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EU clears Deutsche deal for Sal. Oppenheim
January 29, 2010--European regulators on Friday cleared a 1.0-billion-euro (1.39 billion dollars) deal for Germany's biggest lender Deutsche Bank to buy Sal. Oppenheim, a Luxembourg-based private banking group.
The takeover marks the end of Sal. Oppenheim's independence since it was founded in 1789.
"The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the banking group Sal. Oppenheim by Deutsche Bank," a statement said.
A European Commission investigation found that "the horizontal overlaps between the activities of Deutsche Bank and Sal. Oppenheim, such as the distribution of mutual funds and the provision of private banking services, are limited" and therefore no impediment to approval.
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Source: EU Business
UBS launches ETN linked to S&P 500 Gold Hedged Index
January 29, 2010--UBS Investment Bank has expanded its UBS E-Tracs exchange-traded notes platform by adding an ETN linked to the S&P 500 Gold Hedged Index.
The UBS E-Tracs S&P 500 Gold Hedged ETN has begun trading on NYSE Arca under the ticker symbol, SPGH, and provides an accessible way to gain exposure to the S&P 500 while using gold as a hedge against declines in the value of the US dollar.
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Source: ETF Express
SOURCE Announces Launch Of Its Russian ETF: (RDX Source ETF)
January 28, 2010--Source is pleased to announce the launch of its Russian ETF
(RDX Source ETF) which is linked to the Wiener Börse’s Russia Depository Price Return Index (RDX). This is the first Russian ETF in the European Market to be denominated and traded in US dollars.
The ETF pays quarterly dividends distribution. In Russia there are often discrepancies between announced and paid dividend which leads to inefficiencies and smaller payouts to
ETF investors. The RDX Source ETF will distribute the dividend equivalent to the amounts actually received with respect to the companies included in the RDX index, creating a more
effective passive trading product.
RDX is a capitalisation-weighted price index and is made up of ADRs/GDRs of Russian blue chip stocks, which are continuously traded at London Stock Exchange (LSE). Calculated in
USD and disseminated in real-time by Wiener Börse. The initial level of the RDX was set to 1,000 as of 8 October 1997.
Product Name :RDX Source ETF
Bloomberg Ticker:RDXS LN
Fund and trading currency :USD
Listing :London Stock Exchange (LSE)
Index Name :Russian Depository Price Return Index (RDX)
Index Ticker:RDXUSD
Source: Source ETF
Hampton review concludes the Pensions Regulator has successfully embedded Better Regulation
January 29, 2010--The Better Regulation Executive (BRE) and National Audit Office (NAO) have today published the report of their independent review into the Pensions Regulator's risk-based approach to regulation.
One of a series of reviews to audit national regulators' performance against the Better Regulation agenda, the report concludes that the regulator has thoroughly embedded the Hampton principles at both operational and strategic levels - and identifies examples of good practice across the range of areas.
The report highlights a number of key strengths at the regulator, including:
a pragmatic approach - responsive to changing economic circumstances and business needs;
a risk-based approach integrated in the culture of the organisation; good stakeholder relations and a willingness to consult meaningfully and transparently with the pensions community;
effective systems for identifying and addressing risks to pension schemes proportionately, allocating resources to the most serious issues on the basis of an assessment of these risks;
a learning culture within the organisation; a clear and developing evidence base as the foundation for regulation.
Welcoming the report, Angela Eagle, Minister of State for Pensions and the Ageing Society said:
"Effective regulation to protect members' benefits is essential work. Recognition for implementing good practice is a testament to the ongoing efforts of this important organisation."
view the The Pensions Regulator
A Hampton Implementation Review Report
Source: Pensions Regulator
Review of internal controls code of practice and guidance
January 29 2010--A review of the Pensions Regulator's Internal Controls code of practice and guidance is underway.
A questionnaire has today been published on the Pensions Regulator website and we are calling for views from the industry to help aid the review - we would be grateful for your input. To give your feedback visit:
http://www.thepensionsregulator.gov.uk/surveys/internalcontrols/intcontrolssurvey.htm
The regulator is reviewing the code and guidance as part of its commitment to ensuring that materials available for trustees, employers and professionals remain fit for purpose.
