0/
Jouor Sueciolist Euit] ||u|oaae Se|ies 1 | 333c.00 Z0.00 0.00
Jouor Sueciolist Euit] ||u|oaae Se|ies Z | 35//.00 Z0.00 0.
Jouor Sueciolist Euit] ||u|oaae Se|ies 5 | 35cZ.00 Z1.00 0.cc
Swiss Euit] ||u Se| 1 | S|| Z3+.0c 1.13 0.00
Swiss Euit] ||u Se| Z | S|| Z39.11 1.15 0.1
Swiss Euit] ||u Se| 5 | S|| Z39.11 1.15 0.3/
|oc Bosir Et] ||u Se| 1 | S 5Z.5 0.0+ 1.1/
|oc Bosir Et] ||u Se| Z | S 53./3 0.0+ 1.3/
|oc Bosir Et] ||u Se| 5 | S 53.99 0.0+ 1.59
uK Su.e|eir BurJ lrJer ||u Se| 1 | f 1+.30 0.03 Z.c/
uK Su.e|eir BurJ lrJer ||u Se| Z | f 1+.35 0.03 3.0c
uK Su.e|eir BurJ lrJer ||u Se| 5 | f 1+.+ 0.03 3.3+
Swiss ||orc ||u Se| 1 | S|| 105.c/ 0.1 1.53
Swiss ||orc ||u Se| Z | S|| 10/.0c 0.15 1.9
Cuutts Euotu| Eae|ir Mo||ets 1 | S 3+.c/ 0.00 1.0/
Cuutts Euotu| Eae|ir Mo||ets Z | S 3+.9 0.00 1.10
Cuutts Euotu| Eae|ir Mo||ets 5 | S 3+.9c 0.00 1.3Z
Cluuol lr.estaert C|oJe ||u|oaae uS0 S1 | S 113.5 0.1c Z.
Cluuol lr.estaert C|oJe ||u|oaae EuR S1 | C 111.11 0.1 Z.
Cluuol lr.estaert C|oJe ||u|oaae CB| S1 | f 11/.33 0.19 Z.
Cluuol lr.estaert C|oJe ||u|oaae C|| S1 |S|| 103.1 0.1 Z.
Cluuol lr.estaert C|oJe ||u|oaae uS0 SZ | S 11+.3 0.1c Z./9
Cluuol lr.estaert C|oJe ||u|oaae EuR SZ | C 11Z.+9 0.1/ Z./9
Cluuol lr.estaert C|oJe ||u|oaae CB| SZ | f 11.ZZ 0.1c Z./9
Cluuol lr.estaert C|oJe ||u|oaae C|| SZ |S|| 103.c 0.1 Z./9
Cluuol lr.estaert C|oJe ||u|oaae CB| S5 | f 11. 0.19 3.0+
uK Sueciolist Euit] lrcuae Se| 1 | f c.5+ 0.03 Z.5+
uK Sueciolist Euit] lrcuae Se| Z | f c.5/ 0.03 3.c
uK Sueciolist Euit] lrcuae Se| 5 | f c.5c 0.0+ +.0c
/usulute Rtr Multi /sset ||u Se| 1 CB| | f 9./0 0.05 0.00
/usulute Rtr Multi /sset ||u SER Z CB| | f 9.c/ 0.0 0.00
/usulute Rtr Multi /sset ||u SER Z uS0 | S 9.c3 0.0 0.00
/usulute Rtr Multi /sset ||u SER Z EuR | C 9.c0 0.05 0.00
/usulute Rtr Multi /sset ||u SER 5 CB| | f 9.93 0.0 0.00
/usulute Rtr Multi /sset ||u SER 5 uS0 | S 9.9 0.0 0.00
/usulute Rtr Multi /sset ||u SER 5 EuR | C 9.9c 0.05 0.00
/usulute Rtr Multi /sset ||u SER 9 CB| | f 9.9Z 0.0 0.00
/usulute Rtr Multi /sset ||u SER 9 uS0 | S 9.cc 0.0 0.00
/usulute Rtr Mutli /sset ||u Se| 9 EuR | C 9.59 0.05 0.00
30 Jo] o.e|oe ]ielJ
6outts (I8L)
8eguIated
6outts Liguidity Fuod FIc
0ullo| Se| 1 S 1.00 0.00 0.00
0ullo| Se| 3 S c.9c 0.00 0.00
0ullo| Se| + S /.3c 0.00 0.00
0ullo| Se| 5 S 1.00 0.00 0.15
Ste|lir Se| 1 f 1.00 0.00 0.19
Ste|lir Se| 3 f 0.31 0.00 0.19
Ste|lir Se| + f 5c./9 0.00 0.09
Ste|lir Se| 5 f 1.00 0.00 0.3+
Eu|u Se| 1 C 1.00 0.00 0.00
Eu|u Se| 3 C /3.9 0.00 0.00
Eu|u Se| + C /1.c/ 0.00 0.00
Eu|u Se| 5 C 1.00 0.00 0.00
6rdit Aodorr Asset Maoageeot (Lk)
www.c|eJitorJu||o.cua
F8A 8ecogoised
C|eJiir.est SlC/V Mure] Mo||et Eu| l C 11.Z+ 0.00 0.00
C|eJiir.est SlC/V Mure] Mo||et usJ / S 10.03 0.00 0.00
C|eJiir.est SlC/V |ireJ lrcuae Eu| C 10.50 0.00 0.00
C|eJiir.est SlC/V |ireJ lrcuae usJ S 10.55 0.00 0.00
C|eJiir.est SlC/V Suoris| Volue C Z1.35 1.39 0.00
C|eJiir.est SlC/V lrte|rotiurol Volue C 1/1.++ 0.1c 0.00
C|eJiir.est SlC/V Bi Cou Volue C 15.Z1 0.01 0.00
C|eJiir.est SlC/V uS /ae|icor Volue S 13.01 0.11 0.00
C|eJiir.est SlC/V Sustoirouilit] C 1Z.ZZ 0.05 0.00
aotrust Maoageeot (uerosey) Ltd (8)
8eguIated
0ort|ust ll |iaiteJ || 39Z.90 39+.00 Z.+0 0.00
AI8 Fuods 8I6A (Lk)
8eguIated
0o.is Volue / S Z9.1c 0.1/ 0.00
0o.is Volue B S Z5.59 0.15 0.00
0o.is Cluuol / S ZZ.35 0.01 0.00
0o.is Cluuol B S 19./0 0.00 0.00
eutsche Iovesteot Fuods Ltd (I8L)
8eguIated
0eutsc|e /ae|icos BurJ |urJ S c.+/ 0.03 0.00
C/BEl Cert|ol /ae|ico |urJ S Z0ZZ.+3 0.+5 0.00
|urJ BiJ 0e| 0-l YielJ
odge & 6ox WorIdwide Fuods (I8L)
111 Buc|ir|oa |oloce RuoJ Victu|io, |urJur Sw1w 0SR
www.JuJeorJcur.wu|lJwiJe.cua 0Z0 /3+0 c95
F8A 8ecogoised
odge & 6ox WorIdwide Fuods pIc-IobaI 8tock Fuod
uS0 /ccuaulotir S|o|e Closs S 1Z.03 0.01 0.00
CB| /ccuaulotir S|o|e Closs f 1Z.1c 0.01 0.00
EuR /ccuaulotir S|o|e Closs C 13.5 0.0Z 0.00
odge & 6ox WorIdwide Fuods pIc-IoteroatiooaI 8tock Fuod
uS0 /ccuaulotir S|o|e Closs S 11./c 0.05 0.00
EuR /ccuaulotir S|o|e Closs C 10.+/ 0.0Z 0.00
odge & 6ox WorIdwide Fuods pIc-.8. 8tock Fuod
uS0 /ccuaulotir S|o|e Closs S 1Z.13 0.0c 0.00
CB| /ccuaulotir S|o|e Closs f 11.Z 0.0/ 0.00
EuR /ccuaulotir S|o|e Closs C 11.90 0.09 0.00
oioioo Fuod Maoageeot Liited
|0 Bur 0 C|uurJ |luu|, TuJu| |uuse |e Bu|Joe St |ete| |u|t
Cue|rse] C|orrel lslorJs uriteJ KirJua CY1 3|u
-++,01+c1 /3+3+3 ir.estu|se|.ices@JuairiururJs.cua www.JuairiururJs.cua
F8A 8ecogoised
0CT Cursuae| f 0C Closs f 1Z.51 0.03 0.00
0CT Cursuae| f lC Closs f 1Z.53 0.03 0.00
0CT Cursuae| C 0C Closs C 10.+0 0.01 0.00
0CT Cursuae| f l Closs f 109.95 0.Z5
0CT Cursuae| C lC Closs C 10.+/ 0.01 0.00
0CT Cursuae| S 0C Closs S 10.Z3 0.00 0.00
0CT Cursuae| S lC Closs S 10.Zc 0.00 0.00
0CT Cursuae| f R Closs f 10/.c+ 0.Z+
0CT Cursuae| C B Closs C 1.0+ 0.00
0CT Cursuae| S B Closs S 1.10 0.00
0CT St|oteic f l Closs f 1.00 0.00
0CT St|oteic f R Closs f 1.01 0.00
oioioo Fuod Maoageeot Liited
ther IoteroatiooaI Fuods
0X EV0|uTl0l |CC |llMlTE0 0XE ,C |ul0 C 9c.++ 9c.++ 0.15
0X EV0|uTl0l |CC |lMlTE0 0XE ,uSS |ul0 S 101.+c 101.+c 0.Z5
ragoo 6apitaI Maoageeot
1901 Me |ir| |uirt, Z lu 0uc Ke, 0ist|ict 1, |u C|i Mir| Cit], Vietroa
|urJ iru|aotiur, Jeolir orJ oJairist|otiur. urJs@J|ourcouitol.cua
ther IoteroatiooaI Fuods
Vietroa Erte|u|ise lr.estaerts ,VEl| S Z.Z5 0.0 0.00
Vietroa C|uwt| |urJ ,VC| S 1.Z1 0.31 0.00
Edioburgh Fartoers Liited (I8L)
1Z C|o|lutte Suo|e, EJiruu||, E|Z +0J -353 1 /3 /Z/
0eolir |or url] -353 1 0/ 19/c
F8A 8ecogoised
Edioburgh Fartoers pportuoities Fuod FL6
Eu|uueor 0uuu|turities l EuR | C 1.90 0.01 Z.03
Eu|uueor 0uuu|turities l CB| | f 1.55 0.01 Z.0c
Eu|uueor 0uuu|turities l uS0 | S Z.5Z 0.0Z Z.0+
Eu|uueor 0uuu|turities / EuR | C 1.c/ 0.01 1.5+
Cluuol 0uuu|turities l uS0 | S 1.39 0.01 Z.05
Cluuol 0uuu|turities l CB| | f 0.c 0.01 Z.10
Cluuol 0uuu|turities l EuR | C 1.05 0.00 Z.05
Cluuol 0uuu|turities / CB| | f 0.c1 0.00 1.5c
|or Eu|uueor 0uuu|turities |urJ Closs l EuR C 1.Z1 0.01
EF heres
0l|C, T|e Cote BuilJir, west wir |e.el , |0 B0X 30/Z/, 0uuoi u/E
Curtoct. Teleu|ure - 9/1 + 33 +0Z9 Eaoil /Msoles@E|C|ERMES.cua
ther IoteroatiooaI Fuods
T|e E|C|e|aes E]ut |urJ S Z9.93 0.00
MiJJle Eost 8 0e.eluuir /|ico |urJ ,|irol S 19.c1 0.00
SouJi /|ouio Euit] |urJ SR /.Z 0.05 0.00
Egertoo 6apitaI Eguity Fuod pIc (I8L)
8eguIated
Ee|tur Couitol Euit] |urJ |lc f 1cZ.55 0.Z5 0.00
Egertoo Europeao Eguity Fuod Ltd
ther IoteroatiooaI Fuods
l/V / C 5/.3 0.+c
l/V B1 C 5/.c/ 0.5 0.00
l/V C1 C 0.11 0.59 0.00
Eooisore 8aIIer 6os FIc (I8L)
5 Kersirtur C|u|c| St, |urJur wc +|0 0Z0 /3c +ZZ0
F8A 8ecogoised
Errisau|e Eu|uueor Sal| Cus l/V f 9.1Z 0.Z1 0.00
Errisau|e Eu|uueor Sal| Cus l/V C c+.cZ 0.09 0.00
Eooisore Europeao 8Ir 6os hedge Fd
ther IoteroatiooaI Fuods
l/V C 31.0 +.Z3 0.00
Eguioox Fuod Mgt (uerosey) Liited (8)
8eguIated
Euirur Russior 0uuu|turities |urJ |iaiteJ S 15c.cZ .3 0.00
Eritage roup Fuods
ther IoteroatiooaI Fuods
Eu|uueor /usulute |J EuR ,Est C 30.+0 0.Z1
Eu|uueor /usulute B EuR ,Est C 101.53 0.9
Eurooova Asset Maoageeot k LLF (6M)
8eguIated
Saolle| Cus Cls 0re S|o|es C Z3.5c 0.05 0./
Saolle| Cus Cls Twu S|o|es C 1.cc 0.03 0.5
Saolle| Cus Cls T||ee S|o|es C c.3 0.0Z
Saolle| Cus Cls |uu| S|o|es C 11.Zc 0.0Z 0.cc
Eurobaok Fuod Maoageeot 6opaoy (Luxebourg) 8.A. (Lk)
8eguIated
,|| /usulute Retu|r C C 1.ZZ 0.00 0.00
,|| BolorceJ /cti.e |urJ ,R0lR0l 13.c/ 0.05 0.00
,|| BolorceJ |ulis| |urJ ,||l Zt] /.3Z 0.0+ 0.00
,|| E 0]roaic |ulis| ,||l Zt] .1Z 0.05 0.00
,|| E |leri St]le C|eece C C 1.19 0.0 0.00
,|| E Mero |urJ C C 10.10 0.0/
,|| Tu||is| Euities C C 1Z.19 0.05 0.00
,|| E Eae|ir Eu|uue C C 0.9 0.01 0.00
,|| Cluuol Euities C C 0.c1 0.01 0.00
,|| C|ee| Euities C C 0.Z5 0.01 0.00
,|| C|ee| Cu.e|raert BurJ C C 10.5 0.9
,|| Cos| |urJ C C 1.10 0.00 0.00
,|| Cos| |urJ ,||l Zt] 11.1 0.00 0.00
,|| Cos| |urJ ,R0l R0l 1+.c3 0.01 0.00
,|| lrcuae |lus S S 1.1c 0.00 0.00
,|| |0| BolorceJ BlerJ C C 1.13 0.00 0.00
,|| |0| BRlC C C 0.cZ 0.00 0.00
,|| |0| Euit] BlerJ C C 0.c9 0.00 0.00
,|| |0| Reol Estote C C 1Z.9 0.0+
,|| |0| lew ||urtie|s C C 11.03 0.05 0.00
Federated IoteroatiooaI Fuods FIc (u) (I8L)
clu BlYM, CuilJ |uuse, CuilJ St|eet l|SC, 0uulir 1, l|elorJ
F8A 8ecogoised
Federated high Iocoe Advaotage Fuod
Closs l S|o|es uS0 0lS S 10.00 0.00
Closs l S|o|es EuR 0lS C 10.00 0.00
Closs l S|o|es CB| 0lS f 10.00 0.00
Closs / S|o|es EuR 0lS C 10.00 0.00
Closs / s|o|es uS0 /CC S 3.0c
Closs / S|o|es EuR /CC C ZZ5.0c
Federated .8. IotaI 8eturo ood Fuod
Closs l S|o|es EuR 0lS C 1+3.+3 0.1+
Closs l S|o|es uS0 0lS S 100.11 0.11
Closs l S|o|es CB| 0lS f 100.09
Closs / S|o|es EuR 0lS C 100.11 0.11
Federated Eergiog Markets IobaI ebt Fuod
Closs l S|o|es EuR 0lS C 100.00 0.00
Closs l S|o|es uS0 0lS S 100.00 0.00
Closs l S|o|es CB| 0lS f 100.00 0.00
|urJ BiJ 0e| 0-l YielJ
Closs / S|o|es EuR 0lS C 100.00 0.00
Federated 8hort-Ier 8 Ireasury 8ecurities
lrstitutiurol Se|. Se|ies S 1.00 0.00 0.00
lrstitutiurol Se|ies S 1.00 0.00 0.00
Federated 8hort-Ier 8 ovt 8ecurities Fuod
lrstitutiurol Se|. Se|ies S 1.00 9.1/ 0.00
lr.estaert Se|ies S 1.00 0.00 0.01
lr.estaert Ct| Se|ies S 1c.9Z 0.00 0.00
lrstitutiurol Se|ies S 1.00 0.00 0.01
Federated 8hort-Ier 8 Frie Fuod
lrstitutiurol Se|.ice Se|ies S 1.00 0.00 0.00
lrstitutiurol Se|ies S 1.00 0.00 0.15
lr.estaert 0i.iJerJ Se| S 1.00 0.00 0.00
lrstitutiurol Se|.ices 0i.iJerJ Se| S 1.00 0.00 0.00
lrstitutiurol S|o|es /ccuaulotir S 10/.53 0.00 0.00
Federated 8hort-Ier Euro Fuod
lrstitutiurol Se|ies C 1.00 0.00 0.0
lrstitutiurol Se|.ice Se|ies C 1.00 0.00 0.0Z
lrstitutiurol Se|ies /ccuaulotir C 119.c 0.00 0.00
lrstitutiurol Se|.ice Se|ies /ccuaulotir C 11+./1 0.00 0.00
Federated 8trategic aIue Eguity Fuod
Closs / S|o|es uS0 0lS S c.33 0.05 Z.cZ
Closs C S|o|es uS0 0lS S c.30 0.0 Z.c3
FIL Fuod Maoageeot (Lk)
Zo, |u| /lue|t Bu|sc|ette, B| Z1/5, |10Z1, |ureauuu|
||ure. c00 ZZ 0c9, c00 ZZ 0cc
8eguIated
C|iro Cursuae| /CB| f 10./0 0.0Z 0.00
C|iro |ucus /CB| f 3.ZZ 0.01 0.00
C|iro 0uuu|turities /CB| f 1.0Z 0.00 0.3
Cluuol |irorciol Se|.ices /CB| f 0.3Z 0.00 0.+Z
Cluuol |eolt| Co|e /CB| f 0.3Z 0.00 0.00
Cluuol lrJust|iols /CB| f 0.1 0.00 0.00
Cluuol lrlotiur|ir|eJ BJ /CB||J f 1.Z5 0.00 1.00
Cluuol Reol /sset Secu|ities f 1.35 0.01 0.00
Cluuol Tec|rulu] /CB| f 0.15 0.00 0.00
Cluuol Telecuaas /CB| f 0.ZZ 0.00 Z.19
lrJio |ucus /CB| f 3.Z9 0.03 0.00
|otir /ae|ico /CB| f Z.19 0.01 1.3Z
FiodIay Fark Fuods FIc (I8L)
St]re |uuse, uuue| |otc| St|eet, 0uulir Z Tel. 00 353 103 +0
F8A 8ecogoised
/ae|icor |urJ uS0 Closs S 55. 0.09 0.00
/ae|icor |urJ CB| |eJeJ f 30.Z1 0.0c 0.00
|otir /ae|icor |urJ uS0 Closs S Z0.5Z 0.10 0.00
FittwiIIia Asset Mgt (uerosey) Ltd (8)
8eguIated
IotaI 8eturo Fuod F66 Ltd
|it/willioa 0uu|turit] 0ullo| S 113.Z1 1.0/ 0.00
|it/willioa 0uu|turit] Ste|lir f 1Z5.cc 1.Z0 0.00
T|e TR| CuaauJit] |lus 0ullo| |urJ S 1Z1.03 1.0+ 0.00
T|e TR| CuaauJit] |lus Ste|lir |urJ f 11c.5c 1.03 0.00
Foord Asset Mgt (uerosey) Ltd (8)
8eguIated
|uu|J lrte|rotiurol T|ust S 30.59 0.19 0.00
Fiduciary IoteroatiooaI IreIaod Liited (I8L)
J|Mu|or |uuse lrte|rotiurol |irorciol Se|.ices Cert|e,0uulir 1, l|elorJ
ther IoteroatiooaI Fuods
FraokIio IepIetoo Eergiog Market ebt pportuoities Fuod FIc
||| Teauletur Ea M|ts 0eut 0uu C||S|| 19./5 0.1+ .00
||| Teauletur Ea M|ts 0eut 0uu CB| f 11.ZZ 0.1Z 5.c9
||| Teauletur Ea M|ts 0eut 0uu EuR C 13.c 0.11 5.9/
||| Teauletur Ea M|ts 0eut 0uu uS0 S 19.35 0.1c .0+
FraokIio IepIetoo Iovesteot Fuods (Lk)
Z BlJ Ru]ol |Z++9 |ureauuu| 00 35Z +/ Z1Z
www.|or|lirteauletur.cu.u| uK |eeu|ure 0 c00 305 30
F8A 8ecogoised
6Iass A is
||| Cul R.Estote ,uS0 / 0is S c.c/ 0.0Z 0./9
||| |i| YielJ S /.15 0.00 5.99
||| |i| YielJ ,Eu|u C .+5 0.00 5.9+
||| lrcuae S 11.cZ 0.0Z +.09
||| uS Cu.e|raert S 9./1 0.00 Z.11
||| uS |iuiJ Rese|.e lrc S 9./1 0.00 0.00
||| uS Tutol Retu|r S 11.Zc 0.01 1./
||| uS |uw 0u|otiur |J S 9.cZ 0.00 0.+1
Tea /sior BurJ S 1+.+ 0.03 Z.+/
Tea /sior C|uwt| S 3Z.53 0.3c 0.15
Tea Eae|ir Mo||ets S 35.3 0.1 0.39
Tea Ea M|ts BJ S Z0.9Z 0.0+ 5.39
Tea Ea M|ts BolorceJ /0Jis S 9.+1 0.0+ Z.3Z
Tea Eu|u Cu.. BurJ C 10.15 0.03 1.53
Tea Eu|u |iuiJ Rese|.e C +.+0 0.00 0./0
Tea Eu|uu Cu|u BurJ |J | C 10. 0.00 Z./
Tea Eu|uueor Tutol Retu|r C 9.Z+ 0.0Z Z.9
Tea Cluuol S Z.+ 0.11 0.c9
Tea Cluuol ,Eu|u C 1Z.+c 0.01 0./3
Tea Cluuol /|.lr..C|J BurJ |J S 10.1 0.0Z
Tea Cluuol /|eote BurJ |J | S 10.3Z 0.0Z 1.39
Tea Cluuol BolorceJ S Z0.ZZ 0.0+ 1.53
Tea Cluuol BurJ S Z1.1c 0.05 Z.+3
Tea Cluuol BurJ ,Eu|u C 10./ 0.0Z Z.3+
Tea Cluuol Euit] lrcuae S 9.10 0.0+ Z.55
Tea Cluuol |i| YielJ |J | S 10.Z 0.01 +.9+
Tea Cluuol lrcuae S 1Z.9 0.0+ Z.13
Tea Cluuol lrcuae |J S 10.// 0.01
Tea Cluuol Saolle| Cus S Zc.93 0.Z0 0.30
Tea Cluuol Tutol Retu|r S 1c.3/ 0.0+ 3.c9
Tea |otir /ae|ico S //.11 0./1 0./+
6Iass A Acc
||| /sio |ler Cou |J S 13.+ 0.0c 0.00
||| Biutec| 0iscu.e|] S 1+.+c 0.1Z 0.00
||| B|o/il 0uuu|turities |J S 10.Z 0.03
||| Eu|ulorJ Cu|e |urJ C 1+.00 0.10 0.00
||| Eu|uueor C|uwt| C 11.5 0.0 0.00
||| Eu|uueor Sal MiJ Cou Ct| C ZZ./5 0.19 0.00
||| Cluuol Cur.e|.Secu|ities S 10.03 0.01
||| Cluuol C|uwt| S 1Z.01 0.05 0.00
||| Cluuol Sal MiJ Cou Ct| S Z+.1Z 0.1 0.00
||| CulJ orJ ||eciuus Mtls |J | S c.11 0.05 0.00
||| lrJio S Z3.5 0.Z/ 0.00
||| MEl/ |urJ S +.5 0.03 0.00
||| Mutuol Beocur S 5Z.1 0.1c 0.00
||| Mutuol Eu|ulorJ |J C 1Z.9 0.09 0.00
||| Mutuol Eu|uueor EuR C 1c.3/ 0.1Z 0.00
||| Mutuol Cul 0isc S 1+.3+ 0.00 0.00
||| lotu|ol Resuu|ces |J | S c.9 0.0+ 0.00
||| Reol Retu|r |J | S 10./Z 0.00 0.00
||| St|oteic lrcuae |J S 1+.13 0.00 0.00
||| Tec|rulu] S /.+/ 0.0Z 0.00
||| Tea Cluuol Ct| 8 Vol S Z0.Z9 0.0/ 0.00
||| Tea Jouor +/.5Z 13.05 0.00
||| Teauletur Cul Euit] St|oteies |J S 10.10 0.01 0.00
||| Teauletur Cul |urJoaertol St|ot |J S 11.3/ 0.0Z 0.00
||| u.S. |ucus |urJ S 10.3 0.03 0.00
||| uS Euit] S 1/.0Z 0.11 0.00
||| uS 0uuu|turities S /.c 0.0 0.00
||| uS Sal MiJ Cou Ct| | S 13.33 0.0+ 0.00
||| w|lJ |e|suecti.e |J S 1+.c/ 0.0Z 0.00
Tea /|ico S 11.Z/ 0.01
Tea /sior Sal Cuau |J S 3Z.c9 0.1Z 0.00
Tea BRlC S 15.53 0.13 0.00
Tea C|iro S Z+.09 0.19 0.00
Tea Eoste|r Eu|uue C ZZ.0+ 0.01 0.00
Tea Eae|ir M|ts Sal Cuau |J S c.1c 0.0 0.00
Tea Eu|u STe|a Mure] M|t |J C 101Z.91 0.00 0.00
Tea Eu|ulorJ C 13.cc 0.0/ 0.00
Tea Eu|uueor EuR C 15.+9 0.10 0.00
Tea ||urtie| M|ts |urJ S 1.1c 0.0+ 0.00
Tea C|uwt| ,Eu|u C 11.05 0.00 0.00
Tea Ku|eo S 5./Z 0.00 0.00
Tea T|oilorJ S Z0.15 0.Z5 0.00
Frootier 6apitaI (eruda) Liited
ther IoteroatiooaI
Cuaae|ciol ||uue|t]CB| Closs ,Susu f 9c.+3 0.00 0.00
Cluuol Reol EstoteCB| C Closs ,Susu f 9.Zc 0.00
AM Liited (I8L)
F8A 8ecogoised
AM Fuod Maoageeot Ltd
eorges 6ourt, 54-2 Iowoseod 8treet, ubIio 2 + 353 1 093921
AM 8tar Fuod FIc
C/M Sto| /usulute Eu|u uS0 lrc | S 10.10 0.05 0.00
C/M Sto| /sio|ociic Et] uS0 /cc | S 10.53 0.1/ 0.00
C/M Sto| /sior Et] uS0 0|J /cc | S 13.Zc 0.10 0.00
C/M Sto| Cou./uu|.uS Et] uS0 lrc | S 11.9Z 0.03 0.00
C/M Sto| Cot BurJ uS0 /cc S 10.c1 0.0 0.00
|urJ BiJ 0e| 0-l YielJ
C/M Sto| C|iro Euit] uS0 /cc | S 1c.35 0.Z0 0./c
C/M Sto| Curt Eu|uueor Et] CB| /cc | f Z. 0.01 0.3
C/M Sto| C|eJ 0uuu|turities EuR /cc C 11.3 0.05 0.00
C/M Sto| C|eJ 0uuu|turities CB| /cc f 10./c 0.1Z .ZZ
C/M Sto| C|eJ 0uuu|turities uS0 /cc S 10.// 0.0c 0.00
C/M Sto| 0isc|etiuro|] |X uS0 /cc | S 10.++ 0.10 0.00
C/M Sto| 0]roaic Cul BJ uS0 /cc | S 11.Zc 0.0Z 0.00
C/M Sto| Eae|ir /sio uS0 Closs /CCu S 13.11 0.0 0.00
C/M Sto| Eae|. Mo||et Rotes uS0 /cc | S 11.3/ 0.03 0.00
C/M Sto| Eae| Mo||et Tut.Ret.uS0 /cc | S 13.00 0.00 0.00
C/M Sto| Eu|uueor Et] uS0 /cc | S 1c.c9 0.0Z 0.00
C/M Sto| |leriule Cul |u|t EuR /c C 10.c 0.0Z 0.00
C/M Sto| C/MC0 uS Euit] /cc | S 10.33 0.05 0.00
C/M Sto| CE0 uS0 /cc | S c.0+ 0.05 0.00
C/M Sto| Cluuol Cur. BurJ uS0 /cc | S 10.3/ 0.03 0.00
C/M Sto| Cluuol E lrlotiur |cs uS0 ll /cc | S 1+0.c5 0.1c 0.00
C/M Sto| Cluuol Rotes uS0 /cc | S 11. 0.03 0.00
C/M Sto| Cluuol Selectu| uS0 /cc | S 13.1/ 0.01 0.00
C/M Sto| Jouor Et] uS0 /cc | S 10.1Z 0.Zc 0.00
C/M Sto| Ke]res 0uort St|ot uS0 /cc | S 10.90 0.01 0.00
C/M Sto| lu|t| u Suut| EM Euit] /cc | S 11.+1 0.0 0.00
C/M Sto| Tec|rulu] uS0 /cc | S 11.Z5 0.03 0.00
C/M Sto| T|oJir /cc | S 9.Zc 0.0+ 0.00
C/M Sto| uS /ll Cou Et] uS0 /cc | S 9.c9 0.05 0.00
C/M Sto| wu|lJwiJe Et] uS0 /cc | S Z/Z5.35 1.c9 0.00
AM Liited
ther IoteroatiooaI Fuods
C/M /usulute Retu|r BurJ uS0 S 113.3+ 0.05 0.00
C/M /sio Euit] lrc S +Z.5c 5.0Z 0.09
C/M /sio Et] |J lrc uS0 0uer S Z1.9 0.1/ 0.00
C/M Couitol /uu|eciotiur Et] uS0 S 3Z0./9 0.c5 0.00
C/M Cuauusite /us Rtr /ccess /cc f 101.5Z 0.+/ 0.00
C/M Cuauusite /us Rtr CB| |isteJ f 1+9.9 0.50 0.00
C/M Cuauusite /us Rtr CB| 0uer f ZZZ.5Z 0./5 0.00
C/M 0i.e|sit] lrc uS0 0uer S //.0Z 1.3/ 0.00
C/M 0i.e|sit] ll lrc uS0 0uer S Z0.+Z 0.+1 0.00
C/M 0i.e|sit] lll uS0 0uer S 119.++ 0.Z+ 0.00
C/M Eu|u Sueciol BJ EuR 0uer C 1+9.3 0./5 0.00
C/M Eu|u Et] |eJe uS0 0uer S Z35. 1.Z+ 0.00
C/M C/MC0 Euit] S 110Z.+5 5.11 0.00
C/M Cluuol 0i.e|siieJ uS0 lrc S Zc1./ +.15 0.5Z
C/M lrte|est T|erJ lrc S 3.+ +.c1 0.00
C/M Jouor Euit] lrc S 100/.+ Z/.c3 0.00
C/M Multi0i.e|siieJ EuR C 10+.59 0.19 0.00
C/M MultiEa M|ts uS0 0uer S 39.Z1 .c1 0.00
C/M MultiEu|uue ll uS0 0uer S 1Z0./ 0.13 0.00
C/M MultiEu|uue uS0 0uer S 501.1Z 0.Z 0.00
C/M /sio|ociic Euit] lrc S 1Z5+.19 Z0.Z 0.+c
C/M Selectiur |eJe lrc S 30c.3Z 9.1 0.00
C/M Sirouu|elMolo]sio Euit] S Z/c+.c9 5.+0 1.03
C/M Ste|lir Sueciol BurJ lrc f Z93.31 3.Z0 Z.9Z
C/M T|oJir lrc uS0 0u S 100.Z/ 5./1 0.00
C/M T|oJir ll CB| 1.Z5 X| f 105./3 0./Z 0.00
C/M T|oJir ll lrc uS0 0u S 3Z/.Z+ 1.c5 0.00
C/M T|oJir lll lrc uS0 0u S 1/.91 0.95 0.00
C/M T|oJir lV lrc uS0 0u S 159./1 0.91 0.00
C/M T|oJir V lrc uS0 0u S 133.+/ 0./5 0.00
C/M uS 0ullo| Sueciol BurJ lrc S /ZZ.1Z .Zc 0.00
C/M wu|lJwiJe S Z3cc.03 1+./9 0.+/
C/Mut lr.estaerts lrc. T Closs S 1Z0.51 Z.00 0.00
L6 Ltd
ther IoteroatiooaI Fuods
C|C 0i.e|siieJ uS0 ,|irol S 1.51 0.1/ 0.00
8 Iovesteot Maoageeot Ltd (8)
8eguIated
Tou|us Eae|ir |urJ |tJ S 19+.9/ 19c.95 3.c 0.00
eoeraIi IoteroatiooaI Liited
|0 Bur 13, Cere|oli |uuse, |i|/el St|eet, St |ete| |u|t, Cue|res], CY1 +|/ 01+c1 /1+10c
IoteroatiooaI Iosuraoces
Cluuol MultiSt|ote] MoroeJ S +.03 +.3+ 0.0+ 0.00
uK MultiSt|ote] MoroeJ f 3.9 +.Z/ 0.03 0.00
Eu MultiSt|ote] MoroeJ C Z.3+ Z.53 0.0Z 0.00
Cluuol BurJ uS0 S 3.0 3.cc 0.00 0.00
eoesis Asset Maoagers LLF
ther IoteroatiooaI Fuods
Eae|ir M|ts l/V f 5.59 0.0 0.00
riIIio breIIa Fuod (I8L)
8eguIated
Eu|uueor 0uuu|turities |urJ / C 131.Z3 0.0 0.00
Eu|uueor 0uuu|turities |urJ B C 9c.95 0.05 0.00
Reroissorce Eoste|r Eu|uueor /llucotiur |urJ C +00.+3 0.09 0.00
Reroissorce Eoste|r Eu|uueor |urJ / C 511.c1 0.1c 0.00
Reroissorce Eoste|r Eu|uueor |urJ B C 109.c3 0.Z 0.00
Reroissorce 0ttuaor |urJ C 13+.95 0.1 0.00
hF Assuraoce Ltd
|0 Bur 1/9, l0M/ |uuse,, |uue Steet, 0uulos,, lsle u Mor, lM99 1|u 01Z+ c13+3
IoteroatiooaI Iosuraoces
|uliJo] ||uue|t] BurJ Se| 1 f 0.5/ 0.00 0.00
|uliJo] ||uue|t] BurJ Se| Z f 0.3 0.00 0.00
h86 Fd Adioistratioo (Jersey) Ltd (JE8)
|SBC |uuse, St. |elie|, Je|se] JE1 1|S 0153+ 05Z0
F8A 8ecogoised
lrtl Ste|lir lrcuae f 1.015 1.0+ 0.000c 3.cZ
haiItoo Laoe Frivate Eguity Fuod FL6 (I8L)
8eguIated
l/V S 10c.05 1.9c
haoo Iovesteot roup
ther IoteroatiooaI Fuods
/sior iTec| S 5.01 0.+c 0.00
/sior Mo||et |eoJe|s uS0 S Z.1 0.0 0.00
/sior Mo||et |eoJe|s CB| f 1Z.c0 0.05 0.00
C|eote| C|iro uS0 S 9.9Z 0.03 0.00
C|eote| C|iro CB| f 3.c5 0.0Z 0.00
0|iertol |ur S|u|t S 9.0c Z.11 0.00
SelecteJ /sior |'uliu S 51.c+ 51.c5 0.Zc 0.00
haussaoo hIdgs N 6uracao
ther IoteroatiooaI Fuods
|oussaor S Z1Z9.// 0.00
|oussaorr |ulJirs lV Cls C C 1c/.+3 0.00 0.00
heartwood WeaIth Maoageeot Liited (I8L)
8eguIated
|eo|twuuJ Cout Multi /sset B /cc 1Z5.Z 0.05 0.00
heritage WeaIth 8IF
ther IoteroatiooaI Fuods
|e|itoe weolt| Sl| Bol. EuR C 99.Z 0.Z/ 0.00
|e|itoe weolt| Sl| Bol. uS0 S 99.0+ 0.ZZ 0.00
herita 8icav
ther IoteroatiooaI Fuods
Eoste|r Eu|uueor |e|itoe EuR C 19+.Z+ 0.+ 0.00
Ere|] |urJ S 95.+ 0.3c 0.00
uS/ C|uwt| S 1Z0.39 1.5/ 0.00
heres Iovesteot Fuods FIc (I8L)
|e|aes lr.estaert Moroeaert |iaiteJ, 1 |u|tsu|er St|eet, |urJur E1 c|Z 0Z0 /c0 3/Z0
F8A 8ecogoised
Cluuol Eae|ir Mo||ets |urJ f 1.cc 1.cc 0.01 0.00
Cluuol Euites Selectiur |urJ | f 1.35 1.35 0.00 0.00
Jouor Euit] |urJ | f 1.0/ 1.0/ 0.01 0.00
|or Eu|uueor Saoll Cou Cuauories |urJ f 1.c1 1.c1 0.00 0.00
0uort Cluuol Euit] |urJ f 1./Z 1./Z 0.00 0.00
Suu|cecou Eu|uueor /lu|o |urJ | f 1.31 1.31 0.00 0.00
Suu|cecou Eu|uue EruK Cls Z CB| /cc f 1.Z 1.Z 0.00
uK Saolle| Cuauories |urJ f 1.91 1.91 0.00 0.00
uK Saoll orJ MiJ Cou Cuauories |urJ f Z./9 Z./9 0.01 0.00
Cluuol lr.estaert C|oJe Z CB| /cc f 1.1/ 1.1/ 0.00 0.00
Cluuol |i| YielJ BurJ |urJ Cls Z CB| /cc f 1.Z 1.Z 0.00 0.00
F8FINI8 Iovesteot Maoagers
ther IoteroatiooaI Fuods
|uu|uuirts lru Tec| uK 0ist f 530.+0 1.19 0.00
Ipax Asset Maoageeot (I8L)
lu|ul| |uuse, 31 St Joaes's Suo|e, |urJur, Sw1Y +JR
F8A 8ecogoised
Er. M|ts ,l|e Stl / f 1./ 0.01 0.00
Er. M|ts ,l|e Stl B f 1.0 0.01 0.00
Er. M|ts ,l|e Eu|u / C 1.+0 0.00 0.00
Er. M|ts ,l|e Eu|u B C 1.10 0.00 0.00
Er. M|ts ,l|e uS0 / S 1.+Z 0.01 0.00
Er. M|ts ,l|e uS0 B S 1.Z 0.01 0.00
/sior Er. M|ts ,l|e Stl B f 0./5 0.01 0.00
INIA ALE INE8IMENI8 LIMIIE (INIL)
www.ir.il.au
ther IoteroatiooaI Fuods
l/V f +.++ 0.03 0.00
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
20

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
Fund Bid Offer D+/- Yield
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FSA Recognised
IVI European Fund EUR 13.02 - 0.08 0.00
IVI European Fund GBP 14.70 - 0.15 0.00
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FSA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 15.86 - -0.02 4.49
Invesco Asia Consumer Demand Fund A income $ 12.39 - 0.03 0.35
Invesco Asia Infrastructure (A) $ 13.65 - -0.01 1.17
Invesco Asia Opportunities Equity A $ 94.46 - -0.35 0.00
Invesco Absolute Return Bond Fund A 2.81 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 14.27 - -0.01 0.00
Invesco Capital Shield 90 (EUR) A 11.58 - -0.01 0.00
Invesco Emerging Europe Equity Fund A $ 11.20 - 0.03 0.00
Invesco Emerging Local Currencies Debt A Inc $ 11.18 - 0.01 5.32
Invesco Emerging Mkt Quant.Eq. A $ 12.03 - -0.02 0.00
Invesco Energy A $ 23.86 - -0.13 0.00
Invesco Euro Corporate Bond Fund (A) 15.45 - 0.01 0.00
Invesco Euro Inflation Linked Bond A 15.32 - 0.05 0.00
Invesco Euro Reserve A 322.63 - 0.00 0.00
Invesco European Bond A 5.88 - 0.01 0.00
Invesco European Growth Equity A 17.21 - 0.01 0.00
Invesco Global Absolute Return Fund A Class 10.79 - -0.01 0.00
Invesco Global Bond A Inc $ 5.72 - 0.00 1.65
Invesco Global Equity Income Fund A $ 46.87 - -0.15 0.00
Invesco Global Inc Real Estate Sec A dist $ 9.10 - 0.03 3.13
Invesco Global Inv Grd Corp Bond A Dist $ 11.39 - 0.03 2.96
Invesco Global Leisure A $ 22.40 - -0.05 0.00
Invesco Global Smaller Comp Eq Fd A $ 39.14 - 0.06 0.00
Invesco Global Structured Equity A $ 32.46 - -0.03 0.99
Invesco Global Total Ret.(EUR) Bond Fund A 12.05 - 0.02 0.00
Invesco Gold & Precious Metals A $ 8.96 - -0.06 0.00
Invesco Greater China Equity A $ 35.96 - -0.09 0.00
Invesco India Equity A $ 38.01 - -0.31 0.00
Invesco Japanese Equity Adv Fd A 2055.00 - -4.00 0.00
Invesco Japanese Value Eq Fd A 680.00 - -3.00 0.00
Invesco Latin American Equity A $ 10.77 - 0.11 0.00
Invesco Nippon Small/Mid Cap Equity A 512.00 - 2.00 0.00
Invesco Pan European Equity A EUR Cap NAV 13.02 - 0.04 0.00
Invesco Pan European High Income Fd A 11.96 - 0.02 4.61
Invesco Pan European Small Cap Equity A 13.52 - 0.00 0.00
Invesco Pan European Structured Equity A 11.06 - 0.01 0.00
Invesco UK Investment Grade Bond A 0.94 - 0.00 3.10
Invesco US Structured Equity A $ 15.50 - -0.11 0.00
Invesco US Value Eq Fd A $ 23.37 - -0.14 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FSA Recognised
Invesco Stlg Bd A QD F 2.55 - 0.00 4.79
Invesco Asian Equity A $ 5.83 - 0.00 0.36
Invesco ASEAN Equity A $ 103.62 - -0.04 0.33
Invesco Bond A $ 29.47 - 0.08 1.92
Invesco Continental Eurp Small Cap Eqty A $ 137.66 - 0.35 0.44
Invesco Emerging Markets Equity A $ 37.65 - 0.12 0.00
Invesco Emerging Markets Bond A $ 23.31 - 0.04 4.63
Invesco Continental European Equity A 5.42 - 0.01 1.18
Invesco Gilt A 14.09 - 0.01 2.57
Invesco Global Small Cap Equity A NAV $ 93.42 - 0.18 0.00
Invesco Global High Income A NAV $ 13.75 - 0.02 5.41
Invesco Gbl R/Est Secs A GBP F F 6.52 - 0.03 1.05
Invesco Global Health Care A $ 80.24 - -0.49 0.00
Invesco Global Select Equity A $ 11.09 - -0.01 0.00
Invesco Jap Eqty Core A $ 1.35 - 0.00 0.30
Invesco Japanese Equity A $ 14.91 - 0.01 0.00
Invesco Korean Equity A $ 23.19 - 0.04 0.00
Invesco PRC Equity A $ 45.80 - 0.08 0.00
Invesco Pacific Equity A $ 39.37 - 0.21 0.37
Invesco Global Technology A $ 11.21 - -0.03 0.00
Invesco UK Eqty A 6.08 - 0.03 1.74
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 93.98 - 0.45 0.00
Invest AD - Emerging Africa Fund $ 1059.86 - 6.61 -
Invest AD - GCC Focus Fund $ 1022.60 - 2.69 -
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 11.90 - 0.00 -
Euro Liquidity I Inc EUR * 1.00 - 0.00 0.01
Short Dated Bd A Acc GBP * 13.05 - 0.00 -
Short Dated Bd I Acc GBP * 13.95 - 0.00 -
Sterling Liquidity A Acc GBP * 13.17 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.29
US$ Liquidity A Acc USD * $ 11.96 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.16
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa Opps A Acc USD $ 19.74 - 0.08 0.41
American Equity A Acc USD $ 15.89 - -0.10 0.00
American Equity A Inc USD $ 74.31 - -0.46 0.00
Asia Pacific Eq. A Acc USD $ 26.31 - -0.04 0.76
Asia Pacific Eq. A Inc USD $ 26.04 - -0.04 0.81
Asian Equity A Acc USD $ 20.12 - -0.02 0.41
Asian Equity A Inc USD $ 29.51 - -0.03 0.37
Continental European Equity A Inc USD $ 370.24 - 1.76 0.79
Continental European Equity A Acc USD $ 15.48 - 0.07 0.77
EAFE A Inc USD $ 15.83 - 0.04 0.38
Emrg Mkts Blended Debt A Acc USD $ 22.96 - 0.04 4.82
Emrg Mkts Blended Debt A Inc USD $ 20.79 - 0.03 4.83
Emrg Mkts Corp Debt A Acc USD $ 22.59 - 0.04 2.89
Emrg Mkts Corp Debt A Inc USD $ 20.53 - 0.04 -
Emrg Mkts Curr A Acc USD $ 20.20 - 0.01 2.87
Emrg Mkts Curr Alpha A Acc USD $ 19.16 - 0.03 0.00
Emrg Mkts Equity A Acc USD $ 18.08 - -0.02 0.00
Emrg Mkts Hard Curr Debt A Inc USD $ 23.27 - 0.01 2.66
Emrg Mkts Local Curr Debt A Acc USD $ 29.01 - 0.05 6.39
Emrg Mkts Local Curr Debt A Inc USD $ 20.66 - 0.03 6.39
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 22.01 - 0.04 5.69
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 19.81 - 0.04 5.71
Emerging Markets Multi-Asset A Acc USD $ 22.14 - 0.02 -
Emerging Markets Multi-Asset A Inc USD $ 21.97 - 0.02 -
Enhanced Gbl Energy A Acc USD $ 16.42 - -0.04 0.00
Enhanced Nat Resources A Acc USD $ 19.34 - -0.11 0.00
Euro Money A Acc EUR 69.01 - 0.00 0.00
Euro Money A Inc EUR 26.10 - 0.00 0.00
Global Bond A Acc USD $ 100.87 - -0.02 1.07
Global Bond A Inc USD $ 45.97 - 0.00 1.08
Global Contrarian Equity A Acc USD $ 22.33 22.33 -0.02 0.00
Global Dynamic A Acc USD $ 103.58 - -0.13 0.00
Global Dynamic A Inc USD $ 102.80 - -0.13 0.00
Global Energy A Acc USD $ 17.39 - -0.04 0.27
Global Energy A Inc USD $ 305.41 - -0.74 0.18
Global Energy Long Short A Acc USD $ 16.87 - -0.03 0.00
Global Equity A Acc USD $ 235.56 - -0.68 0.00
Global Equity A Inc USD $ 233.58 - -0.68 0.00
Global Franchise A Acc USD $ 32.46 - -0.06 0.67
Global Franchise A Inc USD $ 32.10 - -0.06 0.69
Global Gold A Acc USD $ 20.95 - -0.22 0.00
Global Gold A Inc USD $ 75.50 - -0.81 0.00
Global Natural Resources A Acc USD $ 10.36 - -0.05 0.00
Global Natural Resources A Inc USD $ 10.36 - -0.05 0.00
Global Opp Equity A Inc USD $ 24.78 - -0.06 0.20
Global Strat Equity A Acc USD $ 16.58 - -0.05 0.00
Global Strat Equity A Inc USD $ 90.16 - -0.31 0.00
Global Strategic Inc A Acc USD $ 26.45 - 0.02 3.87
Global Strategic Inc A Inc USD $ 21.16 - 0.01 3.88
Fund Bid Offer D+/- Yield
Global Strat Managed A Acc USD $ 98.62 - -0.03 0.15
Global Strat Managed A Inc USD $ 43.18 - -0.01 0.16
High Income Bond A Acc GBP Hdg 70.46 - 0.07 6.62
High Income Bond A Inc GBP Hdg 17.80 - 0.02 6.62
Inv Grade Corp Bond A Acc USD $ 21.12 - 0.03 4.01
Inv Grade Corp Bond A Inc USD $ 30.02 - 0.04 4.01
Latin Amer.Corp.Debt A Acc USD $ 25.42 - 0.02 5.60
Latin Amer.Corp.Debt A Inc USD $ 20.26 - 0.02 5.63
Latin Amer.Eq. A Acc USD $ 21.45 - 0.14 0.72
Latin Amer.Sm Cos A Acc USD $ 25.74 - 0.14 -
Managed Currency A Acc USD $ 130.65 - -0.01 0.00
Managed Currency A Inc USD $ 35.25 - 0.00 0.00
Sterling Money A Acc GBP 56.43 - 0.00 0.05
Sterling Money A Inc GBP 9.96 - 0.00 0.05
UK Equity A Acc GBP 11.13 - 0.03 1.35
UK Equity A Inc GBP 62.08 - 0.15 1.37
US Dollar Money A Acc USD $ 65.62 - 0.00 0.01
US Dollar Money A Inc USD $ 20.06 - 0.00 0.01
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources A USD $ 29.27 - 0.16 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I USD $ 21.28 - 0.03 -
Global Diversified Growth A USD $ 29.40 - 0.04 -
Investec Premier Funds PCC Ltd
Africa A USD $ 20.76 21.85 -1.09 -
Pan Africa A USD $ 28.15 29.64 -1.05 -
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret Acc 51.04 - 0.05 -
Diversified Real Ret Inc 50.96 - 0.05 -
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FSA Recognised
Equity US
JF America Eq A (dist)-USD (1) F $ 50.96 - 0.47 -
JF US Smaller Co.A (dist)-USD (1) $ 17.13 - 0.12 -
JF US Value A (dist)-USD (1) $ 14.57 - 0.13 -
JPM Am Eq A (acc)-USD (1) F $ 12.52 - 0.12 -
JPM Am Eq A (dist)-USD (1) $ 94.97 - 0.86 -
JPM Am Eq A (acc)-EUR Hdg (1) F 7.66 - 0.07 -
JPM Am L Cap A (acc)-EUR (1) F 11.62 - 0.02 -
JPM Am L Cap A (acc)-USD (1) F $ 13.08 - 0.13 -
JPM Am L Cap A (dist)-USD (1) F $ 11.62 - 0.12 -
JPM US Smaller Co.A (acc)-USD (1) F $ 11.50 - 0.08 -
JPM US Smaller Co.A (dist)-USD (1) $ 116.89 - 0.84 -
JPM H US STEEP A (acc)-EUR (1) F 9.66 - -0.02 -
JPM H US STEEP A (dist)-GBP (1) F 12.16 - 0.03 -
JPM US Value A (acc)-EUR Hdg (1) F 8.01 - 0.07 -
JPM H US STEEP A (inc)-EUR (1) F 9.51 - -0.02 -
JPM H US STEEP A (acc)-USD (1) F $ 12.83 - 0.08 -
JPM US Dyn A (acc)-EUR (1) 6.96 - 0.01 -
JPM US Dyn A (acc)-USD (1) F $ 11.08 - 0.11 -
JPM US Dyn A (dist)-USD (1) $ 15.27 - 0.15 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.61 - 0.06 -
JPM US Growth A (acc)-USD (1) F $ 13.24 - 0.11 -
JPM US Growth A (dist)-GBP (1) F 6.25 - 0.03 -
JPM US Growth A (dist)-USD (1) F $ 7.09 - 0.06 -
JPM US Select 130/30 A (acc)-EUR Hdg (1) F 7.59 - 0.08 -
JPM US Select 130/30 A (acc)-USD (1) F $ 10.83 - 0.12 -
JPM US Select 130/30 A (dist)-GBP (1) F 7.05 - 0.06 -
JPM US Select 130/30 A (dist)-USD (1) F $ 11.02 - 0.13 -
JPM US Sm Cap Grth A (acc)-EUR (1) F 71.53 - -0.05 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 9.62 - 0.04 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 14.95 - 0.11 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 102.94 - 0.75 -
JPM US Value A (dist)-GBP (1) F 14.66 - 0.08 -
JPM US Value A (acc)-USD (1) F $ 13.36 - 0.11 -
JPM US Value A (dist)-USD (1) F $ 16.67 - 0.14 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 7.34 - 0.06 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 10.47 - 0.08 -
JPM US DYN 130/30 A (dist)-GBP (1) F 8.12 - 0.04 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 129.84 - 1.02 -
Equity Asia
JF ASEAN Equity A (acc)-SGD (1) F S$ 17.17 - 0.03 -
JF Asia Al+ A (acc)-USD (1) $ 21.45 - 0.09 -
JF Asia P ExJapEq A (dist)-GBP (1) F 17.65 - 0.00 -
JF Asia P ExJapEq A (acc)-USD (1) F $ 18.78 - 0.07 -
JF Asia P ExJapEq A (dist)-USD (1) $ 47.41 - 0.16 -
JF Asia P ExJapEq A (acc)-SGD (1) F S$ 12.92 - 0.05 -
JF China A (acc)-USD (1) F $ 26.56 - 0.15 -
JF China A (acc)-SGD (1) F S$ 10.82 - 0.07 -
JF China A (dist)-HKD (1) F HK$ 9.97 - 0.06 -
JF China A (dist)-USD (1) $ 42.89 - 0.25 -
JF Greater China A (acc)-SGD (1) F S$ 13.73 - 0.07 -
JF Greater China A (acc)-USD (1) F $ 22.35 - 0.10 -
JF Greater China A (dist)-HKD (1) FHK$ 11.75 - 0.05 -
JF Greater China A (dist)-USD (1) F $ 27.64 - 0.13 -
JF Hong Kong A (acc)-USD (1) F $ 18.20 - 0.12 -
JF Hong Kong A (dist)-HKD (1) F HK$ 10.73 - 0.07 -
JF Hong Kong A (dist)-USD (1) F $ 47.20 - 0.31 -
JF India A (acc)-SGD (1) F S$ 13.18 - 0.19 -
JF India A (acc)-USD (1) F $ 24.45 - 0.34 -
JF India A (dist)-GBP 72.29 - 0.77 -
JF India A (dist)-USD (1) $ 71.92 - 0.99 -
JF Korea Eq A (acc)-USD (1) F $ 10.41 - 0.06 -
JF Korea Eq A (acc)-EUR (1) F 7.89 - 0.03 -
JF Korea Eq A (dist)-USD (1) F $ 10.83 - 0.05 -
JF Singapore A (acc)-SGD (1) F S$ 16.79 - 0.02 -
JF Japan Eq A (acc)-EUR (1) F 4.75 - 0.05 -
JF Japan Eq A (dist)-GBP (1) F 5.93 - 0.09 -
