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European ETF activity highlights for February 2010-NYSE Euronext
March 11, 2010--At the end of February, NYSE Euronext had 517 listings of 469 ETFs from 16 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
* In February 2010, the number of ETFs increased by 34% compared to end of February 2009. An additional 20 new ETFs have already been listed during the first two months of the year.
* Both the daily average number of trades and daily average turnover saw an impressive growth in February 2010. On average, there were 8 549 trades on a daily basis, representing an increase of more than 28% versus February 2009. Daily average turnover registered an even greater boost year-on-year, increasing from €285 million to €413 million in February 2010, or almost 45%. The all-time ETF trading record of 15 228 trades on January 22, 2010 was eclipsed on February 5. That day, there were 24 098 trades and over €1.1 billion was exchanged.
* At the end of February, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €110.8 billion, an increase of 53.3% from the €72.2 billion at the end of February 2009.
* The combination of the flow of 19 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 29.80 bps of all listed ETFs in February 2010, down from 51.74 bps in February 2009.
* NYSE Euronext’s Liquidity Providers program continued to expand as well over the course of February. At the end of the month, 19 Liquidity Providers had a total of 909 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs. In February, 34 new LP contracts were added.
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Source: NYSE Euronext
MEPs back fresh EU money for low-carbon technologies
March 11, 2010--A Parliament resolution, approved on Thursday, welcomes plans to step up EU funding for developing innovative low-carbon technologies to help cut greenhouse gas emissions by 20% by 2020. MEPs want the EU funding to develop applications for these technologies over the next 10 years, but also acknowledge the need of additional private, public and EU resources to hit the target. The text, tabled by the S&D, ALDE and Greens/EFA groups, was approved with 444 votes in favour, 88 against and 32 abstentions.
A Parliament resolution, approved on Thursday, welcomes plans to step up EU funding for developing innovative low-carbon technologies to help cut greenhouse gas emissions by 20% by 2020. MEPs want the EU funding to develop applications for these technologies over the next 10 years, but also acknowledge the need of additional private, public and EU resources to hit the target. The text, tabled by the S&D, ALDE and Greens/EFA groups, was approved with 444 votes in favour, 88 against and 32 abstentions.
EU rejects US criticism over hedge fund curbs
March 11, 2010--European officials on Thursday defended planned new EU legislation regulating high-end financial services from "protectionist" charges, amid anger from US Treasury chief Timothy Geithner.
Michel Barnier, European Commission financial services overlord received a letter from Geithner "regarding plans to regulate speculative funds and alternative funds," commission spokesman Amadeu Altafaj told journalists.
European officials on Thursday defended planned new EU legislation regulating high-end financial services from "protectionist" charges, amid anger from US Treasury chief Timothy Geithner.
Michel Barnier, European Commission financial services overlord received a letter from Geithner "regarding plans to regulate speculative funds and alternative funds," commission spokesman Amadeu Altafaj told journalists.
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Source: EUbusines
France and UK seek hedge fund deal
March 11, 2010--Gordon Brown and Nicolas Sarkozy will on Friday try to hammer out a compromise deal over European Union reforms that the US and UK believe could damage the hedge fund and private equity industries.
The British prime minister shares the concerns of Tim Geithner, US treasury secretary, that a draft EU directive to introduce tighter regulatory controls could impose new barriers to business.
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Source: FT.com
Bonds Denominated In USD To List For The First Time On NYSE Euronext Lisbon Market
March 11, 2010--NYSE Euronext (NYX) is pleased to welcome Banco Português de Investimento as the first listed issuer of non-euro currency on Euronext Lisbon.
Banco Português de Investimento, a company with a market capitalization of € 1.750 billion, will list two bond issues denominated in USD on the Lisbon market of NYSE Euronext on 12th March 2010:
• an issue of USD 6 million of Index Linked Interested Notes “BPI AMERICAN OUTPERFORMANCE 2010-2013” and
• an issue of USD 6 million of Index Linked Interest Notes “BPI JPYUSD 350% 2010-2013”.
Both bonds will be issued under the BPI’s Euro Medium Term Note Programme.
The listing of these two new products will see the start of a service to trade non-Euro currency via NYSE Euronext in Lisbon.
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Source: NYSE Euronext
CESR-Data on Prospectuses approved and passported in the EU from July 2009 to December 2009
March 11, 2010--Introduction
CESR published in June 2007 its “Report on the supervisory functioning of the Prospectus Directive and Regulation” (CESR/07-225) that included some statistical data in relation to the number of prospectus approved and passported for the periods July 2004 to June 2005 and July 2005 to June 2006 (with quarterly disclosure).
