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HSBC launches S&P 500 Exchange Traded Fund
May 17, 2010--HSBC has launched the HSBC S&P 500 ETF, a new exchange traded fund with a total expense ratio of 0.15%.
The HSBC S&P 500 ETF will be listed initially on the London Stock Exchange. Further registrations and cross-listings in Europe are planned over the coming months
According to HSBC, this fund offers investors exposure to the total return performance of the S&P 500 Index, which is widely used to track the stockmarket performance of US companies. The index represents some 75% of the value of the US equities market and comprises 500 of the largest companies in the major industries of the US economy.
The HSBC S&P 500 ETF will aim to invest in the underlying shares of the index in the same proportions in which they are included in the index in order to replicate the total return performance of the index closely. This investment approach is referred to as physical replication and is used by HSBC for all the ETFs, said HSBC.
Farley Thomas, head of ETFs at HSBC, said: "Until now, investors have been limited to just one ETF provider for access to the performance of the S&P 500 Index. The launch of the HSBC S&P 500 ETF brings choice for investors with a highly competitive Total Expense Ratio of just 0.15%. As with our other ETFs, our latest offering can be included in an ISA and can be traded like any other stock on the UK stockmarket but without having to pay stamp duty."
Source: Data Monitor
Standard & Poor’s has licensed seven major European exchange-traded fund sponsors
S&P 500 ETFs Expected to Simultaneously List on Several European Exchanges in May
May 17, 2010--Standard & Poor's, the world's leading index provider, today announced that it has licensed 7 major European ETF sponsors, and is in discussion with others, to create and list Exchange Traded Funds based on the S&P 500, the premier gauge for U.S. stock market performance and the leading barometer of health for the financial markets.
The seven new S&P 500 ETFs are expected to list on exchanges in major European cities beginning today and throughout the month of May, and marks a significant milestone for Standard & Poor's and the European ETF industry as more investors in more markets will be able to trade the S&P 500 in real-time on their local exchanges.
Widely regarded as the best single gauge of the U.S. equity market since it was first introduced in 1957, the S&P 500 Index has over US$3.5 trillion benchmarked to it globally, with index assets comprising approximately US$1 trillion of this total. The Index includes 500 leading companies in leading industries of the U.S. economy.
"There is strong, pent-up demand across all of Europe for access to U.S. market returns, as measured by the S&P 500," says Alex Matturri, Executive Managing Director at S&P Indices. "By licensing major ETF sponsors in strategic markets across Europe, Standard & Poor's is ensuring that investors of all types – from institutional to active traders to self-directed retail investors - will have direct access to the S&P 500 through as many distribution channels as possible via leading product sponsors."
"Demand has also been very strong across Europe for our other core indices, as this year alone, 15 ETFs throughout Europe have been launched based upon Standard & Poor's family of global indices," adds Matturri. "Our strategy is clear: provide greater access to more markets for more investors throughout the world."
The S&P 500 licensing agreements are part of Standard & Poor's aggressive push to provide expanded access to the U.S. equity markets for global investors, and comes on the heels of Standard & Poor's licensing of the National Stock Exchange of India (NSE) to create and list Indian Rupee-denominated futures contracts on the S&P 500. That groundbreaking licensing agreement, jointly from S&P and S&P-licensee Chicago Mercantile Exchange (CME) to NSE, is part of a landmark cross-listing arrangement announced by CME and NSE on March 10, 2010 that provides for CME and NSE to create and list new derivatives products based upon Indian and U.S. equity benchmark indices.
For more information on the S&P 500, please visit www.standardandpoors.com/indices.
Source: Standard & Poors
CESR Invites Comments On Its Draft Guidelines For The Registration Of Credit Rating Agencies
May 17, 2010--CESR publishes today two sets of guidance in the field of Credit Rating Agencies, and invites comments by 18th June.