JF Japan Eq A (acc)-JPY (1) 477.00 - 12.00 -
JF Japan Eq A (acc)-USD (1) F $ 7.54 - 0.14 -
JF Japan Eq A (dist)-USD (1) $ 18.99 - 0.35 -
JF Japan Sm Cap A (acc)-USD (1) F $ 6.78 - 0.03 -
JF Japan Sm Cap A (dist)-USD (1) $ 6.45 - 0.02 -
JF Pacific Eq A (acc)-EUR (1) F 9.23 - 0.02 -
JF Pacific Eq A (dist)-GBP (1) F 12.65 - 0.09 -
JF Pacific Eq A (acc)-USD (1) $ 13.76 - 0.14 -
JF Pacific Eq A (dist)-USD (1) $ 64.21 - 0.63 -
JF Singapore A (acc)-USD (1) F $ 28.05 - 0.02 -
JF Singapore A (dist)-USD (1) F $ 35.66 - 0.03 -
JF Taiwan A (acc)-EUR (1) F 15.06 - -0.14 -
JF Taiwan A (acc)-USD (1) F $ 15.85 - -0.02 -
JF Taiwan A (dist) HKD (1) F HK$ 11.96 - -0.02 -
JF Taiwan A (dist)-USD (1) F $ 13.47 - -0.02 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 79.54 - 2.15 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-USD (1) F $ 9.35 - 0.18 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 10.92 - 0.21 -
JPM Brazil Equity A (acc)-EUR (1) F 60.89 - 0.71 -
JPM Brazil Equity A (dist)-USD (1) F $ 8.91 - 0.18 -
JF Eastern Europe Eq A (dist)-EUR (1) F 29.88 - 0.08 -
JF Latin Am Eq A (dist)-USD (1) F $ 42.46 - 0.59 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 18.61 - 0.05 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 124.79 - 1.31 -
JPM Eastern Europe Eq A (dist)-EUR (1) 44.67 - 0.12 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 17.04 - 0.04 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 21.08 - 0.21 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 58.63 - 0.57 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 13.47 - 0.13 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 12.76 - 0.03 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 7.22 - 0.00 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 15.91 - 0.06 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 15.40 - 0.06 -
JPM Em Mkt Eq A (dist)-GBP (1) F 32.64 - 0.14 -
JPM Em Mkt Eq A (acc)-EUR (1) F 13.65 - 0.00 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 22.74 - 0.17 -
JPM Em Mkt Eq A (dist)-USD (1) $ 31.71 - 0.23 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 14.92 - 0.01 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 7.91 - 0.07 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 9.92 - 0.02 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 102.93 - -0.49 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 103.51 - -0.49 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 83.53 - 0.01 -
JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 15.66 - 0.05 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 13.84 - 0.11 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 8.02 - -0.01 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 5.96 - 0.02 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 10.63 - 0.07 -
JPM Latin Am Eq A (acc)-USD (1) F $ 31.78 - 0.44 -
JPM Latin Am Eq A (dist)-USD (1) $ 58.69 - 0.81 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 13.21 - 0.19 -
Fund Bid Offer D+/- Yield
JPM Russia A (acc)-USD (1) F $ 12.41 - 0.13 -
JPM Russia A (dist)-USD (1) F $ 12.05 - 0.12 -
JPM Turkey Eq A (dist)-EUR (1) 21.43 - -0.17 -
Equity Europe
JF Euroland Eq A (dist)-USD (1) F $ 7.59 - 0.10 -
JF Europe Dynamic A (dist)-EUR (1) 14.91 - 0.16 -
JF Europe Eq A (dist)-USD (1) F $ 36.29 - 0.51 -
JF Europe Sm Cap A (dist)-EUR (1) F 10.97 - 0.08 -
JF Germany Eq A (dist)-EUR (1) F 21.53 - 0.16 -
JPM Euroland Eq A (acc)-EUR (1) F 10.30 - 0.05 -
JPM Euroland Eq A (dist)-EUR (1) 31.90 - 0.16 -
JPM Euroland Eq A (inc)-EUR (1) F 5.66 - 0.02 -
JPM Europe Dyn A (dist)-EUR (1) F 13.04 - 0.14 -
JPM Europe Dyn A (acc)-EUR (1) F 14.39 - 0.15 -
JPM Europe Dyn A (dist)-GBP (1) F 16.16 - 0.25 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 10.28 - 0.11 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 10.47 - 0.20 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 8.05 - 0.09 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 7.77 - 0.09 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 11.63 - 0.06 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 20.05 - 0.10 -
JPM Europe Eq A (acc)-EUR (1) F 10.97 - 0.06 -
JPM Europe Eq A (dist)-EUR (1) 33.45 - 0.20 -
JPM Europe Eq A (cap)-USD (1) F $ 13.96 - 0.19 -
JPM Europe Focus A (acc)-EUR (1) F 9.96 - 0.09 -
JPM Europe Focus A (acc)-USD (1) F $ 12.21 - 0.20 -
JPM Europe Focus A (dist)-EUR (1) F 8.34 - 0.07 -
JPM Europe Micro Cap A (acc)-EUR (1) F 11.30 - 0.06 -
JPM Europe Micro Cap A (dist)-EUR (1) F 11.04 - 0.06 -
JPM Europe 130/30 A (acc)-EUR (1) F 9.56 - 0.01 -
JPM Europe 130/30 A (acc)-USD (1) F $ 13.87 - 0.13 -
JPM Europe Sel 130/30 A (acc)-EUR (1) F 8.08 - 0.05 -
JPM Europe Sel 130/30 A (acc)-USD (1) F $ 12.05 - 0.17 -
JPM Europe Sel 130/30 A (dist)-EUR (1) F 10.74 - 0.06 -
JPM Europe Sel 130/30 A (dist)-GBP (1) F 5.97 - 0.07 -
JPM Europe Sm Cap A (acc)-EUR (1) F 13.50 - 0.10 -
JPM Europe Sm Cap A (dist)-EUR (1) 36.94 - 0.27 -
JPM Europe Sm Cap A (dist)-GBP (1) F 14.94 - 0.18 -
JPM Europe Strat Grth A (acc)-EUR (1) F 13.59 - 0.08 -
JPM Europe Strat Grth A (dist)-EUR (1) F 8.44 - 0.05 -
JPM Europe Strat Grth A (dist)-GBP (1) F 12.57 - 0.13 -
JPM Europe Strat Val A (dist)-EUR (1) F 11.13 - 0.06 -
JPM Europe Strat Val A (acc)-EUR (1) F 10.06 - 0.06 -
JPM Europe Strat Val A (dist)-GBP (1) F 13.87 - 0.15 -
JPM Europe 130/30 A (dist)-EUR (1) F 8.74 - 0.01 -
JPM Europe 130/30 A (dist)-GBP (1) F 7.13 - 0.04 -
JPM Germany Eq A (dist)-EUR (1) F 8.67 - 0.07 -
JPM Germany Eq A (acc)-EUR (1) F 16.99 - 0.13 -
JPM Global Dyn A (acc)-SGD (1) F S$ 14.39 - 0.17 -
JPM Global Div A (div) - USD (1) $ 111.03 - 0.99 -
JPM High Eur STEEP A (dist)-GBP (1) F 10.02 - 0.05 -
JPM High Eur STEEP A (acc)-EUR (1) F 11.87 - 0.01 -
JPM High Eur STEEP A (acc)-USD (1) F $ 15.82 - 0.14 -
JPM High Eur STEEP A (inc)-EUR (1) F 11.28 - 0.00 -
JPM Turkey Eq A (acc)-EUR (1) 15.41 - -0.12 -
JPM UK Eq A (acc)-GBP (1) F 12.19 - 0.11 -
JPM UK Eq A (dist)-GBP (1) 7.65 - 0.07 -
Equity Global
JF Gbl Dyn A (dist)-USD (1) F $ 13.79 - 0.15 -
JF Gbl Uncstr Eq (USD) A (dist)-USD (1) $ 38.81 - 0.37 -
JPM Gbl Div A (acc)-EUR (1) F 84.10 - 0.08 -
JPM Gbl Div A (div)-EUR Hdg (1) 78.38 - 0.58 -
JPM Gbl Dyn A (dist)-GBP (1) F 13.05 - 0.10 -
JPM Gbl Dyn A (acc)-USD (1) F $ 12.75 - 0.14 -
JPM Gbl Dyn A (dist)-USD (1) F $ 14.99 - 0.16 -
JPM Gbl Dyn A (acc)-EUR (1) F 7.18 - 0.02 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 121.55 - 1.11 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 5.51 - 0.05 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 11.98 - 0.12 -
JPM Gbl Dyn A (inc)-EUR (1) F 7.30 - 0.02 -
JPM Gbl Focus A (acc)-EUR (1) F 16.08 - 0.04 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 141.55 - 1.19 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 8.72 - 0.07 -
JPM Gbl Focus A (dist)-EUR (1) 21.54 - 0.05 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 6.30 - 0.04 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 9.63 - 0.06 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 5.74 - 0.04 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 162.71 - 1.36 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 110.41 - 0.92 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 10.26 - 0.10 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 6.11 - 0.06 -
JPM Gbl Uncstr Eq (USD) A (acc)-EUR Hdg (1) 6.34 - 0.04 -
JPM Gbl Uncstr Eq (USD) A (acc)-EUR (1) 77.42 - 0.13 -
JPM Gbl Uncstr Eq (USD) A (acc)-USD (1) $ 11.60 - 0.11 -
JPM Gbl Uncstr Eq (USD) A (dist)-EUR Hdg (1) 5.99 - 0.04 -
JPM Gbl Uncstr Eq (USD) A (dist)-USD (1) $ 22.44 - 0.22 -
Equity Sector
JF Europe Tech A (dist)-EUR (1) F 5.53 - 0.07 -
JF Pacific Tech A (acc)-EUR (1) F 12.86 - 0.02 -
JF Pacific Tech A (acc)-USD (1) F $ 16.15 - 0.15 -
JF Pacific Tech A (dist)-USD (1) F $ 10.47 - 0.10 -
JF Pacific Tech A (dist)-GBP (1) F 12.07 - 0.08 -
JF US Tech A (dist)-USD (1) F $ 2.07 - 0.02 -
JPM Europe Tech A (acc)-EUR (1) F 15.96 - 0.18 -
JPM Europe Tech A (dist)-EUR (1) F 10.27 - 0.12 -
JPM Europe Tech A (dist)-GBP (1) F 7.97 - 0.12 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 13.29 - 0.03 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 17.32 - 0.18 -
JPM Gbl Nat Resources Fd (1) F S$ 16.38 - -0.01 -
JPM Gbl Natural Res A (dist)-EUR (1) F 14.67 - -0.14 -
JPM Gbl Natural Res A (acc)-EUR (1) F 17.03 - -0.16 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 13.86 - -0.02 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 13.76 - 0.08 -
JPM US Tech A (acc)-EUR (1) F 101.00 - 0.47 -
JPM US Tech A (dist)-GBP (1) F 1.78 - 0.02 -
JPM US Tech A (acc)-SGD (1) S$ 12.98 - 0.17 -
JPM US Tech A (acc)-USD (1) F $ 14.18 - 0.17 -
JPM US Tech A (dist)-USD (1) F $ 7.17 - 0.09 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 18.17 - -0.01 -
JPM Africa Eq A (acc)-USD (1) F $ 11.30 - 0.09 -
JPM Africa Eq A (dist)-GBP (1) F 7.54 - 0.04 -
JPM Africa Eq A (inc)-EUR (1) F 72.19 - -0.02 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 12.06 - -0.01 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 102.10 - -0.15 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 130.54 - -0.19 -
JPM Em Mkt Debt A (acc)-USD (1) F $ 18.14 - 0.02 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.78 - 0.00 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.87 - 0.01 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.59 - 0.01 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 21.73 - 0.09 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 11.50 - 0.05 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 77.65 - 0.01 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.58 - 0.02 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 12.25 - 0.05 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 10.17 - 0.04 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 79.25 - -0.06 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 12.07 - 0.04 1.50
Europe Convertible Bd B (Cap) 13.38 - 0.04 0.00
Global Convertible A (Dis) F $ 17.68 - 0.02 0.74
Global Convertible B (Cap) F $ 20.67 - 0.03 0.00
Global Convertible A Hdg GBP(Dis) F 11.35 - 0.01 0.71
Global Convertible B Hdg GBP (Cap) F 13.17 - 0.01 0.00
Global Convertible Hdg A (Cap) F $ 16.83 - 0.02 0.78
Global Convertible B Hdg (Dis) F $ 19.70 - 0.01 0.00
Global Convertible A Hdg EUR(Dis) F 13.93 - 0.01 0.72
Global Convertible B Hdg EUR (Cap) F 14.87 - 0.01 0.00
Global Convertible A Hdg CHF (Dis) FSFr 20.23 - 0.01 0.60
Global Convertible B Hdg CHF (Cap) FSFr 22.03 - 0.01 0.00
Jubilee Financial Products LLP
Other International Funds
Jubilee Emerging Europe Momentum Fund 99.81 - - -
Fund Bid Offer D+/- Yield
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 75.08 - 0.04 2.94
JB BF Absolute Ret Def-EUR/A 104.43 - -0.01 2.41
JB BF Absolute Ret Def-GBP/A 104.37 - 0.00 2.31
JB BF Absolute Ret EM-CHF SFr 102.98 - 0.03 0.00
JB BF Absolute Ret EM-EUR/A 103.93 - 0.04 2.81
JB BF Absolute Ret EM-USD/A $ 102.21 - 0.04 2.86
JB BF Absolute Ret Pl-EUR/A 104.43 - -0.02 2.99
JB BF Absolute Ret Pl-GBP/A 110.64 - -0.03 2.78
JB BF Absolute Ret Pl-USD/A $ 110.83 - -0.02 2.78
JB BF Absolute Return GBP/A 107.67 - -0.02 2.25
JB BF Absolute Return-GBP/B 125.39 - -0.02 0.00
JB BF Absolute Return-EUR/A 102.14 - -0.02 2.42
JB BF Absolute Return-USD/A $ 104.51 - -0.02 2.31
JB BF Cred Opportunities-EUR/B 158.36 - 0.22 0.00
JB BF Credit Opportunities-USD $ 111.32 - 0.16 0.00
JB BF Dollar-USD/A $ 112.51 - 0.11 3.40
JB BF Dollar Med Term-USD/A $ 120.41 - 0.02 2.24
JB BF EM Infl Linked-CHF/A SFr 100.22 - 0.25 7.31
JB BF EM Infl Linked-EUR/A 101.26 - 0.26 7.33
JB BF EM Infl Linked-GBP/A 100.03 - 0.26 7.32
JB BF EM Infl Linked-USD/A $ 101.89 - 0.27 7.30
JB BF Emerging-CHF/A SFr 109.87 - 0.12 -
JB BF Emerging-EUR/A 138.39 - 0.19 5.33
JB BF Emerging-USD/A $ 161.04 - 0.20 4.24
JB BF Euro Government-EUR/A 107.62 - 0.20 3.50
JB BF Euro-EUR/A 122.57 - 0.12 3.61
JB BF Global Convert-EUR/A 66.63 - 0.11 1.14
JB BF Global High Yield-EUR/A 105.91 - 0.22 6.76
JB BF Global High Yield GBP/A 100.35 - 0.20 6.79
JB BF Global High Yield-USD/A $ 116.18 - 0.23 6.12
JB BF Inflation Linked-CHF/B SFr 107.90 - 0.09 0.00
JB BF Local Emerging-CHF/A SFr 103.38 - 0.29 4.25
JB BF Local Emerging-EUR/A 104.27 - 0.30 4.21
JB BF Local Emerging-GBP/A 117.10 - 0.34 3.93
JB BF Local Emerging-USD/A $ 140.68 - 0.41 3.89
JB BF Swiss Franc-CHF/B SFr 189.46 - -0.15 0.00
JB BF Total Return-CHF SFr 105.96 - -0.02 0.00
JB BF Total Return-EUR/A 45.52 - 0.00 3.21
JB Commodity-EUR/A 72.54 - 0.01 1.43
JB Commodity-EUR/B 84.89 - 0.02 0.00
JB Commodity-USD/A $ 82.18 - 0.01 1.86
JB Commodity-USD/B $ 96.61 - 0.02 0.00
JB EF Abs Ret Europe-EUR/A 110.53 - 0.22 0.09
JB EF Abs Ret Europe-EUR/B 110.62 - 0.21 0.00
JB EF Asia-USD/A $ 121.44 - -0.37 1.22
JB EF Biotech-USD/A $ 148.14 - -1.75 0.07
JB EF Black Sea-EUR/A 29.84 - -0.11 3.95
JB EF Black Sea-USD/A $ 29.56 - 0.00 4.07
JB EF Central Europe-EUR/A 194.31 - -0.38 2.20
JB EF Chindonesia-USD/A $ 94.14 - -0.28 0.16
JB EF Chindonesia-USD/B $ 94.39 - -0.28 0.00
JB EF Energy Transition-EUR/B 117.79 - 0.02 0.00
JB EF Energy Transition-USD/B $ 123.05 - 0.47 0.00
JB EF Euro Large Cap-EUR 111.15 - 0.42 0.00
JB EF Euroland Value-EUR/A 112.52 - 0.39 2.61
JB EF Europe Sel.Fd-EUR/A 60.14 - 0.45 2.07
JB EF Europe S&Mid Cap-EUR/A 116.91 - 1.06 1.01
JB EF Europe-EUR/A 173.56 - 1.07 1.81
JB EF Global-EUR/A 65.53 - -0.39 2.14
JB EF German Value-EUR/A 167.27 - 0.51 2.50
JB EF Gl Emerging Mkts-EUR/A 73.43 - 0.35 1.67
JB EF Health Opport - USD/A $ 127.00 - -1.15 0.12
JB EF Health Opport-USD/B $ 127.21 - -1.15 0.00
JB EF Japan-JPY/A 8106.00 - -18.00 1.92
JB EF Luxury Brands-EUR/A 168.82 - 0.14 0.27
JB EF Luxury Brands-USD/A $ 151.49 - 0.65 0.24
JB EF Luxury Brands-GBP/B 103.31 - 0.30 0.00
JB EF Special Val. EUR/A 99.32 - -0.09 1.58
JB EF Swiss S&Mid Cap-CHF/B SFr 393.47 - 1.57 0.00
JB EF US Leading-USD/A $ 287.66 - -2.23 0.24
JB EF US Value-USD/A $ 123.47 - -0.83 0.33
JB Ms Africa Opp.-EUR/B 92.98 - 0.94 -
JB Ms Global Sel. EUR/B 100.49 - 0.27 0.00
JB Strategy Balanced-CHF/B SFr 134.34 - 0.08 0.00
JB Strategy Balanced-EUR 134.18 - 0.10 0.00
JB Strategy Balanced-USD/B $ 117.14 - 0.02 0.00
JB Strategy Inc-CHF/B SFr 113.84 - 0.04 0.00
JB Strategy Inc-EUR/B 145.66 - 0.05 0.00
JB Strategy Inc-USD/B $ 138.11 - 0.02 0.00
JB Strategy Growth-CHF/B SFr 81.49 - 0.08 0.00
JB Strategy Growth-EUR 96.48 - 0.12 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Multi Strategy E1 (Est) 1629.20 - 0.86 0.00
Kairos Multi Strategy E2 (Est) 1216.33 - 0.53 0.00
Kairos Multi Strategy E3 (Est) 1179.84 - 0.40 0.00
Kairos Multi Strategy D1 (Est) $ 1742.83 - -1.19 0.00
Kairos Multi Strategy D2 (Est) $ 1280.34 - -0.99 0.00
Kames Capital ICVC (UK)
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.24 - 0.00 2.06
Ethical Cautious Managed A Inc 1.08 - 0.00 2.09
Ethical Corporate Bond A Acc 1.74 - 0.00 3.70
Ethical Corporate Bond A Inc 1.07 - 0.00 3.70
Ethical Equity A Acc 1.18 - 0.00 1.62
High Yield Bond A Acc 1.06 - 0.00 5.20
High Yield Bond A Inc 0.55 - 0.00 5.20
Inflation Linked A Acc 1.19 - -0.01 -
Investment Grade Bond A Acc 1.38 - 0.00 3.58
Investment Grade Bond A Inc 1.09 - 0.00 3.58
Sterling Corporate Bond A Acc 0.61 - 0.00 3.92
Sterling Corporate Bond A Inc 0.29 - 0.00 3.91
Strategic Assets A Acc 0.96 - 0.00 1.11
Strategic Bond A Acc 1.67 - 0.00 2.49
Strategic Bond A Inc 1.16 - 0.00 2.49
UK Equity Absolute Return A Acc 1.08 - 0.00 -
UK Equity A Acc 1.80 - 0.01 1.64
UK Equity Income A Acc 1.55 - 0.00 4.17
UK Equity Income A Inc 1.35 - 0.00 4.29
UK Opportunities A Acc 1.20 - 0.00 1.12
UK Smaller Companies A Acc 1.72 - 0.00 0.36
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.34 - -0.02 -
High Yield Global Bond A GBP Inc 5.32 - 0.01 5.20
High Yield Global Bond B GBP Inc 11.06 - 0.02 5.72
Investment Grade Global Bd A GBP Inc 5.41 - 0.01 2.12
Strategic Global Bond A GBP Inc 10.67 - -0.01 1.47
Strategic Global Bond B GBP Inc 6.05 - -0.01 1.98
Key Asset Management
Other International Funds
Key Hedge (Est) $ 407.72 - 1.63 0.00
Key Europe Inc 173.82 - 0.67 0.00
Key Recovery (Est) $ 171.78 - 0.21 0.00
Key Global Inc $ 569.42 - 2.78 0.00
Kleinwort Benson (Channel Islands) Investment Management Limited (JER)
Regulated
Kleinwort Benson Global Funds Limited
Bond & Equity 4.60 - -0.05 4.34
Kleinwort Benson (CI) Fund Services Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.06 - 0.00 0.00
Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -
EUR Currency B EUR Accumulating Non-Rpt 1.00 - 0.00 -
EUR Fixed Income B EUR Income Rpt 1.02 - 0.00 -
GBP Currency B GBP Accumulating Non-Rpt 1.00 - 0.00 -
Fund Bid Offer D+/- Yield
International Bond B GBP Accumulating Non-Rpt 0.99 - -0.01 -
International Equity B GBP Accumulating Non-Rpt 1.01 - 0.01 -
Multi Asset Balanced A GBP Income Rpt 1.30 - 0.01 0.00
Multi Asset Balanced A GBP Reinvest Rpt 1.30 - 0.01 0.00
Multi Asset Balanced B GBP Income Rpt 1.26 - 0.01 0.00
Multi Asset Balanced B EUR Accumulating Non-Rpt 1.00 - 0.01 -
Multi Asset Balanced B GBP Accumulating Non-Rpt 1.01 - 0.01 -
Multi Asset Balanced B USD Accumulating Non-Rpt $ 1.00 - 0.01 -
Multi Asset Balanced C GBP Income Ppt 1.32 - 0.01 -
Multi Asset Conservative A GBP Income Rpt 1.05 - 0.00 0.00
Multi Asset Conservative A GBP Reinvest Rpt 1.05 - 0.00 1.47
Multi Asset Conservative B EUR Accumulating Non-Rpt 1.00 - 0.00 -
Multi Asset Conservative B GBP Accumulating Non-Rpt 1.00 - 0.00 -
Multi Asset Conservative B GBP Income Rpt 1.03 - 0.00 1.51
Multi Asset Conservative B USD Accumulating Non-Rpt $ 1.00 - 0.00 -
Multi Asset Conservative C GBP Income Rpt 1.07 - 0.00 -
Multi Asset Growth A GBP Reinvest Rpt 1.09 - 0.01 0.00
Multi Asset Growth A GBP Income Rpt 1.09 - 0.01 0.00
Multi Asset Growth B EUR Accumulating Non-Rpt 1.00 - 0.01 -
Multi Asset Growth B GBP Accumulating Non-Rpt 1.01 - 0.01 -
Multi Asset Growth B GBP Income Rpt 1.01 - 0.01 -
Multi Asset Growth B USD Accumulating Non-Rpt $ 1.01 - 0.01 -
Sterling Fixed Income A GBP Income Rpt 11.61 - -0.03 3.38
Sterling Fixed Income B GBP Income Rpt 1.01 - 0.00 -
USD Currency B USD Accumulating Non-Rpt $ 1.00 - 0.00 -
Legg Mason Dublin Funds (IRL)
Rochestown, Drinagh, Wexford, Ireland
FSA Recognised
Legg Mason Global Funds PLC
Equity Funds
BFM Asia Pacific Equity A dis(A) $ 206.88 - -0.40 0.62
BMF Emerging Markets Eq Pr dis(A) $ 88.56 - -0.02 0.78
BFM European Equity A dis(A) 121.09 - -0.11 1.79
BFM Intl Large Cap A dis(A) $ 68.00 - 0.12 1.66
BW Global Opp.Fixed Inc A dis (M) $ 122.09 - 0.31 2.12
CBA US Aggressive Growth A dis(A) $ 110.80 - -0.70 0.00
CBA US Appreciation A dis(A) $ 111.54 - -0.88 0.00
CBA US Fundamental Value A dis(A) $ 90.80 - -0.45 0.00
CBA US Large Cap Growth A dis(A) $ 115.99 - -0.69 0.00
LM Batterymarch Gbl Equity Fd $ 105.02 - 0.27 0.26
GC Global Equity A dis(A) $ 92.80 - -0.10 0.20
LM CM Growth A dis(A) $ 85.93 - -0.50 0.00
LM CM Opportunity A dis(A) $ 195.68 - 0.35 0.00
LM CM Value A dis(A) $ 117.85 - -0.63 0.00
LM Permal Gl Absolute A dis(A) $ 101.82 - -0.10 0.00
LMHK China Fund A dis $ 100.28 - -0.25 0.40
PCM US Equity A cap $ 98.64 - -0.24 -
Royce Europ. Smaller Companies A acc 126.01 - 0.34 0.87
Royce Global Smaller Companies A dis $ 123.48 - 0.18 0.00
Royce Smaller Companies A dis(A) $ 189.99 - 0.74 0.00
Royce US Small Cap Opp A dis(A) $ 315.02 - 0.72 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 137.85 - 0.22 1.11
WA Asian Opportunities A dis(D) $ 125.62 - -0.01 2.38
WA Brazil Equity A dis(A) $ 75.20 - 1.29 2.96
WA Div Strategic Income A dis(D) $ 95.05 - 0.08 2.95
WA Emerging Markets Bd A dis(D) $ 128.85 - 0.28 4.17
WA Euro Core Plus Bd A dis(D) 94.69 - 0.05 1.38
WA Euro High Yield A dis (D) 101.37 - 0.17 6.87
WA Gl Blue Chip Bd A dis(M) $ 109.29 - 0.11 1.82
WA Gl Core Plus Bd A dis(D) $ 108.92 - 0.13 1.76
WA Gl Credit Abs Ret Fd A dis $ 102.90 - 0.24 0.00
WA Gl Credit Cl.A dis (D) $ 107.79 - 0.15 2.12
WA Global High Yield A dis(D) $ 87.77 - 0.09 6.22
WA Global Inf-Linked A dis(D) $ 108.70 - -0.07 2.69
WA Gl Multi Strategy A dis(D) $ 128.20 - 0.12 3.37
WA Inflation Mgmt A dis(A) $ 120.49 - 0.16 1.43
WA UK Core Plus Bond A dis (D) 108.94 - -0.20 2.01
WA UK Infl-Linked Plus A dis (D) 116.43 - -0.60 1.00
WA UK Long Duration A dis (D) 112.06 - -0.33 2.02
WA US Adjustable Rate A cap $ 100.05 - 0.02 0.00
WA US Core Bond A dis(D) $ 100.54 - 0.14 1.71
WA US Core Plus Bond A dis(D) $ 111.77 - 0.16 1.73
WA US High Yield A dis(D) $ 86.70 - 0.03 6.12
WA US Short Term Govt A dis(D) $ 101.21 - 0.03 1.03
Money Market Funds
WA US Money Market A dis(D) $ 1.00 - 0.00 0.03
Legg Mason Luxembourg Funds (LUX)
145 Rue du Kiem, L-8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg. Markets Eq A Ord $ 312.37 - 1.71 0.00
LM Eurold Eq.A Euro Cap 103.41 - 0.22 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.96 - 0.00 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 129.43 - 0.18 0.00
LM M-Man.Bal A Cap USD $ 123.28 - 0.11 0.00
LM M-Man Cons A Cap Euro 126.27 - 0.21 0.00
LM M-Man Cons A Cap USD $ 126.83 - 0.08 0.00
LM M-Man Perf A Cap Euro 131.80 - 0.24 0.00
LM M-Man Perf A Cap USD $ 122.67 - 0.12 0.00
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 (Est) $ 1741.24 - -14.34 -
Class B1 (Est) 1687.93 - -14.41 0.00
Class C1 (Est) 1761.97 - -14.47 -
Class D1 (Est) 118380.63 - -1084.15 0.00
Class E1 (Est) SFr 1561.91 - -13.64 0.00
Class F1 (Est) SKr 956.29 - -7.04 0.00
Liongate Commodities Fund
Class A (Est) $ 1067.61 - -19.54 -
Class B (Est) 1031.10 - -19.17 0.00
Class C (Est) 995.51 - -18.22 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 62.40 - - 0.00
LG Asian Plus Ltd $ 59.12 - 0.88 0.00
LG Asian Smaller Cos $ 108.63 - -0.45 0.00
LG India Fd Ltd $ 55.34 - 0.14 0.00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FSA Recognised
Lloydstrust Gilt 12.3900 - 0.0200 2.73
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.8490 - -0.0010 1.06
Euro High Income 1.6630 - 0.0020 4.15
European 6.7900 - 0.0140 0.81
High Income 0.8826 - 0.0013 5.37
International 3.4730 - -0.0030 0.02
North American 11.2300 - -0.0400 0.00
Sterling Bond 1.4530 - 0.0020 3.80
UK 6.3660 - -0.0070 1.86
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.2780 - 0.0010 2.52
Monthly Share 1.2300 - 0.0020 2.52
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 167.6670 - 0.0090 2.01
Euro 52.9740 - 0.0000 -0.35
New Zealand Dollar NZ$ 201.6880 - 0.0070 1.32
Sterling Class 52.4130 - 0.0000 0.10
US Dollar Class $ 60.8090 - -0.0010 -0.16
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0710 - 0.0010 2.89
Growth Strategy 1.2840 - 0.0030 1.37
Aggressive Strategy 1.3780 - 0.0030 0.38
Global USD Growth Strategy $ 1.1010 - 0.0010 0.00
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FSA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.06 - 0.02 0.00
1798 Europe Eq. L/S EUR C A 10.15 - 0.02 0.00
1798 Europe Eq. L/S USD C A $ 10.11 - 0.02 0.00
Fund Bid Offer D+/- Yield
1798 Optimum Trend (EUR) P A 11.70 - 0.00 0.00
1798 Optimum Trend (USD) P A $ 11.27 - 0.00 0.00
All Roads (CHF) PA SFr 16.60 - 0.02 -
All Roads (USD) PA $ 10.40 - 0.01 -
All Roads (GBP) PA 10.55 - 0.01 -
All Roads (EUR) PA 10.56 - 0.01 -
Alpha Japan (EUR) P A F 6.82 - 0.19 0.00
Alpha Japan (CHF) P A F SFr 8.62 - 0.23 0.00
Alpha Japan (JPY) P A F 792.00 - 22.00 0.00
Alpha Japan (USD) P A F $ 9.77 - 0.27 0.00
Alternative Beta P A F SFr 115.63 - -0.16 0.00
Alternative Beta P A F 77.19 - -0.10 0.00
Alternative Beta P A F $ 114.76 - -0.16 0.00
Commodities (CHF) P A SFr 8.40 - 0.01 0.00
Commodities (EUR) P A 8.46 - 0.00 0.00
Commodities (USD) P A $ 8.57 - 0.01 0.00
Convertible Bd P A 14.55 - 0.02 0.00
Convertible Bd Asia P A F SFr 13.45 - 0.03 0.00
Convertible Bd Asia P A F 14.20 - 0.03 0.00
Convertible Bd Asia P A F $ 14.21 - 0.03 0.00
Emerging Consumer (CHF) P A SFr 12.24 - -0.02 0.00
Emerging Consumer (EUR) P A 12.39 - -0.01 0.00
Emerging Consumer (USD) P A $ 12.29 - 0.03 0.00
Emerging Eq.Risk Par.(EUR) 8.55 - 0.02 0.00
Emerging Eq. Risk Par.(USD) $ 7.92 - 0.05 0.00
Emerging Loc.Cur.&Bds DH (CHF) P ASFr 9.52 - 0.01 0.00
Emerging Mkt.Bd.Fdt PA $ 23.91 - 0.03 0.00
Emerg.Loc.Cur.Bd.Fdt PA SFr 10.39 - 0.01 0.00
Emerg.Loc.Cur.Bd.Fdt PA 12.38 - -0.02 0.00
Emerg.Loc.Cur.Bd.Fdt PA $ 11.40 - 0.02 0.00
Euro BBB-BB Fdt PA SFr 14.51 - 0.01 0.00
Euro BBB-BB Fdt PA 11.31 - 0.01 0.00
Euro BBB-BB Fdt PA 9.91 - 0.00 0.00
Euro BBB-BB Fdt PA $ 16.05 - 0.01 0.00
Euro Credit Bd PA F 11.88 - 0.00 0.00
Euro Government Fdt P A 11.23 - 0.00 0.00
Euro Inflation-Lk Fdt PA 11.66 - 0.01 0.00
Euro Resp.Corp. Fdt PA 17.05 - 0.00 0.00
Europe High Conviction PA 7.86 - 0.05 0.00
Eurozone Small&Mid Caps F 36.68 - 0.30 0.00
Gbl.BBB-BB Fdmt PA 9.99 - -0.01 -
Gbl.Gov.Fdt SH (EUR) P A 9.85 - 0.00 -
Gbl.Gvt.Fdmt PA 9.82 - -0.02 -
Gbl.5B Fdmt (CHF) P A SFr 9.88 - 0.01 -
Gbl.5B Fdmt SH (USD) P A $ 10.09 - 0.01 -
Generation Global (CHF) P A F SFr 8.84 - -0.02 0.00
Generation Global (EUR) P A F 12.07 - -0.05 0.00
Generation Global (USD) P A F $ 10.89 - -0.01 0.00
Global Energy (USD) P A F $ 9.70 - -0.04 0.00
Golden Age (CHF) P A F SFr 14.91 - -0.02 0.00
Golden Age (EUR) P A 10.09 - -0.01 0.00
Golden Age (USD) P A F $ 13.98 - -0.02 0.00
Government Bd (USD) P A $ 20.13 - 0.01 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.92 - 0.00 0.00
Japan Small & Mid Caps P A 1784.00 - 43.00 0.00
Money Market (EUR) P A 112.33 - 0.00 0.00
Money Market (GBP) P A F 10.22 - 0.00 0.00
Money Market (USD) P A F $ 10.29 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 9.97 - -0.03 0.00
Sands US Growth (USD) PA $ 11.54 - -0.11 -
Selective Gbl P A 157.67 - -0.82 0.00
Tactical Alpha (CHF)P A SFr 9.88 - 0.04 0.00
Tactical Alpha (EUR)P A 10.08 - 0.04 0.00
Tactical Alpha (USD)P A $ 14.42 - 0.06 0.00
Technology P A 10.08 - 0.02 0.00
Technology P A $ 15.63 - 0.05 0.00
Total Return Bond (EUR) P A 12.38 - 0.00 0.00
Total Return Bond (USD) P A $ 18.12 - -0.01 0.00
Vital Food Syst.Hdg PA SFr 10.33 - 0.06 -
Vital Food Syst.Hdg PA 10.34 - 0.05 -
Vital Food Syst.Hdg PA $ 10.49 - 0.06 -
William Blair Gbl Gth P A F $ 10.50 - -0.01 0.00
William Blair Gbl Gth P A F 10.61 - -0.04 0.00
Wld Gold Expertise P A F SFr 25.76 - -0.30 0.00
Wld Gold Expertise P A 20.16 - -0.24 0.00
Wld Gold Expertise P A $ 26.32 - -0.32 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 109.74 - 0.05 0.00
Conservative (EUR) P A F 105.95 - -0.02 0.00
LO Selection
Balanced (CHF) P A F SFr 102.07 - 0.12 0.00
Balanced (EUR) P A F 111.02 - 0.06 0.00
Conservative (CHF) P A F SFr 101.53 - 0.03 0.00
Conservative (EUR) P A F 107.06 - -0.01 0.00
Conservative (USD) P A F $ 102.85 - 0.07 0.00
Global Allocation (GBP) P A F 8.74 - 0.02 0.00
Growth (CHF) P A F SFr 102.86 - 0.14 0.00
Growth (EUR) P A F 114.45 - 0.09 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 80.15 84.36 0.01 2.83
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 111.44 116.09 -0.65 0.00
Corporate Bond 1262.25 1301.29 1.66 3.33
Global Basics 2333.17 2430.39 3.30 0.14
Global Leaders 2706.17 2818.93 -6.10 1.67
High Yield Corporate Bond 993.96 1024.71 0.78 5.78
Episode Macro Fund 95.43 99.40 -0.06 0.00
Optimal Income Fund 133.15 138.70 0.04 2.96
Recovery Fund Limited 'A' Participating Shares 102.79 107.08 0.28 0.84
Recovery Fund Limited 'I' Participating Shares 103.07 107.36 0.28 1.59
Strategic Corporate Bond Fund 126.86 132.14 0.14 3.10
UK Growth 1249.63 1301.70 2.02 1.59
UK Select Fund 966.82 1007.11 0.36 1.62
Other International Funds
M&G Property Fund - Retail 6.37 6.70 0.00 4.07
M&G Property Fund A Inc 6.37 6.37 0.00 4.61
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 17.41 - 0.06 0.00
Asia ex-Japan A1 $ 23.73 - -0.04 0.00
China Equity Fd A1 $ 9.73 - -0.01 0.00
Continental European Eqty A1 12.62 - 0.05 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 15.10 - 0.02 0.00
Emerging Markets Debt A1 $ 33.89 - 0.06 0.00
Emerging Markets Eq.A1 $ 13.33 - 0.01 0.00
European Concentrated A1 13.22 - 0.06 0.00
European Core Eq A1 21.83 - 0.13 0.00
European Res.A1 22.34 - 0.09 0.00
European Smaller Companies A1 31.04 - 0.14 0.00
European Value A1 23.61 - 0.05 0.00
Global Bond A1 $ 11.70 - 0.00 0.00
Global Conc.A1 $ 27.05 - 0.04 0.00
Global Energy Fund A1 $ 14.62 - -0.04 0.00
Global Equity A1 $ 35.29 - 0.08 0.00
Global Equity A1 16.96 - 0.08 0.00
Global Multi-Asset A1 $ 15.73 - 0.02 0.00
Global Res.A1 $ 21.05 - 0.01 0.00
Global Total Return A1 12.88 - 0.04 0.00
High Yield A1 $ 23.42 - 0.02 0.00
High Yield Fund A1 12.89 - 0.04 0.00
Inflation-Adjusted Bond A1 $ 15.33 - 0.02 0.00
Japan Equity A1 $ 8.06 - 0.11 0.00
Latin American Equity Fd A1 $ 22.18 - 0.13 0.00
Limited Maturity A1 $ 14.02 - 0.00 0.00
Prudent Wealth Fd A1 $ 12.20 - 0.04 0.00
Research Bond A1 $ 16.00 - 0.03 0.00
UK Equity A1 6.74 - 0.02 0.00
US Conc.Growth A1 $ 11.22 - -0.02 0.00
US Government Bond A1 $ 16.83 - 0.02 0.00
Value A1 $ 15.54 - -0.06 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1740.62 1747.40 65.24 0.00
Japanese Equity Fd Cl A Initial Ser 182439.00 183516.00 6670.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 919.68 922.45 18.28 0.00
Pacific Basin Fd Cl A Initial Ser $ 2389.85 2417.75 44.72 0.00
UK Equity Fd Cl A Series 01 1583.36 1599.89 21.29 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1497.08 - 10.74 0.00
Diversified Absolute Return Stlg Cell AF2 1510.24 - 10.86 0.00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 104.67 - 0.09 -
Fund Bid Offer D+/- Yield
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 790.34 - -6.51 0.00
Man AHL Diversified Plc $ 91.14 - -1.04 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 151.47 - 2.24 0.00
B Shares USD Nav (Final) $ 151.47 - 2.24 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 20.86 - 0.25 0.00
Asia Total Return Fund (Class AA) F $ 1.03 - 0.00 2.64
Asia Value Dividend Equity Fund AA F $ 1.42 - 0.01 1.02
American Growth Fund AA F $ 1.19 - 0.01 0.00
Asian Equity Fund A $ 2.81 - 0.01 0.37
Asian Equity Fund AA F $ 0.90 - 0.00 0.38
Asian Small Cap Equity Fund AA F $ 1.85 - 0.01 0.55
China Value Fund A $ 7.23 - 0.06 0.75
China Value Fund AA F $ 2.27 - 0.02 0.49
Dragon Growth Fund A $ 1.59 - 0.01 1.40
Dragon Growth Fund AA F HK$ 7.71 - 0.04 1.04
Emerging Eastern Europe Fund AA F $ 2.01 - 0.01 1.47
Emerging Eastern Europe Fund A $ 4.67 - 0.02 1.79
Emerging Markets Infrastructure Fund Class AA $ 0.99 - 0.01 -
European Growth Fund A $ 9.49 - 0.16 0.92
European Growth Fund AA F $ 0.68 - 0.01 0.57
Global Contrarian Fund AA F $ 0.87 - 0.00 0.00
Global Property Fund AA F $ 0.91 - 0.01 0.64
Global Resources Fund AA F $ 1.03 - 0.00 0.00
Healthcare Fund AA F $ 1.21 - 0.01 0.00
India Equity Fund AA F $ 1.05 - 0.01 0.00
International Growth Fund A $ 3.50 - 0.03 0.04
International Growth Fund AA F $ 0.81 - 0.01 0.00
Japanese Growth Fund A $ 2.64 - 0.07 0.19
Japanese Growth Fund AA F $ 0.68 - 0.02 0.00
Latin America Equity Fund AA F $ 1.23 - 0.01 1.02
Russia Equity Fund AA F $ 0.64 - 0.00 0.63
Strategic Income AA F $ 1.14 - 0.00 3.43
Taiwan Equity Fund AA F $ 1.37 - 0.00 0.32
Turkey Equity Fund AA F $ 1.05 - 0.00 0.00
US Bond Fund AA F $ 1.26 - 0.00 2.40
U.S. Special Opportunities Fund AA F $ 0.93 - 0.00 4.86
US Small Cap Equity Fund AA F $ 0.94 - 0.01 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.40 - 0.00 0.78
Marlborough International Management Limited(GSY)
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 20.88 21.09 0.14 0.00
Marlborough Tiger Fund Ltd F 27.81 28.09 0.66 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 311.30 - -12.48 0.00
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 544.82 - 2.69 0.00
European Hedge Fd (C) (Est) $ 276.91 - 1.39 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 148.24 - -2.41 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 401.96 - -27.30 -
Global Energy & Resources Fund $ 90.86 - -6.61 -
Metage Capital
Other International Funds
MGS (Est) $ 198.68 - -0.45 -
MEMO (Est) $ 466.36 - 11.80 0.00
MEMV (Est) $ 108.81 - 3.16 -
Mirabaud & Cie (LUX)
www.mirabaud.com, marketing@mirabaud.com
Regulated
Mirabaud Fund
Mir. Ac. All. Bal A EUR 100.94 - -0.24 0.00
Mir. Ac. All. Cons A EUR 103.06 - -0.24 0.00
Mir. - Conv. Bonds A EUR 115.59 - 0.32 0.00
Mir. - Eq Asia ex Jap A $ 168.85 - -0.34 0.00
Mir. - Eq Glb Emrg Mkt A $ 108.59 - -0.17 -
Mir. - Eq Eur exUK A Cap 87.08 - 0.49 0.00
Mir. - Eq Global A USD $ 103.94 - 1.29 0.00
Mir. -Eq Spain A 18.51 - 0.25 0.00
Mir. - Eq Swiss Sm/Mid A SFr 207.19 - 0.93 0.00
Mir. - Eq UK 1.74 1.82 0.01 -