Despite the limitations and caveats highlighted when publishing the data, the European Commission and market participants considered the information very useful and welcomed CESR’s initiative. For this reason, CESR has decided to formalise this exercise and to keep on collecting this data on a regular basis (with a quarterly disclosure).
CESR published on 13 June 2008 some tables compiling the data for the period July 2006 to June 2007, on 10 July 2008 the data for the period July 2007 to December 2007, on 14 October 2008 the data for the period January to June 2008, on 30 March 2009 a compilation of the data for the period July 2006 to December 2008 (with a quarterly disclosure) and on September 2009 the data for the period January 2009 to June 2009.
Following those publications, CESR is publishing today the tables below compiling the data for the period July 2009 to December 2009 (with a quarterly disclosure).
The tables reflect the information as provided by CESR members. It is important to note that the competent authorities have different internal databases in place that might lead to some divergences in the data provided.
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Source: CESR
FTSE Wins Award for Global Excellence
March 11, 2010--FTSE Group (“FTSE”), the global index provider has won the coveted Index Provider of the Year award for the fifth time in six years.
“FTSE strive to be the index provider of choice globally, which is why we are so proud to receive this award for the fifth time,” said Mark Makepeace, Chief Executive, FTSE Group. “We will continue to work with leading pension funds across the globe to provide them with innovative and comprehensive benchmarking solutions.”
The Global Pensions Awards are the only pension industry awards which operate on a global scale. The awards were judged by a panel of leading figures from global pension funds and investment consultants, including Richard Grottheim of Swedish Pension Fund AP7, Stuart Leckie of the Hong Kong Retirement Schemes Association, Eric Busay of the California Public Employees Retirement System, and Roger Gray of the Universities Superannuation Scheme.
“FTSE Group provides premier benchmarks for capturing the performance of markets, strategies and asset classes globally. In 2009, they continued to improve and expand their indices, ensuring they remain relevant to pension funds worldwide,” said Alex Beveridge, Editor of Global Pensions Magazine.
Source: FTSE
BNY Mellon Agrees to Acquire BHF Asset Servicing GmbH; Will become second largest asset servicing provider in Germany.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 473 billion in assets under custody & administration, EUR120 billion depot banking volume
March 11, 2010--BNY Mellon, the global leader in asset management and securities servicing, has agreed to acquire BHF Asset Servicing GmbH from BHF-BANK Aktiengesellschaft and Sal. Oppenheim jr. & Cie. S.C.A. for EUR253 million (US$343 million), subject to regulatory approvals. This transaction will include the purchase of BHF Asset Servicing's wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft mbH (FSKAG).
The transaction is expected to be immediately accretive to GAAP EPS, providing an IRR of between 17% and 19%. It is scheduled to close in the third quarter of 2010 and will be funded internally.
BHF Asset Servicing and FSKAG will become part of BNY Mellon's Asset Servicing business. The new combined German business will have EUR473 billion* (US$642 billion) in assets under custody and administration and a depotbanking volume of EUR120 billion (US$163 billion). BNY Mellon becomes the #2 provider by assets held in this key European market, the world's fourth largest economy. In addition, the acquisition expands BNY Mellon's existing capabilities to encompass the provision of German domestic custody and KAG fund administration.
Tim Keaney, Chairman of Europe at BNY Mellon and co-CEO of BNY Mellon Asset Servicing, said: "This transaction expands our capabilities and market share in one of the world's largest fund markets, positioning BNY Mellon at the forefront among securities servicing providers in Germany and creating a strong platform for growth across our businesses."
The new BNY Mellon Asset Servicing business in Germany will offer a full range of tailored solutions for investment companies, financial institutions and institutional investors. It will be headquartered in Frankfurt am Main and have 340 staff. It will be headed by Michelle Grundmann from BNY Mellon, and Juergen P. Frank and Christopher V. Friedrich from BHF Asset Servicing. They will report to Nadine Chakar, Head of Europe, Middle East & Africa (EMEA) at BNY Mellon Asset Servicing.
Juergen P. Frank, Spokesman of the Managing Board, BHF Asset Servicing, said: "Becoming a part of the world's leading asset servicing provider, whose scale, geographic reach and commitment to this business is second to none, is an extremely exciting proposition. It will provide many new opportunities for BHF Asset Servicing clients and staff."
