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ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows week ending 22-Jan-10
January 27, 2010--Highlights
Last week saw US$173.7 Mn net inflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Utilities with US$140.4 Mn and Oil & Gas with US$100.7 Mn while Banks experienced net outflows of US$63.5 Mn.
Year-to-date, Utilities has been the most popular sector with US$150.1 Mn net new assets, followed by Oil & Gas with US$114.8 Mn net inflows. Food & Beverage ETFs have been the least popular with US$90.4 Mn net outflows YTD
The assets invested in the ETFs are greater than the open interest in the corresponding futures contract in all 19 sectors.
Visit Blackrock for more information.
Source: ETF Research and Implementation Strategy Team, Blackrock
Dow to underlie ETF in Switzerland
January 27, 2010--The Dow Jones Industrial Average has been licensed to Credit Suisse to serve as underlying for an exchange-traded fund.
The Xmtch (IE) on Dow Jones Industrial Average is available at the SIX Swiss Exchange.
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Source: ETF Express
Climate Solutions ETF to list on LSE on 8 February
January 27, 2010--The ETF will track the Osmosis Climate Solutions Index, which was developed with the assistance of HSBC’s quantitative techniques business.
The index is a passive basket of global companies whose primary business is to create technologies, products and solutions that help the world move towards a more sustainable, low carbon economy.
The basket is reviewed and rebalanced every six months to maintain a diverse exposure to the global clean technology theme.
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Source: ETF Securities
Eurex Admits First Japanese Broker via Singapore
Mizuho Securities (Singapore) Pte. Ltd. connected since mid January 201January 26, 2010--The international derivatives exchange Eurex announced today that it admitted the first Japanese broker out of the Republic of Singapore. Mizuho Securities (Singapore) Pte. Ltd., a subsidiary of Mizuho Securities Co., Ltd. was connected on 18 January 2010 to the Singapore Access Point of Eurex.
"We are very pleased to welcome the first Japanese broker out of Singapore”, said Michael Peters, member of the Eurex Executive board. “Through the connection to our Access Point, Mizuho Securities (Singapore) Pte. Ltd. and its institutional customer base now have direct and reliable access to our international trading network and our full product suite.” Eurex currently serves more than 410 members in 25 countries.
Eurex has been active in Singapore since 2005, when it received regulatory approval by the Monetary Authority of Singapore. Since June 2006, Eurex has been operating an Access Point in Singapore for customers from the region. In September 2009, Eurex opened its Representative Office in Singapore, manager of the office is Philip Joslin.
Source: Eurex
Government publishes proposals to enhance UK attractiveness to multinationals
January 26, 2010--The Government today published a discussion document on proposals for reforming the UK tax treatment of controlled foreign companies (CFCs).
The proposals set out in the discussion document are intended to enhance the competitiveness of the UK, while providing adequate protection of the UK tax base. The discussion document sets out the overarching framework of the new rules and proposals for how monetary assets and intellectual property could be treated.
Financial Secretary to the Treasury Stephen Timms said:
“Modernising these rules is crucially important to maintaining and enhancing the UK’s attractiveness as a base for global business. This report, drawing on our discussions with businesses, is a key step in designing a system that better recognises the way multinationals operate today, while protecting our tax base.”
The controlled foreign company rules exist to protect the UK corporation tax base and apply in situations where UK groups move profits into low tax jurisdictions to avoid UK tax. This reform forms the second part of the foreign profits package. The first part was introduced in Finance Act 2009 and included an exemption for foreign dividends and an interest restriction measure.
view the discussion document-Proposals for controlled foreign companies (CFC) reform: discussion document
Source: HM Treasury
iShares has launched four ETFs on the London Stock Exchange.
January 26, 2010--Three are single country, core building block funds in both developed and emerging equity markets, while the fourth is an accumulating version of the iShares DJ Euro Stoxx 50.
The new iShares MSCI Australia, iShares MSCI Canada and iShares MSCI South Africa ETFs provide exposure to companies in predominantly the financial and commodities sectors and complement iShares' existing single country range of ETFs.