Mir. - Eq US A USD $ 129.30 - -0.48 0.00
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 110.63 - 0.83 0.00
Core Diversified Fund (EUR) 92.95 - 0.65 0.00
Core Diversified Fund (GBP) 101.46 - 0.74 0.00
Core Diversified USD E Class $ 100.34 - 0.63 -
Core Diversified GBP E Class 99.65 - 0.64 -
Core Diversified SGD E Class S$ 99.42 - 0.64 -
Global Real Estate Fund $ 103.80 - 1.15 0.00
International Diversified $ 99.33 - 0.10 0.00
International Beta Equity $ 106.23 - 1.12 0.00
International Equity $ 102.97 - 1.03 0.00
Managed Flexible US$ Fund $ 103.87 - 0.21 0.00
Offshore Global (GBP) 92.72 - 0.30 0.00
Offshore Global (USD) $ 85.52 - 0.23 0.00
Offshore Special Situations (GBP) 131.43 - -0.46 0.00
Offshore Special Situations (USD) $ 120.63 - -0.46 0.00
Offshore Special Situations (EUR) 101.11 - -0.39 0.00
Offshore Special Situations (YEN) 10634.59 - -55.32 0.00
Rhodium USD $ 93.25 - 0.30 0.00
Rhodium GBP 90.71 - 0.22 0.00
Rhodium AUD A$ 94.79 - 0.25 0.00
Rhodium SGD S$ 89.53 - 0.20 0.00
Rhodium THB THB 918.30 - 1.72 0.00
Special Situations USD E Class $ 97.63 - -0.37 -
Special Situations GBP E Class 98.57 - -0.35 -
Special Situations SGD E Class S$ 97.33 - -0.37 -
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 17.51 - 0.03 0.00
MW Japan Fd Ltd B $ 17.91 - 0.02 0.00
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FSA Recognised
US Advantage A F $ 37.29 - 0.26 0.00
Absolute Return Currency A F 23.27 - 0.03 0.00
Asian Equity A F $ 42.79 - 0.07 0.00
Asian Property A F $ 18.52 - 0.06 0.00
Asian Property AX F 10.77 - 0.00 1.15
Diversified Alpha Plus A F 28.72 - 0.16 0.00
Emerg Europ, Mid-East & Africa Eq A F 59.74 - -0.06 0.00
Emerging Markets Debt A F $ 82.26 - -0.04 0.00
Emerging Markets Domestic Debt AX F 16.10 - 0.00 5.42
Emerging Markets Equity A F $ 38.50 - 0.22 0.00
Euro Bond A F 14.02 - 0.00 0.00
Euro Corporate Bond AX F 23.27 - 0.12 4.62
Euro Liquidity A F 12.89 - 0.00 0.00
Euro Strategic Bond A F 38.38 - -0.08 0.00
European Currencies High Yield Bd A F 18.53 - -0.05 0.00
European Equity Alpha A F 32.83 - 0.11 0.00
European Property A F 22.55 - 0.13 0.00
Eurozone Equity Alpha A F 8.15 - 0.04 0.00
Global Bond A F $ 40.57 - -0.05 0.00
Global Brands A F $ 77.21 - 0.32 0.00
Global Convertible Bond A F $ 36.08 - 0.13 0.00
Global Property A F $ 24.16 - 0.19 0.00
Indian Equity A F $ 26.51 - 0.21 0.00
Latin American Equity A F $ 68.87 - 0.87 0.00
Short Maturity Euro Bond A F 20.06 - 0.01 0.00
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
US Growth A F $ 41.30 - 0.32 0.00
US Growth AH F 28.73 - 0.22 0.00
US Growth AX F 25.37 - 0.11 0.00
US Property A F $ 53.18 - 0.33 0.00
Fund Bid Offer D+/- Yield
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 380.04 - -4.95 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 98.06 98.06 0.05 0.00
ASG Laser Fund I/A (USD) H $ 1168.62 1168.62 1.26 0.00
Harris Associates Global Value Fund H 171.56 171.56 1.25 0.00
Harris Associates US Large Cap Value Fund $ 159.84 159.84 -0.15 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 164.96 164.96 0.39 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 145.25 145.25 0.33 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 197.59 197.59 0.04 0.00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunist Bond Fund H-S/D GBP 10.89 10.89 0.01 5.44
Loomis Sayles Multisector Inc Fd I USD $ 13.67 13.67 0.02 5.65
Loomis Sayles Inst High Inc Fd I USD $ 8.47 8.47 0.03 9.98
Loomis Sayles Global Opportunist Bond Fd I USD $ 14.34 14.34 0.02 5.91
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin 1
00353 1 642 8400
FSA Recognised
Series 10
Absolute Rtn Multi Asset Prog SER 10 GBP F 9.86 - 0.06 0.00
Nevsky Capital LLP (IRL)
10 Old Burlington Street W1S 3AG +44(0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 84.16 - 0.11 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1135.08 - 5.95 0.00
Nevsky Fund Plc GBP Acc 1142.17 - 6.15 0.00
Nevsky Fund Plc USD Acc $ 1151.82 - 6.29 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pacific Bond Fd USD $ 126.59 - 0.21 0.00
Asia Pacific Bond USD CNY Hedged $ 113.62 - 0.21 0.00
Asia Pacific Equity Fund USD Class A $ 109.66 - 0.33 2.38
Asia Pacific Equity Fund EUR Class B 106.71 - 0.32 2.65
Asia Pacific Equity Fund GBP Class C 108.32 - 0.32 2.50
Asia Pacific Equity Fund CNY USD Hedged Class F $ 113.53 - 0.37 2.32
Asia Pacific Equity Inc SGD Class DS$ 121.77 - 0.38 1.16
Asia Pacific Equity Inc USD I Class D $ 122.63 - 0.38 1.43
Dynamic European Equity EUR Cls D 121.38 - 0.78 1.06
Dynamic European Equity GBP Cls D 129.29 - 0.84 1.10
Dynamic European Equity USD Cls D $ 121.98 - 0.80 1.01
Total Return Bond USD Cls $ 158.67 - 0.25 0.00
Total Return Bond EUR Cls 149.64 - 0.23 0.00
Total Return Bond GBP Cls 167.58 - 0.26 0.00
Total Return Bond Fund Canadian Dollar Class C$ 110.31 - 0.14 0.00
Total Return Bond Fund CHF SFr 113.99 - 0.17 0.00
Total Return Bond Fund INR Hdg R $ 116.65 - 0.70 0.00
Total Return Bond Fund USD $ 120.60 - 0.21 0.00
Total Return Bond Fund USD I $ 115.89 - 0.18 0.00
Total Return Bond GBP Distributor Class 117.64 - 0.17 4.18
US Growth Class A USD $ 121.43 - -0.76 0.00
US Growth Class B EUR 117.17 - -0.72 0.00
US Growth Class C GBP 119.74 - -0.75 0.00
US Growth Class D CHF SFr 119.50 - -0.74 0.00
US Growth Class I USD $ 109.72 - -0.69 0.00
Wealthy Nations Bond USD Cls A $ 119.21 - 0.17 4.64
Wealthy Nations Bond EUR Cls B 115.93 - 0.17 5.05
Wealthy Nations Bond GBP Cls C 118.28 - 0.17 4.76
Wealthy Nations Bond CHF Cls DSFr 114.63 - 0.17 2.26
Wealthy Nations Bond EUR Cls D 115.23 - 0.17 2.02
Wealthy Nations Bond GBP Cls D 118.93 - 0.17 4.55
Wealthy Nations Bond CHF Cls ESFr 114.71 - 0.17 4.99
Wealthy Nations Bond INR Hdg Cls D $ 115.76 - 0.59 1.70
Wealthy Nations Bond INR Hdg I Cls D $ 115.80 - 0.58 2.26
Wealthy Nations Bond NOK Cls DNKr 117.44 - 0.17 2.16
Wealthy Nations Bond USD Cls D $ 116.19 - 0.18 1.94
Wealthy Nations Bond USD CNY Hedged Class F $ 118.25 - 0.20 4.13
Wealthy Nations Bond SGD Class GS$ 167.68 - 0.26 4.54
Wealthy Nations Bond Class H S$ 111.00 - 0.17 4.84
Wealthy Nations Bond Class I $ 115.60 - 0.19 4.16
New Capital Alternative Strategies
All Weather Fd USD Cls $ 112.08 - 0.02 -
All Weather Fd EUR Cls 102.13 - -0.05 0.00
All Weather Fd GBP Cls 109.09 - 0.04 0.00
Tactical Opps USD Cls $ 102.98 - 1.41 0.00
Tactical Opps EUR Cls 85.00 - 1.10 0.00
Tactical Opps GBP Cls 94.91 - 1.27 0.00
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 1.7089 - 0.0017 1.91
Global Equity 1.4310 - -0.0037 1.89
Global Balanced 1.1668 - -0.0011 2.14
Global Balanced (Accumulation) 1.2796 - -0.0012 2.10
Bridge 1.3688 - -0.0030 1.98
Sterling Fixed Interest Class 0.8568 - 0.0011 3.99
Global Fixed Interest Class 1.0598 - 0.0013 4.42
Diversified Assets 1.1330 - 0.0010 2.92
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 16.13 - -0.03 0.00
European Alpha Fund F 8.56 - -0.06 0.00
European Value Fund 40.59 - -0.03 0.00
Far Eastern Equity Fund $ 18.85 - 0.00 0.00
Latin American Equity Fund 11.98 - 0.08 0.00
Nordic Equity Fund 56.03 - 0.01 0.00
North American Growth Fund H $ 8.62 - -0.07 0.00
North American Value Fund $ 31.63 - -0.10 0.00
European High Yield Bond Fund F 24.46 - 0.30 0.00
Global Stable Equity Fund F 10.33 - -0.05 0.00
Heracles Long/Short MI Fund - AP - EUR F 52.48 - -0.12 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 1724.15 - -20.53 0.00
Northwest China Opps $ class $ 2279.95 - 3.06 0.00
Northwest China Opps class 2233.31 - 3.88 0.00
Northwest Warrant $ class $ 518.73 - 31.34 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 7.70 - 0.01 0.41
Full fund performance data at
www.ft.com/funds MANAGED FUNDS SERVICE
DECEMBER 21 2012 Section:Stats Time: 20/12/2012 - 19:27 User: sheehanr Page Name: UT5 EUR, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

21
Fund Bid Offer D+/- Yield
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 21.30 - 0.05 0.68
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 21.47 - 0.04 0.62
OasisCresGl Income Class A $ 10.99 - 0.00 2.62
OasisCresGl LowBal D ($) Dist $ 10.64 - 0.00 3.15
OasisCresGl Med Eq Bal A ($) Dist $ 10.35 - 0.01 -
Oasis Crescent Gbl Property Eqty $ 8.46 - 0.02 3.00
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 323.80 - 5.23 0.00
OEI Mac Inc B 177.71 - 2.26 0.00
OEI MAC Inc USD $ 1787.64 - 27.44 0.00
Odey European Inc EUR 708.38 - 6.97 0.00
Odey European Inc A GBP 269.05 - 2.69 0.00
Odey European Inc B GBP 152.74 - 1.52 0.00
Odey European Inc USD $ 330.67 - 3.38 0.00
Giano Capital EUR Inc 3997.70 - 0.10 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 104.79 - 0.63 0.00
Odey OEAF GBP D Class 122.17 - 0.98 0.00
Odey Pan European 239.59 - 1.24 0.00
Odey Pan European GBP D 156.76 - 1.13 0.00
Odey Allegra STG A 99.39 - 0.52 0.00
Odey Allegra USD $ 121.07 - 0.79 0.00
Odey Allegra European EUR 167.43 - 1.01 0.00
Odey Allegra European EUR I F 163.81 - 0.99 0.00
Odey Allegra European USD $ 170.70 - 1.61 0.00
Odey Allegra European GBP 195.64 - 1.58 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 147.80 - 0.77 0.00
Odey Allegra International GBP D Inc F 133.89 - 0.69 0.00
Odey Allegra International Euro Class 116.07 - 0.37 0.00
Odey Allegra International Euro I Class 106.88 - 0.34 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 101.51 - -0.04 0.00
Odey Giano European Fund GBP 100.97 - -0.07 0.00
Odey Giano European Fund USD $ 102.18 - -0.08 -
Odey Odyssey Fund USD $ 114.49 - 1.07 0.00
Odey Odyssey Fund GBP I 114.11 - 1.04 0.12
Odey Odyssey Fund GBP R 113.50 - 1.04 0.00
Odey Odyssey Fund EUR 102.90 - 0.95 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 102.85 - 0.00 0.00
ODEY OPPORTUNITY CHF I SFr 103.18 - 0.01 0.00
ODEY OPPORTUNITY EUR 120.35 - 0.01 0.00
ODEY OPPORTUNITY EUR I 180.27 - 0.03 0.00
ODEY OPPORTUNITY GBP I R 199.07 - 0.03 0.00
ODEY OPPORTUNITY GBP R 127.99 - 0.02 0.00
ODEY OPPORTUNITY NOK NKr 109.10 - -0.01 0.00
ODEY OPPORTUNITY NOK I NKr 111.75 - 0.05 0.00
ODEY OPPORTUNITY USD $ 127.25 - 0.01 0.00
ODEY OPPORTUNITY USD I $ 189.68 - 0.03 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 483.67 - 33.57 -
Optima Fund Management
Other International Funds
Optima Fd NAV $ 76.05 - -0.18 0.00
Optima Discretionary Macro Fund Limited $ 82.42 - 0.13 0.00
The Dorset Energy Fd Ltd NAV $ 42.81 - 0.88 0.00
Platinum Fd Ltd $ 70.34 - 0.34 0.00
Platinum Fd Ltd EUR 13.93 - 0.07 0.00
Platinum Japan Fd Ltd $ 33.89 - 0.14 0.00
Optima Emerging Markets Fd Ltd $ 14.29 - 0.03 0.00
Optima Partners Global Fd $ 12.30 - 0.00 0.00
Optima Partners Focus Fund A $ 12.22 - -0.03 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1172.47 - -6.39 0.00
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 124.53 - 1.92 0.00
Orbis Optimal (US$) $ 72.50 - 0.29 0.00
Orbis Optimal (Euro) 24.34 - 0.09 0.00
Orbis Optimal (Yen) 977.00 - 6.00 0.00
Orbis Leveraged (US$) $ 116.06 - 1.39 0.00
Orbis Leveraged (Euro) 37.96 - 0.44 0.00
Orbis Leveraged (Yen) 908.00 - 11.00 0.00
Orbis Japan Equity (US$) $ 23.88 - 0.19 0.00
*Orbis Prices as of December 13th
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2288.00 - 18.00 0.00
Orbis Japan Equity (Euro) 15.48 - 0.11 0.00
Orbis Asia ex-Japan - Investor Shares $ 18.35 - 0.29 0.00
Orbis Global Equity - Investor Shares 93.81 - 0.72 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 147.04 - 1.62 0.00
Orbit Euro Strategies 128.27 - 1.55 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 3.40 - 0.23 0.00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 1.00 - 0.00 0.05
Intl Dollar Reserve B $ 1.00 - 0.00 0.03
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.03
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 4654.20 - 83.19 -
Macro Holdings Ltd $ 4047.96 - 31.69 -
Fixed Income Holdings N.V. $ 425.17 - 4.04 -
LUX Advantage Multi-Strategy Fund $ 1406.92 - 30.54 -
LUX Natural Resources $ 1300.76 - 4.21 -
Strategic Allocation A $ 1268.22 - 13.66 -
Pictet Funds (Europe) SA (LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 107.26 - 0.07 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 104.89 - 0.07 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 101.10 - 0.07 0.61
Pictet-Absl Rtn Glo Div-I EUR F 124.06 - 0.07 0.00
Pictet-Absl Rtn Glo Div-P EUR F 119.16 - 0.07 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 115.01 - 0.06 0.29
Pictet-Absl Rtn Glo Div-R EUR F 115.20 - 0.06 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 179.55 - 0.10 0.00
Pictet-AbsRetGloDiv-HI GBP F 104.52 - 0.06 0.00
Pictet-AbsRetGloDiv-HI JPY F 13767.00 - 8.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 157.04 - 0.09 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 172.43 - 0.09 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 97.08 - 0.06 0.22
Pictet-AbsRetGloDiv-HP USD F $ 150.81 - 0.08 0.00
Pictet-Agriculture-I EUR F 151.21 - 0.20 0.00
Pictet-Agriculture-I USD F $ 200.55 - 0.08 0.00
Pictet-Agriculture-P EUR F 146.79 - 0.19 0.00
Pictet-Agriculture-P dy EUR F 146.80 - 0.19 0.00
Pictet-Agriculture-P dy GBP F 119.65 - 0.23 0.00
Pictet-Agriculture-P dy USD F $ 194.69 - 0.08 0.00
Pictet-Agriculture-R EUR F 143.18 - 0.18 0.00
Pictet-Agriculture-R USD F $ 189.90 - 0.07 0.00
Pictet-Agriculture-P USD F $ 194.70 - 0.08 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 188.79 - -0.33 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 175.31 - -0.31 0.00
Fund Bid Offer D+/- Yield
Pictet-Asian Equities Ex Japan-P dy USD F $ 171.73 - -0.31 0.15
Pictet-Asian Equities Ex Japan-HI EUR F 123.22 - -0.22 0.00
Pictet-Asian Local Currency Debt-I EUR F 121.50 - -0.02 0.00
Pictet-Asian Local Currency Debt-I USD F $ 161.15 - -0.17 0.00
Pictet-Asian Local Currency Debt-P EUR F 116.49 - -0.01 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 131.90 - -0.14 2.65
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 82.33 - 0.04 2.68
Pictet-Biotech-P USD $ 364.07 - -4.23 0.00
Pictet-Biotech-P dy GBP F 223.67 - -2.92 0.00
Pictet-Biotech-HP EUR F 270.03 - -3.14 0.00
Pictet-Biotech-I USD F $ 398.60 - -4.63 0.00
Pictet-Biotech-P dy USD F $ 363.90 - -4.23 0.00
Pictet-CHF Liquidity-P F SFr 124.29 - -0.01 0.00
Pictet-Clean Energy-I EUR F 49.96 - 0.11 0.00
Pictet-Clean Energy-I USD F $ 66.26 - 0.07 0.00
Pictet-Clean Energy-P EUR F 47.68 - 0.09 0.00
Pictet-Clean Energy-P USD F $ 63.24 - 0.07 0.00
Pictet-Clean Energy-P dy USD F $ 63.24 - 0.07 0.00
Pictet-Clean Energy-P dy GBP F 38.86 - 0.10 0.00
Pictet-Convertible Bonds-I EUR F 98.43 - 0.07 0.00
Pictet-Convertible Bonds-P EUR F 96.01 - 0.06 0.00
Pictet-Convertible Bonds-P dy EUR F 94.79 - 0.06 0.49
Pictet-Convertible Bonds-R EUR F 93.64 - 0.06 0.00
Pictet-Digital Communication-I EUR F 122.42 - -0.26 0.00
Pictet-Digital Communication-I USD F $ 162.37 - -0.50 0.00
Pictet-Digital Communication-P EUR F 111.39 - -0.25 0.00
Pictet-Digital Communication-P USD $ 147.74 - -0.46 0.00
Pictet-Digital Communication-P dy USD F $ 142.48 - -0.45 0.00
Pictet-Digital Communication-P dy GBP F 88.61 - -0.15 0.00
Pictet-Digital Communication-R EUR F 102.71 - -0.22 0.00
Pictet-Eastern Europe-I EUR F 377.00 - -0.33 0.00
Pictet-Eastern Europe-P EUR F 362.88 - -0.33 0.00
Pictet-Eastern Europe-P dy EUR F 358.43 - -0.32 0.00
Pictet-Eastern Europe-P dy GBP F 292.12 - 0.36 0.00
Pictet-Em Lcl Ccy Dbt-HI EUR F 138.88 - 0.30 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 133.20 - 0.28 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 159.07 - -0.21 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 210.92 - 0.47 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 152.52 - -0.20 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 202.23 - 0.44 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 146.75 - 0.32 5.27
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 92.85 - 0.07 5.30
Pictet-Emerging Markets-I USD F $ 556.12 - 0.33 0.00
Pictet-Emerging Markets-P USD $ 523.27 - 0.30 0.00
Pictet-Emerging Markets-P EUR F 394.52 - 0.58 0.00
Pictet-Emerging Markets-P dy USD F $ 517.89 - 0.29 0.00
Pictet-Emerging Markets Index-I USD F $ 258.56 - 1.73 0.00
Pictet-Emerging Markets Index-IS USD F $ 258.43 - 2.92 0.00
Pictet-Emerging Markets Index-P dy USD F $ 229.01 - 1.52 1.65
Pictet-Emerging Markets Index-R USD F $ 245.92 - 2.77 0.00
Pictet-Emerging Markets Index-P USD $ 252.77 - 1.69 0.00
Pictet-Emerging Markets Index-R dy GBP F 145.34 - 1.43 1.38
Pictet-EUR Bonds-HI CHF F SFr 642.53 - 0.44 0.00
Pictet-EUR Bonds-HP CHF F SFr 616.98 - 0.41 0.00
Pictet-EUR Bonds-I F 477.90 - 0.33 0.00
Pictet-EUR Bonds-P F 458.95 - 0.31 0.00
Pictet-EUR Bonds-P dy F 304.53 - 0.20 3.19
Pictet-EUR Corporate Bonds-HI USD F $ 205.91 - 0.05 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 242.13 - 0.06 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 196.60 - 0.05 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 231.22 - 0.05 0.00
Pictet-EUR Corporate Bonds-I F 180.27 - 0.04 0.00
Pictet-EUR Corporate Bonds-P F 172.06 - 0.04 0.00
Pictet-EUR Corporate Bonds-P dy F 104.30 - 0.02 3.55
Pictet-EUR Government Bonds-P dy F 105.49 - 0.14 3.24
Pictet-EUR High Yield-HI CHF F SFr 283.31 - 0.61 0.00
Pictet-EUR High Yield-HP CHF F SFr 268.12 - 0.58 0.00
Pictet-EUR High Yield-I F 209.40 - 0.45 0.00
Pictet-EUR High Yield-P F 198.16 - 0.43 0.00
Pictet-EUR High Yield-P dy F 90.84 - 0.19 5.60
Pictet-EUR Inflation Linked Bonds-P dy F 109.32 - 0.20 1.31
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 114.64 - 0.06 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 112.43 - 0.05 0.00
Pictet-EUR Short Mid-Term Bonds-P F 129.11 - 0.06 0.00
Pictet-EUR Short Mid-Term Bonds-I F 131.46 - 0.06 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 89.61 - 0.04 3.31
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.37 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 102.87 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 99.96 - 0.00 0.17
Pictet-European Sust Eq-P EUR F 157.83 - 0.65 0.00
Pictet-Europe Index-I EUR F 123.54 - 0.50 0.00
Pictet-Europe Index-IS EUR F 123.41 - -0.16 0.00
Pictet-Europe Index-P EUR 122.15 - 0.50 0.00
Pictet-Europe Index-P dy EUR F 101.54 - 0.41 2.46
Pictet-Europe Index-R dy GBP F 87.27 - 0.07 2.39
Pictet-Euroland Index-P dy EUR F 77.80 - 0.40 3.13
Pictet-Euroland Index-R dy GBP F 67.32 - 0.49 2.98
Pictet-European Equity Selection-I EUR F 518.01 - 2.51 0.00
Pictet-European Equity Selection-P EUR F 492.53 - 2.38 0.00
Pictet-Eu Equities Sel-Pdyistr F 452.02 - 2.18 0.60
Pictet-Europe Index-R EUR F 118.46 - -0.16 0.00
Pictet-European Sust Eq-I EUR F 164.73 - 0.68 0.00
Pictet-European Sust Eq-Pdy EUR F 138.75 - 0.58 1.60
Pictet-Generics-I USD F $ 162.93 - 0.04 0.00
Pictet-Generics-P USD F $ 152.47 - 0.02 0.00
Pictet-Generics-P dy GBP F 93.68 - 0.15 0.00
Pictet-Generics-P dy USD F $ 152.43 - 0.03 0.00
Pictet-World Government Bonds-P USD $ 187.88 - 0.14 0.00
Pictet-World Government Bonds-P dy USD $ 141.63 - 0.11 2.41
Pictet-Global Emerging Debt-P USD F $ 325.08 - 0.35 0.00
Pictet-Global Emerging Debt-P dy USD F $ 182.54 - 0.19 4.59
Pictet-Global Emerging Currencies-I EUR F 82.66 - -0.18 0.00
Pictet-Global Emerging Currencies-I USD F $ 110.09 - 0.15 0.00
Pictet-Global Emerging Currencies-HI EUR F 69.15 - 0.09 0.00
Pictet-Global Emerging Currencies-HP EUR F 67.66 - 0.09 0.00
Pictet-Global Emerging Currencies-P EUR F 80.86 - -0.18 0.00
Pictet-Global Emerging Currencies-P USD F $ 107.67 - 0.15 0.00
Pictet-Global Em Ccy-Pdy USD F $ 97.25 - 0.13 2.73
Pictet-Global Emerging Debt-HP EUR F 231.81 - 0.25 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 374.68 - 0.39 0.00
Pictet-Global Emerging Debt-HI EUR F 243.49 - 0.26 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 396.29 - 0.43 0.00
Pictet-Global Emerging Debt-I USD F $ 343.72 - 0.37 0.00
Pictet-Global Megatrend Selection-I USD F $ 166.30 - -0.22 0.00
Pictet-Global Megatrend Selection-I EUR F 125.39 - -0.06 0.00
Pictet-Global Megatrend Selection-P USD F $ 160.66 - -0.23 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 146.28 - -0.20 0.00
Pictet-Global Megatrend Selection-P EUR F 121.16 - -0.05 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 121.13 - -0.07 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 98.74 - 0.01 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 160.66 - -0.22 0.00
Pictet-Global Megatrend Selection-R EUR F 116.71 - -0.06 0.00
Pictet-Global Megatrend Selection-R USD F $ 154.79 - -0.22 0.00
Pictet-Greater China-I USD F $ 408.97 - -0.61 0.00
Pictet-Greater China-P USD F $ 381.48 - -0.58 0.00
Pictet-Greater China-P dy USD F $ 367.99 - -0.55 0.24
Pictet-Greater China-P dy GBP F 225.38 - -0.01 0.24
Pictet-High Dividend Sel I EUR F 113.46 - -0.13 0.00
Pictet-High Dividend Sel P CHF F SFr 134.28 - 0.10 0.00
Pictet-High Dividend Sel P EUR F 111.07 - -0.13 0.00
Pictet-High Dividend Sel P USD F $ 147.27 - 0.34 0.00
Pictet-High Dividend Sel Pdm GBP F 82.22 - -0.21 3.94
Pictet-High Dividend Sel Pdm USD F $ 132.63 - -0.16 3.92
Pictet-High Dividend Sel Pdy EUR F 100.87 - -0.11 3.81
Pictet-High Dividend Sel R EUR F 109.21 - -0.12 0.00
Pictet-High Dividend Sel Rdm EUR F 98.25 - -0.46 4.04
Pictet-Indian Equities-I USD F $ 328.79 - -2.72 0.00
Pictet-Indian Equities-P USD F $ 307.10 - -2.55 0.00
Pictet-Indian Equities-P dy USD F $ 307.10 - -2.55 0.00
Pictet-Indian Equities-P dy GBP F 188.73 - -1.29 0.00
Pictet-Japan Index-I JPY F 8602.23 - -8.53 0.00
Pictet-Japan Index-IS JPY F 8671.95 - -9.20 0.00
Pictet-Japan Index-P JPY F 8503.82 - -8.45 0.00
Pictet-Japan Index-P dy JPY F 7770.86 - -7.72 1.68
Pictet-Japan Index-R dy GBP F 57.99 - 0.28 1.55
Pictet-Japanese Equities Opp-P JPY F 4643.32 - 6.84 0.00
Pictet-Japanese Equities Opp-I JPY F 4885.06 - 7.28 0.00
Pictet-Japanese Equities Opp-P dy JPY F 4601.15 - 6.77 0.00
Pictet-Japanese Equity Selection-I JPY F 7720.23 - 15.07 0.00
Pictet-Japanese Equity Selection-P JPY F 7350.05 - 14.22 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 52.87 - 0.42 0.39
Pictet-Japanese Eq Sel-Pdy JPY F 7211.77 - 13.95 0.37
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 69.38 - 0.13 6.66
Pictet-LATAM Lc Ccy Dbt-I EUR F 118.83 - -0.02 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 156.24 - 0.51 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 115.08 - -0.03 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 151.30 - 0.49 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 109.24 - 0.36 6.53
Pictet-LATAM Lc Ccy Dbt-R EUR F 111.87 - -0.03 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 147.14 - 0.48 0.00
Pictet-Pacific Ex Japan Index-P USD F $ 344.08 - 0.84 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 348.13 - 0.85 0.00
Pictet-Pacific Ex Japan Index-IS USD F $ 349.31 - 2.59 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 272.57 - 0.66 3.36
Fund Bid Offer D+/- Yield
Pictet-Pacific Ex Japan Index-R USD F $ 336.62 - 2.49 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 184.33 - 1.63 3.14
Pictet-Premium Brands-I EUR F 116.22 - 0.17 0.00
Pictet-Premium Brands-I USD F $ 154.14 - 0.08 0.00
Pictet-Premium Brands-P EUR 105.80 - 0.16 0.00
Pictet-Premium Brands-P USD F $ 140.32 - 0.08 0.00
Pictet-Premium Brands-P dy EUR F 105.74 - 0.16 0.00
Pictet-Premium Brands-P dy GBP F 86.19 - 0.18 0.00
Pictet-Russian Equities-P USD F $ 65.40 - 0.20 0.00
Pictet-Russian Equities-P dy GBP F 39.92 - 0.07 0.00
Pictet-Russian Equities-I EUR F 51.40 - -0.03 0.00
Pictet-Russian Equities-I USD F $ 68.16 - 0.20 0.00
Pictet-Russian Equities-P EUR F 49.32 - -0.03 0.00
Pictet-Russian Equities-P dy USD F $ 64.94 - 0.19 0.00
Pictet-Security-I EUR F 105.56 - 0.08 0.00
Pictet-Security-I USD F $ 140.00 - -0.02 0.00
Pictet-Security-P EUR F 100.29 - 0.08 0.00
Pictet-Security-P USD F $ 133.01 - -0.02 0.00
Pictet-Security-P dy USD F $ 133.01 - -0.02 0.00
Pictet-Security-P dy GBP F 81.74 - 0.11 0.00
Pictet-Security-R EUR F 96.06 - 0.07 0.00
Pictet-Security-R USD F $ 127.41 - -0.02 0.00
Pictet-Small Cap Europe-I EUR F 671.80 - 6.08 0.00
Pictet-Small Cap Europe-P EUR F 628.85 - 5.68 0.00
Pictet-Small Cap Europe-P dy EUR F 619.85 - 5.60 0.12
Pictet-ST.MoneyMkt-I 140.20 - -0.01 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.29 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.79 - -0.01 0.00
Pictet-ST.MoneyMkt-PCHF SFr 91.22 - 0.00 1.03
Pictet-ST.MoneyMkt-IUSD $ 134.18 - -0.01 0.00
Pictet-ST.MoneyMkt-PUSD $ 132.06 - -0.01 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.32 - -0.01 0.58
Pictet-ST.MoneyMkt-Pdy 95.60 - -0.01 1.18
Pictet-Timber-HP EUR F 85.56 - -0.02 0.00
Pictet-Timber-I USD F $ 135.04 - -0.02 0.00
Pictet-Timber-I EUR F 101.82 - 0.07 0.00
Pictet-Timber-P USD F $ 130.36 - -0.03 0.00
Pictet-Timber-P EUR F 98.29 - 0.07 0.00
Pictet-Timber-P dy USD F $ 124.38 - -0.03 0.77
Pictet-Timber-P dy GBP F 76.44 - 0.10 0.79
Pictet-US Equity Growth Selection-I USD F $ 130.99 - -0.81 0.00
Pictet-US Equity Growth Selection-P USD F $ 125.76 - -0.78 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 125.76 - -0.78 0.00
Pictet-US Equity Growth Selection-R USD F $ 121.76 - -0.75 0.00
Pictet-US High Yield-HI CHF F SFr 136.86 - 0.15 0.00
Pictet-US High Yield-HI EUR F 92.15 - 0.11 0.00
Pictet-US High Yield-HP CHF F SFr 134.40 - 0.15 0.00
Pictet-US High Yield-HP EUR F 90.49 - 0.10 0.00
Pictet-US High Yield-I USD F $ 137.82 - 0.15 0.00
Pictet-US High Yield-P USD F $ 135.32 - 0.15 0.00
Pictet-US High Yield-P dy USD F $ 115.33 - 0.13 5.31
Pictet-US High Yield-R USD F $ 133.23 - 0.15 0.00
Pictet-USA Index-P USD $ 120.69 - -0.92 0.00
Pictet-USA Index-I USD F $ 122.15 - -0.93 0.00
Pictet-USA Index-IS USD F $ 123.41 - -0.32 0.00
Pictet-USA Index-P dy USD F $ 112.99 - -0.86 0.84
Pictet-USA Index-R USD F $ 117.83 - -0.30 0.00
Pictet-USA Index-R dy GBP F 70.43 - -0.28 0.64
Pictet-USD Government Bonds-I F $ 613.32 - 0.59 0.00
Pictet-USD Government Bonds-P F $ 591.81 - 0.57 0.00
Pictet-USD Government Bonds-P dy F $ 388.78 - 0.38 2.88
Pictet-USD Short Mid-Term Bonds-I F $ 127.42 - 0.00 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.24 - 0.00 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 97.28 - 0.00 1.73
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.32 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.92 - -0.01 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 99.93 - -0.01 0.02
Pictet-Water-HP USD F $ 216.31 - 0.21 0.00
Pictet-Water-HR USD F $ 200.30 - 0.19 0.00
Pictet-Water-I EUR F 182.42 - 0.18 0.00
Pictet-Water-I USD F $ 241.94 - 0.02 0.00
Pictet-Water-P EUR 166.26 - 0.16 0.00
Pictet-Water-P USD F $ 220.51 - 0.01 0.00
Pictet-Water-P dy EUR F 163.29 - 0.16 0.14
Pictet-Water-P dy GBP F 133.65 - 0.21 0.15
Pictet-Water-R USD F $ 204.20 - 0.02 0.00
Pictet-Water-R EUR 153.96 - 0.15 0.00
Pictet-World Government Bonds-I EUR F 146.70 - -0.40 0.00
Pictet-World Government Bonds-I USD F $ 193.86 - 0.15 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH
http://gisnav.pimco-funds.com/
Dealing: +44 20 3640 1000
PIMCO Funds: +44 (0)20 3640 1407
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 10.20 - -0.06 0.00
Diversified Income - Inst Acc $ 18.49 - 0.03 0.00
Emerging Local Bond - Inst Acc $ 14.96 - 0.03 0.00
Emerging Markets Bond - Inst Acc $ 39.88 - 0.09 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.38 - 0.03 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.86 - 0.02 0.00
EuriborPLUS - Inv. Acc 11.65 - 0.00 0.00
Euro Bond - Inst Acc 19.51 - 0.02 0.00
Euro Credit - Inst Acc 13.17 - 0.00 0.00
Euro Income Bond - Inst Acc F 11.52 - 0.00 0.00
Euro Long Average Duration - Inst Acc 16.95 - -0.01 0.00
Euro Real Return - Inst Acc 12.68 - 0.01 0.00
Euro Ultra Long Duration - Inst Acc 21.98 - -0.09 0.00
Global Advantage - Inst Acc $ 13.18 - 0.02 0.00
Global Bond - Inst Acc $ 25.32 - 0.02 0.00
Global Bond Ex-US - Inst Acc $ 17.21 - 0.00 0.00
Global High Yield Bond - Inst Acc $ 18.02 - 0.01 0.00
Global Investment Grade Credit - Inst Income $ 12.46 - 0.02 3.57
Global Multi-Asset - Inst Acc $ 14.44 - -0.01 0.00
Global Real Return - Inst Acc $ 17.63 - -0.01 0.00
High Yield Bond - Inst Acc $ 25.00 - 0.01 0.00
Low Average Duration - Inst Acc $ 14.47 - 0.01 0.00
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 11.37 - -0.03 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 11.56 - -0.01 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.15 - 0.03 0.00
StocksPLUS{TM} - Inst Acc $ 15.36 - -0.10 0.00
Total Return Bond - Inst Acc $ 26.27 - 0.03 0.00
UK Corporate Bond - Inst Acc 14.74 - -0.03 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 15.73 - -0.04 0.00
UK Sterling Inflation-Linked - Inst Acc 18.49 - -0.10 0.00
UK Sterling Long Average Duration - Inst Acc 17.95 - -0.08 0.00
UK Sterling Low Average Duration - Inst Acc 13.77 - 0.00 0.00
UK Total Return Bond - Inst Acc 13.63 - 0.00 0.00
Unconstrained Bond - Inst Acc $ 12.14 - 0.00 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.04
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 118.06 - 0.82 0.00
Pioneer AssetMaster $ 858.26 - -1.51 0.00
Pioneer Div Fund I EUR 103.13 - 0.55 -
Pioneer Div Fund I USD $ 103.61 - 0.57 -
The Meteor Opps I $ 136.09 - 1.02 0.00
The Meteor Opps I 136.40 - 0.92 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A (Est) $ 58.77 - - -
Platinum All Star Fund - A (Est) $ 99.91 - - -
Platinum Dynasty $ 101.06 - - -
Platinum Essential Resources $ 9.36 - 0.36 0.00
Platinum Low Volatility Fund SICAV (Est) $ 9.29 - - -
Platinum Nordic SKr 520.91 - - -
Platinum Precious Metals 10.62 - 0.02 -
Platinum Maverick Enhanced $ 69.53 - - -
Platinum Gold Advantage 11.88 - - -
Platinum Global Dividend UCITS Fund $ 74.74 - 0.00 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 267.93 267.93 1.03 0.59
European Market Neutral Fund Cls I Euro 9.30 9.30 -0.01 -
Financials Income Fund Cls B2 GBP Acc 1.26 1.26 0.01 0.00
Financial Opps I USD $ 9.99 - 0.02 0.00
GEM Growth I USD $ 10.21 - 0.07 0.00
GEM Income I USD $ 11.42 - 0.05 0.00
Global Alpha I USD $ 10.24 10.24 0.04 -
Global Insurance I GBP 2.48 - 0.01 0.00
Global Technology I USD $ 15.58 - 0.04 0.00
Healthcare Opps I USD $ 18.30 - -0.15 0.00
Japan Alpha I JPY 109.19 109.19 -0.22 -
Japan I JPY 1137.38 - 27.76 0.00
Fund Bid Offer D+/- Yield
North American I USD $ 11.75 11.75 -0.05 0.00
UK ARF I GBP 9.98 - 0.01 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 111.27 - 0.50 0.00
European Market Neutral Fund A EUR 97.16 - -1.04 0.00
European Conviction A EUR 154.53 - 0.00 0.00
European Forager A EUR 152.44 - 0.08 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 120.96 - 0.28 0.00
Assured USD B $ 106.36 - 0.16 0.00
Assured USD C $ 114.94 - 0.22 0.00
Assured USD D $ 108.17 - 0.18 0.00
Assured F USD $ 72.97 - 0.04 0.00
Assured GBP B 95.02 - 0.25 0.00
Assured GBP C 90.27 - 0.28 0.00
Assured EUR D 80.79 - -0.59 0.00
Assured EUR B 74.13 - -0.55 0.00
Assured CHF E SFr 55.69 - -0.43 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 34.65 - 0.23 0.00
Emerging Markets Active $ 25.53 - -0.15 -
Luxcellence Em Mkts Tech $ 727.33 - -7.19 0.00
Em Mkts Strategy Developing $ 756.41 - 2.65 0.00
Em Mkts Strategy Small Cap $ 1038.54 - 5.62 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 355.18 359.38 0.89 0.89
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 220.49 - - 0.00
RPF D $ 13.44 - 0.23 0.00
PQF B Shares $ 486.05 - 2.88 0.00
PCF $ 421.60 426.00 6.53 0.00
CAPF $ 7.67 - -0.24 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 129.77 - 0.16 5.36
Prusik Asia A $ 169.32 - 0.08 0.00
Prusik Asian Smaller Cos A $ 150.84 - -0.35 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 126.26 - 0.37 0.00
PCG C 124.71 - 0.37 0.00
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 1032.32 - 1.12 5.38
Putnam New Flag Euro High Yield Plc - M 937.36 - 1.00 4.79
R & H Fund Services (Jersey) Ltd (JER)
Regulated
Camber International Equity Growth Limited 12.40 - -0.05 0.45
BDP Limited
Bond Fund GBP 10.07 - 0.01 5.89
Income Fund Sterling 3.29 - 0.02 8.92
The Discretionary Pfolio 11.94 - -0.07 1.67
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 170.8861 - 2.8168 0.00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 152.98 - 1.02 1.07
Canadian Equity Class B C$ 154.60 - 0.81 0.44
European Equity Class B 151.04 - 0.93 0.71
Intl Ex North America Equity Class B $ 120.65 - 0.91 0.57
UK Bond Class B 104.67 - -0.10 2.04
UK Equity Class B 161.18 - 0.70 1.02
US Dollar Capital Growth Class $ 13.22 - -0.01 0.19
US Equity Class $ 126.33 - -1.02 0.00
.