Michelle Grundmann, Managing Director and Branch Head Frankfurt am Main, BNY Mellon, continued: "We've had a successful relationship with BHF-BANK for more than seven years and this transaction was the next logical step for our growing business, one that further underlines our long-term commitment to the German market. Continuity of personnel and service levels will remain our number one priority. As the success of our own post-merger integration demonstrates, BNY Mellon possesses the expertise and resources necessary to ensure that we continue to offer clients the innovation and excellent service they have come to expect."
BNY Mellon has been serving clients in Germany since 1931. The company opened its first office in Frankfurt in 1972 and following this transaction will have 560 people in Germany. In addition to asset servicing, depotbanking and asset management, BNY Mellon is active in Germany in the areas of corporate trust, treasury services, depository receipts and client management. It has over 100 institutional relationships in Germany and offers regional coverage for 14 countries in the German speaking and Central Eastern and South Eastern European region.
A leading provider of local custody, depotbank and fund administration services to some of Germany's largest financial institutions and institutional investors, BHF Asset Servicing has EUR315 billion (US$427.5 billion) assets under custody and administration and a depotbanking volume of EUR94.4 billion (US$128 billion). FSKAG administers assets valued at EUR33.1 billion (US$44.9 billion).
*Includes EUR33.1 billion held by FSKAG
Source: BNY Mellon
UBS admits 69 ETCs to London Stock Exchange
March 10, 2010--The London Stock Exchange today announces that UBS has become a new issuer of Exchange Traded Commodities (ETCs) on its markets. The bank has admitted 69 products in its first major issuance of ETCs in Europe outside Switzerland.
Pietro Poletto, Head of ETFs and ETCs at London Stock Exchange Group, said:
“We are delighted to welcome UBS’s new products today. London is fast becoming the venue of choice for issuers looking to break into the European marketplace for exchange traded products. Our market continues to evolve at an encouraging pace as both the breadth of products, and the level of trading activity, maintain trends of strong growth.”
In the last four weeks two European Exchange Traded Fund (ETF) providers, Osmosis Capital and Marshall Wace Indices, have chosen the London Stock Exchange on which to list their first products.
The average daily value traded in ETFs and ETCs across the London Stock Exchange’s markets in February was £169 million, a 19 per cent increase year-on-year. The average daily number of trades was 3,002, an increase of 11 per cent year-on-year.
Source: London Stock Exchange Group
13 new Xmtch ETFs launched on Xetra
March 10, 2010--Since Wednesday, 13 new Xmtch equity index funds from Credit Suisse’s ETF
offering have been tradable on Xetra®. Of the 13 new products, seven are
tradable in euros, four in US dollars, and two ETFs in pounds sterling.
Two of the new Xmtch ETFs on the EURO STOXX 50 and MSCI EMU indices enable investors to participate in the performance of euro area companies.
The EURO STOXX 50 index is comprised of the 50 largest companies from 12 euro area countries. The MSCI EMU index currently includes 299 companies from 11 countries in the European Economic and Monetary Union. Furthermore, the Xmtch on MSCI Europe allows investors to track the performance of European companies in 16 industrialized nations.
Three additional Xmtch ETFs measure the performance of US companies. Via the Xmtch on the Dow Jones Industrial Average, investors participate in equity performance of the 30 largest US companies. The Xmtch on MSCI USA provides an opportunity to track equity performance of at present more than 600 large to mid-cap US companies selected on the basis of their free-float market capitalization. With the Xmatch on Nasdaq 100, participants can invest in the performance of the 100 largest US and international companies by market capitalization in the computer hardware and software, telecommunication, retail/wholesale and biotechnology sectors.
The two ETFs Xmtch on Nikkei 225 and Xmtch on MSCI Japan are a means for investors to measure Japanese companies’ performance. Xtmch on MSCI Pacific ex Japan enables continued investment opportunity in the performance of companies located in the Pacific region excluding Japan.
The two ETFs Xmtch on FTSE 100 and Xmtch on MSCI UK give investors the option of tracking share performance of companies located in the UK.
The last two Xmtch ETFs enable investment in the performance of the MSCI Canada Index and the FTSE/MIB Index. Xmtch on MSCI Canada is a widely diversified index of companies located in Canada. Xmtch on FTSE / MIB comprises the 40 companies with the highest liquidity and market capitalization that are listed on Borsa Italiana.
The product offering in Xetra’s XTF segment currently comprises 589 exchange-traded index funds, making it the largest offering of all European stock exchanges. With this offering and an average monthly trading volume of around €11 billion, Deutsche Börse’s XTF segment is the leading trading venue for ETFs in Europe.
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Source: Deutsche Börse
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