1 / 18

THE NEWLY FOUNDED SWISS BOND COMMISSION (SBC)

THE NEWLY FOUNDED SWISS BOND COMMISSION (SBC). Wolfgang Marty President of the Swiss Bond Commission 25.06.04 Amsterdam. AGENDA BOND MARKET AND BOND COMMISSION. INTRODUCTION SWISS BOND MARKET RECENT ACTIVITIES/DEVELOPMENTS FIXED INCOME INDICES SWISS BOND COMMISSION FINAL REMARKS.

kaori
Download Presentation

THE NEWLY FOUNDED SWISS BOND COMMISSION (SBC)

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. THE NEWLY FOUNDED SWISS BOND COMMISSION (SBC) Wolfgang Marty President of the Swiss Bond Commission 25.06.04 Amsterdam

  2. AGENDABONDMARKET AND BOND COMMISSION INTRODUCTION SWISS BOND MARKET RECENT ACTIVITIES/DEVELOPMENTS FIXED INCOME INDICES SWISS BOND COMMISSION FINAL REMARKS

  3. INTRODUCTIONSWITZERLAND

  4. INTRODUCTIONSWITZERLAND

  5. SWISS BOND MARKETCHARACTERISTICS • Separated in a domestic and foreign market • Actively used by foreign issuers • Active primary market and market making • Less active secondary trading in many segments • Most active segment are the “Eidgenossen” (market capitalization of around 90 bln CHF) • Swiss Francs as currency is interesting for investor (safe haven) • Low interest (inflation) environment • Main investors are pension plans, insurance companies, but also foreign investors • Part of Citigroup World Government Bond Indices (0.7%, Duration 7.5 Years) (21 Countries)

  6. Dom/For Nominal Segmentation Swissfranc in Mln Straight Domestic 241'517.0 Foreign 178'952.0 Convertible Domestic 4'350.0 Foreign 8'320.0 Floater Domestic - Foreign 13'835.0 Dual Currency Domestic - Foreign 1'750.0 Total Swissfranc 448'724.0 (Source: SWX Market Statistics, one calculations) SWISS BOND MARKETCHARACTERISTICS • J.P. Morgan is planning to calculate a Swiss Government Bond Index • Table - market statistics as of June 15, 2004

  7. RECENT ACTIVITIES/DEVELOPMENTSEVENTS IN 2003 • Brain Storming Meeting within SBC • Erroneous calculation of SWX Fixed Income Indices • Termination of Pictet Indices • Series of informative Presentation in SBC • IBOXX • SWX • Euro MTS

  8. RECENT ACTIVITIES/DEVELOPMENTSIN THE MEDIA/PUBLIC Interview with FuW (Swiss newspaper on financial markets) at first Bond Congress Presentation in the Method and Measurement committee on Fixed Income performance attribution (London) Update on the Commission in FuW Presentation in Index Commission of the SWX Numerous requests on information about the commission

  9. FIXED INCOME INDICESINDEX COMMITTEES The Swiss Bond Index (SBI) (SWX) Liquid Swiss Index (LSI) (CS Group) Change of inclusion criteria Extension of committee • Introduction of new indices • Get hold of ratings

  10. Company Size FIXED INCOME INDICESSBI INDEX

  11. FIXED INCOME INDICESZKB INDEX Synthetic index (const. duration); similar to REX/PEX rating instead of usual sector subindices computed by SWX inception date 1998 monthly revision of index universe

  12. SWISS BOND COMMISSION STRUCTURE BOARD AGM WORKING GROUPS /COMMITTES LINK EBC SECRETARIAT/ TREASURY Daniela Steinbrink Daniel Egger Wolfgang Marty Jürg Tobler

  13. SWISS BOND COMMISSION REPRESENTATION Financial Institutions Fixed Income Portfolio Management, Research, Trading, Sales, Origination Pension Funds (Public/Private) Swiss Stock Exchange Data Provider Regulator

  14. SWISS BOND COMMISSION BOARD • Wolfgang Marty, Credit Suisse • Daniel Eggler, Postfinance • Michael Tschudin, RüdBlass • Daniel Hunziker, Swissca • Daniela Steinbrink, UBS • Jürg Tobler, Zürcher Kantonalbank

  15. SWISS BOND COMMISSION THE FOUNDING AGM Attendance: 26 people Explicit apologies: 14 people Representation: about 20 institutions Host: Swissca Fund Management Finalization of statues Logo

  16. SWISS BOND COMMISSION PROJECT STAMP DUTY The Stamp duty was introduced in 1918; the current federal law dates from June 27, 1973 and was last revised on January 1, 2001 Urgent, temporary amendments introduced by the Bundesrat on July 1, 2001 will expire in 2005 The latest revision failed a public referendum on May 16, 2004 A working group called “pretime” (Prévoir Droits de Timbre) founded on August 20, 2001 and including members of parliament, administration, external experts and the SWX is working on further improvements

  17. SWISS BOND COMMISSIONPROJECT FAIR VALUE • Asses existing research • Something similar to method and measurement subcommittee • Competence centre for modelling CHF yield curve (standardization) • Platform for discussing general methodical and technical issues

  18. FINAL REMARKSWORK IN PROGRESS / GOALS Creation/Revival of one Home Page Constitution of working group (report on first results of working group) Invitation of further guest speakers (see i.e. paper from Prof. Kugler) Establishing a network between market participants Establishing the SBC as prime contact for questions regarding the Swiss Bond Market

More Related