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Source: ETF Express
New MiFID requirements for the reporting of Exchange Traded Derivatives (ETD) and other complex derivatives
January 26, 2010--Since November last year, firms have been required to submit defined transaction reports to a Competent Authority (regulator), therefore, firms have been reporting transactions with an ISIN (International Securities Identification Number) and Over the Counter (OTC) transactions through Approved Reporting Mechanisms (ARMs) to Competent Authorities.
While ISIN codes are recognised as the international standard for identifying securities, there are problems when ISIN codes are used to identify derivatives on certain markets.
As a result, the Committee of European Securities Regulators (CESR) decided that in addition to ISIN codes, Alternative Instrument Identifier (AII) codes would be introduced as a way of identifying transactions in derivatives on certain markets. The obligation to report transactions in Exchange Traded Derivatives that could not be described using ISIN codes was waived by CESR pending further discussion and development.
CESR stipulated in paper CESR/07¬627b that the AII code will be composed of six mandatory elements:
Exchange Code – Four character ISO 10383 MIC code of the regulated market that admits the derivative to trading
Exchange Product Code –Code maintained by the derivative exchanges. It is between one and 12 characters long and is uniquely associated with a particular underlying instrument and settlement type, and other characteristics of the contract
Derivative Type – Single character field identifying whether the instrument is an option or a future
Put/Call Identifier – Single character field identifying whether the derivative is a Put or a Call Option
Expiry/Delivery/Prompt Date – Exercise date/maturity date of a derivative contract. ISO 8601 YYYY-MM-DD standard
Strike Price – The strike price of an option or other financial instrument. There is no strike price for futures.
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Source: Xtrakter
New ComStage Bond Index ETF Launched on Xetra
January 25, 2010--An additional ComStage bond index fund from Commerzbank’s ETF offering has been tradable on Xetra® since Monday.
ETF name: ComStage ETF iBoxx € Sovereigns Inflation-Linked Euro-Inflation TR
Asset class: bond index ETF
ISIN: LU0444607187
Management fee: 0.17 percent
Distribution policy: non-distributing
Benchmark: Markit iBoxx € Sovereigns Inflation-Linked Euro-Inflation Total Return Index
This new ComStage ETF gives investors a further opportunity to invest in the performance of government bonds. The underlying index tracks the performance of inflation-linked government bonds with a residual maturity of at least one year which are denominated either in euros or a former currency of the euro zone.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 555 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 euros, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Each outlines CCP risk management recommendations
January 25, 2010--This document is the result of work undertaken by EACH risk experts since the finalisation of the ESCB-CESR Recommendations and provides further guidance concerning voluntary enhancements to CCPs' risk management.
The preparing of these Recommendations demonstrates EACH's strong commitment to improving risk standards and contribute to the regulatory process at this crucial time. EACH produced the first set of agreed Risk standards in 2001, pre-dating both the CPSS-IOSCO and ESCB-CESR documents, and this text continues that leading role. Not all of these Recommendations may be relevant to all CCPs.
EACH and its members will continue to work closely with the European Commission, ESCB-CESR, CPSS-IOSCO and supervisory authorities to further refine and develop international standards and contribute to legislative proposals.
view the Supplementary Risk Recommendations
Source: EACH
New structure for SIX Swiss Exchange website
January 25, 2010--The updated SIX Swiss Exchange website, featuring a new
structure, will go live on 25 January 2010. Exchange participants,
issuers and investors can now access the content relevant to them
directly from the home page.
SIX Swiss Exchange are also easier to
find, with both accessible from the main menu.
The SIX Swiss Exchange website, www.six-swiss-exchange.com, is used by more than 30,000 people every day. The new navigation structure channels the website according to visitors’ differing needs right on the home page. To this end, new sections have been created that allow participants/traders, investors and issuers to call up information tailored specifically to them in a concise form.
The website update has also increased the range of information available
for issuers. Current and prospective issuers alike can find information on
the Swiss financial market and on listing, for example. The main menu
also gives investors access not only to the statistics section, but also to a
new index section that provides an overview of the approximately 1,400
SIX Swiss Exchange indices.
Source: SIX Swiss Exchange
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