Admission of Irish ETFs to trading on the London Stock Exchange
January 19, 2010--One of the main objectives in structuring Exchange Traded Funds (ETFs) is accessing large
capital markets. Many ETFs consider a main market listing on the London Stock Exchange
(LSE) as the best means of accessing liquidity and increasing their profile. However an LSE listing involves significant time and financial considerations.
There is now an alternative way to access the Main Market of the LSE, reducing costs and
time significantly.
The introduction of EU Directives has resulted in a distinction between the concepts of being “listed” and “admitted to trading”. A security that is “listed” on an exchange has been vetted by the relevant exchange and is compliant with the suitability standards and conditions for listing laid down by that exchange. A security that is “admitted to trading” has been approved by a competent authority in another EU jurisdiction and must be recognised by the “host” exchange, with the relevant securities being allowed to trade on the host exchange.
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Source: Dillon Eustace
UBS Global Asset Management will launch a new product in the ETF Segment of the SIX Swiss Exchange
January 19, 2009--SIX Swiss Exchange is pleased to inform you that a new product will be listed and traded in the Exchange Traded Funds segment
UBS Index Solutions - Gold (CHF) hedged ETF I
Valor:10602713
Trading Symbol: AUCHIH
Ticker:CH0106027136
UBS Ltd has concluded a Market Making contract with the SIX Swiss Exchange and consequently commits to be the Market Maker for this product.
This means that the ETF segment will soon comprise 313 products. The first trading day will be 22 January 2010; the opening will take place at 09:15 a.m. The order-books will be open and available to traders for entering orders from 21 January 2010.
Source: SIX Swiss Exchange
Fourth Purple Book published
January 19, 2010--The Purple Book 2009 – the fourth to be published – uses information relating to 97 per cent of the defined benefit schemes eligible for PPF compensation (6,885 schemes, representing some 12 million defined benefit pensions ) and 99 per cent of their estimated total liabilities
Much of the analysis in the Purple Book 2009 is based on new information contained in the returns which schemes provided to the regulator by the end of March 2009. These returns contain details about such things as scheme valuation, asset allocation and membership.
view the Purple Book 2009 - Chapter 1: Executive Summary
view the Purple Book 2009 - Full Version
Source: Pensions Regulator
Julius Baer plans launch of new precious metals ETPs
January 19, 2010--Julius Baer Precious Metals Funds will launch three new exchange-traded products backed by platinum, palladium and silver to be traded on the SIX Swiss Exchange, fund manager Swiss & Global Asset Management said.
The products, will issue securities backed by physical stocks of the relevant precious metals which will be stored in bank vaults in Switzerland. JB Precious Metals Funds already include a gold-backed product.
Julius Baer Precious Metals Fund executive director Stephan Mueller said the funds' launch was a logical step in the development of the bank's ETP portfolio, especially as the industrial precious metals may benefit from a broader economic recovery this year.
Source; Yahoo News
Mapping of duties and liabilities of UCITS depositaries
January 19, 2010-- On January 18, 2010 CESR published the Mapping of duties and liabilities of UCITS depositaries.
view the document
Source: CESR
Amundi Launches 13 New ETFs On NYSE Euronext Paris - 10 Are Without Precedent
January 19, 2010--Following the launch of 41 ETFs in 2009, Amundi is pursuing CASAM ETF’s development strategy by listing 13 new products on NYSE Euronext Paris, 10 of which are without precedent:
• Six unprecedented short bond ETFs
This series of ETFs, unique in Europe, replicates the EuroMTS Eurozone Government Broad index, benefiting from advantageous market conditions and allowing investors to position themselves for a potential rise in interest rates. These products offer a reverse exposure to EMU government bonds with maturities ranging from 1 to 15 years.
• Four new commodity ETFs, three of which are unique
CASAM ETF now offers a new ETF category which provides investors with an exposure to the main underlying commodities. These four new ETFs replicate the S&P GSCI Light Energy, S&P GSCI Non Energy, S&P GSCI Metals and S&P GSCI Agriculture, offering investors opportunities for portfolio diversification.
• Two European equity ETFs
CASAM ETF is extending its regional ETF range by creating two new products based on the MSCI Europe index, providing exposure to European equities excluding Switzerland or EMU markets.