View-Guidance on Common Standards for Assessment of Compliance of Credit Rating Methodologies with the Requirements set out in Article 8(3)
view Guidance on the Enforcement Practices and Activities to be Conducted under Article 21.3(a) of the Regulation
Source: CESR
Six New db x-trackers ETFs Launched on Xetra
May 17, 2010--Six more db x-trackers equity index funds from Deutsche Bank’s ETF offering have been tradable on Xetra since Monday.
ETF name: db x-trackers FTSE EPRA/NAREIT Developed Europe Real Estate ETF
Asset class: equity index ETF
ISIN: LU0489337690
Management fee: 0.20 percent
Distribution policy: non-distributing
Benchmark: FTSE EPRA/NAREIT Developed Europe Net TR Index
ETF name: db x-trackers FTSE EPRA/NAREIT Eurozone Real Estate ETF
Asset class: equity index ETF
ISIN: LU0489336965
Management fee: 0.15 percent
Distribution policy: non-distributing
Benchmark: FTSE EPRA/NAREIT Eurozone Net TR Index
Two of the new db x-trackers ETFs enable investors to track the performance of listed equity REITs and real estate companies from industrialized European countries or the euro zone.
ETF name: db x-trackers MSCI Canada TRN Index ETF
Asset class: equity index ETF
ISIN: LU0476289540
Management fee: 0.15 percent
Distribution policy: non-distributing
Benchmark: MSCI Canada TRN Index
ETF name: db x-trackers MSCI Europe Value TRN Index ETF
Asset class: equity index ETF
ISIN: LU0486851024
Management fee: 0.20 percent
Distribution policy: non-distributing
Benchmark: MSCI Europe Value TRN Index
ETF name: db x-trackers MSCI Mexico TRN Index ETF
Asset class: equity index ETF
ISIN: LU0476289466
Management fee: 0.45 percent
Distribution policy: non-distributing
Benchmark: MSCI Mexico TRN Index
The three other new db x-trackers ETFs are based on total return net benchmarks from the MSCI index family. The MSCI index methodology focuses on free float market capitalization and aims for 85-percent market coverage within each sector group. The db x-trackers MSCI Canada TRN Index ETF allows investors to participate in the performance of Canadian mid and large caps, and the db x-trackers MSCI Europe Value TRN Index ETF in the performance of European mid and large caps ranked as value stocks. A value stock is the share of a company that is undervalued in terms of price compared with the value of the company and earnings growth in the market, on the basis of the three key indicators below: Price/book value ratio, the ratio of 12-month earnings forecast to price and price/dividend ratio. The db x-trackers MSCI Mexico TRN Index ETF allows investors in Europe to participate in the performance of Mexican mid and large caps for the first time.
ETF name: db x-trackers S&P 500 ETF
Asset class: equity index ETF
ISIN: LU0490618542
Management fee: 0.05 percent
Distribution policy: non-distributing
Benchmark: S&P 500 TR Index
The db x-trackers S&P 500 ETF tracks the S&P 500 Total Return Net Index, for the calculation of which, all dividends and distributions after any tax deductions are taken into account. The index is weighted according to free float market capitalization and in turn tracks the performance of the 500 largest US stock corporations.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 666 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Five New ComStage Equity Index ETFs Launched on Xetra
May 17, 2010--Five new listed bond index funds issued by ComStage have been tradable in Deutsche Börse’s XTF segment since Monday.
ETF name: ComStage ETF CAC 40
Asset class: equity index ETF
ISIN: LU0419740799
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: CAC 40 Total Return Index
ETF name: ComStage ETF CAC 40 Short TR
Asset class: equity index ETF
ISIN: LU0419740955
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: CAC 40 Short Total Return Index
ETF name: ComStage ETF CAC 40 Leverage
Asset class: equity index ETF
ISIN: LU0419741094
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: CAC 40 Leverage Total Return Index
Three of the five new ComStage ETFs on Xetra track the CAC 40 Index, CAC 40 Short Index and CAC 40 Leverage Index. Investors can thus participate in the performance of the 40 leading French companies with single or double leverage. They can also participate in inverse performance with the ComStage ETF CAC 40 Short.