For RMF Investment Management Funds see Man Investments
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
tel (31)10 2242381 www.robeco.com
FSA Recognised
Asia-Pacific Equities (EUR) 94.95 - -0.48 0.00
Chinese Equities (EUR) 54.35 - -0.06 0.00
Em Stars Equities (EUR) 156.15 - 0.21 0.00
Emerging Markets Equities (EUR) 140.06 - -0.35 0.00
Flex-o-Rente (EUR) 107.70 - 0.01 0.00
Glob.Consumer Trends Equities (EUR) 89.94 - -0.67 0.00
High Yield Bonds (EUR) 111.93 - 0.15 0.00
Lux -O- Rente (EUR) 127.27 - 0.06 0.00
Natural Ress Equities (EUR) 84.40 - -0.29 0.00
New World Financials (EUR) 35.21 - 0.18 0.00
SAM Sust. Agrib.Eq. D 111.62 - -0.15 0.00
US Premium Equities (EUR) 120.84 - -0.73 0.00
US Premium Equities (USD) $ 134.70 - -0.78 0.00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Cont Eur Spec Equity Ser 3 92.53 - 0.51 0.81
RBSG UK Equity Index Programme Ser 3 24.07 - 0.12 3.07
RBSG UK Specialist Eqty Ser 3 17.73 - 0.12 0.91
RBSG UK Sovereign Bond Index Prog Ser 3 14.42 - -0.03 3.08
RBSG Contl Eurp Eqty Index Prog Ser 3 285.04 - 1.41 1.92
RBSG Japan Specialist Equity Prog Ser 3 3581.00 - 21.00 0.66
RBSG US Equity Index Programme Ser 3 $ 49.76 - -0.38 1.05
RBSG Pacific Basin Eqty Ser 3 $ 54.12 - 0.04 1.37
RBSG Emerging Markets Ser 3 $ 34.96 - 0.00 1.10
RBSG Global Investment Grade Bond GBP Series 6 126.64 - 0.20 2.76
RBSG Global Investment Grade Programme GBP S3 116.68 - 0.19 2.79
RBSG UK Sovereign Bond Index Programme Series 6 11.19 - -0.02 3.05
Absolute Rtn Multi Asset Prog SER 3 GBP 9.86 - 0.06 0.00
** 30 day average yield
Royal London Asset Mgmt (Ireland) Ltd (IRL)
PO Box 9428, Dublin 1, Ireland 08456 040404
FSA Recognised
Royal London Asset Management Bond Funds PLC
Sterling Extra Yield Bond A 1.08 - 0.00 7.84
Sterling Extra Yld Bd B 1.06 - 0.00 7.56
Russell Investment Company Plc (IRL)
Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 22.76 - 0.15 0.00
Cont Eur Eq F F 1227.81 - 8.19 0.00
Cont Eur Eq SH I F 91.35 - 0.62 0.00
Cont Eur Eq A 26.22 - 0.18 0.00
Emerg Mkts Eq B $ 21.98 - 0.13 0.00
Global Bond B $ 21.43 - 0.04 0.00
Japan Equity B 878.28 - 23.78 0.00
Pacific Basin B $ 23.28 - 0.10 0.00
UK Index Linked I 18.21 - -0.08 0.00
US Bond B F $ 17.30 - 0.02 0.00
US Equity B $ 11.05 - -0.07 0.00
US Equity EH A F 116.56 - -0.81 0.00
World Equity II B F $ 9.88 - 0.01 0.00
RIC - OMIGSA
Acadian Emerging Markets Eq Ucits A 21.46 - 0.07 0.00
Acadian European Eq Ucits I 9.23 - 0.04 2.55
Acadian Gbl Eq Ucits A 9.96 - -0.04 0.00
Emerg Markets EQ Ucits B $ 10.40 - 0.05 0.00
Global Aggreg.Bd Fd $ 18.55 - 0.02 0.32
Global Bond B F $ 18.57 - 0.01 0.28
Global Credit Fund A F $ 13.15 - 0.02 0.45
Global Currency Fd A $ 12.16 - 0.01 0.21
US Growth Equity A F $ 16.20 - -0.10 0.05
Value Global Equity F $ 21.83 - 0.00 0.19
Russell Investment Company II PLC (IRL)
Russell Investment Group, 10 Regent St, Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Euro Fixed Inc I ACC F 20.61 - 0.06 0.00
Pan European Eq I F 15.66 - 0.11 0.00
Fund Bid Offer D+/- Yield
UK Equity Plus B F 124.58 - 0.68 0.00
US Growth I Acc F 11.01 - -0.09 0.00
US Quant B F $ 14.22 - -0.09 0.00
World Equity B $ 16.85 - 0.03 0.00
World Equity I F 18.62 - 0.02 0.00
World Equity SH-B F 114.53 - 0.23 0.00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 18.28 18.28 0.08 2.46
SVG UK Focus Fd Cls A 17.76 17.76 0.08 2.01
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 241.39 - 8.08 0.00
S W Mitchell Class B Shares USD $ 240.11 - 8.10 0.00
SAM (LUX)
Tel. +41 44 653 10 10 www.sam-group.com
Regulated
SAM Smart Energy Fund GBP/A 12.39 - 0.00 1.13
SAM Smart Materials Fund GBP/A 104.80 - 0.32 0.05
SAM Sust. Climate Fund GBP/A 63.75 - 0.46 0.16
SAM Sust. Global Active Fd EUR/B 119.02 - 0.24 0.00
SAM Sust. Healthy Liv Fd EUR/B 108.10 - -1.09 0.00
SAM Sust. Water Fund GBP/A 123.29 - 0.06 0.99
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 101.29 105.51 -0.06 4.80
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7887000 1.7887000 0.0000100 0.00
Offshore Cash B F 1.8013600 1.8013600 0.0000200 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 2.31 2.33 -0.01 0.00
SEB Europe Fund 3.36 3.40 -0.01 0.00
SEB European Equity Small Cap 145.99 147.45 1.40 0.93
SEB Asset Selection Fund EUR 13.64 14.32 -0.01 0.00
SEB Russia Fund 9.62 9.72 0.03 0.00
SEB Eastern Europe ex Russia 2.83 - 0.02 0.00
SEB Eastern Europe Small Cap Fund 2.52 2.54 0.00 0.00
SEB Hedge IC 99.36 - -1.00 0.00
SEB Key Europe Equity L/S 94.67 - 0.63 0.00
SEB Key Select C 9.72 9.72 0.02 0.00
SEB Key Select I 9.95 9.95 0.02 0.00
SEB Nordic Fund 6.83 6.90 -0.01 0.00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 140.90 - -0.05 0.00
LTIF Classic 248.44 - -0.15 0.00
LTIF Em.Mkt Value 81.53 - 0.20 0.00
LTIF Natural Resources 94.05 - 0.88 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 187.70 - -1.10 0.76
LTIF Stability Inc Plus SFr 181.10 - -9.10 0.00
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 113.55 - 0.06 0.00
SKAGEN Kon-Tiki 70.24 - 0.08 0.00
SKAGEN Vekst 174.46 - -0.26 0.00
SKAGEN Tellus 15.07 - 0.00 0.00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B-Asia $ 592.31 - 6.47 0.00
C-International $ 392.37 - 13.72 -
G1 Emerging Mkts $ 1063.79 - 13.73 0.00
H - Japan $ 83.38 - 2.39 0.00
SR Phoenicia Inc
Phoenicia A $ 393.90 - 11.48 -
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 295.71 - 2.54 0.48
Mid Ocean World Inv $ 440.54 - 3.25 0.20
Pancurri Investment Ltd (Est) $ 1050.26 - 7.47 0.00
SMT Fund Services (Ireland) Limited
Regulated
Monthly Dividend High Yield $ 7.20 - 0.01 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Euro Portfolio 0.01 - 0.00 -
Canadian Dllr Pfolio C$ 0.01 - 0.00 -
New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.42 - 0.02 0.00
Monthly Dividend EUR Bd 10.25 - 0.01 0.00
Monthly Dividend CAD Bd C$ 10.44 - 0.03 0.00
Mthly Div US Preferred Secs $ 7.69 - 0.01 0.00
Daiwa Equity Fund Series
New Major Economies $ 11.44 - 0.01 0.00
Global CB $ 10.20 - 0.00 0.00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 106.26 - 3.16 0.00
Global Opportunity Ser K1 (Est) $ 11.37 - -85.32 0.00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 380.93 - 3.03 -
Stenham Universal EUR 119.72 - 0.90 -
Stenham Universal GBP 131.07 - 1.06 -
Stenham Universal II USD $ 143.24 - 1.08 0.00
Stenham Universal II GBP 140.29 - 1.07 -
Stenham Universal II EUR 124.09 - 0.90 -
Stenham Growth USD $ 174.42 - 1.08 -
Stenham Trading Port. $ 4734.46 - 14.43 -
Stenham Quadrant USD A $ 368.65 - 0.72 -
Stenham Quadrant USD A $ 368.65 - 0.72 -
Stenham Asia EUR 92.13 - 0.93 -
Stenham Asia GBP 94.40 - 1.00 -
Stenham Asia USD $ 118.09 - 1.23 -
Stenham Gold USD $ 288.93 - -7.13 -
Stenham Multi Strategy EUR 99.89 - 0.75 -
Stenham Multi Strategy GBP 103.51 - 0.83 -
Stenham Multi Strategy USD $ 104.37 - 0.82 -
Stenham Global Resources EUR 102.66 - -0.25 -
Stenham Global Resources GBP 107.71 - -0.21 -
Stenham Global Resources USD $ 109.20 - -0.24 -
Stenham Managed Fund EUR 95.45 - 0.30 -
Stenham Managed Fund GBP 99.43 - 0.36 -
Stenham Managed Fund USD $ 99.81 - 0.35 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 115.53 - -1.60 0.00
Fine Wine Geared Fund 0.44 - -0.01 0.00
Japanese Synthetic Warrant 102.05 - 11.02 0.00
Japan Synthetic Warrant Fund USD Class $ 1.60 - 0.14 0.00
Asia Synthetic Warrant Fund $ 5.18 - 0.38 0.00
Renminbi Bond Fund AUD Cls A A$ 113.58 - 0.08 -
Renminbi Bond Fund AUD Cls B A$ 113.48 - 0.08 -
Renminbi Bond Fund CHF Cls A SFr 121.12 - 0.05 -
Renminbi Bond Fund CHF Cls B SFr 120.88 - 0.05 -
Renminbi Bond Fund CNH Cls A CNH 121.69 - 0.07 -
Renminbi Bond Fund CNH Cls B CNH 121.43 - 0.07 -
Renminbi Bond Fund Euro Cls B 121.17 - 0.05 -
Fund Bid Offer D+/- Yield
Renminbi Bond Fund GBP Cls B 121.43 - 0.06 -
Renminbi Bond Fund SGD Cls B S$ 121.24 - 0.06 -
Renminbi Bond Fund USD Cls B $ 121.46 - 0.07 -
Renminbi Bond Fund YEN Cls B 12151.17 - 6.50 -
Renminbi Bond Fund USD Class $ 168.08 - 0.09 3.49
Renminbi Bond Fund GBP Class 162.43 - 0.09 3.52
Renminbi Bond Fund SGD Class S$ 161.18 - 0.10 3.61
Renminbi Bond Fund YEN Class 17914.00 - 12.00 0.00
Renminbi Bond Fund EUR Class 111.92 - 0.06 3.61
Poland Geared Growth 0.67 - -0.05 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 55794.00 - 1373.00 0.00
Strat Evarich Japan Fd Ltd JPY 62459.00 - 5187.00 0.00
Strat Evarich Japan Fd Ltd USD $ 621.19 - 49.73 0.00
Strat Global Innovation fd Ltd EUR 1125.01 - -18.33 0.00
Strat Global Innovation fd Ltd USD $ 1158.17 - -17.74 0.00
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 1902.63 - 10.73 0.00
Strategic China Panda Fund Hedged EURO 1869.18 - 10.97 0.00
Strategic China Panda Fund Hedged Sterling 1810.66 - 10.94 0.00
Strategic US Momentum and Value Fund $ 556.92 - -3.28 -
Nippon Growth (UCITS) Fund JPY Class A shares 57666.00 - 3702.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 47076.00 - 3022.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 48618.00 - 3121.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1053.33 - 0.26 2.46
Strategic Euro Bond Fund Accumulating Class Shares 1130.66 - 0.28 0.00
Strategic Emerging Europe Fund Hedged Euro Class 1002.88 - 10.61 0.00
Strategic Emerging Europe Fund USD Class $ 1016.17 - 10.72 0.00
Strategic Europe Value Euro Class 119.09 - 0.77 0.00
Strategic Global Bond USD Acc $ 1045.35 - 1.22 -
Strategic Global Bond RMB Acc $ 1041.61 - 1.47 -
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1528.65 - 1.85 0.00
UK Corporate Bond 1369.96 - 0.77 0.00
Gilt 1442.80 - 1.33 0.00
Global Eq (Ex Japan) Index Fund 0.97 - 0.00 0.00
Global Eq (ex Japan) Class HJ4 1.01 - 0.00 0.00
Global Eq (ex Japan) Class JP5 0.82 - 0.00 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.75 - 0.00 0.00
Gbl Govt Bond (Ex Japan) Index 0.94 - 0.01 0.00
Gbl Govt Bond (ex Japan) Class JP4 0.92 - 0.01 0.00
Japan Equity Index Fund 0.55 - 0.00 0.00
Japan Equity Class JP3 0.67 - 0.00 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 5.07 - -0.09 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 1035.69 - -10.36 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1020.48 - 6.43 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 27.52 - 0.89 0.00
Traditional Funds (IRL)
State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.com
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 10.15 - 0.00 0.00
BSI Bond Opportuinty Fund USD Acc $ 10.14 - 0.00 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.87 - 0.00 0.00
Credit Select A EUR Dis 10.17 - 0.04 1.18
Credit Select A EUR Acc 10.88 - 0.03 0.00
European Absolute Return Fund Class A Old Euro Acc 20.84 - 0.14 0.00
European Absolute Return Cls A New Euro Acc 11.35 - 0.08 0.00
High Income USD Dis $ 9.32 - 0.02 8.48
High Income Cls A New USD Dis $ 7.08 - 0.01 8.48
High Income Cls A New USD Acc $ 10.77 - 0.02 0.00
Global Bd () GBP Dis 13.33 - 0.01 0.00
Global Bd () GBP Acc 15.48 - 0.01 0.00
Global Bd () Acc 14.13 - 0.00 0.00
Global Bd () Dis 12.43 - 0.00 0.00
Global Bd ($) Acc $ 11.85 - 0.01 0.00
Global Bd ($) Dis $ 10.40 - 0.02 0.00
Global Credit A EUR Dis 9.75 - 0.01 1.23
Global Credit A EUR Acc 10.66 - 0.02 0.00
Real Estate Securities Cls A GBP Acc 12.48 - 0.06 0.00
Real Estate Securities Cls A GBP Dist 11.91 - 0.06 2.57
Water & Agriculture Abs Rtn USD Acc $ 12.19 - 0.05 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.77 - 0.04 0.00
Emerging Asia B USD Acc $ 8.88 - 0.02 0.00
Emerging Asia B USD Dis $ 8.87 - 0.02 0.00
Global Emerging Markets USD Acc $ 14.67 - 0.05 0.00
Global Emerging Markets USD Dist $ 46.76 - 0.18 0.22
Global High Yield A Euro Acc 10.72 - 0.01 0.00
Global High Yield A Euro Dis 10.18 - 0.01 3.16
Global Emerging Mkt Abs Rtn A USD Acc $ 8.91 - 0.03 0.00
Global Emerging Mkt Abs Rtn B USD Acc $ 9.01 - 0.03 0.00
Thames River Capital
State Street Fund Services (Ireland) Limited
No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone: +353 (0)1 242 5529
Fax : +353 (0)1 438 9528
TRCInvestorServices@statestreet.com
Other International Funds
Hillside Apex Cls A $ 1219.13 - -56.05 0.00
Warrior Cls A (Final) $ 2475.20 - -17.39 -
Warrior Cls F (Final) $ 1030.42 - -7.24 -
Warrior II Class A (Final) $ 1228.74 - -9.04 0.00
Warrior II Class F (Final) $ 965.52 - -7.09 -
Sentinel Cls A (Final) $ 1714.36 - -14.54 0.00
Longstone Cls A 1296.74 - -3.13 0.00
Property Growth & Inc Cls A GBP Inc 11.15 - 0.02 4.82
Property Growth & Inc Cls A GBP Acc 14.98 - 0.03 0.00
Africa Focus Class A USD (Final) $ 1119.23 - -23.14 0.00
Isis Cls A $ 7775.16 - 33.89 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 2.24 - -0.09 12.08
B Share NAV (Susp) 2.24 - -0.09 12.08
The Glanmore Property Dollar Fund
NAV (Susp) $ 1.06 - -0.03 0.00
B Share NAV (Susp) $ 0.96 - -0.04 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 0.95 - -0.02 0.00
B Share NAV (Susp) 0.60 - -0.04 -
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 0.42 - -0.01 0.00
B Share NAV 1.03 - -0.03 0.00
Toscafund (CYM)
Regulated
Tosca $ 212.94 - 4.04 0.00
Tosca Mid Cap GBP 151.62 - 15.98 0.00
Tosca Opportunity B USD $ 168.14 - -14.42 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 226.51 - 2.33 0.00
International B $ 293.05 - 3.11 0.00
International C 100.59 - 1.06 3.09
Pacific A 260.07 - 0.44 0.00
Pacific B $ 329.44 - 0.63 0.00
TreeTop Global Sicav
Global Opp.A 110.59 - 0.38 0.00
Global Opp.B $ 116.64 - 0.54 0.00
Global Opp.C 140.91 - 0.47 0.00
Sequoia Equity A 98.74 - 1.39 0.00
Sequoia Equity B $ 107.34 - 1.71 0.00
Sequoia Equity C 119.98 - 1.75 0.00
Sequoia Pacific Equity A 60.62 - 0.17 0.00
Sequoia Pacific Equity B $ 67.34 - 0.26 0.00
Sequoia Pacific Equity C 81.43 - 0.19 0.00
Fund Bid Offer D+/- Yield
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FSA Recognised
UBS (CH) Equity Fund - Gold (USD) P $ 477.71 - -3.30 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 300.96 - 0.17 0.15
UBS Global Emerging Market Value Focus P USD $ 114.92 - 1.80 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 136.35 - 0.59 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 156.31 - 0.29 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 122.17 - -0.12 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 104.29 - -0.03 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 10.78 - 0.02 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 108.16 - 0.02 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 230.35 - 0.20 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1921.02 - 3.54 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2993.60 - 4.85 0.00
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 107.59 - -0.38 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 196.11 - -0.21 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 138.86 - -0.51 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 109.87 - 0.18 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 17.43 - -0.13 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 9.89 - 0.06 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 141.35 - 0.01 0.00
Pls contact your adviser for funds in other currencies or for add.
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 213.72 - 0.91 0.00
UOB Greater China $ 228.91 - 1.04 0.00
UOB Paradigm Fund Class A (Eur) 148.76 - 0.00 0.00
UOB Paradigm Fund Class B (USD) $ 186.33 - 0.02 0.00
UOB Paradigm Fund Class C $ 120.00 - 0.01 0.00
UOB Paradigm Fund Class D $ 117.42 - 0.02 0.00
UOB US Equity Fund $ 156.73 - 0.05 0.00
UOB Global Opportunities Fund $ 110.80 - 0.40 0.00
UOB Strategic Allocation Fund USD $ 101.92 - -0.27 0.00
Unicapital Investments (LUX)
Regulated
Investments III 146.01 - -3.06 0.00
Investments IV - European Private Eq. 430.45 451.97 -10.20 -
Investments IV - Global Private Eq. 597.10 626.96 -78.89 -
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
VP Absolute Greater China Classic Fund $ 10.92 - 0.00 -
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 256.59 - -0.47 1.14
Veritas Asian Fund A GBP H 295.24 - 0.07 1.15
Veritas Asian Fund A EUR H 225.25 - -0.15 1.18
Veritas China Fund A USD $ 108.17 - -0.07 0.63
Veritas China Fund A GBP 109.87 - -0.07 0.00
Veritas China Fund A EUR 107.48 - -0.07 0.45
Veritas Global Equity Income Fund D USD $ 129.30 - -0.14 -
Veritas Global Equity Income Fund D EUR 188.90 - 0.03 -
Veritas Global Equity Income Fund D GBP 154.67 - 0.15 -
Veritas Global Focus Fund D USD $ 20.24 - -0.07 -
Veritas Global Focus Fund D EUR 15.36 - -0.03 -
Veritas Global Focus Fund D GBP 21.07 - -0.03 -
Veritas Global Focus Fund A GBP 20.36 - -0.03 1.48
Veritas Global Focus Fund A EUR 8.94 - -0.02 1.56
Veritas Global Focus Fund A USD $ 19.48 - -0.07 1.50
Veritas Global Focus Fund C GBP 21.13 - -0.02 0.00
Veritas Global Focus Fund C EUR 15.45 - -0.03 0.00
Veritas Global Focus Fund C USD $ 20.30 - -0.06 0.00
Veritas Global Equity Income Fund A GBP 149.35 - 0.15 4.51
Veritas Global Equity Income Fund A EUR 185.10 - 0.03 4.51
Veritas Global Equity Income Fund A USD $ 125.29 - -0.13 4.53
Veritas Global Equity Income Fund C GBP 156.50 - 0.16 -
Veritas Global Equity Income Fund C EUR 194.05 - 0.03 -
Veritas Global Equity Income Fund C USD $ 130.75 - -0.14 -
Veritas Global Real Return Fund A USD $ 17.50 - -0.01 0.97
Veritas Global Real Return Fund A GBP 9.54 - 0.00 0.83
Veritas Global Real Return Fund A EUR 4.97 - -0.39 0.00
Retail
Veritas Asian Fund B USD $ 181.15 - -0.33 0.70
Veritas Asian Fund B GBP 217.06 - 0.05 0.35
Veritas Asian Fund B EUR 165.00 - -0.11 0.67
Veritas China Fund B USD $ 114.29 - -0.08 0.00
Veritas China Fund B GBP 106.62 - -0.07 0.14
Veritas China Fund B EUR 108.14 - -0.07 0.00
Veritas Global Focus Fund B USD $ 14.11 - -0.05 0.91
Veritas Global Focus Fund B GBP 15.58 - -0.02 0.92
Veritas Global Focus Fund B EUR 10.67 - -0.02 1.88
Veritas Global Equity Income Fund B GBP 139.54 - 0.14 4.53
Veritas Global Equity Income Fund B EUR 172.46 - 0.02 4.53
Veritas Global Equity Income Fund B USD $ 126.22 - -0.13 4.55
Veritas Global Real Return Fund B USD $ 16.97 - -0.01 0.59
Veritas Global Real Return Fund B GBP 9.45 - 0.00 0.47
Veritas Global Real Return Fund B EUR 11.11 - 0.00 0.42
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD (Est) 238.23 - 0.94 0.00
Real Return Asian Fund GBP (Est) 252.44 - -1.96 0.00
Real Return Asian Fund EUR (Est) $ 247.99 - 0.91 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 132.00 - -0.50 -
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 18.05 - 0.03 0.94
European Fund B Eur H 9.26 - 0.03 1.03
Global Bond Fund Cls A $ 9.90 - -0.01 4.75
Global Equity Fund B GBP H 5.43 - 0.00 0.00
JOHIM Equity Fund GBP 11.19 - 0.06 0.00
JOHIM Sterling Bond Fund A GBP 10.24 - 0.00 4.99
Waverton Abs. Fund GBP 9.95 - 0.00 0.32
UK Fund B GBP H 10.50 - 0.00 2.62
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 114.03 - 0.13 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.65 - 0.01 0.00
Assetmaster Cautious Fund 1.39 - 0.00 0.00
Assetmaster Balanced Fund 1.38 - 0.00 0.00
Assetmaster Intl Growth Fund 1.60 - 0.00 0.00
Multi Strategy Fund H 1.81 - 0.02 0.00
Chameleon Capital H 1.13 - 0.01 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 809.62 - 8.02 0.00
Winton Futures EUR Cls C 228.05 - 2.18 0.00
Winton Futures GBP Cls D 247.25 - 2.50 0.00
Winton Futures GBP Cls F 95.34 - 0.96 -
Winton Evolution USD Cls F (Est) $ 1292.13 - -32.83 0.00
Winton Evolution EUR Cls H (Est) 1019.38 - -26.06 0.00
Winton Evolution GBP Cls G (Est) 1025.90 - -26.05 0.00
Winton Futures JPY Cls E 15834.65 - 155.76 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.17 - 0.02 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 896.05 - -1.82 0.00
Xanthos Equities USD $ 938.37 - -7.73 0.00
Xanthos Investment Partners USD $ 2527.46 - 34.83 0.00
Fund Bid Offer D+/- Yield
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho General Japan III 3675.00 - -5.00 0.00
Yuki Mizuho Japan Dynamic Growth 3625.00 - -10.00 0.00
Yuki Mizuho Japan General 7457.00 - -5.00 0.00
Yuki Mizuho Japan Excellent 100 5964.00 - -7.00 0.00
Yuki Mizuho Japan Growth 5233.00 - -19.00 0.00
Yuki Mizuho Japan Income 6776.00 - -20.00 0.00
Yuki Mizuho Japan Large Cap 4263.00 - -15.00 0.00
Yuki Mizuho Japan Low Price 9934.00 - -130.00 0.00
Yuki Mizuho Japan Pure Gwth 6051.00 - -10.00 0.00
Yuki Mizuho Japan Small Cap 6645.00 - 6.00 0.00
Yuki Mizuho Japan Value Select 5002.00 - 1.00 0.00
YMR Umbrella Fund
YMR N Growth 8371.00 - -21.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 6244.00 - -28.00 0.00
Yuki Chugoku Japan Low Price 6082.00 - -11.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 5087.00 - -7.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 3982.00 - -4.00 0.00
Yuki Hokuyo Japan Income 4598.00 - -9.00 0.00
Yuki Hokuyo Japan Small Cap Fund 5068.00 - 2.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 8891.00 - -4.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 104.54 - 0.92 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 169.78 - -0.96 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Data Provided by Morningstar
www.morningstar.co.uk
Data as shown is for information purposes only. No
offer is made by Morningstar or this publication.
Full fund performance data at
www.ft.com/funds
Guide to Data
The fund prices quoted on these pages are
supplied by the operator of the relevant fund.
Details of funds published on these pages,
including prices, are for the purpose of
information only and should only be used as a
guide. The Financial Times Limited makes no
representation as to their accuracy or
completeness and they should not be relied
upon when making an investment decision.
The sale of interests in the funds listed on
these pages may, in certain jurisdictions, be
restricted by law and the funds will not
necessarily be available to persons in all
jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by
Morningstar. For other queries contact
reader.enquiries@ft.com +44 (0)207 873
4211.
The fund prices published in this edition
along with additional information are also
available on the Financial Times website,
www.ft.com/funds. The funds published on
these pages are grouped together by fund
management company.
Prices are in pence unless otherwise
indicated. The change, if shown, is the change
on the previously quoted figure (not all funds
update prices daily). Those designated $ with
no prefix refer to US dollars. Yield percentage
figures (in Tuesday to Saturday papers) allow
for buying expenses. Prices of certain older
insurance linked plans might be subject to
capital gains tax on sales.
Guide to pricing of Authorised Investment
Funds (compiled with the assistance of the
IMA. The Investment Management Association,
65 Kingsway, London WC2B 6TD. Tel: +44
(0)20 7831 0898.)
OEIC: OpenEnded Investment Company.
Similar to a unit trust but using a company
rather than a trust structure.
Different share classes are issued to reflect
a different currency, charging structure or type
of holder.
Selling price:Also called bid price. The price
at which units in a unit trust are sold by
investors.
Buying price: Also called offer price. The
price at which units in a unit trust are bought
by investors. Includes managers initial charge.
Single price: Based on a midmarket
valuation of the underlying investments. The
buying and selling price for shares of an OEIC
and units of a single priced unit trust are the
same.
Treatment of managers periodic capital
charge: The letter C denotes that the trust
deducts all or part of the managers/operators
periodic charge from capital, contact the
manager/operator for full details of the effect of
this course of action.
Exit Charges: The letter E denotes that an
exit charge may be made when you sell units,
contact the manager/operator for full details.
Time: Some funds give information about
the timing of price quotes. The time shown
alongside the fund managers/operators name
is the valuation point for their unit trusts/OEICs,
unless another time is indicated by the symbol
alongside the individual unit trust/OEIC name.
The symbols are as follows: 0001 to
1100 hours; 1101 to 1400 hours; 1401 to
1700 hours; # 1701 to midnight. Daily dealing
prices are set on the basis of the valuation
point, a short period of time may elapse before
prices become available.Historic pricing: The
letter H denotes that the managers/operators
will normally deal on the price set at the most
recent valuation. The prices shown are the
latest available before publication and may not
be the current dealing levels because of an
intervening portfolio revaluation or a switch to a
forward pricing basis. The managers/operators
must deal at a forward price on request, and
may move to forward pricing at any time.
Forward pricing: The letter F denotes that that
managers/operators deal at the price to be set
at the next valuation.
Investors can be given no definite price in
advance of the purchase or sale being carried
out. The prices appearing in the newspaper are
the most recent provided by the
managers/operators. Scheme particulars,
prospectus, key features and reports: The most
recent particulars and documents may be
obtained free of charge from fund
managers/operators. * Indicates funds which do
not price on Fridays.
Charges for this advertising service are
based on the number of lines published and the
classification of the fund. Please contact
data@ft.com or call
+44 (0)20 7873 3132 for further information.
Give your
funds
maximum
exposure
Publish your funds in
the Financial Times
and stand out in an
overcrowded market.
Its a powerful way to
promote your brand,
communicate with
your clients and attract
new investors.
For more information
please contact
data@ft.com or call
+44 (0) 20 7873 3132
MANAGED FUNDS SERVICE
DECEMBER 21 2012 Section:Stats Time: 20/12/2012 - 19:28 User: sheehanr Page Name: UT6 EUR, Part,Page,Edition: EUR, 21, 1
22

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Dec 20/Pence)
3i 220xd -.1 254.82 166.10 3.7 - 2818
AberAsM 365.20xd +6.8 370.44 196.10 3.1 19.4 6913
ABG 434 -8.4 535 301.40 2.7 13.3 291
Admiral 1.19k -6 1.22k 764.99 6.8 13.9 426
Aegis 234.80 -.1 238.40 133.70 1.4 25.4 3283
Aggreko 1.74k +42 2.42k 1.63k 1.3 16.5 2061
Alliance 382.20xd -1.6 383.80 328.50 2.2 40.3 551
AMEC 1.02kxd -7 1.19k 858.50 3.1 14.1 2179
Amlin 387.70 -1 408.30 307.60 6 11.2 1218
AngloAmer@ 1.89k -6.5 2.96k 1.66k 2.8 9.2 3206
Antofagsta@ 1.35k -17 1.4k 972 2 14.5 2261
ARM 782.50 +7.5 784 463.60 0.5 69.9 6908
AscBrFd 1.57kxd -2 1.58k 1.08k 1.8 19.9 1767
Ashmore 361.90 +3.9 406 300.30 4.1 13.4 1038
AstraZen @ 2.93k -16 3.12k 2.58k 6.7 8.2 1785
Aviva 384 +3.2 385.10 251.10 6.8 - 12455
Babcock 987xd -.5 1.01k 695 2.4 18.9 849
BAE SYS 348 +6.1 367.50 266.30 5.5 8.4 8126
BalfourB 274.70 +6.3 321.45 234.60 5.1 10.9 2228
Barclays @ 266.80 +.25 288 148.20 2.2 8.4 49536
Berkeley 1.78k +14 1.78k 1.17k 0.8 14.6 376
BG @ 1.01k -14.5 1.55k 991 1.6 15.6 14706
BHP Bltn 2.15k +3.5 2.24k 1.62k 3.6 13.1 6762
BlckRckWld 589 +1 750.44 524 1.2 27.7 186
Booker Grp 98.50 +.95 105.50 70.25 2.4 20.7 2347
BP @ 430.10xd -1.2 554 359.90 4.9 6.7 27762
BrAmTob @ 3.11k +15 3.51k 2.88k 4.2 17.9 6480
BritLand 570 +2.5 571 445.9035764.4 19.8 2191
BSkyB @ 780 +8 787 628.76 3.3 14.9 2690
BT @ 242.40 +1.3242.81 185.50 3.6 8.8 24817
Bumi 273.30 +4.7 941 119.54 - - 206
Bunzl 1.01kxd -6 1.17k 837 2.7 16.5 1678
Burberry 1.25kxd -2 1.61k 998 2.1 22.9 1094
bwin.party 114.70 +1 177 91.05 2.9 10 2403
CairnEng 261.80 -4.5 364.90 245.20 - - 3682
Cap&Count 249.30 +1 250.60 170 0.6 10.7 1159
Capita 778.50 +2 788 600 2.8 18.6 2140
CapShopCn 361.70 +.7363.30 289.60 3.7 - 912
Carillion 318.70 +4.7 348 232.17 5.3 9.4 1189
Carnival 2.39kxd -154 2.6k 1.58k 4.3 18.9 4586
CatlinGrp 501 +1 502.14 376.20 5.1 5 675
Centrica @ 340 -.4 342 248.40 4.6 15.5 9526
Cobham 222.50 +1 242.70 167.60 3.9 14.5 2459
Compass @ 742.50 +8.5 748.34 578.50 2.9 22.6 4774
CRH 1.25k +25 1.88k 1.05k 4.1 18.8 2537
Croda 2.4k +15 2.5k 1.71k 2.4 19 557
Daily Mail 553xd +5.5 554.50 361.40 3.3 18.5 314
Diageo @ 1.85k +10 1.89k 1.23k 2.4 24.9 4279
Drax Group 558.50 -8.5 584 390 4.7 4.5 1040
DrwntLdn 2.13k +9 2.15k 1.51k 1.3 - 216
easyJet 772.50 - 776 377.03 2.8 14.7 1496
ENRC 280.80 -.2 759 259.60 4.3 4.6 4262
EssarEngy 123 -1.1 188.05 98.13 - - 920
EVRAZ 267 -11.4 465.40 206.80 2.8 32.4 4811
Experian 999 -7 1.1k 819 2 24.1 4168
Ferrexpo 249.50 -8.4 370 138.70 1.6 5.6 2988
FirstGrp 203.80 -.9 344 174.60 11.6 6.4 3248
For & Col 320.90 -.7 321.60 275.17 1.9 45.4 384
Fresnillo @ 1.88k -33 2.03k 1.26k 3.5 28 973
G4S 260.40 -.4 293.40 237.30 3.3 27.6 4496
GKN 229.30 +2.2 242.10 169.20 2.8 10.6 10674
GlaxoSmh @ 1.35kxd -1.5 1.56k 1.31k 5.3 14.3 10204
Glencore @ 349.65 -3 484 289.35 2.7 11.4 10307
Halma 456.40 +1.6459.30 324.08 2.2 18.6 854
Hammersn 494.60 +2.7496.30 339.20 2.8 28.6 2158
Hargr Lans 693.50 -2.5 785.48 404.72 3.3 28.7 811
HikmaPhm 751 +7 785 598.50 1.2 25.8 327
Hiscox 466 -2 497 359.20 3.8 9.3 355
Hochschild 481 -3.6 543.76 364.74 0.9 26.6 145
HSBC @ 650 -3654.30 474 4.3 16.4 37012
Hunting 781.50 +14 977 680.50 2 19.9 599
IAG 186 -2.5 219.34 136 - - 3370
ICAP 312.60 +.6 431.67 272.80 7.2 11.4 2800
IG Group 453.60 +1.7 505 413.80 5 12 1082
ImgnTech 411.50 -3.5 734 378.34 - 59.5 580
IMI 1.1k -7 1.11k 711 2.8 16.5 1287
ImpTob @ 2.4k - 2.63k 2.21k 4.4 12.5 3350
Inchcape 438.30 -1.4 452.10 276.20 2.6 12.6 941
Informa 451 -4.2 456.50 330.70 3.9 42.5 3312
Inmarsat 593 -3 613.14 361.68 4.8 11.8 753
InterC Htls 1.71kxa +51 1.76k 1.06k 8.7 22.1 1300
Intertek 3.14k +8 3.18k 1.89k 1.1 29.7 437
Invensys 324.70xd -1.2 329.30 166.80 1.4 21.2 2804
Investec 421.30xd +6.2 424.20 308.90 4 15.1 2209
ITV 107 +3.2 107.10 60.60 1.9 15.3 24329
JardineL 760.50 -9.5 798.50 640.50 3.2 18.1 116
JohnsoM 2.41kxd -1 2.58k 1.75k 6.5 16.1 273
Kazakhmys 766.50 -6 1.22k 569 2.1 7.7 1677
Kenmr 31.75 -.25 62.55 29 - 15.6 3304
Kingfshr 283.30 +4.8 317 235.68 3.3 11.1 6765
Ladbrokes 201.40 +1.5 202.40 120 4.1 10.1 2912
LandSecs 823.50xd +4.5 828 608 2.9 23.8 1971
Leg&Gen 147.90 +1.8 149.38 97.75 4.5 11.2 18978
LlydsBkg @ 49.25 +.05 49.83 22.86 - 16.9 183821
Lonmin 289.50 -3.1 607.43 226.96 - 14.4 4369
LSE 1.1kxd -6 1.12k 769.50 2.6 5.7 1406
Man 86.50 +3 152.91 61.10 13 19.5 26821
Marks&Sp 396.30xd -2.5 399.69 301.50 4.3 11.9 6915
Meggitt 393.60 -1.3 416.60 336.20 2.8 15.6 1722
MelroseInd 231.70xr -2.4 261.50 180.62 3.2 24 3023
Mlnm&Cth 511.50 +1 520 378.09 3.2 8.8 267
Mondi 677 +11 683.50 429.50 3.6 13.7 1334
Morrison 264.60 -.7 339.70 255.20 4.2 9.4 10266
Natl Grid @ 702xd -9 724.97 590 5.7 11.3 10283
NewWldRes 294.90 -13.6 571 219.45 3.6 - 139
Next 3.73kxd -41 3.78k 2.55k 2.5 13.5 915