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• One emerging market ETF CASAM ETF is completing its range of emerging markets ETFs with the launch of a product based on the MSCI Brazil index. This product allows investors to gain exposure to the leading Brazilian stocks through a single transaction.
The CASAM ETF range now comprises 78 products which, with management fees among the lowest on the market, are characterised by their competitive pricing.
As part of the CASAM ETF product range, these new products are distributed by a dedicated sales team at CA Cheuvreux and by the sales teams of Amundi.
For more information, visit casametf.com.
Valérie Baudson, Managing Director of CASAM ETF states: “This launch confirms our wish to continually enhance our range and our capacity to provide innovative products. Our products now cover all asset classes, responding to investors’ needs while maintaining our competitive pricing policy.”
Thierry Ancona, Head of Sales, Continental Europe at CA Cheuvreux, comments, “The depth and quality of CASAM ETFs, combined with our competence in execution services, positions CA Cheuvreux as a key partner, capable of offering international institutional clients high performing solutions which are adapted to changing market conditions”
Scott Ebner, Senior Vice President, Exchange Traded Products of NYSE Euronext, comments: “We are very happy to welcome this first ETF product launch of 2010, which continues to expand the range of ETFs available on NYSE Euronext. The new products listed by Amundi Investment Solutions, notably the Short Bond ETFs which are the first on our markets, offer investors an increased choice of products and additional investment strategies.”
CESR introduces new working structures to increase efficiency and to prepare for ESMA
January 19, 2010--CESR has introduced a new working structure to deliver its many priorities from the outset of 2010. This change in working structures of CESR will streamline processes and redefine the role of CESR’s technical groups and of its plenary meeting, which brings together all the national chairs and acts as the Committee’s instance for final decision taking.
As a result, from January 2010 on, CESR will conduct its work through Standing Committees (SC), dealing with issues ranging from corporate reporting and finance to market surveillance and enforcement or secondary markets, intermediaries and credit rating agencies. Each of these Standing Committees will be supported by one or more member(s) of the CESR Secretariat. Up to now, CESR’s work was conducted by expert and operational groups, however, this will now be organised under eight SCs, two panels, and numerous taskforces and networks. Following the re-organisation, new chairs to lead the SC’s work have been appointed. (See table in Annex for a brief summary of the major roles each Committee plays and the respective Chair).
The restructuring of CESR has been considered carefully to ensure that the new responsibilities that the future new authority, known as the European Securities and Markets Authority (ESMA), is anticipated to receive, could be carried out effectively, if necessary, within this structure. By re-modeling CESR’s internal organisation now, it should be possible to ensure a smooth transition to ESMA, once it is created.
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Source: CESR
db x-trackers baut mit neuen Renten-ETFs Führungsposition aus
January 19, 2010--db x-trackers hat zwei weitere Renten-ETFs an der
Deutschen Börse gelistet und will damit seine Führungsposition im Bereich Liquidität
(Quelle: Xetra, Dezember 2009) des Renten-ETF Segments weiter ausgebauen. Die
zwei neuen ETFs bilden Indizes ab, welche die Wertentwicklung von Anleihen der
Bundesrepublik Deutschland nachvollziehen. Die beiden ETFs sollen sich mit Hilfe
der Deutschen Bank als Market Maker als die liquidesten Renten-ETFs der db xtrackers Produktpalette etablieren. Insgesamt bietet db x-trackers nun in
Deutschland 32 börsengelistete Renten-ETFs an.
Mit dem db x-trackers II EONIA Total Return Index ETF stellt db x-trackers bereits
den liquidesten ETF (gemessen am Xetra Liquiditätsmaß XLM), sowie den meist
gehandelten ETF auf Xetra (Quelle: Xetra, Dezember 2009
ETFs auf iBoxx Germany:
Die ETFs bilden, über je einen iBoxx Germay Index, Staatsanleihen ab, die von der
deutschen Regierung begeben werden und auf Euro oder auf eine der vor der Euro-
Einführung begebenen Währungen lauten. Der erste ETF umfasst sämtliche
Laufzeitkategorien, der zweite ETF umfasst deutsche Staatsanleihen mit Laufzeiten
von ein bis drei Jahren. Innerhalb des jeweiligen Index werden die einzelnen
Anleihen auf Basis ihres ausstehenden Volumens gewichtet. Die Anleihen müssen
am Neugewichtungstag eine Restlaufzeit von mindestens einem Jahr aufweisen, um
in den Index aufgenommen werden zu können. Für alle Anleihen ist ein
ausstehendes Volumen von mindestens zwei Milliarden Euro erforderlich, um für
eine Aufnahme in den Index in Betracht zu kommen. Beide ETFs haben eine
Pauschalgebühr von 0,15 Prozent p.a. und bieten jährliche mögliche
Ausschüttungen.