ETF name: ComStage ETF S&P 500
Asset class: equity index ETF
ISIN: LU0488316133
Total expense ratio: 0.18 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Total Return Index
The ComStage ETF S&P 500 ETF tracks the S&P 500 Index, which is weighted according to free float market capitalization and in turn tracks the performance of the 500 largest US stock corporations in terms of market capitalization. The S&P 500 is a total return net index, i.e. all dividends and distributions after any tax deductions are taken into account in the calculation of the index.
ETF name: ComStage ETF NYSE Arca Gold Bugs
Asset class: equity index ETF
ISIN: LU0488317701
Total expense ratio: 0.65 percent
Distribution policy: non-distributing
Benchmark: NYSE Arca Gold Bugs Index
The ComStage ETF NYSE Arca Gold BUGS allows investors to participate in the performance of companies from the gold mining sector. The index tracks short-term movements in the price of gold by accepting companies into the index which hedge their gold production for no longer than 18 months.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 666 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
EU To Draft New Rules, Sanctions For Derivatives
May 17, 2010--The European Union will draft new rules to tighten oversight of derivatives markets and set new fines for manipulating trades in complex financial instruments that some blame for worsening the financial crisis.
EU Financial Services Commissioner Michel Barnier said Monday that regulators had to know more about derivatives and the investors behind them. He would demand all products and trading to be registered with trade depositories that regulators could access.
"These people don't like coming out in the light so we are going to flood them with light," he said.
The $600 trillion sector is largely unregulated at present, with many trades taking place privately between investors. Derivatives are financial contracts that do not require a trader to own the underlying security or financial asset. They include swaps, options and more complex instruments.
read more
Source: Associated Press
db x-trackers listet ETFs auf Immobilien, Substanz-Aktien, sowie Aktienmärkte in Mexiko, Kanada und USA
May 17, 2010--db x-trackers hat seine Produktpalette ausgebaut und sechs weitere ETFs auf
verschiedene regionale Aktienmärkte sowie auf europäische Immobilienaktien an der
Deutschen Börse gelistet.
Mit zwei der neuen db x-trackers ETFs bekommen Anleger die Möglichkeit, die
Wertentwicklung von börsennotierten REITS (Real Estate Investment Trusts) sowie Immobiliengesellschaften der europäischen Industrieländer beziehungsweise aus der
Eurozone abzubilden. Die FTSE EPRA/NAREIT-Indizes sind nach der
Marktkapitalisierung gewichtete Indizes, die die Wertentwicklung europäischer
börsennotierter Equity-REITs und Immobiliengesellschaften abbilden und eine
diversifizierte Abdeckung der Immobilienmärkte bieten.
Eine Innovation stellt der db x-trackers MSCI Mexico TRN Index ETF dar. Erstmals können Anleger in Europa die Wertentwicklung von mexikanischen Unternehmen mit hoher und mittlerer Marktkapitalisierung abbilden. Mexiko ist die zweitgrößte Volkswirtschaft Lateinamerikas nach Brasilien und zeichnet sich durch dynamisches Wachstum aus. Die Analysten von Deutsche Bank Research erwarten für 2010 ein Wirtschaftswachstum von 3,5 Prozent. Mit dem db x-trackers MSCI Canada TRN Index ETF bekommen Anleger die Möglichkeit, die Wertentwicklung von kanadischen Unternehmen mit hoher und mittlerer Marktkapitalisierung abzubilden.