Old Mutl 179.50 - 181.69 135.38 3.2 18.9 9933
Pearson 1.2k +1 1.3k 1.1k 3.6 18.9 4031
Pennon 636 +1 797 589 4.3 13.4 3582
Persimn 820 +8 828.37 442.58 1.2 17.3 1572
Petrofac 1.66k +1 1.78k 1.32k 2.2 16.3 711
Petropvlsk 354.40 -7.4 826.66 286.60 3.4 5.7 2077
PolymtIntl 1.16kxa -21 1.2k 726.70 2.9 24.6 225
PremOil 321.90 -.1 452.70 318.20 - 6.6 1796
Providnt 1.39k +15 1.46k 908.50 5.1 14.5 212
Prudential @ 895.50 +5.5 916.50 600.50 2.9 14.8 8690
PZ Cusns 366.40 +1.6371.60 282.49 1.8 28.1 427
RBS @ 317.70 +2.3319.64 185.08 - - 12108
ReckittB @ 3.91k -56 4k 3.11k 3.2 16.6 1789
Reed Els @ 643.50 +1.5 662.50 466.10 3.4 23.5 3676
Rentokil 95.85 -.3 97.15 58.65 2.1 18.5 4651
Resolution 256.90 +1.5 287.10 189.80 8 16.8 1267
REXAM 441.90 -3.1 463.90 335.70 3.3 14.4 2754
Rightmove 1.46k +11 1.71k 1.19k 1.4 27.8 324
RioTinto @ 3.5k -11.5 4.03k 2.65k 3 7.9 6816
RIT Cap 1.15k +4 1.32k 1.08k - - 260
RndgldRs 5.97k -140 7.89k 4.48k 0.4 22.4 510
RollsRyc @ 883 -.5 922.14 689.20 1.8 13.6 5971
Rotork 2.56k -4 2.57k 1.75k 1.5 25.8 145
RSA Ins 127.40 +.6 128 97 7.2 14.7 16710
RylDShlA @ 2.14k - 2.81k 1.95k 4.6 16 2786
RylDShlB 2.2k - 2.93k 2.02k 4.8 16.5 3498
SABMiller @ 2.85k +12 2.89k 2.14k 2.2 23.2 3617
Sage 296 +1.5 326.30 245.30 3.4 15.9 6044
Sainsbry 352.90xd -.3 362.20 278.60 4.6 12.6 6139
SchrdrsNV 1.37k -5 1.37k 950 2.9 12.9 26
Schroders 1.71k +10 1.71k 1.16k 2.3 16.1 294
ScottMort 753 -4 757 560.06 1.8 51 221
SEGRO 248.90 +3.7 260.20 193.90 5.4 9.7 2279
Serco 544.50 +.5 606 456.90 1.6 16.5 602
SevernTr 1.57kxd -7 1.84k 1.4k 4.6 14.6 865
Shaftbry 562 +.5 568 455.50 1.7 15.5 354
Shire 1.93k +5 2.32k 1.68k 0.5 19 2054
SmithNph 683.50 -2 726.50 567.50 2.1 13.7 1295
Smiths 1.18k -3 1.19k 875 3.2 19.3 1515
Spectris 2.05k +13 2.06k 1.19k 1.9 18.3 342
Spirax-S 2.26k -8 2.36k 1.75k 2.2 20.1 110
SportsDirect 380.90 -.6 417.46 203.90 - 16.9 138
SSE @ 1.45k +4 1.47k 1.2k 5.6 20.1 2236
St Jms Pl 421.40 -1.2 427.10 301 2.1 19.8 215
Stagech 311.80 -2.5 315.15 227.90 2.6 9.3 801
StandardLf 338.10 -2 341.08 193.94 4.2 22.6 6347
StandCh @ 1.58k +15.5 1.66k 1.09k 3.4 12.3 10108
TalkTalk 230.40 -1.6 234.50 118.90 4.3 22.2 650
Tate&Lyl 777xd +3.5 780 621.95 3.2 18.2 1344
Taylor Wmpy 66.65 +.7 67 34.41 0.9 11.8 11097
TelecityG 775.50 -24.5 963.50 617 0.3 30 3518
TemptnEm 577.50 - 635.50 502.50 1 66.9 308
Tesco @ 338.60xd -1.65 412 294.50 4.4 11.3 25460
TravisPkn 1.09k +3 1.15k 749 2 10.7 643
TUI Travel 289 +2.5 293.60 152.50 4 13.9 4123
Tullow @ 1.25k +18 1.61k 1.1k 1 25.8 4828
UBM 730.50 -4.5 758.50 444.89 3.7 22.1 819
Unilever 2.42k -5 2.44k 1.98k 3.2 20.7 3074
UtdUtils 674xd -14 816 583.50 4.9 13.8 5787
Vedanta 1.16k - 1.56k 820.52 3.3 38.9 807
Vesuvius 352 +28 377.50 233.70 4.8 5.8 581
Vodafone @ 155.80xd -.85 191.94 154.82 5.8 17.5 86474
Weir 1.86k +51 2.24k 1.35k 1.8 13 2268
Whitbrd 2.52kxd +39 2.56k 1.51k 2.1 16.8 829
WillimH 356.40 +5.9360.50 182.60 2.8 13.9 4322
Wolseley 2.9kxa +22 2.93k 1.93k 6.4 18.2 877
Wood (J) 747 +7 883.50 619.50 1.4 27.1 3310
WPP 892 +9892.50 585.90 2.9 12.7 4366
Xstrata @ 1.04k -7 1.29k 767.70 2.4 9.9 6434
NYSE
(Dec 20 / 1:00 pm/US$)
3M @ 93.74 +.72 95.46 77.52 2.5 15 198
AbbottLb @ 65.28 - 72.47 53.96 2.6 15.9 405
Accenture @ 68.51 -1.89 71.58 51.08 2.2 17.4 994
ACE @ 81.35 +.36 82.07 66.26 2 10.4 75
AdvMicroD 2.45 -.07 8.34 1.81 - - 1573
AEP @ 43.56 +.05 45.40 36.98 4.3 14.6 104
AES Corp 10.91 - 14.01 9.53 0.4 - 207
Aetna 46.72 +.72 51.14 34.61 1.6 8.9 252
AFLAC @ 54.36 -.02 54.93 38.14 2.5 9 209
AgilentTec 41.21 +.62 46.28 33.14 1 12.6 362
AGL Res 40.79 +.64 43 36.59 4.5 22 64
Airgas 91.40xd +.59 92.99 75.84 1.7 21.5 70
AirProd 84.28 +.51 92.78 76.15 3 18.1 73
Alcoa 8.65 +.01 10.92 7.97 1.4 - 993
Allergan @ 92.55 -.03 97.09 81.28 0.2 27 90
Allstate @ 41.05xd +.24 42.81 26.02 2.1 7.8 213
Altria @ 32.49 +.1 36.29 28 5.2 16.9 1096
Amer Intl @ 35.26 +.37 37.66 22.20 23.8 2.4 1249
Ameren Cp 31.13xd +1.08 34.84 28.44 5.1 37.1 495
AmerExpr @ 56.96 +.17 61.42 45.89 1.4 13.2 567
Amerip Fin 63.16 +.25 63.75 45.17 2.3 16.9 97
Amertitrad 16.75xd -.14 20.59 14.87 4.6 15.8 262
AmerTwrA @ 77.05xd +.92 77.12 56.99 1.6 43.6 148
AmsrceBrgn 43.69 +.04 44.01 35.48 1.4 15.8 152
Anadarko @ 75.43xd +.98 88.68 56.42 0.5 20.8 204
AOL 30.28 -.46 37.90 12.10 17 2.8 149
Aon Cp 56.56 -.03 57.91 44.44 1.1 19.7 137
Apache @ 79.77 -.11 112.08 74.50 0.9 12.8 276
ArcherDan @ 27.90 +.01 33.98 24.38 2.5 19.6 359
AT&T @ 33.97 +.06 38.58 28.65 5.2 44.1 1279
AutoZone 356.51 -2.97 399.10 313.26 - 14.7 73
AvalnbyCom 134.02 +.62 151.11 123.71 2.9 51.6 112
AvonProds 14.55 -.14 23.57 13.71 5.2 54.1 293
BakerHu @ 41.09 -.03 52.96 37.09 1.5 13.1 425
Ball 45.11 +.54 45.24 34.37 0.9 17 124
BankAm @ 11.37xd +.18 11.49 4.92 0.4 31.8 10822
Bard (C R) 98.12 +.19 108.30 82.54 0.8 16.5 30
Baxter @ 67.14xd +.74 68.91 47.56 2.3 16.3 193
BB &T @ 29.39 -.12 34.37 23.45 2.7 11.6 258
Beam 61.26 +.1 64 48.70 1.3 26.7 55
BectonDick 79.02xd +.49 80.56 70.50 2.3 14.8 78
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
BerkHatA @ 135.78k +580 136.34k 110.74k - 16.8
BerkHB 90.52 +.42 90.92 73.75 - 16.9 536
Best Buy 12xd +.12 27.95 11.42 5.5 - 603
BkNYMeln @ 26.05 +.18 26.24 18.45 2 13.5 322
BlackRock @ 207.55xd +1.74 208.81 160.25 2.9 16.1 40
Blackstone 15.17 -.11 17.25 11.13 3.4 - 170
Block 18.95xd -.09 19.32 14.36 4.2 15.2 261
Boeing @ 75.82 +.31 77.83 66.84 2.4 13.4 319
BorgWrnr 68.16 +.2 87.40 60.18 0.5 16.5 76
BostonPrp 106.03 +.83 117 94.92 2.2 54.2 75
BostonSci 5.79 +.05 6.41 4.79 - - 633
BrisMySq @ 32.54 -.03 36.34 30.64 4.2 29.7 386
Brwn-FmnB 63.40xa +.19 66.86 48.53 1.5 24.4 22
Cameron 56.26 -.34 59.99 38.38 - 22.1 251
Campbell 35.58xd -.4 37.16 31.22 4.1 15.1 220
CapOne @ 58.48 -.24 61.83 41.28 0.3 9.6 490
CardinalH 41.94 -.07 44.49 36.93 2.3 13.2 107
Carefsn 28.88 +.4 28.98 22.55 - 17.5 113
Carmax 37.75 +2.91 38.24 24.84 - 21.3 604
Carnival @ 36.84xd -2.2 39.95 28.76 4.1 20.2 1649
Caterpillar @ 89.12xd -1.67 116.95 78.25 2.3 9.1 498
CBRE Gp 20.01 +.05 21.15 14.18 - 30.1 106
CBS @ 37.16xd +.73 38.32 24.49 1.2 16 861
Centrpnt 19.66 -.06 21.81 18.08 4.1 21.1 195
CenturyLk @ 39.52xd -.23 43.43 34.82 7.3 37.7 211
CharlesSch 14.31 -.16 15.53 10.73 1.7 21.3 693
ChesapEgy 17.33 +.13 26.09 13.32 2 - 599
Chevron @ 109.90 +.01 118.50 95.74 3.2 9 449
ChipMexG 287.15 -1.74 442.34 234 - 33.4 23
Chubb @ 75.82xd +.33 81.80 66.38 2.2 11 130
Cigna 53.82 +.15 54.53 39.34 0.1 10.3 92
Citigroup @ 39.73 +.28 40.11 24.41 0.1 16.7 3184
ClisNat 35.51 -.34 78.85 28.05 6.1 5.5 521
Clorox 75.22 -.29 76.73 64.91 3.4 18.2 39
CMS Egy 24.50 -.06 24.98 20.67 3.9 18.8 150
CNAFin 28.22 +.02 31.50 25.61 2.1 9.2 4
CnstelBdA 35.93 +.49 36.98 18.50 - 17.8 95
Coach 58.19xd -.97 79.64 48.24 1.9 16.3 327
Coca Cola @ 36.77xc -.01 40.66 33.29 2.8 19.2 1148
CocaCoEnt 31.74 -.01 32.54 25.10 2 14 276
ColgPalm @ 105.79 -.24 110.95 87.22 2.3 20.7 80
Comerica 30.18xd +.02 34 24.03 1.8 12.2 85
CompSci 39.77 -.28 40.58 22.19 2 - 85
ConagraFds 30.22 +.26 30.80 23.64 3.2 20 389
ConocPhil @ 58.74 -.46 59.67 50.63 4.5 10.6 533
ConsEdsn 33.41xd -.62 39.51 26.42 1.5 17.7 176
ConsolEd 56.38 -.02 65.98 53.63 4.3 14.8 149
Corning @ 12.78 +.01 14.62 10.62 2.5 10.1 644
CoventryHlt 44.79xd +.35 44.95 27.72 1.1 13.9 49
Covidien @ 57.80xd +.28 60.80 42.70 1.7 14.8 108
CSX @ 20.10 +.09 23.71 18.88 2.7 11.2 527
Cummins @ 107.79 -.16 129.51 82.20 1.7 11.3 148
CVS @ 48.84 +.09 49.76 36.44 1.5 16.4 425
Danaher @ 56.19xd +.52 57.15 46.03 0.2 17.9 198
DardenR 45.35 -1.46 57.88 43.06 4.1 12.4 203
Davita 112.07 +1.2 116.47 72.90 - 20.3 86
Deere @ 86.15 +.06 89.69 69.51 2.1 11.3 192
DenburyRs 16.30 +.05 21.36 13.14 - 13.8 121
DevonEngy @ 53.76xd -.01 76.33 51.49 1.5 31.9 275
DiamOfsh 69.89 +.3 73.35 52.98 5 12.9 78
DiscvrFin 37.62 -2.15 42.08 23.50 1.1 8.7 1664
Disney @ 50.50xd +.56 53.40 34.52 1.5 16.2 722
DominRes @ 52.03 +.23 55.62 48.87 4.1 25.2 216
Dover 64.67 -.25 67.20 50.29 2.1 14 98
DowChem @ 32.18xd -.25 36.08 25.62 3.8 24.8 632
DrPepper 44.72xd +.24 46.06 36.53 3 15.3 68
DTE Engy 60.92xd +.02 62.54 51.87 4 15.3 41
DukeEner @ 64.60xa -.15 70.35 59.63 4.7 20.5 175
DuPont @ 45.03 +.18 53.98 41.68 3.8 14.2 340
Eaton 54.35 +.23 54.72 36.38 2.8 13.2 178
Ecolab @ 71.86xd +.06 72.78 54.04 1.2 37.3 77
EdsnInt 45.75 +.21 47.96 38.87 2.8 - 129
EdwLifesc 92.42 +.42 110.79 67.05 - 41.3 30
EMC @ 25.78 -.13 30 21.26 - 21.1 795
Emerson @ 53.01 -.17 53.78 43.59 3 19.8 264
Entergy 64.03 -.23 73.97 61.56 5.2 16.2 82
EntPrdPrt 50.28 +.2 55.38 44.73 5 17.7 87
EOG Res @ 123.51 +1.06 124.49 82.49 0.6 27.9 93
EqResPrp 56.03xd +.64 65.72 53.25 3.2 - 120
EQT 59.64 +2.63 62.74 43.70 1.5 39.6 423
EsteeLdrA 59.50 -.84 65.53 49.81 1.2 26.8 142
Exelon @ 29.81 -.31 43.83 28.40 6.6 15.9 454
ExxonMob @ 88.26 -.12 93.60 77.13 2.5 9.3 1068
Fedex @ 92.47 -.73 97.19 80.92 0.6 14.4 361
FidltyNFn 23.57xd +.54 24.27 15.17 2.5 9.8 254
FirstEgy @ 41.38 -.12 51.13 40.37 5.3 16.4 202
Flowsrve 145.40 +.45 146.20 96.16 1 18.2 14
Fluor 59.08xd +.29 64.65 44.99 1.1 16.3 143
FMC Tech 42.47 +.5 55.17 36.89 - 25.1 84
Ford @ 11.63 -.1 13.05 8.82 1.7 2.6 3229
ForestLabs 35.57 +.03 37.69 28.69 - 17.4 118
Franklin @ 129.10xd +.29 130.85 90 3.2 14.4 40
Freeport @ 33.57 -.38 48.96 30.55 3.5 10.9 1018
GAP 31.62 -.54 37.85 17.72 1.6 15.5 747
GenDyn @ 69.50xd -.02 74.49 61.09 2.9 10.2 154
GenElectr @ 21.10xd +.09 23.18 16.79 3.3 15.7 3886
GenMills @ 41.52 +.25 41.87 36.75 3.1 15.3 321
GenMot @ 27.09 -.09 27.90 18.72 2.8 10.2 1156
GenuineP 64.25xd +.25 66.88 55.58 3.1 16.2 47
GoldmSchs@ 128.76xd +1.57 129.25 86.90 1.4 12.4 310
Grainger 196.58 -1.37 221.79 172.63 1.6 20.9 35
Halliburton @ 34.89xd +.28 39.19 26.29 1 11.2 727
HarleyDavid 48.68xd -.05 54.31 36.23 1.3 18.5 70
Harris 49.88 -.22 52.22 33.76 2.8 42.2 68
Hartford 22.59xd +.07 23.28 14.95 1.8 15.7 181
HCP @ 44.88 +.37 47.64 37.81 4.5 30.1 183
Heinz @ 59.31xd +.27 60 51.36 3.4 18.6 140
Helm&Pyn 56.41 +.16 68.60 38.71 0.6 10.7 86
Hershey 73.73 +.07 74.66 59.32 2.1 25.8 59
Hess @ 53.34xd +.3 67.85 39.67 0.7 11.9 130
Hew-Pack @ 14.23xd -.15 30 11.35 3.6 - 1263
Hillshire 28.32 +.1 30.38 24.31 8.1 - 54
HlthCare 59.75 +.59 62.79 51.38 5 - 92
HomeDep @ 61.36 -.41 65.92 40.11 1.9 21.7 639
Honywell @ 64.22 +.45 64.48 52.10 2.4 21.5 350
HormelFd 31.30 -.03 31.62 27.28 2 16.8 109
HortonDR 20.07xd +.12 22.78 11.72 1.3 7.4 432
Hospira 32.30 +.24 38.48 28.29 - - 71
Host H&R 15.77 +.21 17.57 13.61 1.9 - 522
Humana 68.46 +.65 96.45 59.92 1.5 9.2 99
IBM @ 193.75 -1.33 211.76 177.35 1.7 13.9 297
IllinoisTool @ 61.48xd +.09 63.32 45.49 2.4 15 94
IngersollR 48.66xd +.18 50.03 29.69 1.3 14.7 112
Int.Paper 39.65 +.75 39.65 27.26 2.7 21.5 239
Intercont 127.54 -.77 142.75 110.67 - 17 1018
Interpubl. 11.34 +.13 12.17 8.98 2.1 16.1 218
IntlFl&Fr 66.99xd +.16 67.25 51.21 1.9 26.2 27
IntlGmeT 14.22xd -.02 18.10 10.92 1.8 16.3 163
INVESCO 26.14 +.06 26.94 18.55 2.4 16.5 132
IronMount 31.14 +.03 35.48 24.17 3.2 30.2 92
JacobsE 43.19 +.62 48.15 33.61 - 14.7 87
JMSmckr 86.72 +.76 89.38 70.51 2.3 20.2 39
John&John@ 70.65 +.02 72.74 61.71 3.4 23.2 816
JohnsonCn @ 29.75xd -.01 35.95 23.37 2.5 17.3 286
JPMrgnCh @ 43.98 +.45 46.49 30.43 2.7 9.3 1778
JuniperNtw 20.24 +.08 25.04 14.01 - 57.6 318
Kellogg @ 56.54 +.39 57.21 46.33 3.1 17.1 126
Keycorp 8.48 +.03 9.09 6.81 2.1 9.6 501
Kimb-Clark @ 84.86xd -.14 88 70.50 3.5 17.9 99
Kimco Real 19.52 +.16 21.15 15.99 4 66.9 144
KindMnE 79.68 +.19 90.60 74.50 6.1 51.6 90
KohlsCp 43.55xd -1.2 55.24 42.73 2.9 10 455
Kroger 26.62 +.12 27.11 20.99 1.9 18.9 282
L3 Comms 77.17 +.84 77.68 61.26 2.6 8.8 51
LabCpAmer 87.48 -.39 95.30 81.31 - 14.4 64
LasVegasSd@ 46.84xd -.54 58.31 32.61 8 27.3 301
Lennar 39.31 +.04 39.88 18.46 0.4 14.7 351
Leucadia 24xd +.03 29.79 19.58 1 11.7 115
Lilly (E) @ 49.11 +.19 53.96 38.30 4 13.3 349
Lim.Brands 48.18xd -.05 52.50 37.58 14.5 20.7 236
LincolnNat 26.23 +.29 27.54 17.78 1.4 18.3 151
Lockheed @ 92.06xd -.85 95.89 76.60 4.5 10.5 318
Loews 41.09 -.08 43.36 36.42 0.6 18.8 104
Lorilliard 117.89 +.43 141.07 106.83 5.3 14.1 56
Lowes @ 35.13 +.02 36.47 24.64 1.8 20.8 683
LSI 7.01 +.15 9.20 5.40 - - 1664
M&TBkCp 100.72xd +.1 105.33 71.03 2.8 15.7 51
Macys 37.80xd -.97 42.17 30.42 2.1 11.9 557
MarathonOil@ 31.28 +.05 35.49 23.17 2.2 12.3 180
Marriott 37.62xd +.4 41.84 27.93 1.3 23.6 234
MarshMcL @ 35.03 +.27 35.78 30.16 2.6 16.7 386
MarthnPet @ 62.35 +.13 63.44 30.24 1.9 8.3 129
Masco Cp 16.63 +.28 17.19 8.98 1.8 - 305
Mastercard@ 492.69 +3.3 494.87 336.27 0.2 28.5 47
McDonalds @ 89.47 -.23 102.22 83.32 3.2 16.9 426
McGrawH 54.65xa +.08 54.83 40.12 6.4 19.8 114
McKesson @ 98.48xd +.51 100 74.89 0.8 15.1 75
Mdwstvco 31.47 +.36 31.47 25.01 3.2 31.7 59
MeadJohnN 65.91xd +.08 88.72 60.68 1.8 24.3 63
Medtronic @ 42.58xd +.14 44.79 34.99 2.4 13.7 218
Merck @ 42.55xd -1.09 48 36.35 4 19.3 2343
MetLife @ 33.47 +.25 39.54 27.65 2.2 16.3 608
MGMRsts 11.55 +.01 14.94 8.84 - - 369
Mohawk 87.03 +2.76 89.28 53.43 0 26.6 147
MolsonB 43.40 -.05 46.35 37.96 2.9 14.3 68
Monsanto @ 91.83 +.15 93 67.27 1.5 24.3 126
Moodys 51.14 -.4 51.60 32.32 1.3 18.5 191
MorganStly@ 19.28 +.19 21.19 12.26 1 - 924
Mosaic @ 55.07 -.38 61.97 44.43 1.6 13 250
MotorolaSol 54.52xd +.19 55.46 44.18 1.8 23.2 65
MurphyOil 60.55 +.11 62.73 41.40 6.1 17.1 224
Nabors 14.87 +.16 22.73 12.40 - 21.9 231
NewelRbm 21.74 +.07 22.48 14.65 2 16.8 118
NewmontM@ 43.07xd -.68 64.61 42.95 3.3 - 580
NextEraE @ 70.36 -.21 72.22 57.30 3.4 13.7 67
Nike @ 97.82xd +.04 114.76 85.10 1.5 21.3 198
NiSource 24.91 +.22 26.15 22.06 3.8 23.9 301
NobleCp 36.19 +.39 41.71 28.74 1.5 17.7 229
NobleEgy 102.04 +.33 105.43 76.83 0.9 47.5 64
Nordstrom 51.80 -.99 58.43 46.27 2.1 15.8 297
NorfolkS @ 62.65 +.5 78.49 56.05 3.1 11.4 262
Northrop 68.86 +.16 71.25 55.05 3.1 8.9 159
NtlOilVarc @ 68.93xd +.24 89.25 59.07 0.7 12.3 428
Nucor 43.76 +.33 45.75 34.24 3.3 27.7 192
NYSE Eurnxt 32xd +7.95 33.12 22.25 3.8 19 9221
OccidPet @ 78.73xd +.49 106.67 72.43 2.7 10.8 244
Omnicom 50.64xd +.03 54.75 41.05 2.4 14.7 153
ONEOK 43.59 +.14 89.62 39.32 2.9 26.4 148
ParkHn 86.18 -.03 91.44 70.49 1.9 12.1 62
PeabdyEngy 26.71 -.36 38.96 18.78 1.3 9.1 337
Penney 20.03 -.85 43.18 15.70 3 - 643
Pepsico @ 69.71xd -.17 73.65 62.15 3.1 18.5 354
Pzer @ 25.30 -.05 26.08 20.76 3.6 20.2 1715
PG&E @ 41.60 +.13 47.02 39.22 4.4 19.3 324
Phillips66 52.27 -.34 54.30 28.75 0.9 6.1 270
PhilMorris @ 84.66 +.01 94.13 72.86 3.8 16.9 915
PinnWstCp 52.07 +.21 54.66 45.96 4.1 15.5 30
PionrNat 107.86 +.64 119.19 77.44 0.1 - 54
PlumCreek 44.55 +.32 44.99 34.76 3.8 38.9 58
PNCFin @ 58.60 -.04 67.88 53.36 2.6 11.9 295
PP&L 29.01xd -.13 30.18 26.68 5 10.4 338
PPG Inds 132.73 +1.52 133.24 78.80 1.8 22.2 69
Praxair @ 108.49 +.09 116.92 101.93 2 19.3 70
PrecParts @ 187.65xd +.09 189.35 150.70 0.1 20.7 83
PrinFinGp 28.26xd +.13 29.95 22.82 2.8 11.9 103
ProctGmbl @ 69.60 +.26 70.99 59.08 3.2 22.7 1089
ProgreOh 21.50 +.11 22.37 17.51 6.5 14.4 208
Prologis 36.71xd +1.07 37.58 26.80 3.1 - 270
Prudential @ 54 +.75 65.16 44.47 3 20.9 254
PublicSVC 30.61xd -.13 34.06 28.92 4.6 11 117
PublStor @ 145.56xd +1.65 151.73 127.77 3 40.9 70
QEP Res 30.15 -.19 35.60 24.35 0.3 35.6 131
QuestDg 59.93 -.25 64.85 53.25 1.4 13.9 50
RalphLrn 150.43xd -2.87 182.48 134.29 0.9 21.2 136
RangeRes 63.20xd -.12 73.92 52.35 0.3 - 117
Raytheon @ 58.95 +.2 59.17 45.45 3.4 10.1 90
Red Hat 52.59 +.39 62.72 39.19 - 70.3 289
Reg.Financ. 7.09xd +.04 7.73 3.79 0.6 15.6 850
RepSrv 29.75 -.21 31.31 25.15 3.1 17.3 113
ReynoldsAm@ 41.81xd -.23 46.91 38.96 5.6 15.8 168
Rockwell 82.88 -.71 84.80 61.21 2.2 16.1 119
RockwlColl 58.28 -.19 61.46 46.40 2 14 85
RoperInd 109.89xd +.44 113.34 82.77 0.5 23.7 24
Safeway 18.04xd -.1 23.16 14.73 3.7 9.6 225
SAIC 11.58 -.08 14.20 10.31 4.1 22.8 122
Salesforce @ 169.58 -.28 172.72 94.09 - - 99
Schlmbrg @ 70.93xd +.29 80.78 59.12 1.6 17.3 711
ScrippsNtwk 59 +.03 66.33 41.07 0.8 18 61
Sempra 71.99 -.27 72.87 51.94 3.3 20.5 73
SherWil 151 +1.07 159.70 84.16 1 27.4 79
SimonProp @ 157.64 +1.25 164.11 123.08 2.7 31.7 105
SouthCpr @ 37.95 -.3 39.42 27.73 9.8 16.6 133
Southern @ 43.42 +.1 48.58 41.75 4.5 17.1 361
SpectraEn @ 27.72 +.13 32.26 26.56 4.1 18 304
SprintNext 5.47 +.01 6.04 2.10 - - 3369
Starwood 57.36xd +.97 61.09 44.14 2.2 20 347
StateSt @ 46.34 -.16 47.30 38.21 2.1 11.7 313
StJudeMed 36.74 +.59 44.79 30.25 2.5 15.4 245
Stryker @ 56.31 +.35 57.14 45.61 1.6 15.1 70
Suntrust 28.55 -.01 30.79 15.79 0.7 9.3 340
SWAirl. 10.48xd -.08 10.61 7.76 0.3 16.3 320
SwestEgy 33.91 +.17 36.87 25.63 - - 314
Sysco @ 32.14 +.15 32.25 27.06 3.4 17.1 321
TargetCp @ 60.59 -.93 65.79 47.25 2.2 13.4 754
TE Conn 37.64 +.37 37.72 29.70 2.3 14 220
Teradata 62.32 -.18 80.97 43.78 - 26.5 75
Teva 38.15 -.12 46.65 37.40 2.7 15.6 161
Textron 24.66xd +.04 29.18 17.15 0.3 17.5 103
TheTrvelers@ 73.39xd -.04 74.70 55.88 2.4 10.5 216
ThrmoFshr @ 64.85xd +.1 65.54 43.40 0.8 20.7 134
Tiany 57.92xd -1.07 74.20 49.73 2.2 17.9 185
TimeWrnr @ 47.77 +.13 48.54 33.42 2.2 18.1 427
TimeWrnrC@ 97.05 +1.4 100.50 60.71 2.3 14 136
TJX @ 42.16 -1.09 46.67 30.68 1.1 20.6 669
Torchmrk 52.58 +.71 53.12 41.56 1.1 10.3 74
TotalSys 21.80xd -.13 25 18.89 1.8 17 259
TrnsOcean 46.18 -.23 59.02 38.22 5.1 - 152
TycoInt @ 29.38 +.14 29.45 21.80 3.1 49.2 128
UnionPac @ 125.41xd -.36 129.27 98.29 2 15.5 113
UNUMGrp 21 +.03 24.81 18.28 2.2 24 187
UPS B @ 74.70 -.9 81.79 69.56 3.1 21.6 263
USBancorp@ 32.10 -.1 35.46 25.44 2.4 11.4 1069
UtdHlthcre @ 55.09xd +.6 60.75 48.84 1.5 10.5 387
UtdTech @ 82.93 -.1 87.50 70.72 2.4 14.3 246
ValeroE 34 -.03 34.49 19.12 1.9 17 452
VarianMedS 71.55 +.61 72.61 52.90 - 19 95
Ventas @ 64.38xd +.69 68.07 52.10 3.9 47.1 103
Verizon @ 43.51 +.13 47.32 36.80 4.7 40.6 568
VF Cp 149.29 -1.93 169.82 125.56 2 16.6 51
Visa @ 150.94 +1.78 151.54 97.70 0.7 48.2 165
Vornado 79.89 +.56 87.32 71.69 3.5 45.3 78
VulcanMat. 52.97 -.13 53.84 32.31 0.1 - 38
Walgreen @ 37.20 -.05 37.75 28.53 2.7 15.4 750
WalMart @ 68.70xd +.18 77.50 57.18 2.3 14.1 575
WasteMng 33.89 +.09 36.35 30.83 4.2 18.3 201
WatersCp 89.23 +.84 94.45 71.46 - 18.9 27
Weatherfd 10.92 -.09 18.33 8.84 - 23.9 548
Wellpoint @ 60.78xd +.81 74.73 52.52 1.9 8 156
WellsFargo @ 34.68 +.06 36.60 25.19 2.2 10.9 1480
WestUnion 13.62xd -.08 19.82 11.94 3.1 6.8 670
Weyerhsr 28.21 +.36 28.82 16.27 2.2 49.7 164
Whirlpool 101.22 -.93 104.21 45.22 2 16.4 66
WilliamsCp @ 32.51xd -.02 37.56 25.04 3.7 30.6 565
WiscnsnE 37.45 -.14 41.48 33.54 3.3 15.5 61
XcelEngy 27.32 -.05 29.92 25.84 3.9 14.7 132
Xerox Cp 7.08 +.02 8.83 6.10 2.4 7.9 280
XL Grp 24.87xd +.07 25.77 18.86 1.8 - 151
Xylem 27.16 -.21 28.83 22.45 1.5 18.4 75
Yum!Brands@ 65.95 -1.21 74.74 57.45 1.9 19.4 595
ZimmerHld 68.40 +.16 69.08 47.55 1.1 16 121
NASDAQ
(Dec 20 / 1:00 pm/US$)
ActivBlz 10.66 -.19 13.01 10.45 1.7 13.7 9433
Adobe 37.94 -.15 38.25 27.40 - 22.9 1878
Amazon @ 259.21 +1.22 264.11 166.97 - - 1067
Amgen @ 88.23 -.26 90.81 59.97 1.8 15.8 1316
AnalogDev 42.09 -.22 42.73 33.38 2.9 19.8 877
ApolloGp 20.94 +.22 58.29 18.36 - 6.5 953
AppldMat 11.27 -.07 13.94 9.95 3.2 - 3365
Apple @ 520.73 -5.58 705.07 380.48 1 11.8 9199
Autodesk 35.86 -.14 42.69 27.70 - 34 898
BedBathB 55.21 -5.08 75.84 54.33 - 12.6 11220
Biogen @ 151.19 -.12 157.18 109.22 - 26.3 289
BMCSware 41.88 -.03 45.70 31.62 - 20.2 625
Broadcom 33.22 +.06 39.66 27.59 1.2 26.3 2017
CAInc 22.56 +.12 28 19.80 4.4 11.4 2171
Celgene @ 80 +.3 82.78 58.53 - 22.2 981
CH Rob 63.47xd -.16 71.76 50.81 2.1 23.1 422
CheckPnt 48.43 +.71 65 40.60 - 16.9 680
Cisco @ 20.17 -.1 21.30 14.96 2.2 13 12379
Citrix 65.41 -1.04 87.99 56.57 - 35.6 1474
CmcstASp 36.64 -.02 36.91 22.56 1.8 - 1903
CME Group @ 51.35xa -1.28 59.42 43.35 4.7 11.5 2603
Cognizant @ 73.04 -.23 78 53.92 - 22.1 1356
ComcastA @ 37.99 -.02 38.19 22.71 1.7 17.3 5127
Costco @ 98.70 +.02 100.22 73.60 8.2 24 895
Dell 10.47 -.02 18.36 8.69 1.5 5.4 4811
DirectTV @ 51.27 +.07 55.17 41.45 - 12.6 1872
EBay @ 51.67 +.33 53 29.55 - 17.6 4704
ElectArt 14.10 -.31 21.45 10.77 - - 4359
Expedia 60.35xa -.43 62.26 25.62 1.6 23.7 577
ExpIntWsh 39.75 +.14 47.48 34.20 1.4 24.8 974
ExpScripts @ 54.23 +.07 66.06 43.02 - 29.8 2565
Facebook 27.44 +.03 45 17.55 - - 18199
Fifth 3rd 14.95 - 16.16 11.76 2.4 9.7 2423
First Solar 32.57 -.46 50.20 11.43 - - 1901
Fiserv 80.14 +.45 81.26 56.29 - 18.9 285
Fossil 94.10 - 139.20 62.77 - 18.9 428
Garmin 41.54xd -.51 50.67 35.55 4.2 14.1 316
GileadSci @ 73.90 -.85 77.12 36.98 - 23.1 2025
Google @ 721.35 +1.24 774.38 556.52 - 22.6 855
Hasbro 36.41xd -.16 39.98 31.51 4 14.2 641
Intel @ 20.94 -.16 29.27 19.23 4.2 9.1 15476
Intuit 61.82 -.31 62.86 50.89 1 24.5 706
IntuitSrg @ 505.54 -9.92 594.89 429.26 - 32.7 846
KLATenc. 48.24 +.32 55.43 43.21 3.1 11.7 392
LibIntCpA 19.69 +.08 20.95 13.58 - - 1470
LifeTch 51.58 +.4 51.97 37.97 - 22.7 1174
LinearTec 34.23xd +.09 34.70 28.28 3 16.1 745
Marvell 8.52xd -.2 16.86 7.05 2.1 14.6 3947
Mattel 37.17 -.21 37.96 27.13 3.3 15.4 818
MaximInt 29.57 -.49 30.74 23.55 3.1 25.4 1996
MicronT 6.79 -.03 9.16 5.16 - - 10425
Microsoft @ 27.42 +.11 32.95 25.44 3.1 14.8 21464
MondelezInt@ 25.92 -.02 28.48 23.65 4.5 13.9 5272
Netapp 33.93 -.38 46.80 26.26 - 26.9 1956
NewsCorpA@ 25.38 +.15 25.53 16.68 0.7 23.1 6426
NewsCorpB 25.99 +.06 26.24 17.28 0.7 - 1347
NII Hldgs 7.47 +.13 24.32 4.75 - - 2899
NorthnTst 49.96xd +.36 50.13 38.15 2.4 18.8 998
Nvidia 12.57 -.08 16.90 11.15 0.6 15.6 4528
Oracle @ 33.99xd -.1 34.35 24.91 1.1 16 13078
PACCAR 44.68xd -.26 48.22 35.21 3.5 13.5 918
Paychex 32.28xd -.77 34.70 28.76 5 21 8254
Prclne.cm @ 627.52 +.29 774.96 455.10 - 23.7 135
Qualcomm @ 62.66xd +.11 68.87 51.76 1.5 20.5 4143
RschMt 13.80 +.17 17.96 6.22 - 3.3 16803
SeagateT 30.35xd +.03 35.71 15.02 4.2 4 2175
Sears Hld 44.09 -.19 79.99 26.90 - - 466
SiriusXM 2.98xd +.02 3.01 1.78 1.7 5.7 14641
SLMCp 16.69xd -.18 17.99 12.85 3 7.7 863
Staples 11.79xd -.32 16.93 10.57 3.7 - 7278
Starbucks @ 53.98 -.3 62 43.04 1.3 30.2 2214
Symantec 18.47 -.14 19.54 13.06 - 11.6 2658
T.RowePr 66.08xd +.09 66.95 53.57 2.1 20.6 480
TexasInstr @ 31.13 -.12 34.24 26.06 2.3 20.3 2748
VertexPhm 43.21 +.19 66.10 32 - 74 939
ViacomB @ 53.49xd +.07 56.91 41.98 2 12.2 2017
WestDigtl 41.87xd +.67 45.94 28.31 1.2 5.6 2999
WynnRes 113.72 +.08 138.28 90.11 12.8 21.8 291
Xilinx 36.18 +.13 37.74 30.25 2.3 19.6 972
Yahoo @ 19.52 -.08 19.76 14.35 - 5.9 12696
Other International Stocks
AUSTRALIA
(Dec 20/Aust$)
AMP 4.80 - 4.85 3.71 6.8 18.9 13030
ANZ @ 24.80 +.16 27.63 20.26 8.4 11.6 10182
BHP Biltn @ 37.04 -.02 38.25 30.09 4.1 13 14454
Brambles 7.39 +.04 7.69 6.04 3.9 19.4 6389
CCAmatil 13.41 +.02 14.19 11.30 5.8 14.9 2415
CmwBkAu @ 61.51 +.18 61.88 47.50 7.8 13.7 5916
CSL @ 54.13 +.53 55.20 29.61 1.5 28.6 2167
FortescMet 4.50 -.16 6.18 2.81 2.5 9.2 21318
Leighton 17.42 -.13 26.65 14.71 4.6 - 1354
MacQuarie 34.90 +.08 35.50 22.79 4.3 15.1 2505
NatAusBk @ 24.88 +.08 27.13 21.95 10.3 11.6 10395
NewcrestM@ 22.49 -.07 36.10 20.89 2.5 15.4 4986
NewsCorpA 23.94 -.23 24.90 16.70 0.6 - 10
NewsCorpB 24.72 -.06 25.20 17.37 0.6 53.6 1988
Orica 25.04 +.34 28.27 22.86 4.3 22.9 2582
OriginEgy 11.71 +.04 14.19 9.84 6.1 12.9 4832
QBE InsGrp 10.54 -.08 14.71 9.88 6.7 14.7 6297
RioTinto 65.30 -.41 72.30 48.37 3.3 26.4 3932
Santos 10.72 -.16 14.63 10.04 4 19.5 6359
Stockland 3.56 +.04 3.64 2.90 6.7 16.9 19361
Suncorp 10.30 +.24 10.34 7.33 7.6 18.2 6121
Telstra @ 4.35 +.01 4.39 3.18 9.2 15.8 46371
Wesfarm @ 36.61 +.48 36.65 28.25 6.4 19.9 4189
Westeld @ 10.62 +.09 10.76 7.68 4.6 14.5 10703
WestdRT 3.03 +.03 3.19 2.34 5.8 11.3 18429
Westpac @ 25.97 +.17 26.12 19.94 9.1 13.3 10028
WoodsdPt @ 33.51 -.39 38.16 30 4.9 17.9 3820
Woolworth @ 29.49 +.1 30.62 23.96 6.1 19.8 6449
AUSTRIA
(Dec 20/Euro)
Andritz 49.22 -.24 50 31 2.2 20.5 116
ErsteGrBnk 24.10 -.21 24.70 11.66 - 12.3 900
Immon 3.26 -.15 3.43 2.14 7.7 12.5 5659
OMV 27.70 -.19 29.21 21.21 4 7.2 312
Raieisen 31.36 -.2 33.80 18.05 3.3 7 131
Strabag 20.19 -.12 23.50 17.03 3 - 26
TelekAust 5.66 -.06 9.35 4.51 0.9 - 465
Verbund 18.77 +.12 23.20 14.50 2.9 18.4 127
Vienna Ins 39.35 -.17 39.73 26.78 2.8 3.8 52
Voestalp 27.73 +.29 28.50 19.61 2.9 18.2 282
BELGIUM/LUX
(Dec 20/Euro)
Ackermans 61.91 -.63 65.97 55.12 2.6 13.5 31
Ageas 22.47xa +.22 22.57 11.51 3.6 11.3 480
AnBshInBv@ 67.06 +.02 71.05 44.24 1.8 18.8 1190
Belgacom 22.19xc -.23 24.40 20.37 9.8 9.8 500
Colruyt 37.65 -.57 38.68 27.78 2.5 17 128
Dlhaiz 30.21 -.29 46.91 25.59 5.8 8.2 591
GBL 60 -.4 60.90 48.80 4.3 8.9 67
KBC 26.13 +.03 26.78 9 0 51.2 1377
SES 22 +.01 22.65 17 4 - 1
Solvay 109.15 +.25 109.80 61.52 2.8 23.7 243
Telenet 35.60 +.05 37.15 27.74 11.9 - 132
UCB 44.22 - 46.14 29.12 2.3 46.2 117
Umicore 42.30 -.21 44.90 30.11 2.6 17.1 392
BRAZIL
(Dec 20 / 12:00 am/Real)
Ambev @ 86.90 -2.3 90 62.14 0.9 32.7 681
BcoBrad 34.95xd -.88 36.12 22.57 3 - 442
BcoSantdr 0.14xd - 0.18 0.13 3.4 - 1443
BM&FBovsp 13.93 -.37 14.44 8.84 3.4 25.7 14982
BncBrasil @ 24.35xd +.15 29.79 18 10.2 6 3377
Bradesco @ 36.35xd -.51 37.02 26.60 3.2 12.4 2788
BrasilFds 41.92 -.03 42.43 27.53 - - 1685
Cielo 54.53 -.29 64.11 38.88 4 16.1 778
Eletrobras 6.40 -.05 19.52 6.03 140 - 884
GerdauPf 18.13 -.11 21.67 13.40 1.9 14.8 5968
ItauHldFin @ 33.64xd -.41 38.94 26.73 3.4 11.4 4585
ItuasaPf @ 9.88xd -.09 11.49 7.99 3.2 10.1 5160
JBS 6.05 +.14 8.50 4.91 - 25.9 2851
OGX Petro 4.26 - 18.41 4.21 - - 20964
PetrobasPf 20.70 -.23 25.89 17.42 9.4 14.6 13079
Petrobras @ 20.85 -.28 28.26 18.05 9.3 - 6029
SiderNacO 11.89 -.25 19.55 9 6.9 - 2280
SouzaCruz @ 31 -.15 33.33 21.48 13 28.4 2365
UsinasMin 12.76 +.12 13.77 5.57 8.5 26.6 3769
ValRio @ 41.56 -.49 46.30 32.21 12.7 - 1417
ValRioPrf 40.11 -.4 44.30 31.73 4.9 8.7 5726
CANADA
(Dec 20 / 1:00 pm/Can $)
Agnico-E 49.44 -1.46 56.99 31.50 1.6 - 421
Barrick @ 32.53 -.92 50.33 31.18 2.3 9.9 1667
BCE @ 42.46xd -.29 45.28 39.12 5.2 13.7 681
BkMontrl @ 60.69 -.24 61.29 53.15 4.7 9.9 500
BkNvaS @ 57.82 -.15 58.17 48.68 3.9 11.1 894
Brookeld @ 36.47 +.26 36.54 27.04 1.5 17.7 389
Cameco 20.47 -.04 26.43 16.50 2 16.7 776
CanadPcR 100.70 +.95 100.85 63.59 1.3 25.1 305
CanImp @ 82.19 -.07 82.59 69.13 4.5 10.5 352
CanNatRs @ 28.47xd +.05 41.12 25.58 1.5 13.2 1798
CanNatRy @ 90.55xd +.13 92.20 74.50 1.7 15 367
CanOilSd 19.98 -.12 25.19 18.21 6.8 9.8 363
CenovusE @ 32.86xd -.49 39.64 30.09 2.7 18.1 848
Enbridge @ 42.45 -.1 42.67 35.39 2.7 41.1 518
Encana 19.94xd -.08 23.86 17.25 4 - 833
Goldcorp @ 34.68xd -1.26 50.17 32.34 1.5 19.2 1670
GtWesLif @ 24.32xd +.05 25.28 19.15 5.1 11.2 146
HuskyE @ 29.17xd +.04 29.44 22.04 4.1 14.7 580
ImpOil @ 42.63xd -.26 49.26 39.77 1.1 9.8 158
KinrossG 9.10 -.25 13.33 7.15 1.7 - 1308
Loblaw 40.86xd +.09 42.05 31.11 2.1 16.8 193
Manulife @ 13.63 +.03 14.07 10.18 3.8 56.3 1814
NatBkCan 77.98 +.13 81.27 70.50 4.1 8.4 684
Nexen 26.44xd +.05 26.70 14.94 0.8 38.1 379
Potash @ 39.52 -.53 47.94 37.02 1.8 11.5 720
Power Cp 25.18xd -.14 27.42 21.70 4.6 11.3 111
PowerFn @ 27.50 -.07 30.15 24.06 5.1 10.6 154
ResMot 13.63 +.14 18.23 6.10 - 3.1 2623
RogCmB @ 45.07xd +.43 45.21 34.75 3.5 15.6 355
RylBkC @ 60.58 +.05 60.85 48.40 3.9 12.2 1136
Suncor En @ 32.66xd -.03 37.28 26.97 1.5 10.7 938
SunLfFin 26.51xd -.02 28 18.06 5.4 27.2 521
TalismEnrgy 11.17xd -.08 14.69 9.72 2.4 - 1981
TeckResB 35.52xd -.47 44 26.02 2.4 16 1113
TelusCorp @ 64.90xd -.5 65.96 55.19 3.8 16.7 176
ThmReut @ 28.94 +.14 30.25 26.10 4.4 - 274
TntoDom @ 82.68 -.42 85.85 72.50 3.6 12.2 639
TransCan @ 46.95 +.16 46.98 40.34 3.7 24.2 559
Weston Ltd 70.17xd - 70.89 57 2.1 19.2 23
CHINA
(Dec 20/Renminbi)
AgricBkCh 2.74 -.01 2.80 2.38 4.8 6.3 60828
Air China 5.65 +.08 7.43 4.50 2.1 18.9 21958
AluCorpCh 3.49 -.08 4.45 2.86 - - 34764
AlumCpCh 5.14 +.03 7.89 4.55 - - 14833
AnhuiCC 28.25 -.85 29.70 19.10 1.5 14.4 17138
BaoshanStl 4.86 +.02 5.36 4.07 - 7.2 26521
Bk China 2.87 -.02 3.10 2.58 5.4 6.1 24912
BkofComms 4.62 -.03 5.10 4.07 2.2 5.2 58176
ChCiticBk 4.10 -.03 4.73 3.49 3.5 5.4 21837
ChCoalEgy 7.58 +.04 10.22 6.62 - 11.5 11896
ChConstBk 4.53 - 4.95 3.82 5.2 6 30391
China Life 19.28 -.08 20.36 15.88 1.2 60.3 9153
ChinaUncm 3.40 +.02 5.39 3.15 1 39.8 97356
ChMinsheng 7.43 -.08 7.72 5.39 6.1 5.8 219312
ChMrchBk 12 +.12 13.10 9.54 3.5 6.3 82884
ChPacIns 20.41 +.17 23.80 16.15 - 39.6 18297
ChShBldIn 4.43 -.06 6.86 3.91 - 16.7 51818
ChShenEgy 23.55 -.12 28.65 20.93 - 9.9 15122
ChStCnsEng 3.63 +.08 3.69 2.85 2.2 7.7 113041
ChYgtzPwr 6.75 +.01 7.14 6.13 3.8 11.1 13390
Citic Sec 12.04 +.24 13.99 9.04 3.6 10.5 84589
Daqin Rail 6.52 +.05 7.82 5.82 6 8.4 38149
InCBkChina 4.07 -.03 4.48 3.60 5 6.2 48457
IndstrlBk @ 15.24 -.11 15.68 11.59 2.4 5 93278
Moutai @ 218.40 -1.05 266.08 170.90 1.8 18 3443
Ping An 42.26 +.49 46.85 33.35 0.9 16 17918
Saic Motor @ 16.38 +.39 16.68 11.17 1.8 8.7 25206
ShangPort 2.56 -.01 3.13 2.37 4.6 13 8393
ShngPdgBk@ 9.06 +.01 9.75 7.10 3.3 5 149751
ShznVanke 9.48 +.17 9.95 7.06 1.4 9.4 79967
Sinopec 6.72 +.1 7.93 5.75 4.5 11.3 38355
WulianYnb @ 27.60 -.19 39.55 23.31 1.8 11.5 43103
CZECH REP
(Dec 20/Koruna)
Cez @ 668 +7.5 845.90 616 6.7 7.3 445
KomercBnk 4.03k -48 4.23k 3.05k 4 11.5 28
TelCzRep 317.50xd -5.5 404.28 315.90 12.6 13 415
DENMARK
(Dec 20/Kr)
Carlsberg B 552.50 +4.5 579.50 385 1 15.8 302
DanskeBk 97.95 +1.2 113.40 71.25 - 25.3 1351
MoellerMA 40.36k -280 46.2k 32.6k 2.5 - 1
MoellerMB@ 42.88k -400 48.16k 34.24k 2.3 10.7 5
NovoB @ 906 -2.5 980.50 630 1.5 24.2 557
Novozym 160.50 +.8 180 144.40 0.6 23.7 428
TDC 40 +.38 47.23 36.90 11.5 8.8 1468
VestaWind 35.84 +1.84 75 23.25 - - 3758
WilDemant 490.40 +4.1 596.50 443.40 - 23 67
DUBAI
(Dec 20/US$)
DPWorld 12 +.45 13 9.46 2 44.4 61
FINLAND
(Dec 20/Euro)
Fortum @ 14.35 -.02 19.36 12.81 7 10.4 1484
Kone Corp 56.70 -.2 60 37.08 2.5 21.6 202
Metso 32.07 +.03 37.27 24.88 5.3 11.4 630
Neste Oil 9.75 -.09 11.23 7.11 3.6 21.7 494
Nokia 3.17 +.01 4.46 1.33 6.3 - 26626
OtkmpA 0.80 -.02 2.15 0.63 - - 6505
SampoA 24.44 +.03 25.04 17.91 4.9 10.7 595
StorEnsR 5.34 +.03 5.95 4.08 5.6 13.3 1676
UPMKym 9.06 +.07 10.98 7.68 6.6 13.9 1582
Wartsila 32.89 -.04 33.11 20.87 2.7 21.4 313
FRANCE
(Dec 20/Euro)
Accor 26.63 +.13 27.76 17.20 2.4 - 1045
ADP 61.95 -.37 67.29 51.62 2.8 19.4 37
AirFrn-KLM 7.25 +.03 7.60 3.01 - - 2546
AirLiquide @ 94.63 +.4 100 80.29 2.4 18.7 732
Alcatel 1.06 + 1.97 0.71 - 2.8 64961
Alstom 30.98 +.03 32.90 21.86 2.6 11.8 1028
AXA @ 13.28 +.15 13.31 8.65 5.2 11.9 8106
BNP Parib @ 44.54 -.02 44.83 24.54 2.7 8.2 2895
Bouygues 22.16 +.04 25.74 17.54 7.2 8.3 1132
CapGemini 33.56 -.93 34.57 23.67 3 12.3 1445
Carrefour 19.20 -.21 19.66 12.87 2.7 21.4 3011
Casino 73.09 -.37 75.94 60.01 2.1 15 318
ChristianD@ 130.05 +.25 130.45 86.40 2.1 18.2 83
CNP 11.77 -.03 12.90 7.52 6.5 8.6 217
CredAgric 6.26 +.08 6.56 2.84 - - 9690
Danone @ 49.76 +.19 54.96 45.61 2.8 17.7 1731
DassaultSy 85.24 -.18 87.75 57.87 0.8 32.3 113
EADS @ 29.87 -.13 31.69 22.40 1.5 16.1 1386