Überblick über die neuen db x-trackers Renten-ETFs:
ISIN
IBOXX € GERMANY TOTAL RETURN INDEX
Währung:Euro (EUR)
Pauschalgebühr
(p.a.):0,15%
ISIN:LU0468896575
IBOXX € GERMANY 1-3 TOTAL RETURN INDEX
Währung: Euro (EUR)
Pauschalgebühr
(p.a.): 0,15%
ISIN:LU0468897110
Source: db x-trackers
Two New ComStage Bond Index ETFs Launched on Xetra
January 18, 2010--Since Monday, two additional ComStage bond index funds from Commerzbank’s ETF offering have been tradable on Xetra®.
ETF name: ComStage ETF iBoxx € Liquid Sovereigns Diversified 3m-1 TR
Asset class: bond index ETF
ISIN: LU0444605728
Management fee: 0.12 percent
Distribution policy: non-distributing
Benchmark: Markit iBoxx € Liquid Sovereigns Diversified 3m-1 Total Return Index
ETF name: ComStage ETF iBoxx € Sovereigns Germany Capped 3m-2 TR
Asset class: bond index ETF
ISIN: LU0444606700
Management fee: 0.12 percent
Distribution policy: non-distributing
Benchmark: Markit iBoxx € Sovereigns Germany Capped 3m-2 Total Return Index
The new ETFs enable investment in the performance of government bonds with short maturities. The Markit iBoxx € Liquid Sovereigns Diversified 3m-1 Total Return Index tracks the most liquid government bonds denominated in euros with maturities of three months to one year issued by governments in the euro zone. The Markit iBoxx € Sovereigns Germany Capped 3m-2 Total Return Index tracks the performance of government bonds denominated in euros with maturities of three months to two years issued by the German government.
The product offering in Deutsche Börse’s XTF segment currently comprises 552 exchange-listed index funds, making it the largest offering of all European stock exchanges. With this offering and an average monthly trading volume of 11 billion euros, Xetra is the leading trading venue for ETFs in Europe.
Source: Deutsche Börse
STOXX Limited Announces New Management Structure
January 18, 2010--STOXX Limited, the leading provider of European equity indices, today announced changes to its corporate structure. With immediate effect, STOXX will be governed by a board of directors and a management board. These changes are announced after Deutsche Börse and SIX Group completed their acquisition of STOXX Limited.
The four members of the board of directors are: Dr. Holger Wohlenberg, Managing Director, Market Data & Analytics, Deutsche Börse Group; Werner Bürki, Member of the Management Committee, SIX Swiss Exchange; Ursula C. La Roche-Ender, Group CFO Division Finance & Risk, SIX Group, and Andreas Rötheli, Partner, Lenz & Staehelin. Mr. Wohlenberg assumes the role of Chairman of the Board and Mr. Bürki will be Vice-Chairman.
The new management board includes Dr. Hartmut Graf, who joins STOXX Limited as Chief Executive Officer (CEO), and Patrick Valovic, who has been promoted to Chief Financial Officer (CFO). Ricardo Manrique decided to step down as CEO of STOXX Limited and pursue different career opportunities.
Mr. Graf has extensive experience with index products, portfolio- and risk management, portfolio theory as well as investment- and derivative strategies. Most recently he was responsible for the index business of Deutsche Börse, where he oversaw the development, maintenance and marketing of Deutsche Börse’s suit of indices. Flagship of this index family is the prominent German DAX index. Prior to joining Deutsche Börse, Mr. Graf spent four years with Roland Berger, consulting clients from the financial services industry. He started his career in product management and research in the fixed income department in the investment banking division of Commerzbank. Mr. Graf holds a Ph.D. in theoretical physics. Mr. Valovic has been with STOXX Ltd. for ten years, most recently in the position of Director of Business Operations.
Source: Stoxx
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