Der db x-trackers MSCI Europe Value TRN Index ETF bildet die Wertentwicklung von europäischen Unternehmen mit hoher und mittlerer Marktkapitalisierung ab, die als „Substanztitel“ eingestuft werden. Ein Substanztitel ist die Aktie eines Unternehmens, das angesichts seines Aktienkurses im Vergleich zu seinem Unternehmenswert und Ertragswachstum am Markt auf Basis der drei folgenden Kennzahlen unterbewertet ist: Kurs/Buchwert-Verhältnis, Verhältnis Gewinnschätzung auf 12-Monats-Sicht zum Aktienkurs sowie das Verhältnis von Aktienkurs und Dividendenrendite.
Mit dem db x-trackers S&P 500 ETF wird der S&P 500 Total Return Net Index abgebildet, bei dem alle Dividenden und Ausschüttungen nach Abzug gegebenenfalls anfallender Steuern in der Indexberechnung berücksichtigt werden. Die Pauschalgebühr beträgt lediglich 0,2 Prozent p.a.. Der S&P 500 ist ein nach Streubesitz-Marktkapitalisierung gewichteter Index, der die Wertentwicklung der 500 größten US-amerikanischen Aktiengesellschaften abbildet
Überblick über den neuen db x-trackers ETF
db x-trackers: FTSE EPRA/NAREIT Dev. Europe Real Estate ETF
Währung:Euro (EUR)
Pauschalgebühr: 0,40 %
(p.a.) ISIN:LU0489337690
db x-trackers: FTSE EPRA/NAREIT Eurozone Real Estate ETF
Währung:Euro (EUR)
Pauschalgebühr: 0,35 %
(p.a.) ISIN:LU0489336965
db x-trackers: MSCI Mexico TRN Index ETF
Währung:US-Dollar
Pauschalgebühr: 0,65 %
(p.a.) ISIN: LU0476289466
db x-trackers: MSCI Canada TRN Index ETF
Währung:US-Dollar
Pauschalgebühr: 0,35 %
(p.a.) ISIN:LU0476289540
db x-trackers: MSCI Europe Value TRN Index ETF
Währung: Euro (EUR)
Pauschalgebühr: 0,40 %
(p.a.) ISIN: LU0486851024
db x-trackers: S&P 500 ETF
Währung: US-Dollar
Pauschalgebühr: 0,20 %
(p.a.) ISIN: LU0490618542
Source: db x-trackers
Euro plunge undermines bail-out gains
May 14, 2010--Stronger-than-expected US industrial production numbers and retail sales figures failed to lift the mood of global investors on Friday as worries about eurozone sovereign debt intensified, sending the euro to a new 18-month low against the dollar.
The VIX index of market volatility jumped 17 per cent, shares were sold off sharply around the globe, and crude oil dropped to three-month lows.
Source: FT.com
DB Equity Research -European Weekly ETP Market Review: The Three MuskDAXiers
May 14, 2010-Highlights
Uncertainty fueled by Euro-zone sovereign solvency concerns, US stock market trading system errors, regulatory investigations and elections in the UK and Germany ensured that the week just passed went down in history, one that saw some of the largest intra-day market drops since records began. Yet, the exchange-traded products market saw total inflows of €9.1 billion, the largest weekly flows so far this year, continuing a very strong inflow pattern that has characterized 2010.
Market Watch: Massive daily equity market drops and increased volatility
The week just passed was marked by a sell-off that marred riskier assets in both Europe and the US markets, leading to a very large rise in equity market volatility levels. The European VSTOXX index, based on Euro Stoxx 50 real time options prices and reflecting market expectations of near-term volatility,rose an astounding 72% for the week that ended May 7 2010. Equities and fixed income fell across the board, while the price of gold and the US dollar rose (against the Euro – 4.9% - and the British pound - 4.1%).The Euro Stoxx 50 index dropped 11.2% by the end of the week, while the German DAX fell 8.9%. Gold (USD) price continued to rise, finishing the week up 2.6%, following gains for the prior two weeks of 2.4% and 1.5% respectively. The iBoxx Euro Sovereign 3-5 years was down 1.2%.