EDF @ 14.05 -.11 19.72 13.39 8.2 8 1634
Eiage 34.28 +.5 35 16.45 3.5 13.9 122
Eramet 111.55 -.1 139.90 75.95 2 36.2 10
Essilr @ 75.66 -.68 78.24 51.54 1.1 28.7 669
FranceTele @ 8.24 -.04 12.40 7.84 16.7 5.9 7346
GDF Suez @ 15.20 -.25 21.85 14.55 9.9 9.4 6890
Gecina 87.58 -.41 89.25 55.91 5 63.6 37
Hermes @ 225.75 -2.45 285.49 206.10 0.9 36.8 14
JC Decaux 18.33 -.19 23.48 15.75 2.4 20.3 170
Klepierre 30.09 +.15 30.24 20.22 4.8 37.3 121
Lafarge 48.31 +.24 48.45 25 1 42.2 836
Lagardere 25.47 +.2 25.95 17.67 5.1 - 390
Legrand 31.90 -.11 32.21 22.72 2.9 17.5 520
LOreal @ 105 +.05 106.40 76.83 1.9 24.1 555
LVMH @ 139.80 +.5 140.25 103.20 2.1 20.3 762
Michelin 71.32 +.16 72.58 42.31 2.9 7.5 506
Natlxis 2.63 + 3.07 1.76 3.8 9.5 2264
PernodRic @ 87.75 - 91.11 66.50 1.8 20.1 478
Peugeot 5.63 +.04 15.18 4.32 - - 8226
PPR @ 142.75 +.05 144.50 104.60 1.1 17.8 251
Publicis 45.91 +.12 46.10 33.09 1.5 14.2 458
Renault 40.96 -.67 43.83 25.01 2.8 6.9 1266
Safran 32.52 -.13 32.85 21.21 2.1 - 889
Sano @ 72 +.86 72.25 53.02 3.7 15.9 3675
Schneider @ 56 -.02 56.37 37.01 3 15.8 1611
SocGen @ 29.49 -.27 30 14.88 - 16.4 3740
Sodexo 64.80 +.31 64.99 51.98 2.5 18.7 189
StGobn @ 32.50 +.22 37.63 23.90 3.8 16.7 1763
STMicro 5.39 +.03 6.46 3.64 5.6 - 4516
SuezEnvir 9.21 +.02 12.23 7.81 7.1 32.1 988
Technip 87.04 +.18 92.36 66.29 1.8 17.5 333
Thales 27 -.3 28.91 21.83 2.9 10.6 322
Total @ 38.97 -.24 42.97 33.42 6 8.3 5086
UnibailR @ 183.90 +1.35184.80 126.40 4.4 14 267
Vallourec 40.86 -.1 58.24 25.69 3.2 18.6 685
VeoliaEnv 9.26 +.04 13.06 7.38 7.6 - 2032
Vinci @ 36.04 -.08 40.85 31.12 4.9 10.4 1639
Vivendi @ 16.86 -.06 17.17 12.01 5.7 14.2 4189
GERMANY
(Dec 20/Euro)
Adidas 67.17 -.41 69.26 47.11 1.5 17.3 587
Allianz @ 105.45 +.3105.50 68.50 4.3 10.7 1215
AxelSprg 32.65 -.05 39.87 30.92 5.2 15.3 127
BASF @ 72.30 -.79 73.41 50.58 3.5 13.2 2740
Bayer @ 72.40 +.97 73.09 44.47 2.3 24.2 2152
Beiersdorf @ 61.67 +.07 62.60 42.11 1.1 51.4 239
BMW @ 72.17 +.15 73.95 49.42 3.2 9.9 1340
Celesio 12.99 +.09 15.85 10.72 1.9 - 378
Commerzbk 1.49 -.01 2.21 1.12 - 8.8 36066
Daimler @ 41.27 +.03 48.95 31.10 5.3 7.9 2751
Deut Bank @ 33.54 -.17 39.51 22.11 2.2 10.6 4208
Deut Brse 46.36 +.35 52.10 36.25 7.1 13.6 1603
Deut Tlkm @ 8.63 +.05 10.06 7.69 8.1 - 13977
DeutPstbk 31.75 -.11 32.45 23.22 - 16 2
DeutsPost @ 16.59 +.01 16.75 10.96 4.2 40.5 2494
E.ON @ 14.30 +.02 19.74 13.61 7.7 - 6213
Fielmann 73.87 -.23 80.85 65.20 3.4 25.2 24
FraPort 44.57 +.2 49.84 37.06 2.8 15.6 93
Fresenius @ 88.13 -.6 96.93 68.48 1.1 16.8 337
FresMedC @ 52.19 +.06 60.27 50.02 1.3 38.1 646
GEAGrp 24.74 +.14 26.83 19.47 2.2 14.7 330
Hann.Rck 59.73 -.08 59.89 36.12 3.5 8 141
HeidCmnt 46.67 +.43 46.83 29.48 0.7 27.3 904
Henkel 62.44 -.64 65.16 42.90 1.3 21.8 600
Hochtief 44.78 +.18 55.68 34.64 - - 113
Inneon 6.19 -.08 7.99 4.87 1.9 15.5 7390
K & S 35.83 -.1 41.50 30.14 3.6 14 1028
LANXESS 67.85 +.37 68.90 36.68 1.3 12.1 353
Linde @ 133.40 -.5 136.90 109 1.9 19 372
Lufthansa 14.39 -.05 14.46 7.88 1.7 38.9 2298
MAN 82.53 +.17 103 61.66 2.8 - 107
Merck KG 100.65 +1.22 106.55 71.95 1.5 50.8 308
Metro 21.63 -.08 32.15 19.52 6.2 18.5 1033
MTUAero 69.85 - 70.74 46.10 1.7 17.4 144
MuenchRkv@ 136.55 +.15 137.15 89.40 4.6 7.3 449
Porsche 57.37 +.44 58.70 37.69 1.3 17.5 338
Puma 225.85 -.95 277.05 209.05 0.9 23.2 9
RWE @ 31.79 +.07 37.12 25.94 6.3 8.4 2256
Salzgitter 40.02 -.32 48.95 27.03 1.1 30.8 200
SAP @ 61.10 +.08 61.94 39.47 1.2 14.1 2327
Siemens @ 82.98 -.01 83.46 62.13 3.6 16.3 1845
SMASolar 18.28 +.25 55.75 15.61 7.1 5.3 52
Suedzucker 30.74 -.05 31.10 21.43 2.3 9.3 376
ThyssenKr 18.24 -.34 23.29 11.45 - - 4192
Volkswgn @ 160.10 +.3 161 101.75 1.9 3.1 82
WackerChm 51 -.37 92.60 40.48 4.3 59.3 153
GREECE
(Dec 20/Euro)
Alpha Bk 1.29 -.12 2.42 0.42 - - 3812
BkPiraeus 0.31 -.04 0.81 0.19 - - 9614
Coca Cola 17.30 +.45 18.24 11 2 27.9 202
EFGEbk 0.60 -.06 1.48 0.29 - - 1842
HelPetro 6.75 -.11 7.50 3.94 6.7 30.7 95
HelTel 5.32 +.18 5.32 1.09 - 5.9 1410
NatBkG 1.32 -.06 3.13 0.90 - - 6163
OPAP 5.51 -.09 7.90 3.50 13.1 3.5 880
PublPwrC 5.55 +.02 5.70 1.13 - - 435
TitanCem 13.17 -.62 16.48 10.07 1.4 - 72
HONG KONG
(Dec 20/H.K.$)
AgricBkCh @ 3.84 +.02 3.98 2.72 4.3 7.1 164458
AIA @ 30.45 +.05 31.90 22.45 1.1 27.1 73380
Bk China @ 3.46 -.02 3.51 2.73 5.6 5.9 275251
Bk of EAsia 29.35 -.1 32.50 24.95 3.2 14.2 1332
BkofComm@ 5.81 -.06 6.55 4.75 2.1 5 35459
BOC HK @ 24.20 -.2 25 18.10 4.6 13 7127
CathayPcA 14.08 -.04 16.38 11.76 2.4 31.5 2108
ChConstBk @ 6.26 -.06 6.62 4.71 4.7 6.7 288005
ChinaLife @ 24.15 -.25 24.70 17 1.2 37.3 41652
ChinaMob @ 90.50 +.25 92.60 72.20 3.7 11.7 15970
ChinaRes 28.05 -.3 30.80 18.88 1.7 19.2 1701
ChinaTele 4.29 +.03 4.92 3.23 2 18.3 58248
ChMerch 25.10 -.1 29 21 2.7 18.2 2145
ChngKong @ 119.90 - 122.40 86 2.6 9.8 3200
ChOvLnd&In 23.60 +.5 24.25 9.44 1.6 11.6 21052
ChResLand 20.55 +.3 22.25 11.64 1.1 14.2 12033
ChResPwr 19.26 -.02 19.46 13.42 1.6 18.3 3459
ChRongshng 1.41 +.02 3.03 0.95 1.9 11.3 77078
ChShenEgy@ 33.75 +.1 36.45 24.15 3.3 11.1 19092
ChUncHK @ 12.14 +.08 16.96 9.45 1 46.9 38168
Citic Pac 10.82 -.02 15.88 8.64 4.2 4.5 3846
CKI Hld 47.40 -.75 49.40 42.25 3.3 13.2 3833
CLP @ 64.10 -.2 69 62.10 4 22.5 9148
CNOOC @ 16.84 - 18.20 13.18 2.6 9.8 36659
EspritAsia 11xd -.16 19.78 8.83 3.5 17.7 17801
HangLung 30.05 +.2 31 21.50 1.8 21.7 8679
HangSeng @ 118.10 +.5 120 91.15 4.4 12.5 1373
HendersLd 56.20 +.3 57.90 35.40 1.8 8.3 2478
HKChGas @ 20.90 -.15 21.60 15.72 2.3 25.8 4805
HKExch 130.80 -.6 148.90 100 3 31.4 3837
HSBC 81.65 +1.15 81.80 57.05 4.3 15 22903
Hutchison @ 80.95 +.35 82.40 61.80 2.6 17.3 4785
In&CmBkCh@ 5.60 +.01 5.72 3.97 4.5 6.9 357033
Inbursa @ 40.99 +.89 42.69 23.69 0.8 32.6 667
TlvCPO 68 +.02 68.40 48.50 0.5 24.5 1602
Walmex @ 41.69 +.64 45.15 34.12 1.1 33.6 7532
NETHERLANDS
(Dec 20/Euro)
Aegon 4.89 +.07 4.90 2.85 - 9.4 8874
Ahold 10.27 -.02 11.07 9.01 3.9 11.5 1987
Akzo N 49.67 +.27 49.75 33.54 2.9 - 670
ArcelorMit @ 13.21 +.13 17.96 10.60 1.1 - 6363
ASML Hld @ 48.82 +.23 49.95 30.98 25.6 11.8 926
Boskalis 34.10 +.19 34.20 23.27 3.5 14.6 178
Corio 34.68 +.18 41.22 31.25 8 18.7 470
DSM 46.15 -.15 46.60 33.55 3.2 21.9 586
Fugro 44.75 +.63 57.88 37.65 3.4 11.7 554
Heineken @ 49.71 -.25 51.75 33.58 1.7 17.9 678
ING @ 7.18 -.02 7.58 4.44 - 7.5 10180
KPN 3.60 -.12 9.35 3.59 3.3 4.9 19225
Philips @ 20.16 +.11 20.43 13.57 3.5 43.8 2233
PostNL 2.91 +.05 4.83 2.07 17.5 0.3 3094
Randstad 27.77 +.45 30.09 20.53 4.5 43.4 619
ReedElsvr 11.19 +.05 11.47 8.10 4.1 14.7 1777
Robeco 24.08 -.11 24.80 20.44 2.5 58.7 79
RylDShlA 26.33 +.07 29.18 24.30 5.1 8 3466
Unilever @ 29.35 +.09 29.67 24.51 3.2 20.4 3421
WoltKluw 15.44 +.12 15.76 11.39 4.4 19.5 907
NEW ZEALAND
(Dec 20/NZ $)
AucklndAir 2.70 +.02 2.72 2.36 4.6 34.1
ContactE 5.34xc +.16 5.49 4.49 7.2 19.8
FletchrBld 8.45 +.18 8.45 5.78 5.4 31.1
Telc.of NZ 2.32 +.03 2.75 1.96 14.2 4.3
NORWAY
(Dec 20/Kroner)
AkerSol 112.80 -1.2 117.90 57.20 3.5 12.6 768
DNB @ 70.25 +.15 75.30 53 2.8 8.3 3224
NorskHyd 27.93 +.07 34.58 22.97 2.7 - 5796
Orkla 48.46 +.36 48.84 39.21 5.2 29.4 2159
Roy.Carib. 188xd -11.9 202.50 134.50 1.3 16.1 2018
Seadrill @ 208.70xd -.9 246.90 188.50 9 16.4 1534
Statoil @ 138.80 -1.8 162.80 133.20 4.7 5.4 4142
Subsea 7 134.90 -.7 147.69 98.88 2.5 9.8 1235
Telenor @ 112.40 -2.1 117.50 86.90 4.4 48.2 2644
YaraIntl 276.80 -1.9 305.50 217 2.5 6.7 828
POLAND
(Dec 20/Zloty)
BkPekao 168.30 +4.5 168.90 128.10 3.2 14.3 355
BRE Bank 329.90 -3.3 337 234.60 - 11.4 50
ING Bank 90.50 +.5 92.70 71 - 13.8 65
KGHM 190.60 -3.9 194.80 102.70 14.9 5.1 776
PGNIG 5.17 -.02 5.25 3.61 - - 6686
PKN Orlen 52.20 -.75 53.70 31.44 - 6.9 1313
PKO Bank 37 +.54 37.34 30.10 3.4 12.1 2321
PZU 426.60 -9.3441.50 290.10 5.3 11.1 438
Telek.Pol 12.30 +.01 18.08 11.56 8.1 14 7779
PORTUGAL
(Dec 20/Euro)
B.EspSanto 0.91 - 1.06 0.43 - - 16842
BCPort 0.08 0.22 0.06 - - 55237
BncoBPI 0.99xr +.04 0.99 0.34 - - 2218
BRISA 2.04 +.01 2.79 1.62 15.2 - 78
Cimpor 3.29 -.03 5.70 2.93 5 - 49
EDP 2.35 +.06 2.48 1.63 7.9 7.8 8428
GalpEnerg 11.88 +.02 13.78 8.33 1 26 1390
JeronimoM 14.86 -.05 16.07 11.26 1.9 26.2 410
PortTlcm 3.82 -.04 4.61 3 8.5 16.8 3829
Sonae 0.72 +.01 0.74 0.37 4.6 16.1 4065
RUSSIA
(Dec 20/Rouble)
BankVTB @ 0.05 0.07 0.05 1.5 8.338901840
GazProm @ 142.75 +2.59 200.80 136.50 6.3 3.1 52707
GMK Noril @ 5.75k +67 6k 4.5k 3.4 8.8 595
Gzprmneft @ 146.50 +.99 177.25 119.20 5 3.8 146
Lukoil @ 2.04kxd +32.5 2.05k 1.55k 2 5.2 954
MTS 242.63 -1.09 257.29 176.40 6.1 25.4 451
Novatek @ 346 +1.07 442.73 269.66 1.9 8.1 1012
NovoSteel 62.64 +.6 79.69 46.59 3.2 15.6 4953
Rosneft @ 261.99 -.3 264.39 184.61 1.3 6.5 3556
RusHydro 0.75 1.21 0.71 1 27.3 374896
SbankR @ 94.69 +.16 103.85 75.30 2.2 6.3 62421
Severstal 378.30xd +3.2 456.70 330.20 3.3 7.9 2096
Surgnfgz @ 27.29 -.19 33.89 24.03 2.2 4.1 19550
SINGAPORE
(Dec 20/S$)
Capitalnd 3.71 +.08 3.77 2.18 2.2 13.8 8164
DBS @ 14.99 +.08 14.99 11.26 3.7 10.8 3282
Jard Math @ 60.99 +1.18 63 44.70 2.1 10.9 434
Jard Str @ 35.50 -.03 37.50 26.60 0.6 9.7 161
Keppel 10.85 -.03 11.67 8.95 4.1 8.2 2888
OCBC @ 9.82 +.02 9.82 7.80 3.2 8.8 3528
SIALtd 11 - 11.10 10.06 1.5 48.9 600
Sing Tech 3.87 - 3.89 2.62 4 20.6 875
SingTel @ 3.37 +.02 3.62 3.02 4.7 13.4 19471
UOB @ 19.84 +.17 20.23 15.01 3 5 1714
WilmarInt 3.28 +.1 6.05 2.99 1.6 13.4 45625
SOUTH AFRICA
(Dec 20/Rand)
Absa 166.20 +3.32166.20 132.20 4.3 12.8 3968
AngGold 260.49 -2.51 365 251.99 1.7 71.8 2168
Anglo 261.65 -2.43 350.05 230.76 2.8 - 5974
AngloPlat 440.22 -.7 598.50 358.74 0.5 - 514
ArclrMttal 35.05 -1.45 70.65 25.17 - - 933
Firstrand @ 30.34 -.01 31.33 20.20 3.4 11.7 26539
GoldFields 99.96 +.76 132.88 95.51 3.9 9.4 3029
Harmony 69.78 +.94 101.82 64.10 1.3 14.2 2660
Implats 164.30 +2.31 180.83 123.47 1.2 23.8 4748
Kumba Iron@ 554.28 -5.93 599.50 456.75 59581.9 0 596
MTN @ 172.69 -.5 175 127 4.6 14.6 10842
Naspers N @ 534.80 -3.92 577.90 340.01 0.6 39.6 2430
NedbankGrp 189.58 +1.75190.60 140.45 3.6 12.5 1434
OldMut 24.79 +.12 25 16.08 14.7 - 18211
SAB Mllr 394 +2.33 403.60 275.74 2.2 - 5215
Sanlam 45.25 +1.3 45.50 28.30 2.9 16.5 11137
Sasol @ 356.27 -4.43 411.50 333.21 4.9 9.1 3333
Stanbank @ 118.64 +1.81 120 95.33 4.2 13 11738
Telkom 17.13 -.06 29.75 14.91 8.5 - 772
Vodacom @ 123.83 +2.21124.27 86.61 8945 0 2720
SOUTH KOREA prices in 000s
(Dec 20/Won)
HyundaiHvy 240.50 +6.5 346.50 193.50 1.7 9.7 358
HyundaiMot@ 222.50 -1.5 272.50 197.50 0.8 6.9 1159
HyundEng 72.60 +2.8 87.50 55.60 0.7 16.2 743
HyundMobis@ 294.50 +5 328 258 0.6 8.6 282
HyundStl 89 +1.4 119 74.80 0.6 8.9 422
IndBkKor 11.95 +.05 14.80 10.95 4.9 7.4 1116
KB Financial 38.35 +.15 45 32.50 1.9 8.3 2897
Kia Motors @ 58.10 -.6 84.80 54 1 10.5 2127
Korea T&G 82.50 -.4 92.30 70.20 3.9 13.5 527
KoreaEP 29.80 +1.1 30.25 21.20 - - 3241
KoreaExch 7.51 -.01 9.12 6.68 31.4 6.2 944
KT Corp 38.45 - 39.85 27.55 5.2 7.8 1015
LG Chem @ 339 +6.5 434 261.50 1.2 15.8 369
LG Corp 65.10 +1 77.70 51.80 1.5 11.4 512
LG Display 31.35 -.2 36.95 19.60 - - 2434
LG Elect 72.70 +.5 94.30 55.80 0.3 31.6 1158
LotteShop 370.50 +.5 390 273.50 0.4 11.2 72
NHN 216.50 -14.5 292.50 198.50 0.2 18.9 649
Posco @ 355.50 +1 427 304.50 2.7 9.5 251
ShinhanFin 38.60 +.75 47.50 33.10 1.9 8 2010
Shinsegae 218 +1 290 182.50 0.3 12.5 19
SK Hynix @ 26.30 -.2 30.95 19.75 - - 4725
SK Innov 175 +1.5 195.50 124 1.6 15.3 293
SKTelecom 159 +.5 162.50 120 5.9 13.1 160
SmsungCT 63.30 +.7 82.70 54.90 0.8 18.2 745
SmsungEl @ 1.5k -12 1.54k 984 0.4 11.2 396
SmsungEM 106 +1.5 112.50 77 0.7 16.8 459
SmsungEPf 854 -9 885 614 0.6 - 51
SmsungFre 218 +7.5 244.50 195.50 1.7 12.8 318
SmsungSDI 156 +1.5 171.50 127 1 4.6 128
WooriFin 11.70 +.35 14 9.11 2.1 5.3 4976
SPAIN
(Dec 20/Euro)
Abertis 12.40 -.1 12.67 9.33 5.4 8.1 2111
Acciona 59.18 +.19 68.52 29.46 5.3 - 129
Acerinox 8.75 +.13 11.26 7.39 6.3 - 1080
ACS 19.36 +.14 25.10 10.38 10.3 - 565
Banesto 3.61 +.01 4.20 1.90 7.1 - 310
Bankinter 3.34 -.02 5.41 2.06 4.3 16.5 1603
BanPoplr 0.63 +.02 3.68 0.53 64.2 6.2 158430
BBVArg @ 7 +.01 7.35 4.31 5.6 23.8 28252
BcoSabdll 2.20 -.02 2.70 1.19 1.9 40.3 10116
BcoSantdr @ 6.04 +.03 6.65 3.98 10.6 31.3 87312
BcoValen 0.10 0.78 0.08 - - 1575
CaixaBnk 2.67 +.02 4.12 2.01 8.6 27.2 5010
CorFinAlba 35.15 +.53 35.55 22.10 2.8 - 79
DIA 4.92 +.02 5 3.17 2.2 19.6 4342
EbroFood 15.09 -.11 15.24 12.07 3 14.2 517
Enagas 16.35 -.1 16.75 12.51 6.4 10.4 1262
Endesa 17.67 +.23 17.75 11.30 3.4 9.9 416
FCC 10.63 +.14 20.60 7.10 12.2 18.1 407
GAMESA 1.89 +.09 3.37 1.01 0.4 - 4647
GasNatur 13.53 -.14 13.97 8.36 5.5 10.2 2105
Grifols 24.36 +.01 26.66 11.58 - 46.4 496
GrpFerrov 11.23 +.07 11.69 7.41 11.1 6.5 2792
IAG 2.29 -.06 2.35 1.68 - 20.5 3695
Iberdrola @ 4.11 +.03 4.98 2.63 0.7 8.4 43136
Inditex @ 107.85 -.6 111.80 61.64 1.5 29.4 1942
IndraSis 10.09 +.09 11.19 6.08 6.7 12.6 438
Mapfre 2.37 -.03 2.65 1.29 5.1 8.5 5286
MedsetEsp 5.43 -.26 5.75 3.23 2.5 34.5 2319
OHL 21.70 -.17 24.15 14 2.6 8 607
RedElectCp 37.86 +.34 39.75 29 5.8 10.9 450
Repsol @ 16.40 -.1 24.23 10.90 6.5 10.9 11896
TechReun 35.59 -.11 39.31 25.34 3.8 14.8 226
Telefonica @ 10.20 -.02 13.75 7.90 7.4 7.5 39254
ZardoyaO 11.01 -.1 11.19 8.09 4.2 21.5 113
SWEDEN
(Dec 20/Kroner)
AlfaLaval 135 - 147 110.40 2.4 17.6 687
AssaAbloy 241 +3 242 158 1.9 23.2 797
AstraZen 310.50 -3.2 329.80 285 6.6 9.6 819
AtlasCpcoA@ 178.10 -.1 179.40 134.40 2.8 15.6 1251
ElctxB 173.20 -2.2 179.40 103 3.8 19.6 1339
EricssonB @ 65.15 -1.2 71.90 55.90 3.8 15.6 14858
H & M @ 225.10 -.8 257.30 207 4.2 21.8 2114
IndVardenA 107.50 -.3 109.20 79.55 4.2 3.2 117
InvestorB 166.80 +.9166.90 121.70 3.6 4.9 1306
Kinnevik 133.20 +.3 155.20 120.30 4.1 9.3 628
NordeaBk @ 62.15 +.6 66.95 49.46 3.6 9.7 7021
Sandvik 103 -.3 108 77.40 3.2 15.7 2064
ScaniaA 131.60 - 140 93 3.8 - 6
ScaniaB 135.90 -.2 142.20 93.80 3.7 15.8 633
SEB @ 55.90 +.45 57.95 37.75 3.1 11.3 4698
SkanskaB 110.50 +.4 125.90 93.30 5.4 14.2 945
SKF B 163 +.2 174.80 126.20 3.4 15.1 1071
SSABA 57.45 -.15 76.60 45.10 3.5 - 1589
SvenCellB 140.50 +.7140.80 96.95 3 - 1779
SvenskaHn@ 233.40 +.6 249.90 174.10 4.2 11.2 1590
Swedbank @ 127.70 +2 128 84.35 4.2 13.9 2845
SwedMatch 218.70 -3.5 294.50 214.60 3 15.8 1076
Tele2B 117.80 -.5 130.39 102.30 11 13.1 1155
TeliaSonra @ 44.30 -.08 49.65 41.03 6.4 10.7 6623
VolvoA 90.40 +.2 100.50 69.65 3.3 - 151
VolvoB @ 90.15 -.25 100.40 69.40 3.3 12.1 5361
SWITZERLAND
(Dec 20/Frs)
ABB Ltd @ 18.95 -.02 20.20 14.45 3.4 15.8 4579
Actelion 45.07 -.11 48.72 30.27 1.8 17.6 350
Adecco 48.75 +.1 49.62 36.13 3.7 16 857
Baloise 79.70 -.65 80.65 58.30 5.6 48.9 261
CredSuisse@ 23.06 +.1 27.53 15.97 3.3 - 5241
GAMHldgs 12.65 -.15 13.80 9.80 4 - 650
Givaudan 970.50 -4.5 977 830 2.3 26.7 18
Holcim @ 67.55 +.7 67.95 48.60 1.5 65.6 917
JulBaerGp 33.77xr +.02 38.33 29.34 2.9 23.8 506
Kuhn&Nag 110.80 +.6 125 93.10 3.5 26.4 232
Logitech 7.15 +.03 9.90 5.83 11 14.9 859
Lonza Grp 49.94 +.41 62.30 32.81 4.3 17.3 306
Nestle @ 60 -.15 62.30 51.05 3.3 19.4 5480
NobelBiocr 7.84 +.02 13.56 7.09 1.9 16.7 733
Novartis @ 57.95 -.5 59.45 48.29 3.9 17.4 5630
Pargesa 63.50 -.35 68.80 51.05 4 9 31
Richemont@ 72.25 +.1 74.85 44.68 0.8 17.4 1048
Roche @ 185 -2.1 190.80 148.40 3.7 18.9 1704
Roche Br 187.50 -3 193.80 156.10 3.6 - 38
Schindler 130.30 - 130.50 104.10 1.5 27.6 19
SchndlerPC 132.10 +.1 132.70 102.60 1.5 - 54
SGS SA 2.06k -1 2.16k 1.48k 3.2 29.5 9
Sonova 103 -.8 107.40 83.30 1.2 23.5 155
SwatchGpI @ 467.20 +1.2 471.50 319.10 1.2 - 142
SwatchGpN 79.50 -.45 80.40 56.90 1.4 - 126
Swiss Re @ 66.90 -.05 68.10 45.80 4.5 6.2 829
Swisscom @ 396.60 -.6 400 334.40 5.5 38 77
SwissLife 123.40 -.8 131 74.35 7.3 7 146
Syngent @ 374.90 -1.6 380.20 255.20 2.1 21.7 133
Transocean 41.93 -.42 54.30 36.02 5.2 - 584
UBS @ 15.03 -.17 15.62 9.69 0.7 - 12261
ZurichFin @ 243.90 -.4 246.80 192.50 7 11.7 295
TAIWAN
(Dec 20/T$)
Acer 24.45 -.4 46.15 22.30 - - 15
Au Optrncs 14.15 +.1 18 8.19 - - 158
CathayFin 31.15 -.9 35.24 26.48 1.5 26.9 34
ChimeiInn 17.50xr +.75 17.50 8.45 - - 171
ChinaSteel 26.45xa - 30.44 24 3.8 - 14
Chinatst Fin 17.50 -.3 19.12 14.20 2.1 11.6 33
ChnghwTl @ 93.60 -.1 101.50 87.50 5.8 17.7 6
CompalElc 19 -.2 35.80 17.30 7.4 11.5 14
DeltaElc 103.50 -3.5 114.50 63.20 3.4 16.8 8
FormoC&F 70 -.8 93.70 58.70 5.7 - 5
FormPlastic 77.30 -1 93.90 67.40 5.2 37.5 5
FubonFnH 33.85 -.65 34.50 26.29 2.8 14.7 16
HonHaiPrc @ 88.10 -.5 106.36 70.27 1.5 11.2 47
HTC 275.50 +1 672 191 14.5 8.6 14
MediaTek 323 -4 351 235 2.8 27.7 9
Mega Fin 22.60xc -.3 24.14 17.34 3.7 12.2 30
NanYaPlast 54.40 -1.6 72.80 46 3.9 - 6
Quanta Cmp 66.90 -.3 86.40 57.10 6 10.6 10
TaiwanMob 104 -2 115.50 86.30 6 19.3 4
TaiwanPet @ 87 -1.8 97 77.50 2.3 - 1
TaiwanSem@ 96 -1.3 99.40 72 3.1 15.9 36
Utd Micro 11.70 +.2 15.75 10 4.3 19.2 145
THAILAND
(Dec 20/Baht)
Adv Info @ 207 -4 227 138.50 4.9 20.5 4642100
Bangkk Bk 197 - 203 146 3 12.33834200
PTT @ 333 - 369 300 3.2 9.62579200
PTT Exp 161.50 +.5 187 147.50 3.5 9.1 8688100
SiamCem 424 - 426 310 2.7 25.61779200
SiamComBk@ 179.50 +1 179.50 109 1.9 16.47261200
TURKEY
(Dec 20/Tk Lira)
Akbank 8.70 -.06 9.02 5.28 1.2 14 9847
KOC Hold. 9.02 +.12 9.44 5.33 1.3 10.5 3254
Sabanci 9.76 +.08 10.30 5.24 1 13 1821
TGaBan @ 9.08 -.12 9.46 5.44 1.6 10.9 15042
Trk.Isbank 6.12 +.04 6.24 3.14 2 8.6 26587
TrkHalkBk 17.35 -.25 18.10 9.20 99.7 9.1 9213
Turkcell 11.20 +.2 11.70 8.04 - 12.6 9480
TurkTelek 6.74 -.02 8.38 6.24 8 9 2792
YapiKred 5.10 -.06 5.34 2.48 - 10.6 14011
Li & Fung 13.62 -.14 20.15 11.46 3.6 18.9 14955
MTR @ 30.70 -.05 31.35 24.30 2.5 14.2 1500
NewWorld 12.22xd -.06 13.20 6.13 0.2 6.4 10659
PetroChina @ 11.02 +.02 11.92 8.85 3.6 13.8 64320
PowerAst @ 64.95 -.05 69.20 52.55 3.6 14.8 3037
SHK Props @ 116.90 +.1 122 85.30 2.9 7 2220
Sino Land 14.08 - 14.94 9.90 3.3 8.3 1972
Sinopec @ 8.87 +.07 9.67 6.38 4.2 11.4 69410
Swire Pacic@ 93.80 +.1 97.25 71.21 3.6 8.5 1329
SwirePac B 17.70 - 18.50 13.56 3.8 4.1 353
Tencent @ 249 -.4 281 149.40 0.3 31.1 3344
WharfHld @ 60.15 +.05 61.50 33.25 1.9 4.6 3608
Wheelock 38.80 +.1 39.85 17.87 1.8 3 1284
INDIA
(Dec 20/Rupee)
BharatHvy 232 -1.45 328.35 195.05 2.8 8 237
BhrtiAirtel @ 316.90 +.95 400.90 238.50 0.3 34.4 254
CairnInd 320.15 -4.55 400.95 290.25 1.6 5.8 344
CoalIndia 356.40 -.75 386 293.75 0.1 14.4 126
GAIL 350.60 +.4 401 303.10 2.5 12 41
HDFC Bk @ 683 -4.4 705 400.45 0.6 27.4 400
HsngDevFin@ 831.45 +.7 882 600.85 1.3 20.7 128
ICICI Bk @ 1.14k -.35 1.16k 641 1.4 15.5 128
IndianOil 259.60 -2.2 291.75 239 1.9 27.2 13
Infosys @ 2.3k +3.45 2.98k 2.1k 2 14.1 79
ITC @ 287.70 -2.4 306.50 192.25 0.8 35.4 427
JindalS&P 470.80 +10.45 663.40 321.10 0.3 12.7 277
Larsen&T @ 1.62k -16.7 1.72k 971 1 20.1 240
MMT C 645.75 -5.85 1.01k 438.55 0 - 10
NatlThmPr 154.05 -.7 190.30 138.95 2.6 12.3 277
NMDC 160.50 -2.15 206.35 136.15 3.4 9 423
OilNatGas @ 265.05 +.7 303.90 240.10 3.7 9.3 160
RelianceIn @ 837.05 -2.3 881 671 0.7 14.7 312
SBI NewA @ 2.38k +11.2 2.47k 1.58k 1.5 8.3 371
SteelAuthr 91.45 +.8 115.90 73 2.2 11 603
Sterlite 120.85 +1.05 138.40 86.10 1.7 7.9 1151
TAMO 305.35 -2.2 320.60 169.20 1.3 7 927
TataCnslty @ 1.25k +15.6 1.44k 1.04k 2 20 80
TataSteel 431.40 +8.05 500.90 332.35 2.8 - 1604
Wipro @ 382.10 -3.5 452.50 325.60 1.6 15.3 85
INDONESIA prices in 000s
(Dec 20/Rupiah)
AdaroEgy 1.56 -.02 2.03 1.18 5 10 23445
Astra Int @ 7.50 -.2 8.30 6.12 2.7 16 25080
Bk Negara 3.68 - 4.23 3.33 1.7 38.8 11616
BkCentAsia@ 9.20 +.15 9.50 6.75 1.2 19.6 12844
BkMandiri @ 8 - 8.90 6 1.3 13.1 16669
BkRakyat @ 6.90 -.05 7.85 5.15 1.8 9.4 21529
Gudang Grm 57 -1.6 63.80 45.90 1.8 26.7 792
Telkom @ 9 +.1 9.95 6.60 4.1 13.8 22906
Unilever @ 20.55 -1 28.50 17.50 2.9 32.7 8256
IRELAND
(Dec 20/Euro)
Aer Lingus 1.07 +.01 1.18 0.63 2.8 8.9 1177
BkofIrelnd 0.11 0.16 0.07 - 5.7 72628
CRH 15.24 +.2 16.93 12.81 4.1 18.6 1430
Elan Crp 7.97 -.08 12.01 7.50 - - 372
GraftonGrp 3.79 +.03 3.83 2.28 2 - 10
Ind News 0.03 +.01 0.35 0.01 - - 198
Irish Lf 0.03 + 0.08 0.02 - - 130
Kerry Gp 40.90 +.18 41.76 27.07 0.8 22.2 148
Ryanair 4.77 -.01 4.95 3.38 7.1 11.1 2533
ITALY
(Dec 20/Euro)
A2A 0.43 + 0.80 0.29 3 - 22190
Acea 4.61 +.09 5.43 3.61 6.1 12.4 186
Atlantia 13.95 +.27 13.98 9.03 5.2 11.3 2850
Autogrill 8.67 +.32 8.70 5.99 3.2 21.3 2945
BcaCarige 0.77 -.01 1.58 0.50 9.1 7.8 1255
BcaMilano 0.45 + 0.54 0.25 7.1 - 53881
BcaPEmilR 5.26 -.02 6.65 2.80 0.6 8.1 1885
BcoPoplre 1.27 +.02 1.70 0.79 - - 17185
BcPSondrio 4.52 + 6.85 3.76 2 8.3 483
BuzziUnicm 10.48 -.06 10.68 6.26 0.5 47.1 1057
Campari 5.80 -.05 6.55 5 1.2 24.9 3741
CredEmil 4.06 - 4.25 2.30 2.5 13.3 291
ENEL @ 3.17 +.04 3.33 2.02 8.2 8.6 45891
ENI @ 18.50 -.02 18.72 14.93 5.7 8.8 12657
ERG 7.60 +.3 8.99 4.28 5.3 7.3 908
Exor 19.05 -.05 21.50 14.01 1.8 13.5 313
Fiat 3.86 +.05 4.93 3.25 - 16.2 16111
Fiat Ind 8.38 +.04 8.85 6.10 2.2 13.5 3569
Finmecnca 4.40 +.11 4.46 2.56 - - 10117
Generali @ 13.75 +.22 13.77 8.16 1.5 18.2 10980
IntSanPSvg 1.08 +.01 1.39 0.68 - 5.2 5110
IntSPaolo @ 1.31 - 1.65 0.85 - - 146611
Italcementi 4.28 - 6.10 3.08 2.8 - 585
Lottomatica 17.51 +.09 18.35 10.85 4.1 13.9 491
Luxottca 31.46 -.21 32.40 20.31 1.6 27.6 1156
Meddiolan. 3.82 +.04 3.94 2.18 3.7 9.4 2038
Mediaset 1.61 +.06 2.58 1.14 6.2 - 26911
Mediobnca 4.65 +.12 5.14 2.34 1.1 29.5 12579
MontePsS 0.22 0.44 0.14 9.3 - 153325
Parmalat 1.78 + 1.86 1.27 5.6 14.7 1484
Pirelli&C 8.70 -.06 9.83 6.21 3.1 8.2 9226
Prysmian 14.81 +.13 15.48 9.35 1.4 18.9 1400
Saipem @ 29.03 -.55 40.12 28.01 2.4 13 3696
Saras 1.03 -.01 1.26 0.66 - - 1979
Snam 3.48 +.01 3.74 3.07 6.9 15.6 10286
TelcmItalR 0.61 -.01 0.76 0.51 8.9 7.6 13070
TelecmItal @ 0.69 -.01 0.93 0.60 6.3 - 87680
TERNA 3.03 +.02 3.06 2.50 6.6 12.7 6952
TODS 97.10 +1.7 98.50 60.45 2.6 20.6 168
UBI Banca 3.51 -.02 4.12 1.82 1.4 - 20135
UniCred @ 3.80 -.01 5.02 2.20 5.2 12.7 86837
JAPAN prices in 000s
(Dec 20/Yen)
Aeon 0.96 1.11 0.84 1.3 11.3 3163
Ajinomoto 1.16 -.02 1.24 0.90 1.4 16.9 2908
AozoraBk 0.27 0.27 0.15 3.4 11 10029
Asahi Glass 0.64 -.01 0.76 0.42 4.1 15.2 9481
AstellasPh @ 4.01 -.05 4.21 3 3.2 19.1 2389
Bridgestne @ 2.19 +.05 2.20 1.60 1.3 10.3 5382
Canon @ 3.36 -.1 4.02 2.31 3.6 19.1 10435
ChubuElec 1.16 1.58 0.80 4.8 - 6480
Chugai Ph 1.66 -.01 1.72 1.18 2.4 21.6 1062
CntJpRwy @ 6.85xa -.02 7.14 6.10 1.5 7.3 526
DaikinInd 2.90 -.05 2.97 1.84 1.2 38.3 3036
DaiNpPrnt 0.64 0.87 0.50 5 37.5 3990
DaiSankyo 1.31 -.01 1.58 1.17 4.6 18.6 3754
DaiwaSec 0.45 + 0.45 0.24 1.3 51.9 23295
Denso @ 2.92 -.01 2.95 2.02 1.7 18.7 3859
EastJpRwy @ 5.58 +.07 5.62 4.48 2.1 12.6 1698
Eisai 3.56 +.03 3.71 3.06 4.2 17.9 2660
Fanuc @ 15.07 -.33 15.63 11.24 1.3 27.3 1704
FastRetail @ 20.37 -.86 21.33 13.22 1.3 26.2 1030
FujiFilmH 1.69 -.03 2.10 1.24 2.2 21 5902
Fujtsu 0.35 + 0.45 0.27 2.9 28.7 19295
Hitachi @ 0.49 -.01 0.56 0.40 2 11.5 36140
Honda Mt @ 3.02 -.06 3.30 2.24 2.3 14.6 10046
Hoya 1.66 +.01 1.94 1.52 3.9 12 2424
Inpex @ 455 -11 611 418.50 1.6 9.1 25
Itochu 0.91 +.01 0.97 0.75 5.2 5.1 19906
JapanTob @ 2.43xa +.03 2.58 1.80 2.5 15 4717
JFE 1.51 -.01 1.88 0.94 0.7 26.6 6465
JX Hldgs 0.47 - 0.54 0.35 3.4 8.4 14118
KansaiEP 0.92 +.02 1.45 0.48 3.3 - 15329
Kao Corp 2.21 -.05 2.39 1.97 2.8 19.4 4298
KDDI Cp @ 6.04xa -.04 6.40 4.74 2.8 14.6 1863
Keyence 23.29 +.02 24 16.44 0.2 27.9 262
KirinHldgs 1.02 1.09 0.86 2.7 20.6 3891
Komatsu @ 2.09 -.01 2.51 1.44 2.1 13.1 7459
Kubota 0.96 -.02 0.99 0.61 1.7 19 7573
Kyocera 7.65 +.01 8.03 6 1.6 20.4 2376
Kyushu EP 0.96 +.05 1.27 0.45 2.1 - 7383
Marubeni 0.61 + 0.65 0.45 3.6 5.3 19636
MitsubElec 0.76 +.02 0.79 0.56 1.4 13.6 19585
MitsubEst @ 1.84 +.03 1.85 1.12 0.7 51.2 7525
MitsubHvy 0.40 0.41 0.29 1.5 24.7 22373
Mitsubishi @ 1.66 +.03 2.04 1.33 3.5 7.8 13955
MitsubTk @ 0.44 +.01 0.45 0.32 2.7 9.3 179174
Mitsui @ 1.26 +.02 1.44 1.04 4 7.4 19216
MitsuiFud @ 1.99 +.03 2 1.09 1.1 31.4 6516
MitsuiSmIns 1.67 +.01 1.81 1.14 3.2 - 3270
Mizuho @ 0.15 - 0.15 0.10 4.1 7.1 386917
Murata Mfg 4.87 +.02 5.13 3.61 2.1 33.2 35
NEC 0.17 - 0.18 0.10 - 21.7 17143
Nintendo @ 8.75 -.22 13.08 8.06 1.1 - 82
NipStlSuMet 0.21 + 0.25 0.14 0.5 - 84039
Nissan Mt @ 0.78 -.06 0.91 0.64 2.9 11 55446
Nitto Denko 4.23 +.07 4.39 2.65 2.4 16.3 1225
NKSJ 1.87 + 2.05 1.39 4.3 - 1719
Nomura 0.43 +.01 0.44 0.23 0.9 32.7 144496
NTT @ 3.64 +.01 4.02 3.27 4.1 9.1 3317
NTT Data 257.70 -2.5 294.20 213.30 2.3 19 9
NTTDCMo @ 122.60 -.5 144.40 111.90 4.7 10.6 69
Orix 9.30 +.02 9.36 6.22 1 9.3 947
Panasonic 0.51 +.01 0.78 0.38 1 - 41638
Resona 0.38 + 0.42 0.28 3.2 4.1 25758
Ricoh 0.94 -.04 0.98 0.49 2.2 21.1 20550
Rohm 2.79 +.06 4.24 2.16 1.6 - 22
Secom 4.23 -.03 4.29 3.33 2.1 15.5 1558
SekisuiHse 0.91 0.92 0.64 2.4 13.9 6503
Seven & I @ 2.41 + 2.66 2.08 2.7 14.9 4003
Sharp 0.30 -.01 0.73 0.14 1.7 - 142433
ShnEtsuCh @ 5.13 +.05 5.22 3.63 1.9 21.1 2360
SMC Cp 15.43 +.21 15.66 11.61 0.9 20.5 336
Softbank @ 3 -.12 3.34 2.05 2 10.3 7486
Sony 0.92 -.02 1.83 0.77 2.7 46.5 16589
SonyFinH 1.51 + 1.55 1.08 1.3 17.7 881
SumitChm 0.27 0.37 0.19 3.3 60.4 15148
SumitoEle 0.98 -.01 1.17 0.78 2 17.3 5063
SumitomMI 0.12 - 0.18 0.10 1.7 -
Sumitomo 1.09 + 1.28 0.98 4.7 5.5 10679
SumitomoF@ 3.04 +.03 3.09 2.11 3.3 7.9 14494
Suzuki Mt 2.12 -.01 2.17 1.33 0.8 16.5 4475
T&D Hld 0.98 -.01 1.06 0.70 2.3 18.6 3604
Takeda Ph @ 3.88 +.01 3.89 3.16 4.6 19.7 2859
TDK 3.10 -.06 4.84 2.72 2.6 20.1 2761
Terumo 3.44 -.15 4.06 2.76 1.3 19.5 1921
Tohoku EP 0.84 +.02 1.01 0.45 - - 6475
TokioElPw 0.23 + 0.26 0.12 - - 96141
TokioMrne @ 2.40 +.06 2.40 1.65 2.2 20.5 5996
Tokyo Elcn 3.80 -.05 4.94 3.16 1.4 - 1675
TokyoGas 0.41 + 0.44 0.34 2.2 10.7 14198
Toshiba 0.31 0.38 0.23 2.6 11.9 38568
Toyota @ 3.88 +.03 3.94 2.47 1.5 - 13625
Toyota Ind 2.63 +.01 2.65 1.97 1.9 16.8 703
WstJpnRwy 3.41 +.01 3.53 3.04 3.1 12 799
Yahoo Jpn @ 28.08 -.26 30.45 21.65 1.2 15.1 110
YokohaBk 0.40 0.42 0.34 2.5 9.7 7817
MALAYSIA
(Dec 20/Ringgit)
AxiataGp @ 6.68 +.08 6.83 4.65 3.4 23 6350
CIMB Grp @ 7.68 +.03 7.96 6.85 2 13 5167
Digi.com 5.36 +.08 5.48 3.54 5.7 30.8 9057
Genting 9.09 -.09 11.32 8.55 0.9 14.7 6814
Genting Mly 3.60 -.02 4.12 3.28 2.4 15.6 2490
IOI Corp. 5 +.04 5.55 4.82 3.1 15 4513
KL Kpng 21.80 +.02 26.76 17 3 18.6 1476
MalayBnkng@ 9.05 +.06 9.56 8.16 7.5 12.6 6992
Maxis 6.56xd -.03 7.10 5.41 4.9 20.7 3229
MISC 4.08 +.01 6.21 3.86 - - 542
PetChem 6.20 - 7.03 5.63 2.6 - 4858
PetGas 19.24 +.16 20.26 13.82 2.1 - 511
PPB Grp 11.24 +.02 17.98 11.16 1.8 17.9 1946
Public Bk 16.04 +.04 16.06 12.82 3 15 1092
Public BkF 16.24 +.22 16.24 12.82 3 - 1004
SimeDarby @ 9.36 -.03 10.26 8.83 3.7 13.8 8144
TelekmMala 5.95 +.04 6.40 4.43 8.3 14.2 3549
Tenaga Nsl 6.83xd +.03 7.22 5.40 2.3 8.8 11012
YTL Power 1.51 -.01 1.90 1.50 2.5 8.9 2804
MEXICO
(Dec 20 / 12:00 am/Peso)
AmerMvl @ 14.92 -.04 18.72 14.70 1.3 12.4 19529
CemxCPO 12.80 +.05 12.87 6.30 7.3 - 18597
FEMSAUBD@ 127.66 -.14 131.07 88.42 1.5 33.7 537
GrpElektra 557.19 +4.19 1.46k 407 0.4 - 22
GrpMexico @ 46.59 +.05 47.36 34.65 3.5 - 3385
Thursday stock close Days
traded ms price change
Microsoft 21.5 27.42 +0.11
Facebook 18.2 27.44 +0.03
RschMt 16.8 13.80 +0.17
Intel 15.5 20.94 -0.16
Oracle Corp 13.1 33.99 -0.10
Yahoo 12.7 19.52 -0.08
Cisco Systems 12.4 20.17 -0.10
Bed Bath Bynd 11.2 55.21 -5.08
Bank of Am 10.8 11.37 +0.18
Activision 9.4 10.66 -0.19
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
NYSE Euronext 32.00 7.95 +33.06
Jabil Circuit 20.28 1.71 +9.21
EQT 59.64 2.63 +4.61
Ameren 31.13 1.08 +3.59
Downs
Bed Bath Bynd 55.21 -5.08 -8.42
Carnival 36.84 -2.20 -5.64
GameStop 26.05 -1.50 -5.44
Discover 37.62 -2.15 -5.41
Based on the constituents of the S&P500 and the Nasdaq 100 index
Thursday stock close Days
traded ms price change
LlydsBkg 122.4 49.25 +0.05
Vodafone 86.5 155.80 -0.85
Barclays 31.7 266.80 +0.25
HSBC 24.3 650.00 -3.00
Man 20.3 86.50 +3.00
Centamin 17.6 42.71 +1.25
BP 17.2 430.10 -1.20
Tesco 15.7 338.60 -1.65
ITV 14.5 107.00 +3.20
BT 14.3 242.40 +1.30
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Vesuvius 352.00 28 +8.64
Talvivaara 106.70 5.40 +5.33
PERFORM 389.60 19.60 +5.30
Genus 1,431.00 52 +3.77
Downs
Carnival 2,391.00 -154 -6.05
NewWldRes 294.90 -13.60 -4.41
EVRAZ 267.00 -11.40 -4.10
Ferrexpo 249.50 -8.40 -3.26
Based on the constituents of the FTSE 350 index
Thursday Turnover close Days
Euro/ms price change
BcoSantdr 526.9 6.04 +0.03
Telefonica 400.2 10.20 -0.02
Unicredit 329.6 3.80 -0.01
Sano 264.6 72.00 +0.86
Eni 234.2 18.50 -0.02
Inditex 209.5 107.85 -0.60
Total 198.2 38.97 -0.24
BASF 198.1 72.30 -0.79
BBVA 197.8 7.00 +0.01
Repsol-Ypf 195.1 16.40 -0.10
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
BanPoplr 0.63 +0.02 +2.77
EDP 2.35 +0.06 +2.75
Coca-Cola HBC 17.30 +0.45 +2.67
Mediobanca 4.65 +0.12 +2.56
Downs
KPN 3.60 -0.12 -3.15
Cap Gemini 33.56 -0.93 -2.68
Saipem 29.03 -0.55 -1.86
Thyssen Krupp 18.24 -0.34 -1.80
Based on the constituents of the FTSEurorst 300 Eurozone index
Thursday stock close Days
traded ms price change
Mizuho Fin 386.9 147 -
MUFG 179.2 440 +5
Nomura Hldg 144.5 429 +9
Sharp Corporat 142.4 302 -5
TEPCO 96.1 233 +3
Nippon Steel 84.0 209 +1
Mazda Motor 70.9 150 -
Kobe Steel 69.3 104 +1
Shinsei Bank 56.3 152 +4
NISSAN MOTOR 55.4 782 -62
BIGGEST MOVERS
Thursday Close Days Days
price change chng%
Ups
Shinsei Bank 152 4 +2.70
Tokio Marin 2399 62 +2.65
MitsubishiEle 761 17 +2.28
BRIDGESTONE 2185 47 +2.20
Downs
NISSAN MOTOR 782 -62 -7.35
KONAMI 1964 -131 -6.25
MITSUBISHI MOTOR 86 -5 -5.49
Unitika 44 -2 -4.35
Based on the constituents of the Nikkei 225 index
Dec 20
3040
1706
1186
148
112
10
NYSE Euronext
Share Price
Nov 20 2012/2012 Dec 20
Vesuvius
Share Price
Nov 20 2012/2012 Dec 20
KPN
Share Price
Nov 20 2012/2012 Dec 20
NISSAN MOTOR
Share Price
Nov 20 2012/2012 Dec 20
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Dec 19
3125
1489
1509
127
181
15
Dec 18
3126
2248
793
85
194
20
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
7.95
Change
on day
28.00
Change
on day
-0.12
Market data provided by
Market data provided by
Change
on day
-62.00
n MAJOR MARKET VOLUMES
5 day
Dec 20 Dec 19 average
NYSE 266 747 640
NASDAQ 775 1946 1690
UK 2762 3178 2775
France 198 207 209
Germany (u) 186 152
Japan 3048 3248 2836
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Dec 20 Days Days
Open Close high low
DJ Ind 13246.67 13246.25 13270.56 13216.03
Nasdaq Cmp 3050.30 3039.76 3050.52 3034.15
S&P 500 1435.81 1436.93 1438.96 1432.82
FTSE E300 1143.04 1142.80 1143.52 1139.80
FTSE 100 5961.59 5958.34 5970.87 5950.07
FTSE All Sh 3122.32 3121.27 3126.67 3117.22
CAC 40 3652.41 3666.73 3674.57 3652.08
XETRADAX 7642.99 7672.10 7675.45 7635.39
Topix 837.38 838.61 845.67 834.96
Nikkei 10093.11 10039.33 10147.68 10028.65
Hang Seng 22602.99 22659.78 22661.74 22483.95
SMI 6921.99 6912.79 6930.34 6908.32
AEX 344.60 346.60 346.86 344.40
n NYSE RISES AND FALLS
%
Cyprus Popular Bank 3.00
ADVERTISED BASE
For further information on any of these
rates please contact each bank directly.