The Internal Controls code, published in November 2006, and supporting documents help trustees and managers of occupational pension schemes to meet legislative requirements, and outline the regulator's expectations in relation to the assessment of risk, implementation and review of adequate internal controls.
Source: Pensions Regulator
CESR reviews the application of guidelines to simplify the notification procedures of UCITS across Europe
January 29, 2010--CESR publishes today the results of a peer review (Ref. CESR/09-1134) of how its Members across Europe apply CESR guidelines to simplify the notification procedures of Undertakings for Collective Investments in Transferable Securities (UCITS). A stock-take has been conducted during the course of 2008, looking into the degree of application of 13 CESR guidelines for the notification of UCITS by the 27 CESR Members. The results published today reflect the situation of the cut-off day set for the review which was 1 April 2008.
The work carried out by the Review Panel in the form of peer reviews contributes to achieve CESR’s objectives of increasing supervisory convergence amongst its Members through peer pressure as well as increasing transparency of implementation.
Carlos Tavares, Vice-Chair of CESR and Chair of the Portuguese Comissão do Mercado de Valores Mobiliários (CMMV), Chair of the Review Panel that conducted the survey, stated:
“Today’s publication shows the importance of creating peer pressure amongst CESR Members in order to achieve greater convergence. The Review Panel will continue to maintain pressure for supervisory convergence and notes that with the implementation of the UCITS IV Directive and following Level 2 legislation, remaining uneven levels, for instance with regard to electronic filing, will be resolved.”
The report provides evidence of the level of application of the CESR guidelines on notification procedures for UCITS in the CESR Membership. Out of the 13 CESR guidelines for UCITS notification, seven had been identified as key guidelines according to the CESR self-assessment (Ref. 08-113) published on the CESR website, namely the notification letter (guideline 1), possible grounds to refuse notification (guideline 2), the starting of the two-month notification period (guideline 4), the maximum two-months period to check information (guideline 5), the requirement to submit the latest version of the notification documents and certification of them (guideline 7), and marketing of only part of an umbrella fund and the single notification letter for several sub-funds and cross-reference (guideline 10).
CESR starts consulting on guidance how to report transactions on OTC derivative instruments
January 29, 2010--CESR published today a consultation paper on guidance how to report transactions on OTC derivative instruments. The consultations seeks vies by market participants on the proposed guidance by CESR.
Today's publication is accompanied by a feedback statement on the consultation on “Classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports amongst CESR Members” and a second paper summarising decision on the technical standards by CESR Members.
view feedback statement on the Consultation on “Classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports amongst CESR Members”
FTSE Group and Borsa Italiana build on the success of the FTSE Italia Index Series with further indices
The new indices follow the transparent rules driven methodology that is expected of FTSE by international investors, including the application of a liquidity screen and a minimum free float level. In addition, the indices will be reviewed quarterly.
Mark Makepeace, Chief Executive, FTSE Group comments “FTSE’s aim is to widen the range of indices available to both Italian and international investors. These two new indices are designed to underpin domestic financial products such as derivatives contracts, ETFs, tracker funds and structured products. ”
Raffaele Jerusalmi, Director of Capital Markets, London Stock Exchange Group said “The FTSE MIB Dividend index gives greater transparency of the dividend component of the FTSE MIB index, supporting risk management activity. It also represents a benchmark for the development of new products available on IDEM."
For more information on the index series please visit www.ftse.com/italia
DB Index Research -- Weekly ETF Reports -- Europe
There were 17 new listings last week. Blackrock Fund Advisors issued ten new ETFs on Borsa Italiana followed by Lyxor which issued four new ETFs on NYSE Euronext Paris. Comstage issued two new ETFs on Deutche Borse and UBS launched one new ETF on Swiss Stock Exchange. All the new listings were primary listings except those issued by Blackrock Fund Advisors. European Regional ETFs remained at the top position as leading product area with total turnover of E329m with 29.81% of total ETF turnover followed by Style ETFs with total turnover of E260m accounting for 23.56% of total ETF turnover. The DAX ETFs remain the dominant country products with total average daily volume of E126m across the fourteen listed products and accounting for 11.4% of all equity ETF volume.