ETP Weekly Flows: Saved by the Three MuskDAXiers
.. Overall European market inflows for the week reached €9.1 billion, primarily led by €8.5 billion of equity inflows. Fixed income and commodities saw more muted inflows of €344 million and €319 million respectively. Currency and alternative ETPs experienced inflows of just €30 million. .. The inflows of the equity ETP market were driven by three funds, which together accounted for €9.7 billion of inflows. All of those three ETFs have one common characteristic: they all relate to the German equity market DAX Index. The iShares DAX (DE), iShares DivDAX (DE) and the ETFlab DAX saw inflows of €6.0 billion, €2.5 billion and €1.3 billion respectively. The vast majority of these inflows occurred on May 6th, when the DAX finished the day down 0.84%. The DAX rose 8.8% between May 6th and May 13th... While certainly very nicely timed, it is unlikely that these inflows represent macro plays. As the German domiciled DAX ETFs get 100% dividends, the sheer size of these flows together with the fact that the German dividend season is approaching, leads us to think that these flows have originated from banks and are unlikely to represent sticky money over the long term... Adjusting for the massive inflows into these three funds (totaling €9.7 billion), the rest of the European equity ETP market saw outflows of €1.3 billion, a trend that is certainly consistent with the sell-off observed across equity markets in both Europe and the US over the week... Fixed income ETPs experienced overall inflows of €344 million, largely carried by inflows into sovereign ETFs (€292 million) and money market ETFs (€76 million). ETFs tracking CDS indices (primarily iTraxx) saw outflows of €49 million... Precious metals inflows continued this week, totaling €294 million, contributing to the commodity ETPs sector amassing total inflows of €319 million. ETPs targeting broad commodity indices saw inflows, albeit weaker, of €17.0 million while energy saw overall outflows of €4 billion. Overall, flows for commodity ETPs were largely muted, with the exception of precious metals, most of which came from the gold sector (€270.9 million). Gold continues its strong performance run this year, up 13.0% YTD, following an increase of 24.4% in 2009.
Both fixed income and commodity inflows (sovereign, money market, gold) together with the net adjusted (excluding the three DAX funds) equity outflows point to a retreat into safer assets over the week. While sovereign concerns played a big role in generating market uncertainty, sovereign fixed income ETFs saw inflows which seem like an oxymoron, given the Euro-zone solvency concerns. We believe that this is largely due to the fact that due to its current credit rating, Greece has dropped off from the benchmark indices that these ETFs track.
New Listings and De-listings
New listings activity was very subdued over the week that finished on May 7.There were no new product launches, while there were a handful of crosslistings.
Turnover
European average daily ETP turnover reached an all-time high of €477, rising by an incredible 23.1% and totaled €2.5 billion over the five working day week.Turnover in the single European country (38.9%) and European regional (28.7%) ETPs had the most significant increase within equity ETPs. Strategy ETPs (Leveraged, Short and Leveraged Long) as a sub group also experienced increased turnover activity.Outside equity, we should note increases in daily average turnover of fixed income sovereign and precious metals of 61.7% and 62.0% respectively, driven by reallocations that took place in the latter part of the week.
Assets Under Management (AUM)
Despite extremely negative performance across major European equity markets, ETP AUM rose by a moderate 1.4%, totaling €192 billion at the end of the week. Equity ETPs had the lion’s share with €123 billion and 64% of market share, followed by Fixed Income funds with €39 billion and 21% of market share. Strong equity inflows helped avert AUM experiencing a negative week. European ETP AUM are up 12.7%.to request report
Source: Christos Costandinides-Deutsche Bank - Equity Research
Bank of Ireland to raise €1.6bn
May 14, 2010--Bank of Ireland last night announced a deeply discounted rights issue to raise €1.6bn (£1.4bn), in a move aimed at boosting its capital buffers to absorb losses on its property loan book.
The three-for-two rights issue, priced at 55 cents a share, represents a 64 per cent discount to yesterday's closing price of €1.53.
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Source: FT.com
