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UK hedge funds gain from bets on sterling
March 26, 2010--Some of the UK’s biggest hedge funds have made hundreds of millions of pounds by betting on a decline in the value of sterling this year in trades that suggest rising expectations of further falls over the next few months.
Flagship funds of Man Group, Winton Capital and BlueCrest have profited from big positions speculating on the drop in sterling, which has come under pressure over worries over the UK national debt, electoral uncertainty and the sluggish state of the economy.
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Source: FT.com
Europe still split over carbon tax at border
March 26, 2010--European leaders remained divided over whether or not to slap a carbon tax at EU borders at a two-day EU summit that wound up Friday.
French President Nicolas Sarkozy urged European Union leaders to agree to such a tax following the collapse of the Copenhagen climate summit.
But EU sources said some of the 27 heads of state and government remained sceptical, with Austrian Chancellor Werner Faymann notably arguing that "it wouldn't be a good negotiating tactic" in efforts to force carbon offenders such as China or India to take a clean environmental stance.
NASDAQ OMX Starts Trading In Euro STOXX50 Index ETF From Deutsche Bank
March 26, 2010--NASDAQ OMX today starts trading in the db x-trackers DJ Euro STOXX50 Index ETF, an exchange traded fund (ETF) from Deutsche Bank. The ETF is based on the EURO STOXX 50 Index, Europe's leading Blue-chip index for the Eurozone, and will be traded at NASDAQ OMX Stockholm. This is the first product in a broad portfolio of ETFs that Deutsche Bank will launch at NASDAQ OMX Stockholm over the following weeks.
"Jenny Rosberg, Senior Vice President NASDAQ OMX said, "Deutsche Bank is one of Europe's leading issuers of ETF products and we are very pleased to now be able to offer trading in one of their flagship products. Deutsche Bank's entry into the Nordic ETF market will enable our investor community to trade a wide variety of internationally recognized indices in local currency, and thus help grow the popularity of ETFs in the region."
Additional ETFs from Deutsche Bank will track developed market indices such as MSCI World, MSCI Europe, MSCI Japan, DAX and emerging markets such as Brazil, Russia, India and China. The range will be complemented by a range of ETFs tracking daily short indices - ShortDAX, DJ Euro STOXX50 Short Daily Index and DJ STOXX 600 Banks Short Daily Index. For all db x-trackers ETFs, Deutsche Bank will act as a market maker to provide liquidity.
Thorsten Michalik, Head of db x-trackers ETFs at Deutsche Bank commented, "With today's listing at NASDAQ OMX Deutsche Bank marks the opening of its ETF supermarket in the Nordics. We are seeing a significant demand increase in ETFs from both private and professional investors across Europe, and as a result want to broaden the choice of products available to Nordic investors."
Source: NASDAQ OMX
Transaction tax necessary to meet development needs, say MEPs
March 25, 2010--EU Member States must not only deliver on their international aid pledges, but also bring in a financial transactions tax and consider a possible temporary debt moratorium, to help developing countries to cope with the effects of the global financial and economic crisis, say MEPs in a resolution adopted on Thursday. At least 25% of the EU's CO2 emission trading revenue should be allocated to the fight against climate change in developing countries, they add.
During the years running up to the current crises the developing countries already suffered from the food and energy crisis as well as from the impact of climate change. The financial crises exacerbated the difficult situation of these countries (…)
The initially economic crisis is becoming a development, social and humanitarian crisis", declared the rapporteur Enrique Guerrero Salom (S&D, ES), presenting his report in plenary on Wednesday.
The resolution was adopted with 283 votes in favour, 278 against and 15 abstentions.
"Fulfilment of the Official Development Assistance (ODA) commitments is imperative but still not sufficient to tackle the development emergency", so additional innovative sources of development funding are needed, say MEPs.
Need for a levy on international transactions
MEPs are convinced that taxing banking transactions "would be a fair contribution from the financial sector to global social justice". At the same time, they call for an international levy on financial transactions to make the tax system more equitable and to generate additional resources for development funding and global public goods such as water.
Financing climate change measures in developing countries
MEPs call on EU Member States and the European Commission to agree, within the European Union Emission Trading System framework, "to devote at least 25% of the revenues generated from the auctioning of carbon emission allowances to support developing countries in coping with climate change."
Possibility of temporary moratorium on debt repayments
Developing countries are expected to face a huge financial shortfall (estimated at US$ 315 billion in 2010), which imperils spending in vital areas like education, health and social protection, says the resolution
MEPs therefore consider it appropriate "to explore the grounds for an agreement with creditor countries to establish a temporary moratorium or debt cancellation for the poorest countries to enable them to implement countercyclical fiscal policies to mitigate the severe effects of the crisis." Parliament proposes "efforts to facilitate arrangements for debt arbitration".
Combating tax havens and illicit capital flows
MEPs warn that "the negative impact of tax havens may be an insurmountable hindrance to economic development in poor countries", because it undermines national tax systems and increases the cost of taxation.
Tax fraud in developing countries leads to an annual loss of tax revenue corresponding to 10 times the amount of development aid from developed countries, the report underlines.