LENDING RATES
www.ft.com/ir
DECEMBER 21 2012 Section:Stats Time: 20/12/2012 - 19:19 User: sheehanr Page Name: WSM1 USA, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

23
MARKET DATA
Argentina Merval 2850.78 2843.96
Australia ALL ORDINARIES 4646.63 4633.25
S&P/ASX200 Res 4298.08 4313.83
S&P/ASX200 4634.11 4617.78
Austria ATX 2411.77 2427.37
Belgium BEL 20 2492.20 2500.66
BEL Mid 3944.72 3953.70
Brazil Bovespa 60711.84 60998.34
Canada S&P/TSXMet & Min 990.91 1003.96
S&P/TSX60 708.51 712.14
S&P/TSXComp 12339.69 12403.63
Chile IGPAGen 20955.54 20979.44
China Shanghai A 2270.67 2264.25
Shanghai B 230.81 230.44
Shanghai Comp 2168.35 2162.24
Shenzhen A 864.16 859.06
Shenzhen B 646.63 645.42
FTSE A200 6621.97 6585.33
FTSE B35 8112.72 8096.01
Colombia CSE Index 14546.21 14646.38
Croatia CROBEX 1729.07 1718.28
Cyprus CSE M&P Gen 111.38 115.62
Czech Republic PX 1033.79 1041.29
Denmark OMXC Copenhagen 20 495.72 493.74
Egypt EGX30 5443.00 5419.81
Estonia OMXTallinn 726.27 720.84
Finland OMXHelsinki General 5893.41 5888.15
France CAC 40 3666.73 3664.59
SBF 120 2814.53 2813.88
Germany M-DAX 12069.57 12086.11
XETRADax 7672.10 7668.50
TecDAX 839.44 839.29
Greece Athens Gen 880.70 878.41
FTSE/ASE 20 302.76 305.04
Hong Kong Hang Seng 22659.78 22623.37
HS China Enterprise 11352.45 11388.40
HSCC Red Chip 4505.06 4499.92
Hungary Bux 17862.10 17807.41
India BSE Sens 19453.92 19476.00
S&P CNX500 4746.40 4755.30
Indonesia Jakarta Comp 4254.82 4275.86
Ireland ISEQ Overall 3396.41 3387.61
Dec Dec
20 19
Israel Tel Aviv 100 1077.32 1079.37
Italy FTSE MIB 16399.36 16332.50
FTSE Italia Mid Cap 17655.56 17583.89
FTSE Italia All-Sh 17299.67 17237.17
Japan Nikkei 225 10039.33 10160.40
Topix 838.61 839.34
S&PTopix 150 711.99 713.15
2nd Section 2416.24 2409.79
Jordan Amman SE 4499.30 4512.30
Kenya NSE 20 4127.60 4124.06
Latvia OMXRiga 389.60 388.66
Lithuania OMXVilnius 352.38 351.76
Luxenbourg Luxembourg General 854.18 851.90
Malaysia FTSE Bursa KLCI 1670.60 1665.64
Mexico IPC 43764.48 43647.99
Morocco MASI 9682.78 9673.14
Netherlands AEX 346.60 345.14
AEXAll Share 534.25 532.32
New Zealand NZX50 4075.45 4023.00
Nigeria SE All Share 27508.09 27349.11
Norway Oslo All Share 492.22 495.91
Pakistan KSE 100 16908.02 16869.83
Philippines Manila Comp 5797.74 5752.39
Poland Wig 47701.82 47920.75
Portugal PSI General 2357.92 2353.36
PSI 20 5746.47 5731.08
Romania BET Index 4932.96 4915.17
Russia RTS 1528.19 1517.39
Micex Index 1489.69 1477.69
Singapore FTSE Straits Times 3175.52 3158.57
Slovakia SAX 191.20 191.97
Slovenia SBI TOP 626.32 618.90
South Africa FTSE/JSE All Share 39220.96 39164.84
FTSE/JSE Top 40 34797.93 34724.82
FTSE/JSE Res 20 51339.84 51463.59
South Korea Kospi 1999.50 (u)
Kospi 200 264.78 (u)
Spain Madrid SE 832.33 831.87
IBEX35 8264.20 8264.20
Sri Lanka CSE All Share 5527.36 5512.66
Sweden OMXStockholm30 1108.07 1108.94
OMXStockholmAS 344.39 344.72
Switzerland SMI Index 6912.79 6946.07
Taiwan Weighted Pr 7595.46 7677.47
Thailand Bangkok SET 1377.40 1378.40
Turkey ISE 100 76814.43 76810.26
UK FTSE 100 5958.34 5961.59
FT30 2206.10 2199.10
FTSE All Share 3121.27 3122.32
FTSE techMARK 100 2499.59 2492.06
FTSE4Good UK (u) 5053.70
USA S&P 500 1436.93 1435.81
FTSE Nasdaq 5000 8080.40 8095.93
Nasdaq Cmp 3039.76 3044.36
Nasdaq 100 2684.13 2690.99
Russell 2000 849.75 847.89
NYSE Comp. 8473.78 8463.82
Wilshire 5000 (u) 15079.30
DJ Industrial 13246.25 13251.97
DJ composite 4482.74 4480.69
DJ Transport 5328.47 5320.78
DJ Utilities 458.07 458.14
Venezuela IBC 465312.94 465312.94
Vietnam VNI 399.68 398.59
Cross-Border Stoxx 50 2595.39 2598.33
Euro Stoxx 50 2658.30 2654.69
DJ Global Titans $ 196.65 196.76
Euronext 100 ID 687.00 686.79
FTSE Multinatls $ (u) 1231.72
FTSE Global 100 $ 1075.27 1077.30
FTSE4Good Glob $ (u) 4561.53
FTSE E300 1142.80 1142.13
FTSEurofrst 80 3479.95 3477.02
FTSEurofrst 100 3426.59 3422.77
FTSE Latibex Top 4553.70 4555.10
FTSE Eurotop 100 2341.28 2341.43
FTSE Gold Min $ (u) 2771.42
FTSE All World (u) 225.28
FTSE World $ (u) 394.02
MSCI All World $ (u) 1348.90
MSCI ACWI Fr$ (u) 341.96
MSCI Europe (u) 1158.24
MSCI Pacifc $ 2108.12 (u)
S&P Global 1200 $ 1515.06 1514.35
S&P Europe 350 1151.78 1151.13
S&P Euro 1113.33 1112.35
Country Index Dec Dec
20 19
Dec Dec
20 19
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7238 383.57 0.2 5.8 14.6 487.25 17.8 2.7 Oil & Gas 175 433.50 0.1 3.7 2.0 600.65 5.0 3.1
Oil & Gas Producers 126 397.44 0.1 3.7 1.2 558.14 4.4 3.2
Oil Equipment & Services 40 437.54 0.0 3.1 6.9 562.04 9.2 2.4
Basic Materials 294 504.80 0.3 8.8 6.4 680.26 9.5 2.8
Chemicals 109 555.53 0.4 9.2 18.5 758.57 21.7 2.6
Forestry & Paper 15 174.07 0.5 10.2 11.9 254.92 15.7 3.3
Mining 78 999.73 -0.1 7.8 -3.1 1316.10 -0.3 2.8
Industrials 514 250.29 0.4 6.9 16.3 325.10 19.2 2.5
Construction & Materials 110 393.89 1.1 10.7 19.4 536.11 22.9 2.7
Aerospace & Defense 27 325.96 0.2 7.5 14.6 421.92 17.6 2.5
General Industrial 52 174.33 -0.6 5.0 18.6 239.85 21.8 2.8
Electronic & Electrical Equipment 70 254.34 0.8 5.5 19.1 308.45 21.6 2.0
Industrial Engineering 106 563.53 0.8 8.5 15.7 720.55 18.4 2.3
Industrial Transportation 88 414.45 0.3 6.7 11.1 538.03 13.8 2.5
Support Services 61 220.64 0.7 5.3 14.7 276.29 17.7 2.6
Consumer Goods 358 339.86 0.2 4.7 15.3 448.76 18.2 2.5
Automobiles & Parts 88 307.66 1.6 10.5 20.9 391.89 23.6 2.1
Beverages 46 472.19 -0.1 3.5 19.4 631.10 22.3 2.3
Food Producers 88 459.69 0.1 4.2 12.1 626.68 15.1 2.6
Leisure Goods 21 114.37 0.4 3.6 -12.8 140.99 -10.8 1.8
Personal Goods 64 511.24 0.4 5.4 20.8 655.54 23.4 2.0
Tobacco 13 956.68 -1.2 -1.0 9.1 1634.87 12.9 4.1
Health Care 144 284.85 -0.5 4.4 17.0 372.53 20.3 2.6
Health Care Equipment & Services 58 376.21 -0.7 4.0 17.5 416.74 19.1 1.3
Pharmaceuticals & Biotechnology 86 220.87 -0.5 4.5 16.8 297.60 20.6 3.0
Consumer Services 348 272.56 -0.3 5.0 20.2 335.64 22.9 2.1
Food & Drug Retailers 50 226.00 -0.3 8.0 11.8 286.38 15.0 2.6
General Retailers 112 365.08 -0.7 2.7 21.7 440.41 24.1 1.9
Media 80 195.60 -0.1 6.6 30.0 241.83 32.8 2.0
Travel & Leisure 106 274.10 0.1 5.1 13.0 340.54 15.5 2.2
Telecommunication 95 148.52 0.0 2.8 3.9 230.66 9.5 5.2
Fixed Line Telecommuniations 44 126.29 -0.5 2.2 0.4 211.29 6.7 6.2
Mobile Telecommunications 51 156.02 0.5 3.5 7.9 223.42 12.6 4.2
Utilities 156 231.26 0.0 4.6 -1.0 375.43 3.6 4.8
Electricity 112 241.57 -0.2 5.0 -4.2 389.52 0.1 4.6
Gas Water & Multiutilities 44 263.76 0.3 4.0 4.2 436.44 9.4 5.0
Financials 617 176.61 0.6 7.5 25.5 251.58 29.6 3.0
Banks 236 177.95 0.8 8.6 25.5 267.27 30.0 3.3
Nonlife Insurance 66 155.00 0.3 6.0 21.8 201.03 25.4 2.5
Life Insurance 46 154.09 0.9 8.0 27.0 216.32 30.9 2.8
Technology 169 119.86 0.1 5.3 14.3 135.70 16.2 1.6
Software & Computer Services 65 192.85 0.4 6.2 15.5 213.84 17.1 1.3
Technology Hardware & Equipment 104 95.69 -0.1 4.8 13.5 109.68 15.5 1.9
Dec 19
Countries & regions
FTSE Global Large Cap 1241 344.40 0.1 5.6 14.2 445.04 17.6 2.9
FTSE Global Mid Cap 1629 488.73 0.3 6.3 15.9 600.41 18.6 2.2
FTSE Global Small Cap 4368 516.62 0.3 6.2 15.4 618.95 17.8 2.0
FTSE All-World (Large/Mid Cap) 2870 225.28 0.2 5.7 14.5 301.24 17.8 2.8
FTSE World (Large/Mid Cap) 2464 394.02 0.1 5.7 14.4 707.73 17.7 2.8
FTSE Global All Cap ex UK 6916 388.78 0.1 5.7 14.7 488.26 17.7 2.6
FTSE Global All Cap ex USA 5304 424.88 0.9 7.4 14.6 564.49 18.5 3.1
FTSE Japan Large Cap 171 261.12 2.7 6.9 7.2 307.26 9.8 2.3
FTSE Japan Mid Cap 277 341.13 2.0 4.0 -0.7 392.30 1.2 1.9
FTSE Japan Small Cap 726 399.09 1.6 4.6 3.7 471.15 6.0 2.2
FTSE Japan (Large/Mid Cap) 448 105.66 2.6 6.3 5.7 140.03 8.1 2.3
FTSE North America Large Cap 277 318.25 -0.7 3.5 13.8 391.80 16.5 2.4
FTSE North America Mid Cap 411 480.11 -0.3 4.7 14.6 564.05 16.6 1.8
FTSE North America Small Cap 1498 504.07 0.0 5.5 13.7 577.61 15.4 1.6
FTSE All-World North America 688 213.26 -0.6 3.7 14.0 269.90 16.5 2.3
FTSE All-World Dev ex North Am 1385 214.79 0.9 7.8 15.4 305.70 19.5 3.3
FTSE Asia Pacifc Large Cap ex Japan 428 615.77 0.3 7.0 18.8 838.00 22.6 2.9
FTSE Asia Pacifc Mid Cap ex Japan 445 763.93 0.6 7.8 19.3 1015.51 22.8 2.8
FTSE Asia Pacifc Small Cap ex Japan 1213 550.19 0.3 5.2 14.1 721.87 17.4 2.8
FTSE Latin Americas All-Cap 208 1283.22 1.1 7.4 7.4 1727.03 10.3 3.0
FTSE Middle East Africa All-Cap 206 740.94 1.1 6.7 13.5 1013.05 17.5 3.2
FTSE UKAll Cap 322 332.82 0.6 6.6 14.4 473.61 18.7 3.6
FTSE USAAll Cap 1934 354.91 -0.6 3.9 14.6 428.52 17.0 2.1
FTSE Europe All Cap 1378 365.51 0.8 8.6 17.8 507.00 22.5 3.6
FTSE Eurobloc All Cap 656 330.51 0.9 10.6 18.9 465.39 24.0 3.8
FTSE RAFI All-World 3000 Index 2996 4835.42 0.4 6.9 13.3 5581.79 17.0 3.1
FTSE RAFI US 1000 Index 991 6392.16 -0.7 4.8 15.0 7535.47 17.7 2.3
FTSE EDHEC-Risk Efcient All-W 2870 250.31 0.2 5.4 14.9 314.22 17.9 2.6
FTSE EDHEC-Risk Efcient Dev Eur 511 242.89 0.8 8.6 18.7 326.46 22.8 3.2
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index
Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of
Research Afliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010-
0063942-A1, WO 2005/076812, WO 2007/078399A2, WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is
basing its sector indices on the Industrial Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2012. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7238 383.57 0.2 5.8 14.6 487.25 17.8 2.7
FTSE Global All Cap ex Eurobloc 6582 390.95 0.1 5.2 14.1 488.98 17.1 2.5
FTSE All-World Developed 2073 348.53 0.1 5.5 14.6 445.66 17.8 2.7
FTSE Developed All-Cap 5604 364.33 0.1 5.6 14.7 461.93 17.8 2.6
FTSE Developed Large Cap 842 325.85 0.0 5.4 14.5 420.89 17.8 2.8
FTSE Developed Europe Large Cap 200 326.13 0.7 8.2 15.9 463.50 20.7 3.8
FTSE Developed Europe Mid Cap 311 426.78 1.1 9.7 22.4 565.52 26.3 2.9
FTSE Developed Europe Small Cap 724 554.45 1.2 9.6 25.1 718.63 29.0 2.9
FTSE All-World Asia Pacifc ex Japan 873 481.82 0.4 7.1 18.8 698.10 22.6 2.9
FTSE All Emerging All-Cap 1634 739.48 0.8 7.4 14.5 964.78 18.1 3.0
FTSE All Emerging Large-Cap 399 711.60 0.8 7.4 12.5 931.27 16.3 3.1
FTSE All Emerging Mid-Cap 398 900.24 0.9 7.9 21.3 1178.25 24.8 2.6
FTSE All Emerging Small-Cap 837 710.67 0.6 6.7 20.8 903.11 24.1 2.6
FTSE All-World All Emerging Europe 81 496.87 0.1 8.4 19.6 646.91 24.8 3.7
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 200 283.3 0.0 0.0 3.8 11.99 402.6
FTSE Dev Eur M Cap 311 371.4 0.2 0.8 2.9 12.31 492.2
FTSE Dev Eur S Cap 724 482.6 0.2 1.1 2.9 14.91 625.5
FTSE Dev Europe 511 185.3 0.0 0.1 3.7 7.50 276.0
FTSEurofrst 80 80 3480.0 0.1 2.9 4.2 142.78 5071.9
FTSEurofrst 100 100 3426.6 0.1 3.8 4.1 138.00 4999.4
FTSEurofrst 300 312 1142.8 0.1 0.7 3.7 41.81 1806.1
FTSEurofrst 300 Ezone 167 1076.7 0.1 0.8 3.9 41.88 1700.8
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2012. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 316.2 -0.2 -0.8 4.6 14.37 447.5
Chemicals 15 839.2 0.0 0.1 2.6 22.92 1060.1
Basic Resources 13 571.9 -0.1 -0.6 2.9 16.41 693.5
Construction & Materials 12 372.6 0.8 2.9 3.9 14.62 487.5
IndustrialGoods&Services 54 512.2 0.2 1.1 2.9 14.97 633.2
Automobiles & Parts 9 567.5 0.3 1.7 3.2 18.27 682.9
Food & Beverage 18 647.8 0.2 1.3 2.6 17.14 817.6
Personal&HouseholdGds 19 672.8 0.1 0.4 2.6 18.14 838.5
Health Care 19 414.1 -0.2 -0.7 3.5 14.50 538.6
Retail 15 338.8 -0.2 -0.8 3.4 11.66 431.9
Media 9 286.8 0.4 1.0 3.9 11.27 393.8
Travel & Leisure 8 401.7 0.3 1.2 2.3 9.39 519.5
Telecommunications 13 250.1 -0.3 -0.7 7.4 18.25 401.3
Utilities 21 303.0 0.0 -0.1 6.8 19.64 458.6
Banks 29 157.1 0.2 0.2 3.5 5.29 213.4
Insurance 19 292.8 0.5 1.3 4.1 12.07 404.2
Financial Services 5 315.2 0.6 1.9 4.0 12.37 426.7
Technology 11 246.8 -0.1 -0.3 2.2 5.27 292.4
Dec 20
EQUITY INDICES - FTSE EUROPEAN
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 6.4 7.7 6.4 7.8 7.1 7.0
Australia 4.5 16.1 4.5 16.0 4.5 15.9
Austria 2.8 14.4 2.8 14.2 2.8 14.1
Belgium 2.1 15.6 2.1 15.4 2.1 15.4
Brazil 3.7 14.5 3.7 14.4 3.8 14.2
Bulgaria 1.6 10.2 1.6 10.3 1.6 10.5
Canada 3.0 15.5 3.0 15.4 3.0 15.5
S&P/TSX 3.2 14.3 3.3 14.2 3.3 14.2
Chile 3.0 19.5 3.0 19.5 3.1 19.3
China 3.6 8.2 3.6 8.1 3.7 8.1
Colombia 2.4 16.2 2.4 16.1 2.4 16.2
Cyprys 2.1 36.4 2.2 35.4 2.1 37.6
Czech Rep. 5.9 9.6 6.0 9.6 6.1 9.4
Denmark 1.7 16.6 1.7 16.5 1.7 16.9
Finland 5.1 16.0 5.1 16.1 5.1 15.9
France 3.7 14.7 3.7 14.6 3.7 14.6
Germany 3.1 12.2 3.1 12.2 3.1 12.1
DAX30 3.3 12.0 3.4 12.4 3.4 12.3
Greece 1.9 14.4 2.0 13.8 1.9 14.3
Hong Kong 2.6 12.9 2.6 12.8 2.6 12.9
Hang Seng 3.2 11.7 3.2 11.6 3.2 11.6
Hungary 3.6 13.5 3.6 13.5 3.6 13.6
India 1.5 17.8 1.5 17.7 1.5 17.6
Indonesia 2.2 16.5 2.2 16.6 2.2 16.7
Ireland 1.1 10.5 1.1 10.4 1.1 10.5
Israel 3.5 14.3 3.5 14.1 3.4 14.5
Italy 4.2 13.9 4.3 13.7 4.4 13.4
Japan 2.3 15.2 2.3 14.9 2.4 14.5
Topix 2.3 0.4 2.3 0.4 2.4 0.4
Luxemburg 3.9 9.4 3.9 9.4 3.9 9.4
Malaysia 3.2 14.7 3.2 14.6 3.2 14.5
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.7 15.7 4.7 15.7 4.7 15.7
Mexico 1.8 19.9 1.8 20.0 1.8 19.6
Netherland 2.8 14.4 2.8 14.3 2.8 14.3
AEX 3.3 10.4 3.3 10.3 3.6 10.4
New Zealand 4.5 13.2 4.6 13.1 4.6 14.8
Norway 4.3 9.6 4.4 9.5 4.4 9.5
Pakistan 5.6 8.9 5.6 10.6 5.6 11.7
Peru 4.9 40.3 4.8 40.3 5.0 39.4
Philippines 1.8 20.0 1.8 19.6 1.7 20.2
Poland 4.2 10.2 4.3 10.1 4.3 10.0
Portugal 4.8 17.9 4.8 17.8 4.9 17.5
Romania 5.2 10.0 5.2 10.0 5.2 10.0
Russia 4.1 6.1 4.1 6.1 4.2 6.0
Singapore 2.9 11.7 2.9 11.7 2.9 11.7
Slovenia 4.1 12.0 4.2 11.7 4.2 11.7
South Africa 3.4 16.2 3.5 16.0 3.5 15.9
South Korea 1.3 16.5 1.3 16.5 1.3 16.4
Spain 4.9 12.8 5.0 12.6 5.1 12.3
Ibex 35 5.6 13.8 5.6 13.6 5.7 13.3
Sri Lanka 2.6 13.6 2.6 13.6 2.6 13.5
Sweden 3.7 12.7 3.7 12.6 3.7 12.6
Switzerland 3.1 19.2 3.1 19.1 3.1 19.2
Taiwan 3.4 18.8 3.4 18.7 3.4 18.9
Thailand 2.9 15.4 2.9 15.2 3.0 15.1
Turkey 2.1 11.6 2.0 11.7 2.0 11.7
UK 3.4 12.6 3.4 12.6 3.4 12.6
USA 2.2 15.9 2.2 16.0 2.2 15.8
Dow Jones 2.7 13.7 2.7 13.7 2.7 13.7
S&P 500 2.6 15.2 2.6 15.2 2.6 15.1
Venezuela 8.5 9.5 8.5 9.5 9.2 8.8
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Dec 19 Dec 18 Dec 19 Dec 18
STOCK MARKET - RATIOS
Global
HFRXGlobal Hedge Fund Index 1146.50 0.2161 0.75 3.35
HFRXEqual Weighted Strategies Index 1123.64 0.2821 0.60 2.26
HFRXAbsolute Return Index 953.66 0.1424 0.39 0.75
HFRXMarket Directional Index 1056.21 0.0186 0.63 3.37
Equity Hedge
HFRXEquity Hedge Index 1050.57 0.3088 0.63 5.01
HFRXEH: Equity Market Neutral Index 935.65 0.0881 0.09 -4.66
HFRXEH: Fundamental Growth Index 1493.50 0.5301 1.31 5.99
HFRXEH: Fundamental Value Index 981.77 0.2740 0.50 6.26
Event Driven
HFRXEvent Driven Index 1377.14 0.2062 0.71 5.35
HFRXED: Distressed Restructuring Index 950.11 0.1655 0.25 0.68
HFRXED: Merger Arbitrage Index 1507.30 0.0494 1.10 0.91
HFRXED: Special Situations Index 1120.52 0.1071 0.70 4.50
Macro
HFRXMacro/CTAIndex 1155.66 0.0907 0.76 -0.89
HFRXMacro: Systematic Diversifed CTAIndex 1527.64 0.0351 1.35 -6.94
Relative Value
HFRXRelative Value Arbitrage Index 1164.94 0.2323 0.92 3.25
HFRXRV: FI-Convertible Arbitrage Index 696.17 1.1518 0.18 6.27
HFRXRV: Multi-Strategy Index 1824.49 0.1228 0.90 3.06
HFRI Monthly Strategy Indices - USD (Nov 2012)
HFRI Fund Weighted Composite Index 10888.40 - 0.30 4.79
HFRI Fund of Funds Composite Index 4985.24 - 0.49 3.62
HFR INDICES
Index Value Dtd % Mtd % Ytd % December 18
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 17.58 0.22 17.36 27.73 13.30
VXD 16.16 0.13 16.03 25.27 11.91
VXN 19.31 0.04 19.27 29.76 13.79
VDAX 14.10 0.11 13.99 31.78 13.85
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Dec 20
Open Sett Change High Low Est. vol. Open int. Dec 19
North American Latest. Contracts shown are among the 25 most traded based on estimates of
average volumes in 2004. CBOT volume, high & low for pit & electronic trading at settlement.
Previous days Open Interest. Osaka contract. Eurex contract.
DJIA Dec 13350.00 13268.00 -61.00 13350.00 13295.00 47 11,727
DJ Euro Stoxx Dec 2654.00 2655.00 +8.00 2663.00 2645.00 1,570,636 1,558,211
S&P 500 Dec 1448.00 1437.30 -8.40 1448.00 1435.50 30,382 95,999
Mini S&P 500 Dec 1445.00 1437.25 -8.50 1450.50 1435.00 504,023 1,041,119
Nasdaq 100 Dec 2710.50 2694.25 -9.75 2711.00 2693.00 282 23,746
Mini Nasdaq Dec 2704.50 2694.25 -9.75 2716.00 2692.00 69,967 226,570
CAC 40 Dec 3660.00 3667.00 +17.00 3672.00 3651.00 195,606 363,107
DAX Dec 7673.00 7673.00 +11.50 7683.00 7654.00 186,180 109,797
AEX Dec 344.75 345.10 +1.35 346.00 343.85 62,199 89,781
MIB 30 Dec 16195.00 16320.00 +160.00 16385.00 16175.00 50,363 16,212
IBEX 35 Dec 8192.00 8251.90 +84.80 8324.00 8192.00 23,596 31,017
SMI Dec 6925.00 6952.00 +31.00 6973.00 6919.00 74,732 109,408
FTSE 100 Dec 5954.50 5963.00 +16.50 5979.00 5945.50 220,311 184,879
Hang Seng Dec 22635.00 22615.00 +108.00 22708.00 22552.00 74,445 124,652
Nikkei 225 MAR3 10150.00 10180.00 +240.00 10190.00 10120.00 23,754 322,095
Topix MAR3 840.00 841.50 +22.50 842.50 837.50 2,688 410,538
KOSPI 200 MAR3 - 264.70 - - - - 104,675
EQUITY INDEX FUTURES
INTEREST RATES www.ft.com/bonds&rates
INTEREST RATES www.ft.com/bonds&rates
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.16350 - 0.002 0.009 0.21070 0.31000 0.51025 0.84300
Euro Libor* 0.01357 - - - 0.05214 0.12214 0.21929 0.43857
Libor* 0.48000 - - - 0.49375 0.51750 0.66938 1.01375
Swiss Fr Libor* -0.01400 - 0.004 -0.014 -0.00800 0.01200 0.06700 0.25400
Yen Libor* 0.09429 - -0.001 0.001 0.13371 0.18143 0.28514 0.49000
Canada Libor* 0.96400 - 0.006 - 1.05400 1.23500 1.52300 1.94600
Euro Euribor - - - - 0.11 0.18 0.32 0.54
Sterling CDs - - - - 0.66 0.49 0.64 1.00
US$ CDs - - - - 0.15 0.25 0.40 0.64
Euro CDs - - - - -0.05 0.00 0.10 0.25
US onight repo 0.29 0.030 - 0.070
Fed Funds ef 0.17 0.010 - 0.010
US 3mBills 0.06 - -0.010 -0.025
SDR int rate 0.07 - - -
EONIA 0.070 -0.002 0.004 -0.007
EURONIA 0.0094 0.003 -0.012 0.003
RONIA 0.4795 0.010 0.006 0.062
SONIA 0.4276 -0.006 -0.003 0.012
LA7 Day Notice 0.31-0.26
Interbank 0.49-0.31 0.50-0.40 0.53-0.43 0.62-0.52 0.88-0.78 1.09-0.99
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Dec 20
INTEREST RATES - MARKET
Euro 0.04 - -0.02 0.10 - 0.06 0.13 - 0.09 0.27 - 0.04 0.32 - 0.16 0.44 - 0.26
Danish Krone -0.15 - -0.40 0.10 - -0.20 -0.23 - -0.43 -0.11 - -0.31 0.06 - -0.14 0.36 - 0.16
Sterling 0.48 - 0.38 0.52 - 0.42 0.54 - 0.44 0.62 - 0.52 0.80 - 0.63 0.97 - 0.80
Swiss Franc 0.03 - -0.17 0.08 - -0.17 -0.15 - -0.35 0.10 - -0.20 0.20 - -0.10 0.35 - 0.05
Canadian Dollar 1.40 - 0.90 1.10 - 0.90 1.15 - 1.00 1.24 - 1.14 1.52 - 1.42 1.95 - 1.85
US Dollar 0.22 - 0.12 0.23 - 0.13 0.29 - 0.19 0.35 - 0.25 0.50 - 0.40 0.80 - 0.70
Japanese Yen 0.10 - 0.01 0.11 - 0.01 0.14 - 0.02 0.25 - 0.05 0.40 - 0.20 0.60 - 0.30
Singapore $ 0.03 - 0.01 0.35 - 0.15 0.31 - 0.06 0.55 - 0.40 0.44 - 0.19 0.56 - 0.31
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Dec 20
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.75
0.75 05-07-2012 1.00 0.75 1.00
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.00-0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25
Dec 20
INTEREST RATES - OFFICIAL
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 109.9 110.0 109.1
Canada 114.1 114.3 113.2
Denmark 105.7 105.8 105.1
Japan 166.9 167.0 174.6
NewZealand 113.1 113.6 110.8
Norway 109.7 109.8 109.3
Sweden 86.6 86.0 85.3
Switzerland 144.9 144.7 143.9
UK 83.8 83.7 83.7
USA 80.8 80.7 81.3
Euro 91.34 91.49 89.33
Mth ago Dec 20 Dec 19 Mth ago Dec 20 Dec 19
FX - EFFECTIVE INDICES
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on
the internet at http://www.FT.com/marketsdata
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 4.9000 0.0080 6.4862 -0.0004 7.9677 0.0086
Australia (A$) 0.9548 0.0020 1.2639 0.0005 1.5525 0.0024
Bahrain (Dinar) 0.3771 0.0000 0.4991 -0.0008 0.6131 -0.0003
Bolivia (Boliviano) 6.9100 - 9.1468 -0.0156 11.2360 -0.0062
Brazil (R$) 2.0636 -0.0129 2.7316 -0.0218 3.3555 -0.0229
Canada (C$) 0.9887 0.0018 1.3087 0.0002 1.6076 0.0020
Chile (Peso) 475.150 0.2000 628.956 -0.8039 772.618 -0.1023
China (Yuan) 6.2302 -0.0001 8.2470 -0.0141 10.1307 -0.0057
Colombia (Peso) 1789.20 -2.3000 2368.36 -7.0754 2909.33 -5.3523
Costa Rica (Colon) 498.080 -0.1200 659.310 -1.2796 809.904 -0.6435
Czech Rep. (Koruna) 19.0462 0.0285 25.2115 -0.0050 30.9702 0.0293
Denmark (DKr) 5.6368 0.0101 7.4614 0.0007 9.1656 0.0114
Egypt (Egypt ) 6.1673 -0.0018 8.1636 -0.0161 10.0283 -0.0084
Hong Kong (HK$) 7.7501 - 10.2588 -0.0175 12.6020 -0.0070
Hungary (Forint) 215.668 -0.3090 285.480 -0.8950 350.687 -0.6969
India (Rs) 54.8650 0.2650 72.6248 0.2279 89.2133 0.3818
Indonesia (Rupiah) 9652.50 2.5000 12777.0 -18.4025 15695.4 -4.6192
Iran (Rial) 12259.5 - 16227.9 -27.5839 19934.6 -11.0335
Israel (Shk) 3.7490 -0.0048 4.9626 -0.0147 6.0961 -0.0111
Japan (Y) 84.3900 0.1300 111.707 -0.0175 137.222 0.1355
One Month 84.3597 -0.0022 111.714 0.0016 137.171 -0.0028
Three Month 84.3242 0.0004 111.728 0.0030 137.088 -0.0013
One Year 84.0535 0.0102 111.723 0.0117 136.516 0.0015
Kenya (Shilling) 85.8750 -0.2250 113.673 -0.4916 139.637 -0.4433
Kuwait (Dinar) 0.2811 0.0002 0.3721 -0.0004 0.4571 -
Malaysia (M$) 3.0555 0.0020 4.0446 -0.0042 4.9684 0.0005
Mexico (New Peso) 12.7715 0.0458 16.9057 0.0319 20.7671 0.0629
New Zealand (NZ$) 1.2004 0.0064 1.5890 0.0058 1.9519 0.0094
Nigeria (Naira) 157.200 -0.6500 208.086 -1.2155 255.615 -1.1990
Norway (NKr) 5.5613 0.0057 7.3615 -0.0050 9.0429 0.0042
Pakistan (Rupee) 97.3750 -0.3600 128.895 -0.6964 158.337 -0.6733
Peru (New Sol) 2.5615 - 3.3907 -0.0058 4.1652 -0.0023
Philippines (Peso) 41.0700 0.0300 54.3644 -0.0526 66.7819 0.0118
Poland (Zloty) 3.0718 -0.0069 4.0661 -0.0161 4.9948 -0.0141
Romania (New Leu) 3.3632 -0.0101 4.4519 -0.0209 5.4687 -0.0194
Russia (Rouble) 30.6843 -0.0845 40.6168 -0.1811 49.8941 -0.1651
Saudi Arabia (SR) 3.7502 0.0000 4.9642 -0.0085 6.0980 -0.0034
Singapore (S$) 1.2189 0.0007 1.6135 -0.0018 1.9820 0.0002
South Africa ( R) 8.5029 0.0161 11.2552 0.0022 13.8261 0.0185
South Korea (Won) 1074.68 1.4750 1422.55 -0.4623 1747.48 1.4325
Sweden (SKr) 6.5066 -0.0323 8.6128 -0.0573 10.5800 -0.0583
Switzerland (SFr) 0.9121 0.0003 1.2074 -0.0016 1.4832 -0.0003
Taiwan (T$) 29.0395 -0.0095 38.4396 -0.0779 47.2197 -0.0416
Thailand (Bt) 30.6300 0.0250 40.5449 -0.0358 49.8059 0.0130
Tunisia (Dinar) 1.5499 0.0025 2.0515 -0.0003 2.5202 0.0026
Turkey (Lira) 1.7861 0.0051 2.3642 0.0027 2.9042 0.0066
UAE (Dirham) 3.6731 0.0001 4.8620 -0.0082 5.9726 -0.0031
UK (0.615)* () 1.6261 -0.0009 0.8141 -0.0010 - -
One Month 1.6260 0.0000 0.8144 0.0000 - -
Three Month 1.6257 0.0000 0.8150 0.0000 - -
One Year 1.6242 -0.0002 0.8184 0.0001 - -
Ukraine (Hrywnja) 8.0940 -0.0075 10.7141 -0.0282 13.1613 -0.0195
Uruguay (Peso) 19.2500 -0.0500 25.4813 -0.1096 31.3015 -0.0986
USA ($) - - 1.3237 -0.0023 1.6261 -0.0009
One Month - - 1.3243 0.0001 1.6260 0.0000
Three Month - - 1.3250 0.0000 1.6257 0.0000
One Year - - 1.3292 0.0000 1.6242 -0.0002
Venezuela (Bolivar Fuerte) 4.2947 - 5.6849 -0.0096 6.9833 -0.0039
Vietnam (Dong) 20860.0 - 27612.4 -46.9337 33919.4 -18.7740
Euro (0.7555)* (Euro) 1.3237 -0.0023 - - 1.2284 0.0014
One Month 1.3243 0.0001 - - 1.2279 0.0000
Three Month 1.3250 0.0000 - - 1.2270 0.0000
One Year 1.3292 0.0000 - - 1.2219 -0.0001
SDR - 0.6478 0.0005 0.8574 -0.0008 1.0533 0.0003
Dec 20
CURRENCIES www.ft.com/currencies
C$ DKr Euro Y NKr SKr SFr $
Danish Kroner, Norwegian Kroner And Swedish Kroner per 10; Yen per 100Source: FT derived from
WM Reuters.
Canada C$ 1 5.701 0.764 85.36 5.625 6.581 0.923 0.622 1.011
Denmark DKr 1.754 10 1.340 149.7 9.866 11.54 1.618 1.091 1.774
Euro Euro 1.309 7.461 1 111.7 7.361 8.613 1.207 0.814 1.324
Japan Y 1.172 6.679 0.895 100 6.590 7.710 1.081 0.729 1.185
Norway NKr 1.778 10.14 1.358 151.7 10 11.70 1.640 1.106 1.798
Sweden SKr 1.519 8.663 1.161 129.7 8.547 10 1.402 0.945 1.537
Switzerland SFr 1.084 6.180 0.828 92.52 6.097 7.134 1 0.674 1.096
UK 1.608 9.166 1.228 137.2 9.043 10.58 1.483 1 1.626
USA $ 0.989 5.637 0.755 84.39 5.561 6.507 0.912 0.615 1
Dec 20
EXCHANGE CROSS RATES
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Dec 20
US$
Bank of America 01/13 4.88 A- Baa2 A 100.21 0.96 0.00 -0.22 0.91
Goldman Sachs 07/13 4.75 A- A3 A 102.21 0.74 0.01 -0.16 0.64
Hutchison 03/33 01/14 6.25 A- A3 A- 105.24 1.33 -0.11 0.18 1.17
Misc Capital 07/14 6.13 BBB Baa2 - 106.16 1.97 0.00 0.02 1.70
BNP Paribas 06/15 4.80 A- Baa3 A 105.24 2.62 -0.01 -1.06 2.24
GE Capital 01/16 5.00 AA+ A1 - 110.79 1.36 -0.06 -0.01 0.99
Erste Euro Lux 02/16 5.00 AAA - - 102.02 4.30 -0.01 0.15 3.87
Credit Suisse USA 03/16 5.38 A+ A1 A 112.23 1.43 -0.01 0.04 0.89
SPI E&G Aust 09/16 5.75 A- A1 A 110.65 2.72 0.00 0.06 2.34
Abu Dhabi Nt En 10/17 6.17 A- A3 - 117.25 2.36 -0.07 -0.21 1.66
Swire Pacifc 04/18 6.25 A- A3 A 119.19 2.38 0.03 -0.08 1.62
ASNA 11/18 6.95 A- Baa2 A 119.18 3.31 0.17 0.23 2.56
Codelco 01/19 7.50 A A1 A+ 128.09 2.47 0.02 0.13 1.25
Bell South 10/31 6.88 A- WR A 124.64 4.86 -0.04 0.12 3.08
GE Capital 01/39 6.88 AA+ A1 - 135.92 4.52 -0.10 0.03 1.56
Goldman Sachs 02/33 6.13 A- A3 A 116.30 4.85 -0.14 -0.15 1.88
Euro
Amer Honda Fin 07/13 6.25 A+ A1 - 103.20 0.41 -0.33 -0.30 0.40
SNS Bank 02/14 4.63 BBB Baa2 BBB+ 102.69 2.21 0.11 0.03 2.17
JPMorgan Chase 01/15 5.25 A A2 A+ 109.00 0.81 0.00 -0.02 0.81
Hutchison Fin 06 09/16 4.63 A- A3 A- 112.46 1.19 -0.09 -0.01 0.98
Hypo Alpe Bk 10/16 4.25 - A1 - 103.05 3.39 0.00 0.44 3.25
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 118.69 1.51 -0.06 -0.09 1.09
Unicredit 01/20 4.38 BBB+ Baa2 A- 103.28 3.84 -0.28 -0.51 2.98
ENEL 05/24 5.25 BBB+ Baa2 BBB+ 103.91 4.79 -0.08 -0.15 3.30
Yen
ACOM 51 06/13 2.07 BB+ WR BBB+ 100.47 0.99 -0.01 -0.04 0.88
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 102.70 0.25 -0.01 0.01 0.14
Nomura Sec S 3 03/18 2.28 - - - 100.53 2.17 -0.01 -0.03 1.97
Sterling
Slough Estates 09/15 6.25 - - A- 110.27 2.34 0.00 -0.23 1.90
ASIF III 12/18 5.00 A+ A2 A 111.03 2.94 -0.06 -0.36 1.62
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Dec 20
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 101.80 2.91 -0.26 -1.50 2.80
Kazkommerts Int 04/14 7.88 B+ Caa1 B 100.40 7.53 -0.89 -1.01 7.22
Bertin 10/16 10.25 BB B1 - 108.95 7.48 -0.17 0.01 6.93
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.50 4.17 2.04 -0.24 4.16
Kazkommerts Int 02/17 6.88 B+ Caa1 B 89.28 10.17 -0.35 -1.23 9.95
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 113.86 1.38 -0.09 -0.04 1.10
Peru 02/15 9.88 BBB Baa2 BBB 117.78 1.31 -0.13 -0.32 1.04
Brazil 03/15 7.88 BBB Baa2 BBB 114.55 1.15 -0.02 0.27 0.88
Mexico 09/16 11.38 BBB Baa1 BBB 136.75 1.23 -0.05 0.00 0.86
Argentina 01/17 11.38 27.81 59.18 - - 58.54
Philippines 01/19 9.88 BB+ Ba1 BB+ 143.96 2.10 -0.05 0.04 0.88
Brazil 01/20 12.75 BBB Baa2 BBB 170.73 1.96 -0.13 -0.10 0.74
Colombia 02/20 11.75 BBB- Baa3 BBB- 160.95 2.43 -0.07 0.07 1.20
Russia 03/30 7.50 BBB Baa1 BBB 127.27 2.71 -0.02 -0.28 1.95
Mexico 08/31 8.30 BBB Baa1 BBB 161.00 3.73 -0.05 -0.02 1.95
Indonesia 02/37 6.63 BB+ Baa3 BBB- 133.75 4.35 0.01 0.00 1.38
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 113.60 0.83 -0.04 0.12 0.82
Poland 02/16 3.63 A- A2 A- 108.38 0.87 -0.01 -0.17 0.82
Turkey 03/16 5.00 BB Ba1 BBB- 108.81 2.10 -0.20 -0.21 2.04
Mexico 02/20 5.50 BBB Baa1 BBB 120.06 2.41 -0.02 -0.12 1.54
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and Ask rates as of close of London business. and Yen quoted on a semi-annual actual/365 basis
against 6 month Libor with the exception of the 1Year GBP rate which is quoted annual actual against
3M Libor. Euro/Swiss Franc quoted on an annual bond 30/360 basis against 6 month Euribor/Libor.
Source: ICAP plc.
0.01 0.07
0.01 0.09
0.06 0.14
0.15 0.23
0.27 0.35
0.41 0.49
0.54 0.62
0.67 0.75
0.79 0.87
0.90 0.98
1.06 1.16
1.22 1.32
1.34 1.44
1.39 1.49
1.44 1.54
0.32 0.35
0.38 0.41
0.48 0.51
0.64 0.67
0.85 0.88
1.08 1.11
1.29 1.32
1.48 1.51
1.65 1.68
1.81 1.84
2.07 2.10
2.34 2.37
2.56 2.59
2.67 2.70
2.74 2.77
0.20 0.26
0.18 0.24
0.18 0.24
0.21 0.27
0.26 0.32
0.34 0.40
0.43 0.49
0.54 0.60
0.65 0.71
0.76 0.82
0.97 1.05
1.27 1.35
1.59 1.67
1.75 1.83
1.82 1.90
0.54 0.57
0.71 0.75
0.79 0.83
0.91 0.96
1.06 1.11
1.24 1.29
1.42 1.47
1.61 1.66
1.78 1.83
1.94 1.99
2.20 2.27
2.47 2.56
2.75 2.88
2.90 3.03
2.97 3.10
0.30 0.34
0.36 0.40
0.47 0.51
0.62 0.66
0.81 0.85
0.99 1.03
1.17 1.21
1.34 1.38
1.49 1.53
1.62 1.66
1.84 1.88
2.06 2.10
2.21 2.25
2.26 2.30
2.28 2.32
Dec 20
INTEREST RATES - SWAPS
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Dec 20
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 10/14 4.50 103.16 2.71 -0.07 -0.05 -0.02 -0.34
04/23 5.50 118.71 3.34 -0.06 0.08 0.21 -0.50
Austria 10/14 3.40 106.05 0.06 -0.02 0.02 -0.02 -0.86
11/22 3.40 114.73 1.77 -0.07 0.03 -0.03 -1.23
Belgium 09/14 4.25 107.27 0.10 -0.03 0.00 -0.11 -2.66
09/22 4.25 119.22 2.06 -0.11 -0.07 -0.22 -2.34
Canada 02/15 1.00 99.74 1.13 -0.03 0.03 0.04 0.27
06/22 2.75 107.87 1.84 -0.02 0.08 0.11 -0.02
Denmark 11/14 2.00 103.94 -0.09 0.02 0.06 0.08 -0.30
11/23 1.50 100.25 1.48 0.01 0.12 0.12 -0.33
Finland 09/14 3.13 105.33 0.02 -0.01 0.03 0.02 -0.35
09/22 1.63 99.93 1.63 -0.02 0.04 -0.02 -0.75
France 10/14 4.00 107.14 0.09 0.01 0.03 -0.04 -0.68
10/17 4.25 116.86 0.69 -0.04 0.04 -0.13 -1.33
10/22 2.25 102.17 2.00 -0.06 0.03 -0.08 -1.09
04/41 4.50 128.79 2.98 -0.08 -0.06 -0.08 -0.61
Germany 12/14 - 100.00 0.00 -0.01 0.06 0.02 -0.21
10/17 0.50 100.57 0.38 -0.02 0.05 0.01 -0.44
09/22 1.50 100.76 1.42 -0.01 0.07 0.06 -0.47
07/44 2.50 105.14 2.27 -0.04 0.02 0.01 -0.12
Greece 02/23 2.00 49.43 11.62 -1.15 -1.59 -5.58 -21.88
02/33 2.00 38.11 11.02 -0.71 -1.01 -4.64 -
Ireland 10/17 5.50 109.43 3.34 -0.11 -0.19 -0.01 -4.91
10/20 5.00 102.54 4.60 -0.11 -0.16 -0.19 -3.80
Italy 11/14 6.00 107.80 1.77 -0.15 -0.34 -0.49 -3.52
11/17 3.50 101.95 3.09 -0.14 -0.40 -0.67 -3.15
11/22 5.50 109.08 4.40 -0.05 -0.25 -0.50 -2.47
09/40 5.00 101.01 4.99 -0.02 -0.23 -0.57 -1.90
Japan 12/14 0.10 100.00 0.10 0.00 0.00 - -0.04
12/17 0.20 100.07 0.19 -0.01 0.02 0.00 -0.16
12/22 0.70 99.30 0.78 0.02 0.07 0.04 -0.20
12/32 1.70 99.24 1.75 0.01 0.09 0.07 0.01
Netherlands 07/14 3.75 105.72 0.05 -0.03 0.03 0.01 -0.20
07/22 2.25 105.70 1.60 -0.03 0.05 -0.02 -0.61
New Zealand 04/15 6.00 107.58 2.58 -0.01 -0.05 0.11 0.12
04/23 5.50 116.51 3.57 0.00 -0.09 0.11 -0.28
Norway 05/17 4.25 111.20 1.59 - 0.04 -0.01 0.32
05/23 2.00 98.07 2.21 0.02 0.04 0.12 0.04
Portugal 10/14 3.60 100.43 3.34 -0.22 -0.41 -2.21 -12.68
10/23 4.95 84.46 7.05 -0.08 -0.30 -1.37 -6.13
Spain 10/14 3.30 100.75 2.87 -0.08 -0.09 -0.47 -0.54
01/22 5.85 104.45 5.22 -0.10 -0.15 -0.69 0.02
Sweden 08/15 4.50 109.37 0.87 0.04 0.16 0.17 0.00
06/22 3.50 116.45 1.61 0.05 0.15 0.15 -
Switzerland 01/14 4.25 104.52 -0.15 0.01 0.01 0.01 -0.17
05/22 2.00 113.90 0.49 0.00 0.07 0.04 -0.22
UK 03/14 2.25 102.25 0.38 -0.02 0.05 0.09 0.03
09/17 1.00 100.33 0.93 -0.03 0.10 0.15 -0.17
09/22 1.75 98.37 1.93 -0.04 0.09 0.17 -0.13
12/42 4.50 125.12 3.19 -0.01 0.04 0.15 0.12
US 12/14 0.13 99.72 0.27 -0.01 0.02 0.02 0.03
12/17 0.75 99.96 0.76 -0.01 0.11 0.13 -0.05
11/22 1.63 98.59 1.78 -0.05 0.08 0.17 -0.03
11/42 2.75 95.81 2.96 -0.05 0.07 0.20 0.16
BONDS - BENCHMARK GOVERNMENT
Overall () 1093 254.52 0.18 -1.28 4.95 -0.48 5.69
Overall ($) 3262 216.28 0.10 -0.60 4.34 -0.60 4.34
Overall () 2276 192.14 0.10 0.59 10.95 1.33 11.42
Global Infation-Lkd 97 249.40 0.03 0.51 8.41 1.66 8.56
Gilts () 33 257.21 0.20 -1.56 1.79 -0.71 2.48
Corporates () 703 254.15 0.16 -0.61 14.53 0.05 15.45
Corporates ($) 2111 236.56 0.11 -0.34 10.04 -0.34 10.04
Corporates () 1196 191.43 0.05 0.54 13.11 0.86 13.92
Treasuries ($) 156 209.20 0.12 -0.82 1.78 -0.82 1.78
Eurozone Sov () 261 191.64 0.13 0.64 10.86 1.68 11.15
ABF Pan-Asia unhedged 541 178.09 -0.06 -0.08 7.62 0.05 8.13
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 73 110.30 0.19 -1.22 4.61 -0.75 9.96
Euro Corporate () 303 107.41 0.05 0.41 8.12 0.76 12.56
Euro Emerging Mkts () 11 95.96 0.07 0.42 8.61 0.88 14.60
Eurozone Govt Bond 236 105.32 0.12 1.60 7.69 1.90 11.69
Emerging Markets 5Y 207.96 0.24 -4.16 -37.22 257.25 207.30
Nth Amer Inv Grade 5Y 89.73 0.64 -3.51 -10.77 111.25 89.09
Nth Amer High Yld 5Y 457.54 5.94 -11.40 -60.70 572.12 451.60
Nth Amer HiVol 5Y 189.75 -2.20 -7.22 -29.70 226.49 180.96
Europe 5Y 109.39 -0.61 -5.42 -18.89 141.39 109.39
Crossover 5Y 444.73 -0.53 -18.02 -77.78 581.00 444.73
HiVol 5Y 162.77 -1.76 -10.91 -34.19 211.37 162.77
Japan 5Y 158.50 1.97 -7.47 -23.38 227.22 156.53
SovXCEEMEA5Y 159.31 -2.31 -3.59 -19.96 231.44 159.31
SovXWestern Europe 5Y 108.63 -1.51 -3.23 -9.47 148.75 103.54
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Dec 20
Dec 20
Dec 20
Dec 19
Dec 19
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Spread Spread
Bid vs vs
Yield Bund T-Bonds Dec 20
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.34 +1.93 +1.56
Austria 1.77 +0.35 -0.01
Belgium 2.06 +0.64 +0.27
Canada 1.84 +0.42 +0.06
Denmark 1.48 +0.06 -0.31
Finland 1.63 +0.22 -0.15
France 2.00 +0.59 +0.22
Germany 1.42 - -0.37
Greece 11.62 +10.21 +9.84
Ireland 4.60 +3.19 +2.82
Italy 4.40 +2.99 +2.62
Japan 0.78 -0.64 -1.01
Netherlands 1.60 +0.19 -0.18
New Zealand 3.57 +2.16 +1.79
Norway 2.21 +0.79 +0.43
Portugal 7.05 +5.63 +5.27
Spain 5.22 +3.81 +3.44
Sweden 1.61 +0.19 -0.18
Switzerland 0.49 -0.93 -1.30
UK 1.93 +0.52 +0.15
US 1.78 +0.37 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 140.81 -0.26 -0.25 -0.70 2.16 5.2 65.1 6
Fr 2.25%20 118.81 -0.21 -0.20 0.36 1.47 20.0 183.7 13
Swe 0.25%22 102.56 0.10 0.06 -0.31 1.51 16.8 238.0 5
UK 2.5%16 342.83 -1.78 -1.79 -0.46 2.41 7.9 334.3 21
UK 2.5%24 336.71 -0.53 -0.55 -0.59 2.70 6.8 334.3 21
UK 2%35 199.11 0.04 0.01 -0.32 3.00 9.1 334.3 21
US 0.625%21 113.44 -0.88 -0.86 -1.01 2.37 35.8 959.2 33
US 3.625%31 158.25 -0.14 -0.11 -1.21 2.54 16.8 959.2 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Dec 19 Dec 19 Dec 18
BONDS - INDEX-LINKED
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Feb 89.98 nc
Brent Crude Oil Feb 110.36 nc
RBOB Gasoline Jan 2.7431 nc
Heating Oil Jan 3.0356 nc
Natural Gas Jan 3.320 nc
Ethanol u Jan 2.214 nc
Uranium 44.75 nc
Carbon Emissions Jan 7.17 +0.14
Diesel (French) 951.75 +5.50
Unleaded (95R) 964.00 +3.00
Tin 23300.00 -350.00
Zinc 2066.00 -16.00
Aluminium 2069.00 -35.00
AluminiumAlloy 1930.00 -20.00
Copper 7851.50 -133.50
Lead 2330.00 -2.50
Nickel 17525.00 -150.00
Gold 1650.50 -14.50
Silver (US Cents) 3112.00 -25.00
Platinum 1575.00 -22.00
Palladium 685.00 -10.00
Corn u Mar 703.00 nc
Wheat u Mar 805.75 nc
Soyabeans u Jan 1437.00 nc
Soyabeans Meal u Jan 436.50 nc
Cocoa v Mar 1471 -13
Cocoa Mar 2.328 0
Cofee (Robusta) v Jan 1918 +41
Cofee (Arabica) Mar 144.90 nc
White Sugar v Mar 517.80 nc
Sugar 11 Mar 19.23 nc
Cotton Mar 75.89 nc
Orange Juice Jan 141.50 nc
PalmOil Dec 757.50 -5.00
Live Cattle Dec 129.475 nc
Feeder Cattle Jan 153.475 nc
Lean Hogs Feb 86.575 nc
Bulk Commodities
Iron Ore (Platts) Jan 133.50 +1.50
Iron Ore (TSI) 135.50 nc
globalCOAL RB Index 89.77 +0.83
Baltic Dry Index 708 -12
% Chg % Chg
Mnth Year
S&P GSCI Spt 644.73 1.2 4.3
DJ UBS Spt 139.55 -1.0 1.9
R/J CRB TR 296.06 0.7 0.3
Rogers RICIX TR3705.72 1.7 6.4
M Lynch MLCX Spt 545.23 1.2 4.6
UBS Bberg CMCI TR1305.94 1.7 6.2
LEBA EUA Carbon 6.77 -10.1 2.1
LEBA CER Carbon 0.39 -44.3 -91.0
LEBA UK Power 47.58 -1.3 4.0
Dec 19
COMMODITIES
COMMODITIES www.ft.com/commodities
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising fromthe reliance on or use of the
information.