DJ Euro STOXX 50 ETFs accounted for 14.6% of turnover trading E161m per day with liquidity split across 17 ETFs and 44 different listings on 9 exchanges.
Market Share
Overall, the largest ETF by AUM was Lyxor ETF DJ Euro STOXX 50, an Equity based ETF, with AUM of E4.9bn. The largest Fixed Income ETF by AUM was the iShares € Corporate Bond with AUM of E3.3bn.
To request a copy of the report FTSE Expands in Europe with new Milan Office
Mark Makepeace, Chief Executive, FTSE Group said, “This is an important step for FTSE as we continue to expand our presence in key investment markets around the world. We look forward to continuing to collaborate with both Borsa Italiana and Italian market participants.
As an independent and internationally recognised index provider, FTSE is uniquely positioned to work with local markets and deliver world-class index solutions. In 2009, FTSE was selected by Borsa Italiana as its preferred index provider, and assumed responsibility for its blue chip index, now known as FTSE MIB. FTSE has also designed and introduced an integrated set of new indices, the FTSE Italia Index Series, calculated in line with international standards, covering a range of segments and sectors and distributed globally on a real-time and end of day basis.
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Source: CERS
January 29, 2010--FTSE Group (“FTSE”), the award winning global index provider and Borsa Italiana, part of the London Stock Exchange Group, today announces the launch of two new indices for use in the Italian domestic market, following the successful introduction of the FTSE Italia Index Series introduced last year. The indices - the FTSE MIB Dividend Index and the FTSE Italia All-Share Capped Index -form part of the growing range of index solutions available to institutional and retail investors in Italy and worldwide.
The launch of the FTSE MIB Dividend Index comes closely after the transition to FTSE of Borsa Italiana’s blue chip index. The new index represents the cumulative value of ordinary dividends paid by constituents of the underlying FTSE MIB Index. The index is primarily designed to be used as the basis for derivatives, tracker funds, ETFs and other structured products.
The FTSE Italia All-Share Capped Index represents the performance of Italian companies listed on Borsa Italiana’s MTA (electronic shares) market, providing investors with a comprehensive measure of the performance of the major industry segments of the market. Investors can now benefit from an index where constituents are capped at the time of the quarterly reviews to reduce concentration of over-weighted constituents.
Source: FTSE
January 28, 2010--Highlights
ETF Volume
Exchange based Equity ETF turnover rose by 3% on the previous week. Daily turnover for the previous week was E1.1bn. European fixed income ETF turnover declined by 2.5% to E202.2m.
In exchange based bond ETFs, db x-trackers II EONIA TR Index ETF has the highest daily turnover of E18.31m. Among the Equity ETFs, iShares DAX (DE) has the highest daily turnover of E55.00m.
The Deutsche Borse XTF platform has the largest market share with 37.0% of total turnover. The Euronext NextTrack platform has 17.4% market share. The LSE’s combined Italian Exchange and London market share is now 28.5%.
Assets under Management (AUM)
Total European Equity related AUM declined by 4.1% to E111bn during last week. AUM for DJ Euro STOXX 50 ETFs was E21.8bn accounting for 19.6% of total European AUM. Fixed Income ETF AUM declined by 2.9% to E36.7bn.
Source: Aram Flores and Shan Lan -DB Index Research
January 28, 2010--FTSE Group (“FTSE”), the award winning global index provider, today announces that it has opened a sales office in Milan in order to provide dedicated support to investors in Italy.
The office, located in Milan’s financial centre, will be headed by Sales Manager Andrea Beretta. Andrea’s remit is to work closely with local market participants to ensure that FTSE products and services continue to meet the needs of both Italian investors as well as international investors seeking exposure to Italy.
Source: FTSE