MEPs therefore call for "a new binding, global financial agreement which forces transnational corporations, including their various subsidiaries, to automatically disclose the profits made and the taxes paid on a country-by-country basis, so as to ensure transparency about sales, profits and taxes."
Reducing remittance costs
One very direct consequence of the crisis for developing countries is the drop in remittances, the money sent home by migrants working abroad. Remittances fell by an estimated 7% in 2009 compared to 2008, which in turn had a considerable impact on the GDP of low-income countries.
To help remedy this, MEPs "ask Member States and recipient countries to facilitate the delivery of remittances and to work towards the reduction of their costs" and welcome the G8 commitment made in L'Aquila "to reduce the cost of remittance transfers from 10 % to 5 % in 5 years."
Source: European Parliment
Budget 2010: Chancellor’s Departments Contribution to Operational Efficiency and Smarter Government Savings
March 25, 2010--Today the Chancellor’s Departments announce they will deliver £261m of savings, as their contribution towards £11bn savings that are being made across Government.
The Budget has today reaffirmed the Government’s commitment to making £11bn of savings a year by 2012/13 from efficiency and streamlining the centre of Government.
The £11bn of savings will contribute to halving net borrowing and protecting key public services. The savings will come following the work of the Operational Efficiency Programme and Putting the Frontline First: Smarter Government.
The Chancellor's Departments will meet this target through a range of activities, including:
saving over £100m by decommissioning and rationalising outdated systems in HMRC, following a successful renegotiation of its contract with its IT partners;
reducing HMRC estates by 130 offices and utilising flexibility in PFI contracts to vacate further properties; and
Putting the Frontline First: Smarter Government
Source: HM Treasury
Turkey declines Finansbank bond request
March 25, 2010--Turkey’s banking regulator has turned down the first request for bond issuance by a commercial bank, and dealt a blow to hopes of rapid development in the country’s stunted corporate fixed-income market.
Finansbank, owned by National Bank of Greece, said on Wednesday that the Banking Regulation and Supervision Board (BDDK) had rejected the sale of asset-backed debt instruments and bonds by commercial and Islamic-style banks.
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Source: FT.com
Germany, France line up IMF-eurozone rescue for Greece
March 25, 2010--Germany and France on Thursday thrashed out a deal to involve the IMF in a rescue package for Greece's ailing economy, as European leaders sought a strategy to halt the euro's slide.
After bloated Athens debts dragged the currency's value to a 10-month low, French President Nicolas Sarkozy and German Chancellor Angela Merkel agreed, just before a European Union summit opened, to bring in the International Monetary Fund alongside bilateral loans.
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Source: EUbusiness
ETF Landscape: European STOXX 600 Sector ETF Net Flows, week ending 19-Mar-10
March 25, 2010--European Stoxx 600 sector exchange-traded funds had 119.9US$M net inflows during the week ending 19 March.
The largest sector ETF inflows were in basic resources with USD159.5m and oil and gas with USD25.1m.
Healthcare experienced net outflows of USD38.8m.
Year-to-date, media has had the largest net inflows with USD291.6m net new assets, followed by utilities with USD118.0m YTD.
Telecommunications sector ETFs have had the largest net outflows with USD295.4m YTD.
In total, Stoxx 600 sector ETFs have seen USD272.6m net inflows YTD.
Source: ETF Research and Implementation Strategy, Blackrock
Six New Lyxor ETFs Launched on Xetra
March 24, 2010--Four more equity index funds and two more bond index funds from Société Générale subsidiary Lyxor International Asset Management’s ETF offering have been tradable on Xetra® since Wednesday.
With the four new equity index ETFs, Lyxor is offering investors the opportunity to participate in the performance of the MSCI real estate indices for the first time. The indices track the performance of companies whose core business is in Asian (ex-Japan), European, US and global real estate markets.
This also includes shares in companies in real estate investment, and real estate management and development.
One of the two new bond index ETFs enables investors to participate in the development of the EuroMTS AAA Government Index for the first time. The underlying index tracks the value of euro-denominated government bonds issued in the euro zone and with AAA ratings.
Moreover, investors have the opportunity to participate in the performance of the Markit iBoxx Euro Liquid Corporate Non Financials Index for the first time. This index contains up to 20 euro-denominated government bonds from companies outside the financial sector. In order for a bond to be included in the index it must have a nominal issue volume of at least €750 million, have been issued at least three years ago and have a residual maturity of at least 18 months. The companies are required to have a rating of BBB– or better.
The product offering in Deutsche Börse’s XTF® segment currently contains a total of 617 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €11 billion, makes Xetra Europe’s leading trading venue for ETFs.
view product list
Source: Deutsche Börse
iShares has lists an additional ETF on the NYSE Euronext European markets today
March 24, 2010--NYSE Euronext is pleased to announce that iShares has listed an additional ETF on the NYSE Euronext European markets today:
ETF name:iShares DJ Euro STOXX 50 (Acc)
ETF ISIN:IE00B4L5YV07
ETF Symbol:IEUA
ETF Bloomberg Ticker:IEUA NA
NYSE Euronext now has 518 listings of 470 ETFs based on more than 300 indices. So far this year, 21 ETFs have been listed on NYSE Euronext’s European markets.
Visit http://www.euronext.com/etf for more info
Source: NYSE Euronext
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