DECEMBER 21 2012 Section:Stats Time: 20/12/2012 - 19:08 User: sheehanr Page Name: CURRTAB USA, Part,Page,Edition: EUR, 23, 1
24

FINANCIAL TIMES FRIDAY DECEMBER 21 2012
MARKETS & INVESTING
Momentum trading part of a wider structural f law
In recent decades, Harold Ehrlich has
enthused about Americas hedge fund
world. No wonder: he is an adviser to
JPMorgans fund of hedge funds and used
to run Bernstein-Macauley, the asset
management group.
But these days Mr Ehrlich is
disenchanted. He has circulated a memo to
clients admitting that, sad to say, the
vast majority of all hedge funds worldwide
have well underperformed virtually every
major stock or bond index for some four
years.
What explains such a fall from grace of
even many long-time masters of the
financial universe? he asks.
Have such highly skilled super savvy
best of the best gone from being smart
to dumb? What went wrong? What,
indeed? Mr Ehrlich is not the only person
asking this question; other financiers are
quietly muttering it too. But what makes
his outcry particularly interesting is that
Mr Ehrlich believes he has an answer: an
addiction to momentum trading.
Back in the old days, he says, most
hedge funds eschewed the idea of using
strategies based on market timing, or even
macroeconomics. Previously, most
managers paid scant attention to business
cycles, overall GDP trends or the potential
effects of political forces . . . they focused
mainly on management prowess, product
superiority, marketing clout, his memo
explains. But after the disaster of 2008,
momentum trading and amateur
economics came to rule. Managers paid
increasing attention to the big picture.
Risk on, risk off adjusting exposure
[has] become an almost daily practice. In
other words, portfolio churning based on
market timing has replaced any focus on
fundamentals.
Many hedge fund managers might retort
they have had little choice: in a climate of
low volatility and interest rates, they have
to hunt returns wherever they can when
politics is buffeting markets in
unpredictable ways. But if that argument
is correct, that in itself may point to a
bigger problem that goes beyond the hedge
funds.
Take a look, for example, at some ideas
recently floated by Paul Woolley and
Dimitri Vayanos, two London-based
finance professors, in a paper* presented
to a conference in New York. They believe
the current obsession with momentum
trading is just one sign of a wider
structural flaw and intellectual conceit
that is marring the financial world. In
particular, western investors, like
regulators, have hitherto operated with the
idea that markets are driven by free
market forces; the dominant rhetoric was
that investors allocate according to
rational decisions about risk and reward.
But that is a sham. Like regulators,
funds have been following procedures
based on the discredited theory of perfect
markets, the two professors write. But
most households only invest by giving
their money to institutions, rather than
allocating it themselves; and they choose
those investment groups not on any
rational assessment of current or future
trends (since they lack real data), but on
crude measures of past performance. As a
result, institutional managers face
pressure to herd into strategies that
attempt to copy the previous winners,
because that is how they win clients.
Hence the tendency of markets to produce
asset bubbles; and the pressure to chase
momentum.
So is there any solution? Mr Ehrlich
thinks the problem could be solved if only
disgruntled investors in hedge funds would
pick up the phone and demand that hedge
funds go back to investing basics. Call
your [hedge fund] managers and remind
them that net cash returns, not just alpha,
are required for you and your institution
to stay the course, he counsels.
Profs Woolley and Vayanos are even
more specific. They want investors to take
10 steps, including adopting a long-term
investment approach based on dividend
flows; insisting that annual turnover of
portfolios is capped at 30 per cent;
replacing benchmarks based on market
capitalisation with more stable measures;
and paying performance fees only on the
basis of long-term results. They also urge
policy makers to support long-term
investing in their tax codes and regulatory
regimes and to demand that public funds
blaze a trail in setting a new investment
style.
As advice goes, it sounds sensible, if not
long overdue. But dont bet on rapid
change. After all, what makes Mr Ehrlichs
note so striking is precisely that it is
relatively rare; most financial advisers
(and investors) still prefer to grumble
quietly, rather than speak out.
Until they make their voices heard,
pressure for change will remain muted.
*Taming the Finance Monster; Central
Banking Journal December 2012. Paul
Woolley and Dimitri Vayanos
gillian.tett@ft.com
Crop prices fall on hopes of high output
drought in 50 years in the
US.
Analysts forecast that
farmers would sow far more
acres even than in 2011,
when they dedicated 96.4m
acres to the crop, the most
since 1937, attracted by his-
torically high corn prices.
Informa, a closely
By Javier Blas in London
Agricultural commodities
prices fell sharply with corn
hitting its lowest level in
five months as investors bet
that production would
rebound strongly next year.
The price drop in the final
days of December is cap-
ping a tumultuous year for
agricultural commodities.
Bad weather in key pro-
ducing areas in the US Mid-
west, the former Soviet
Union and Latin America
had reduced the size of the
grains and oilseeds harvest,
pushing costs higher. The
price surge this year was
the third big rise in food
commodities in five years.
CBOT March corn yester-
day fell to a session low of
$6.87 per bushel, the low-
est since early July, and
down nearly 19 per cent
from the high of $8.43 set
in August after the worst
Corn price
Source: Thomson Reuters Datastream
Front-month (cents per bushel)
Jun Dec 2012
550
600
650
700
750
800
850
most demand still seems to
be filled by Brazil or other
sellers at this time.
Soyabeans prices were hit
after the US Department of
Agriculture disclosed that
Chinese importers had can-
celled a second cargo of US
soyabeans. CBOT January
soyabeans fell to $14.02 a
bushel, approaching a six-
month low.
Although wheat prices
also fell on the day, the
cereal remained better sup-
ported as traders and ana-
lysts worried about a
drought in the centre of the
US, which could reduce pro-
duction of hard red winter
wheat, used to produce
bread, next year.
The USDA this week said
60 per cent of the US high
plains, a critical wheat pro-
duction area, was suffering
from extreme or exceptional
drought.
www.ft.com/commodities
Twitter: @ftcommodities
Fear gauges highlight the US f iscal cliff
Banks promise to support
embattled eurozone mem-
bers calmed fears that the
currency bloc could disinte-
grate.
The VStoxx slipped to its
lowest level since June 2007
on Wednesday and yester-
day was flat at 15.7 points.
Historically, the Euro-
pean and US fear gauges
have been tightly correlated
but the European index has
typically traded 3-4 points
higher and significantly
higher since the eurozone
crisis begun to rumble in
May 2010.
But the VStoxx is now 1.5
points lower than the US
gauge. The last time the
VStoxx was that much
lower than the Vix aside
from a one-day spike in the
US gauge in August 2011
was March 2009.
The spread has abso-
lutely collapsed, a strate-
gist observed. I wouldnt
expect the VStoxx to stay
below the Vix for long. If
By Robin Wigglesworth
and Ralph Atkins in London
Europes fear gauge has
fallen below its US equiva-
lent, a stark reversal of the
relationship between the
two indices that highlights
how investor concerns have
shifted sharply from the
eurozone crisis to the
looming US fiscal cliff.
The US Vix and the Euro-
pean VStoxx gauges meas-
ure the cost of hedging
against sharp moves in the
S&P 500 and the Euro Stoxx
50, respectively, and are
seen as a barometer of
investor fear.
Although still subdued
compared with the peaks of
recent years, the Vix index
has see-sawed higher from a
five-year low of 13.4 points
in mid-August to 17.4 points
yesterday.
In contrast, Europes
VStoxx index has gradually
fallen since the summer
after the European Central
the US goes over the cliff, it
will affect everyone.
Indeed, futures contracts
on the two indices indicate
that investors expect the
VStoxx to climb higher
than the Vix as early as
January.
Nonetheless, the move
underscores how markedly
the main global macroeco-
nomic concern has shifted
westwards, unless lawmak-
ers and President Barack
Obama can strike a deal
before the end of the year.
Even Ben Bernanke, the
US Federal Reserve chair-
man who popularised the
fiscal cliff term this year,
SunGard says it will raise $720m to fund a dividend to its private equity backers Bloomberg
US marketed leveraged loans with use of proceeds for
dividend recap
Sources: Dealogic; S&P Capital IQ
Deal value ($bn) Number of deals
0
10
20
30
40
50
0
20
40
60
80
100
2001 02 03 04 05 06 07 08 09 10 11 12
US collaterised loan obligations issuance
$bn
0
20
40
60
80
100
2001 02 03 04 05 06 07 08 09 10 11 12
Private equity gets
extra pep from the
hunt for yield
It has been a vintage year
for private equity firms
seeking to take money out
of their portfolio companies,
and a gathering boom in an
often overlooked part of the
credit markets means 2013
is shaping up to be poten-
tially even more lucrative.
Something else handy:
the same private equity
firms are helping stoke the
boom.
The market for collateral-
ised loan obligations,
investment vehicles that
buy up corporate loans, has
roared back to life this year
thanks to investors hunger
for high-yielding assets.
CLO debt and equity issu-
ance this year passed $52bn
after two more deals yester-
day, according to Standard
& Poors Capital IQ data.
The total is more than four
times last years figure, and
private equity firms are
among the biggest manag-
ers of CLOs.
That in turn has added a
significant source of
demand for the leveraged
loans that CLOs buy, which
pushed down borrowing
costs for companies and
made so-called dividend
recaps cheaper.
According to Datalogic
figures, there has been
$27.7bn of dividend recapi-
talisation deals this year,
in which already highly
levered companies take on
loans to fund payouts to
their owners. This is the
highest level since 2007 and
the third-best figure ever.
Richard Hill, CLO strate-
gist at RBS, says while com-
panies have tapped the loan
market this year to refi-
nance borrowings at lower
rates and to pay dividends,
the revival of the loan and
CLO markets could soon
add further benefits to the
economy.
As leveraged loan issu-
ance increases, you could
see a return of merger and
acquisition activity and
business investment activ-
ity, he says. You would
expect to see that. This
market has been a signifi-
cant financing vehicle for
companies.
CLOs are similar to other
securitisation vehicles.
They issue multiple
tranches of debt, including
some with a triple A rating,
whose investors will have
first claim on cash flows
from the underlying loans.
Back in 2006 and 2007,
CLOs were a big part of
the private equity deal
machine. About 70 per cent
of all the loans that were
issued in connection with
buyouts went into these
securitisations, with cost of
capital for issuers and
returns for investors falling
ever lower.
Private equity firms domi-
nate the CLO market,
though they have had more
competition this year as
investor interest has lured
new players. Apollo, Aries,
the Sankaty arm of Bain
Capital, and Carlyle are
among the buyout firms
that have also gone into the
CLO management business,
as a way to increase assets
under management and to
diversify from dependence
on leveraged buyouts when
big deals remain elusive.
Nobody is bigger than
Blackstone. Its debt arm,
GSO Capital Partners, is
the largest CLO manager
in the world, today owning
more non-investment grade
loans than JPMorgan.
Blackstone stands to ben-
efit in many ways if the
CLO revival continues,
because it operates at
almost every link in the
chain, from company
owner, to buyer of loans
and as a fund manager that
invests in its own CLOs.
GSO is planning to
launch an exchange traded
fund that will invest in lev-
eraged loans. It already
runs Carador, a London-
listed fund that buys CLO
debt and equity and is trad-
ing at a premium to net
asset value.
One-third of Caradors
portfolio is invested in GSO-
run CLOs, according to its
most recent monthly filing.
The fund also publishes
details of the largest indi-
vidual companies to which
it is exposed, through loans
held by the CLOs in its
portfolio. Among the top 10
is software group SunGard
Data Systems, in which
Blackstone is part-owner.
Just this month, SunGard
said it would raise $720m to
fund a dividend to its pri-
vate equity backers, includ-
ing Blackstone.
S&P, the rating agency, is
forecasting $55bn in CLO
issuance in 2013, though
some analysts have pitched
as high as $80bn. Several
investment funds have
launched this year to buy
CLO debt and equity, sug-
gesting rising demand.
The reason, according to
Kevin Kendra, head of US
structured credit at Fitch
Ratings, is that the most
highly rated CLO debt per-
formed as expected through
the financial crisis. The
market price of CLO debt
plunged, but fears that
CLOs would perform like
the other structured prod-
ucts were unfounded.
These instruments have
been stellar performers,
says Linda Pace, head of US
structured credit for Car-
lyle. Very little money has
been lost. They can ride out
cycles and are structured to
withstand pain.
News analysis
Collateralised loan
obligation debt and
equity issuance this
year has just passed
$52bn, write
Stephen Foley and
Henny Sender
watched crop forecaster,
this week said US farmers
would plant 99m acres with
corn in 2013. If the planting
forecast held and good
weather allowed for the
development of the crop,
the US could harvest a
monster crop that will put
pressure on prices.
But the price drop could
be shortlived as corn inven-
tories were low and falling
costs would spur demand
from the livestock industry,
analysts said.
Moreover, the weather
remains dry, potentially
hurting planting next year.
Cargill, the worlds larg-
est trading house, has
warned about possible short
supplies and higher prices
at the end of the crop sea-
son in March-April.
But Jack Scoville, of the
Price Futures Group, a bro-
ker in Chicago, said US
corn prices were still rela-
tively high compared with
other exporters, adding that
has expressed concerns
about the economic impact
the automatic cuts and tax
increases would have.
I want be clear that we
cannot offset the full
impact of the fiscal cliff, its
too big given the tools we
have available and the limi-
tations on our policy toolkit
at this point, Mr Bernanke
warned earlier this month.
When UBS polled about
200 global investors at a
recent conference in Zurich,
Switzerland, it found almost
a quarter cited the US fis-
cal cliff and recession
threat as the biggest risk to
global economic stability.
In contrast, the threat of
a eurozone sovereign
default was seen by only
18 per cent as the biggest
danger. People think that
Europe is not a source of
systemic risk any more so
the big, immediate worry is
the fiscal cliff, said
Stephane Deo, head of asset
allocation at UBS.
People think that
Europe is not a
source of systemic
risk any more
Stephane Deo, UBS
These instruments
have been stellar
performers. Very
little money has
been lost
Linda Pace, Carlyle
COMMODITIES
Gillian
Tett
INSIGHT
Asiacell
to dial
into Iraqi
market
By Simeon Kerr
Iraqs Asiacell will offer 25
per cent of its shares to the
public in a deal that will
value the oil-rich states
second-largest mobile tele-
communications company
at between $4.9bn-$5.5bn.
The offer will be the first
of three mandatory listings
on Baghdads stock market
by Iraqs mobile telecoms
groups, which also include
market leader Zain Iraq and
Korek Telecom.
Asiacell, in which
regional heavyweight Qatar
Telecom has a 54 per cent
stake, will on December 25
announce the price at
which it will begin to offer
shares to the public on Jan-
uary 1 2013, before listing
on the Iraq Stock Exchange
on February 3.
Gulf investors are leading
the charge for one of the
most highly-anticipated
regional equity market
offerings, says Shwan Ibra-
him Taha of Baghdad-based
Rabee Securities, the dis-
tributor and selling agent.
We are getting large
indicative demand from
Gulf investors, as well as
interest from specialised
firms in [the] US and Iraqis
themselves, Mr Taha told
the Financial Times. You
would be quite surprised
how much money there is
in Iraq.
A public information cam-
paign being run by the Iraqi
stock exchange is set to
make Margaret Thatcher
proud, said Mr Taha, in a
reference to the famous
British Gas privatisation
campaign in 1986 by the
Conservative government.
The campaign hopes to
introduce Iraqis to the
retail equities culture that
has gripped the Gulf states,
where individual investors,
rather than institutions,
dominate stock markets.
Since the fall of Saddam
Husseins regime, most new
listings have been banks or
other companies that do not
appeal to retail investors.
Asiacell, which launched
in 2001, says it has been
growing subscribers by
more than 10 per cent a
year to 9.9m in 2011, or a
43 per cent market share.
Like regulators, funds have
been following the discredited
theory of perfect markets
DECEMBER 21 2012 Section:Markets Time: 20/12/2012 - 18:59 User: kallmanng Page Name: LSE USA, Part,Page,Edition: EUR, 24, 1
FINANCIAL TIMES FRIDAY DECEMBER 21 2012

25
MARKETS & INVESTING
Fundamentals
back in focus for
S&P 500 bull run
Wall Street analysts are
renowned for being bullish
and they are not holding
back for 2013.
After a year in which
many were caught off-guard
by a double-digit rise in
stocks, top strategists and
portfolio managers are no
longer underestimating the
resilience of US equities.
To do so though means
first paring back concerns
of the US markets sensitiv-
ity to macroeconomic
events. Those concerns
helped bolster the most
bearish calls on earnings
growth in 2012, which have
proved wildly off the mark.
Adam Parker, Morgan
Stanleys chief US equity
strategist, in his outlook for
next year says a backdrop
of macro risks remains
including the US fiscal situ-
ation, the European debt
crisis and a slowdown in
emerging markets.
But Mr Parker, who had
one of the most bearish
views for the S&P 500 in
2012, says the acuteness of
these issues appears now to
be less sharp.
Strategists at S&P Capital
IQ have called for a 2013
year-end of 1,550 for the
S&P 500, saying stocks
could still benefit if those
risks recede next year.
Still, that recognition has
brought some of the focus
back on to company funda-
mentals. Earnings growth
for the S&P 500 is forecast
at 9.8 per cent while reve-
nues are expected to expand
3.8 per cent in 2013, accord-
ing to FactSet.
Companies on the bench-
mark are seen recording
earnings per share of
$112.70, up more than $10
from the current record
level of $102.56 for 2012.
Drilling down into the
average price targets of
each company in the S&P
500 translates into the index
rising to 1,602.47, a gain of
11.6 per cent from where
stocks currently sit.
Yield-seeking equity
investors in 2012 have
shown strong interest in
high-dividend paying stocks
but a notable laggard has
been the utilities sector.
The sector has dropped
1.7 per cent so far and
remains the only S&P 500
industry measure to reside
in negative territory for the
year-to-date.
The 31 companies in the
sector group pay an average
dividend yield of 4.2 per
cent and strategists say
that is a compelling offer
for investors.
Any income related to
equity exposure is the way
to go in 2013, says Jack
Ablin, chief investment
officer at Harris Private
Bank.
David Mertens, principal
at Jensen Investment Man-
agement, says that, in the
hunt by investors, large div-
idend stocks provide
fair value and are a good
to notch the biggest returns
for the year as accommoda-
tive Federal Reserve mone-
tary policy has helped bol-
ster lenders.
But after leading the
industry groups on the S&P
500 for the year, the sector
must overcome regulatory
pressure and low interest
rate constraints in 2013 to
rise further.
Analysts at KBW say
despite the outperformance
in 2012, financials will con-
This is the final Trading Post
of 2012. So many potential
trading nuggets to impart, so
little time . . . So heres a nice
and concise list of interest.
Go short copper above
$8,500 a tonne, says
Barclays. A Chinese inventory
overhang and recovering
levels of red metal supply
will keep the price in check.
Stock market volatility is
cheap, buy some puts, says
Marex Spectron. Downside
skew [in index options] is
now at levels that have so
far this year always led to
downside in equity markets.
Go long Bunds versus
Treasuries and Japanese
government bonds, argues
Morgan Stanley. The weak
European economy and an
accommodative European
Central Bank provide a
relatively better supportive
backdrop for German paper.
Better US growth will harm
Treasuries, while a more
activist fiscal and monetary
stance in Japan may finally
allow JGB yields to rise.
The Aussie dollar is
already stretched and
terms of trade are likely to
move against the AUD over
the next year, judging by
commodity price forecasts,
says Lloyds. Use the Mexican
peso as a proxy for US
economic outperformance,
selling AUD/MXN, now 13.42,
for a target of 12.00.
jamie.chisholm@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
US equity resilience
is no longer being
underestimated, say
Arash Massoudi
and Michael
Mackenzie
tinue to trade at a discount
to long-term averages until
economic growth acceler-
ates or expectations of a
rise in interest rates set in.
While rates may not move
in the short run, some say
an accommodative Federal
Reserve may well continue
to be a boon for stocks
in 2013. Investors have
not had to pay a lot of
attention to what they
owned given all the
liquidity efforts of central
banks, says Mr Mertens.
Further support for
stocks may come from
easier year-on-year sales
comparisons after a wave of
companies fell short of fore-
casts for 2012.
Vadim Zlotnikov, chief
market strategist at Alli-
anceBernstein, says the sig-
nificant number of negative
revisions in 2012 to top-line
results will mean that
many companies have a
lower bar to cross. In the
absence of a recession, you
can expect revenue growth
to beat forecasts for many
companies next year.
Still, others lament the
job of setting firm bench-
mark forecasts for the S&P
500. Mr Parker says: We
wish we didnt have to set a
year-end target. Having had
a very accurate one in 2011
and a pretty bad one in
2012, we are living
proof there is a negative
asymmetry.
FT graphic
Taking stock
Source: Bloomberg
S&P 500 sector performance
Percentage change (year-to-date)
26.9% 22.0% 16.8% 13.9%
12.9% 10.6% 9.2% 3.9% 1.7%
13.2%
Financials
Consumer
discretionary Healthcare
Information
technology
Materials Industrials Energy Utilities Consumer staples
Telecom services
Russian capital outflows may not be as big as reported
beyondbrics, the FTs emerging markets hub
Huge capital outflows have
been a glaringly visible sign
of Russian business peoples
distrust of president Vladimir
Putins rule, writes Stefan
Wagstyl. Worried about
corruption, property rights
and the rule of law, the rich
have been funnelling their
money abroad. Right?
Wrong, says a study
published this week that
argues Russian outflows are
only half as big as officially
reported, due to peculiarities
in Russias statistics.
Only $40.5bn of the
$80.5bn recorded as net
outflows last year are actual
outflows, says the report,
carried out by the Russian
governments Direct
Investment Fund, Ernst &
Young, the international
accountancy firm, and a
research centre at
Lomonosov Moscow state
university.
The authors deduct from
the official figure more than
$10bn that went into foreign
mergers and acquisitions by
Russian companies; $6bn
spent on purchases of
aircraft registered abroad;
$6bn in foreign bank
subsidiaries support for their
parent groups; $9.9bn in
socalled errors and
omissions; and $7bn$9bn in
funds transferred by Russian
companies into offshore
structures, often created for
reinvesting funds back in
Russia.
Once such adjustments are
made, Russias capital
outflow is comparable to
that of many exportoriented
economies such as Kuwait,
Norway and Japan.
The report also argues that
the standard explanation for
Russias capital outflows
the poor business
environment does not hold
water. The authors say:
there is no significant
statistical relationship
between investment climate
indicators and the [capital
flows] indicator calculated by
the Central Bank of Russia.
Russias deputy finance
minister Alexei Moiseev
praised the report, saying
Russia had to bring its
capitaloutflow calculation in
line with international
standards.
But the central bank is not
rushing to rewrite its
numbers. Central bank
chairman Sergei Ignatiev said
Russias unfavourable
investment climate was a big
factor behind huge capital
flight from the country.
The bank studied other
countries and found Russia
stood out. Most developed
economies saw outflows as
investors looked for
opportunities abroad. Most
emerging nations posted
inflows as they attracted
funds searching for new
opportunities.
Russia falls out of this
logic. This requires
explanation. Net capital
outflow of 4 per cent of GDP
over a period of several
years is a strange thing and
is related to specific Russian
circumstances, including the
unfavourable investment
climate, Mr Ignatiev said,
according to RIA Novosti, the
news agency.
Mr Ignatiev said Russias
capital outflow reached
$59bn in JanuaryNovember
2012 and added that the
central bank was sticking to
its 2012 capital flight forecast
of $60bn$65bn.
www.ft.com/beyondbrics
By Tracy Alloway
in New York
Morgan Stanley is to invest
in a futures exchange, in a
sign that big investment
banks are preparing for a
shift away from traditional
over-the-counter deriva-
tives.
The bank plans to make
a strategic equity invest-
ment in Eris Exchange.
Morgan Stanley did not dis-
close the size of its planned
stake but two people famil-
iar with the deal said it
would be a minority.
Eris specialises in swap
futures and was created
by five proprietary trading
firms including Getco, DRW
Holdings and Infinium Cap-
ital Management.
In September the Chica-
go-based exchange won fur-
ther investment from asset
managers Fidelity and State
Street, but yesterdays deal
with Morgan Stanley will
be the first announced
investment in Eris from a
large swap dealer bank.
Its evidence of banks
and dealers and trading
desks leaning into the new
regulatory and market real-
ity thats coming, said
Neal Brady, chief executive
of Eris. Some have chosen
not to adapt to these reali-
ties but I think Morgan
Stanley is seeing the way
the world is evolving.
Derivatives such as inter-
est rate swaps have histori-
cally traded over the coun-
ter (OTC) with investment
banks building the custom-
ised risk management prod-
ucts for their clients in
return for hefty fees. How-
ever, with new federal rules
looming, some market par-
ticipants are forecasting a
shift away from OTC swaps.
The new rules, part of the
Dodd-Frank reform, require
that OTC swaps move to
regulated trading platforms.
As swaps become more
heavily regulated, some
investors are looking to
futures, which can also help
investors hedge their risk
but are more standardised
and easily traded on
exchanges, as a potential
replacement.
As the traditional OTC
rates swap market under-
goes significant structural,
economic and regulatory
changes, Morgan Stanley
believes that Eris Exchange
and its futurised swaps are
ideally suited to provide our
clients with flexible alterna-
tives, said Patrick Haskell,
the banks head of liquid
flow rates in the US.
Morgan Stanley will also
become an anchor bank
liquidity provider on the
Eris platform. That means
the bank will start standing
between futures swap
trades on the platform early
next year.
It does feel like there is a
wave of interest in the
futures model,said a deriv-
atives specialist at a rival
investment bank before
yesterdays announcement
was made.
Morgan Stanley points the way
with Eris Exchange stake plan
The central bank is not in a
rush to rewrite its numbers
backstop for portfolios.
We prefer to favour compa-
nies that are growing their
dividend, he adds.
Jensens current portfolio
includes 29 groups that gen-
erate significant cash flow
with a return on equity of
more than 15 per cent in
each of the past 10 years.
Those calls may prove
timely if investors flee risk-
ier assets in the event US
politicians fail to resolve
the fiscal cliff of spending
cuts and tax hikes set to
kick in on January 1.
Others say even a modest
deal may not prove to be
good enough in the near-
term, says Barry Knapp,
chief US equity strategist at
Barclays.
In spite of a 2013 year-end
forecast of 1,525 for the S&P
500, Mr Knapp warns that
the first significant market
move next year may well be
downward, given the low
probability that Republi-
cans and Democrats settle
on a grand bargain that
puts the US public sector
debt on a sustainable path.
To avoid that, Mr Knapp
is recommending investors
consider technology stocks,
which are set to finish 2012
near the middle of the pack
among industry groups
after a sharp fourth-quarter
sell-off.
To find value, he says,
investors must look beyond
the sectors most favoured
companies, including Apple
and Google, and instead
consider those that could
benefit from a rebound in
corporate spending next
year.
That includes companies
such as Hewlett-Packard
and Intel, which are among
the biggest laggards on the
Dow Jones Industrial Aver-
age in 2012. Financials, led
by regional banks, are set
Trading post
Jamie Chisholm
Mexican peso
Source: Bloomberg
Against the Australian dollar
(A$ per peso)
2008 09 10 11 12
8
10
12
14
More news at
FT.com
Whats bugging gold?
Gold prices have barely
moved this year. Is it
because monetary policy
settings are now so low
that there is simply no
further for them to drop?
www.ft.com/alphaville
Resource nationalism
Video: Shifts in commodity
prices can undermine a
countrys resource leverage
and the ways in which
revenue can be retained
within domestic borders
www.ft.com/authersnote
EM corporate bonds
Emerging market sovereign
bond markets have seen
record inflows this year,
yet bond issuance is an
option available only to the
largest EM corporations
www.ft.com/beyondbrics
Follow us on Twitter:
@FTAlphaville
Markets Live
Read Paul Murphy and
Bryce Elder every weekday
from 11am
Any income
related to equity
exposure is the
way to go in 2013
Jack Ablin,
Harris Private Bank
Trading Directory
Trading Directory
Our readers need your services
FT TRADING DIRECTORY
Classified Business Advertising:
UK: +44 20 7775 6671 | US: +1 212 641 6500 | ASIA: +852 2905 5554
DECEMBER 21 2012 Section:Markets Time: 20/12/2012 - 20:41 User: bhaskarand Page Name: ICNCOMMS USA, Part,Page,Edition: EUR, 25, 1
26

MARKETS
Friday December 21 2012
Source: Thomson Reuters Datastream
Hong Kong
Hang Seng index (000)
Euro
Against the dollar ($ per )
Jan Dec 2012
1.20
1.22
1.24
1.26
1.28
1.30
1.32
1.34
Aug
2011
Dec 2012
16
18
20
22
24
The euro ended the
session just a shade
higher against the dollar,
after earlier threatening
to break back above
$1.33 following the
release of some positive
US economic data
Hong Kong stocks
ended at their best levels
since the start of August
last year, led by gains for
heavilyweighted banks,
although trading volumes
were relatively light
Equities struggle as f iscal cliff looms again
By Dave Shellock
Renewed uncertainty about
negotiations over the loom-
ing US fiscal cliff left stock
markets on both sides of
the Atlantic struggling for
a clear direction, although a
batch of broadly encourag-
ing economic data offered
some support.
The final reading of US
third-quarter GDP growth
was revised up to 3.1 per
cent from the previous esti-
mate of 2.7 per cent.
Peter Newland, economist
at Barclays, said the details
of the GDP report were
encouraging, with real final
sales growth accounting for
all of the upward revision.
All in all, while GDP
growth is likely to be some-
what softer in the fourth
quarter, the stronger final
sales backdrop in the third
quarter leaves growth on a
solid footing and we expect
the picture of modestly
above potential growth to
remain in place, Mr New-
land said.
There was further posi-
tive news on the US hous-
ing market as data showed
existing home sales climb-
ing 5.9 per cent in Novem-
ber to a three-year high.
The bottom line is
that nothing in todays
data refutes the idea of a
housing recovery and
quite frankly, it serves
to reinforce our more
optimistic views, said
Dan Greenhaus, chief
global strategist at BTIG.
Meanwhile, the Philadel-
phia Federal Reserves
general economic index
jumped to an eight-month
high in December. The
rebound in the Philly Fed
index appears to be due to
factories catching up on the
lost activity caused by
superstorm Sandy in
November, said Paul Dales
at Capital Economics.
The recent improvement
in global demand suggests
that, once the dust of the
storm and fiscal cliff settles,
manufacturing output will
start expanding again. But
the global recovery will
only go so far, meaning that
US manufacturing will not
enjoy a renaissance in
2013.
But the encouraging fig-
ures on the US economy
were overshadowed by fresh
doubts that legislators
would reach agreement on
the US budget in the near-
term.
Philip Marey, senior US
strategist at Rabobank, said
while this weeks develop-
ments in Washington had
been encouraging, negotia-
tions appeared to have
ground to a halt.
However, the ideological
trenches have been left and
the new battlefield is more
about numbers than about
dogmas, he said. That
should give both parties a
good chance to make a deal
on the reduction of the fis-
cal cliff around the turn of
the year.
However, the uncertainty
left the S&P 500 equity
index barely changed at
midday in New York, while
the pan-European FTSE
Eurofirst 300 index edged up
less than 0.1 per cent.
In Tokyo, the Nikkei 225
Average fell 1.2 per cent as
investors booked some prof-
its on the markets recent
strong rally but also showed
some disappointment that
the latest policy move from
the Bank of Japan had not
been more aggressive
The BoJ expanded its
asset-buying programme by
Y10tn, in line with expecta-
tions, but stopped short of
raising its inflation target
for now at least.
On the currency markets,
the yen rallied against the
dollar. But analysts said
any bounce in the yen was
likely to be temporary.
With prime minister-
elect [Shinzo Abe] taking
charge on December 26,
expectations will be high
that the BoJ delivers a
more credible 2 per cent
inflation target in January
keeping the yen under
pressure, said Chris
Turner, head of forex strat-
egy at ING.
The uncertainty over the
US fiscal outlook prompted
modest buying of govern-
ment bonds, with the 10-
year Treasury yield down 1
basis point at 1.79 per cent.
Industrial commodities
retreated, with Brent oil
down 32 cents at $110.04 and
copper sliding 2 per cent to
$7,772 a tonne, its lowest
level in nearly a month.
Gold fell more than 1 per
cent to $1,641 an ounce
amid end-of-year liquidation
by investors, dealers said.
GLOBAL OVERVIEW
US GDP growth
revised up to 3.1%
10year Treasury
yield declines 1bp
Latest
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE Eurofirst 300 index FTSE 100 index S&P 500 index Nikkei 225 Average
Nov Dec 2012 Nov Dec 2012 Nov Dec 2012 Nov Dec 2012
5700
5800
5900
6000
1380
1400
1420
1440
1080
1100
1120
1140
9.2
9.4
9.6
9.8
10.0
10.2
000
Change
on day
+0.07%
Change
on day
+0.06%
Change
on day
-0.05%
Change
on day
-1.19%
BoJ bond buying lifts yen
CURRENCIES
By Alice Ross
The Japanese yen rose
against other big currencies
after the Bank of Japan
expanded its asset purchase
programme but made no
changes to its inflation tar-
get, dashing hopes the cen-
tral bank would take a
more aggressive stance.
The dollar fell more than
0.6 per cent to hit a session
low of Y83.83 as the BoJ
announced it was increas-
ing its bond-buying scheme
by Y10tn. It later recovered
and was down 0.2 per cent
on the day at Y84.32.
Some had speculated the
central bank could do more
after elections at the week-
end ushered in a new gov-
ernment that has vowed to
get tougher on deflation.
Incoming prime minister
Shinzo Abe has said he
would ask the BoJ to raise
its inflation target from 1 to
2 per cent. The BoJ said it
would reconsider its target
but made no immediate
changes.
Analysts were expecting
the strength in the yen to
be short-lived, however.
The big moves come either
from the appointment of a
new BoJ governor and dep-
uty, or from the Ministry of
Finance, so a BoJ meeting
that delivered more of the
same old policies is not sur-
prising, said Kit Juckes,
foreign currency strategist
at Socit Gnrale.
As such, the pullback in
dollar-yen is likely to be
limited. There are yen sell-
ers on any bounce.
The euro remained sus-
ceptible to developments in
the US as fiscal cliff talks
raged on. The single cur-
rency earlier shrugged off
poor Italian retail sales data
to reach a session high of
$1.3295 against the dollar.
But it was later just 0.1 per
cent higher at $1.3236 and
was 0.1 per cent lower
against the pound at
0.8132.
The Australian dollar
rose towards $1.05 against
the US dollar after falling in
previous sessions, gaining
0.1 per cent to $1.0499.
The euro appears to be
benefiting from position
adjustment heading into
year-end with speculators
cutting back modest short
euro positioning towards
neutral, said analysts at
Bank of Tokyo-Mitsubishi.
The high beta Australian
and New Zealand dollar
have also underperformed
over the past week despite
improving risk sentiment as
speculators likely trim
record long positions.
www.ft.com/currencies
US equities
Wall Street had a choppy
session as uncertainty over
US budget negotiations made
for a nervous session. NYSE
Euronext rose sharply after
IntercontinentalExchange
said it would buy the bourse
operator for $8.2bn
UK equities
Carnival fell more than 6 per
cent after the cruise line
operator provided
disappointing guidance for
2013. The wider market
struggled for traction as
investors waited for fresh
direction from the US
European equities
Worries that US fiscal cliff
negotiations may have stalled
kept the Eurofirst 300
trapped within a tight range.
Ericsson fell 1.8 per cent
after it took a $1.2bn charge
related to its joint venture
with STMicroelectronics
Asian equities
The Nikkei retreated following
Wednesdays strong advance
amid some disappointment
that the Bank of Japan had
not taken more aggressive
action at its policy meeting,
but it still managed to finish
above the 10,000 level
Markets update
NYSE Euronext rises after ICE
to buy exchange group for $8.2bn
By Anora Mahmudova and
Arash Massoudi in New York
NYSE Euronext shares
soared after the global
bourse operator said
it would sell itself to Inter-
continentalExchange, the
futures exchange, in a deal
worth $8.2bn in cash and
shares.
Shares in the operator of
the 200-year-old New York
Stock Exchange rose 33.1
per cent to $32.02.
ICE, a 12-year-old com-
pany, has grown by offering
trading in energy, emis-
sions and commodities as
well as listed interest rate
derivatives, the worlds
largest asset class.
Its shares initially rose
but then dipped 0.9 per cent
to $127.19 by midday in New
York.
Roger Freeman, analyst
at Barclays, said: We
believe there are opportuni-
ties for both companies to
leverage both intellectual
talent and a broader prod-
uct set to grow their busi-
nesses on a combined basis
more than either could do
alone, and certainly interest
rate futures and swaps
appear to be a significant
focus according to manage-
ment.
NYSE-rival Nasdaq OMX
group traded higher on the
news, up 2.7 per cent to
$25.89, while CBOE Hold-
ings, parent company of the
Chicago Board Options
Exchange, rose 4 per cent to
$30.68 as some analysts said
it might be a potential can-
didate in further exchange
dealmaking.
CME Group, the largest
US-based exchange operator
by market value, fell 2.6 per
cent to $51.25. The bench-
mark S&P 500 index was 0.1
per cent higher at 1,437.15.
The Dow Jones Industrial
Average was unchanged at
13,254.18. The Nasdaq Com-
posite lost 0.1 per cent to
3,040.59. Apple, the heaviest
weighted stock on the tech
benchmark, lost 1.3 per cent
to $519.77.
Overall, US equity mar-
kets were muted as positive
economic data were
eclipsed by the pall cast by
the stalled negotiations
over preventing the fiscal
cliff at the end of the year.
The US economy grew
faster than previously fore-
cast in the third quarter,
according to the latest fig-
ures. GDP expanded at a 3.1
per cent annual rate,
revised up from an initial
2.7 per cent. Jobless claims
normalised after surging in
the aftermath of superstorm
Sandy. Initial claims for
unemployment benefits
rose 17,000 to a seasonally
adjusted 361,000, according
to the Labor Department.
In earnings news, CarMax
rose sharply after the used
car retailer reported third-
quarter earnings which
beat Wall Street estimates.
The company cited
improving customer senti-
ment, increased availability
of credit and a larger inven-
tory for a boost in sales.
Shares in CarMax gained
8.8 per cent to $37.91.
ConAgra also rose after
the companys quarterly
earnings beat estimates,
helped by sales in its con-
sumer food business.
The owner of the Healthy
Choice meals brand
reported a 17 per cent
increase in profits. Shares
in ConAgra climbed 1.1 per
cent to $30.29.
In contrast, Bed Bath &
Beyond suffered a sharp
drop as the home furnish-
ings retailer lowered earn-
ings forecasts for the first
quarter of next year. The
shares slid 8.3 per cent to
$55.25.
Shares in Herbalife, the
nutritional supplement
direct seller, came under
pressure for a second day
after hedge fund manager
Bill Ackman confirmed
he was betting against the
stock.
Mr Ackman presented his
arguments yesterday on
why he had a taken a short
position on Herbalife
shares, saying that the com-
pany had grown quickly in
recent years without being
able to justify the growth.
Herbalife shares lost 6.1
per cent to $35.08, reaching
their lowest point for the
past year.
Financial stocks were the
best performing industry
group on the S&P 500, ris-
ing 0.7 per cent. Bank of
America led the risers
among big Wall Street
banks as its shares gained
1.9 per cent to $11.40.
WALL STREET
Source: Thomson Reuters Datastream
NYSE Euronext
Share price ($)
Dec
2011
Dec 2012
22
24
26
28
30
32
Key indicators
Days
Indices Close change
S & P 500 1436.93 +1.12
DJ Industrials 13246.25 -5.72
Nasdaq Comp 3039.76 -4.60
Russell 2000 849.75 +1.86
VIX 17.55 +0.19
US 10 yr Treas Bd 1.78 -0.03
US 2 yr Treas Bd 0.27 -0.01
By Bryce Elder
ITV hit a five-year high in a
flat London market yester-
day on hopes of a start-of-
year boost to advertising.
A dispute between Chan-
nel 4 and GroupM, the
media buying arm of WPP,
was already helping ITVs
2013 sales, analysts said.
GroupM, which buys
roughly a third of UK air-
time, reportedly wants
improved terms on its deal
with C4 when the current
contract expires in January.
With no resolution in
sight, GroupM has already
been diverting ad spending
for January to other chan-
nels including ITV, accord-
ing to Credit Suisse.
ITV closed up 3.1 per cent
to 107p. The broadcasters
57 per cent gain this year
has made it the second-best
performing non-financial
FTSE 100 stock after Whit-
bread (up 1.6 per cent to
25.21 yesterday and by 61
per cent for 2012 so far).
The wider market held
steady at around a nine-
month high, with the FTSE
100 drifting 3.25 points to
5,958.34.
Leading the fallers, Carni-
val faded 6.1 per cent to
23.91 after the cruise ship
operators 2013 guidance
disappointed.
Precious metals miners
lost ground as stronger
than expected US data
damped stimulus hopes,
sending gold to its lowest
level since August. Rand-
gold Resources was down
2.3 per cent to 59.65 and
Polymetal International
faded 1.8 per cent to 11.59.
Antofagasta fell 1.2 per
cent to 13.49 after a down-
grade to neutral on valua-
tion grounds from Mac-
quarie.
Among the gainers, Cen-
tamin rose 3 per cent to
42.7p after the miner said it
was set to resume opera-
tions having resolved an
export ban and suspension
of fuel deliveries.
Weir Group climbed 2.8
per cent to 18.63 after the
pump maker agreed to pay
up to $385m for Mathena,
which rents pressure pump-
ing equipment for US
onshore drilling.
A Citigroup upgrade to
buy lifted GKN 1 per cent
to 229.3p.
Intercontinental Hotels
rose 3.1 per cent to 17.10
after industry data for
November suggested robust
US demand, with revenue
per average room rising
5.4 per cent year-on-year.
Tullow Oil added 1.5 per
cent to 12.46, having been
included among RBCs 30
top global ideas for 2013. It
valued the stock at 13.04
on a sum-of-the-parts basis.
Vesuvius, the ceramics
business formerly known as
Cookson, moved higher by
8.6 per cent to 352p follow-
ing Wednesdays demerger
of its electronics business
Alent, down 1.5 per cent to
305p.
Data hosting group Telec-
ity fell 3.1 per cent to 775.5p
after the resignation this
week of Adriaan Oosthoek,
its UK managing director
for the past seven years.
A share sale by Mr Oost-
hoek earlier this month had
raised concerns about trad-
ing in the wake of capacity
issues in the third quarter.
UBS played down those
concerns.
EUROPE
ITV hits high on hopes for
advertising boost next year
LONDON
Centamin
Source: Thomson Reuters Datastream
Share price (pence)
Dec
2011
Dec 2012
20
40
60
80
100
UBS comes under
further pressure
D.E Master Blenders,
cheered by news on
Wednesday that Joh A
Benckiser, a German hold-
ing company controlled by
the Reimann family, had
increased its stake in the
group from 12 per cent to 15
per cent.
The shares rallied 1.8 per
cent to 8.97, against a 0.1
per cent gain on the Xetra
Dax to 7,672.10.
The biggest mover across
Europe was Dutch oil serv-
ices group SBM Offshore.
The shares surged 18.6 per
cent to 10.97 in what
appeared to be a relief rally.
The Dutch group said it
would take a $629m write-
down for its Norwegian oil
platform project developed
for Talisman Energy and
Lotos. It also said it would
issue new shares.
The purchase by China
Three Gorges of a wind
energy arm of Energias de
Portugal helped to buoy the
power companys shares.
The Chinese utility, which
has a 21 per cent stake in
EDP, yesterday bought a 49
per cent stake in EDPs
wind energy arm for 359m.
Credit Suisse initiated
coverage on EDP with an
outperform rating and a
target of 2.70 on the
shares, which rallied 2.8 per
cent to 2.35.
By Alexandra Stevenson
Investors continued to sell
out of Swiss bank UBS as
new details emerged about
the banks involvement in
the rate-fixing scandal.
The Hong Kong Monetary
Authority said yesterday
that it was probing the pos-
sibility of misconduct in the
Swiss banks Hong Kong
branch.
UBS agreed to pay a
$1.5bn fine to regulators on
Wednesday to settle allega-
tions that it had manipu-
lated the key Libor inter-
bank lending rate.
Shares in UBS slid 1.1 per
cent to SFr15.03.
ThyssenKrupp lost
ground after Deutsche
Bahn, Germanys national
rail company, filed a 550m
claim for compensation
against four track suppliers,
including ThyssenKrupp,
for operating an alleged car-
tel. The news, which came
just a week after the steel-
maker reported a 5bn net
loss for the year, sent the
shares falling 1.8 per cent to
18.24.
The wider FTSE Eurofirst
300 gained a modest 0.1 per
cent to 1,142.80, reaching a
new 2012 high.
Investors bought into
DECEMBER 21 2012 Section:Markets Time: 20/12/2012 - 19:26 User: kallmanng Page Name: WSM2 ASI, Part,Page,Edition: EUR, 26, 1