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ETF Landscape: European DJ STOXX 600 Sector ETF Net Flows, week ending 06-Nov-09
November 11, 2009--Highlights
Last week saw US$143.2 Mn net outflows to DJ STOXX 600 sector ETFs. The largest sector ETF inflows last week were in Basic Resources with US$79.8 Mn and Food & Beverage with US$65.7 Mn while Banks experienced net outflows of US$76.8 Mn.
Year-to-date, Basic Resources has been the most popular sector with US$491.0 Mn net new assets, followed by Oil & Gas with US$315.5 Mn net inflows. Retail sector ETFs have been the least popular with US$33.8 Mn net outflows YTD.
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Source: ETF Research and Implementation Strategy, BGI
Deutsche Börse Launches Index for the Family Business Segment
New DAXplus Family index launch on 4 January 2010
November 11, 2009--Deutsche Börse is to launch a new index on 4 January that tracks the performance of listed family businesses. The DAXplus family index comprises German and international companies from the Frankfurt Stock Exchange’s Prime Standard in which the founding families hold at least a 25 percent share of the voting rights or sit on the management or supervisory board and hold at least a 5 percent share of the voting rights. 113 businesses currently qualify for the index. The DAXplus Family 20 index comprises the 20 largest and most liquid shares of the DAXplus Family index.
“The DAXplus Family index functions as a benchmark for the important family business segment,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse. “The index is also intended to serve as an indicator for medium-sized family businesses preparing for an IPO. Moreover, due to its liquidity, the DAXplus Family 20 index meets the requirements of an investment and trading function to a high degree.”
Weighting is based on market capitalization of freely tradable shares, i.e. free float. No single stock may account for more than 10 percent of the DAXplus Family index. The DAXplus Family 20 index follows Deutsche Börse’s concept of selection indices. It is calculated as a price and performance index every minute. Its composition will be monitored on a quarterly basis.
The DAXplus Family index is based on a cooperation project between Deutsche Börse and the Center for Entrepreneurial and Financial Studies of the Technical University of Munich. Deutsche Börse Market Data & Analytics calculates and publishes a total of more than 3,000 indices, thus ranking among the world’s major index providers.
Source:Deutsche Börse
Europe sets down firm deficit deadlines
November 11, 2009--The European Commission on Wednesday gave 13 countries -- including Britain, France and Germany -- firm deadlines to bring bloated public deficits back under tight control.
Budget overspending and consequent national debt, already a severe problem for many countries before the financial crisis, are now turning into a critical dilemma for some nations as they recover from the slump with deficits three times the required limit.
Four of them, Britain, France, Ireland and Spain, were deemed by European Union Commissioner for Economic and Monetary Affairs Joaquin Almunia to have taken "effective action" since existing recommendations in April.
Astor launches actively managed ETF mutual fund
“In our opinion, our new mutual fund allows active management to be part of any investment portfolio,” says Robert Stein (pictured), chief executive of Astor Financial. “By offering a mutual fund we have made our services more accessible to those interested in a more active approach to money management. We believe that the past few years have proven that new techniques are needed to further diversify and reduce the risk of one’s investments.” read more
Oil ETC innovator ETF Securities extends world’s largest oil ETC platform with launch of ETFS Forward Crude Oil
ETFS Forward Crude Oil (FCRU) will track the DJ-UBS Crude Oil 3 Month Forward Sub-IndexSM, completing ETF Securities’ oil ETC platform of 14 oil ETCs. With 14 oil ETCs, ETF Securities has the world’s largest oil ETC platform and with $1.4bn assets and $220m of average weekly trading volume in oil ETCs since the beginning of the year (approx $10bn year-to-date), it provides investors with the largest choice and highest trading liquidity in oil ETCs in Europe. ETFS Crude Oil (CRUD), ETFS Brent 1mth (OILB) and ETFS Leveraged Crude Oil (CRUD) have consistently been in the top 10 traded ETCs/ETFs on the LSE over the past year.
Source: EU Business
November 11, 2009--Astor Asset Management has launched its first actively managed ETF mutual fund, the Astor Long/Short ETF Fund.
Astor Asset Management is known for its Long/Short Balanced ETF Program. It is now applying its macroeconomic-based approach to the new fund.
Source: ETF Express
ETFS Forward Crude Oil (“FCRU”) will track the DJ-UBS Crude Oil 3 Month Forward Sub-IndexSM
The index has historically outperformed other enhanced oil indices over different time periods
ETFS Forward Crude Oil will complement world’s largest oil ETC platform of 14 oil ETCs
ETF Securities’ oil ETC platform hits $10bn of exchange traded volume for 2009 as oil ETC assets reach $1.4bn November 10, 2009--ETF Securities (ETFS), the award winning* oil ETC pioneer and global pioneer in Exchange Traded Commodities (Commodity ETCs) and 3rd generation Exchange Traded Funds (ETFs) will expand its oil ETC offering with the listing of ETF Forward Crude Oil (FCRU) later this week on the London Stock Exchange (LSE).
ETFS created the world’s first oil ETC with Shell Trading in July 2005. More than four years later, the ETFS oil ETC platform now enables investors to invest in oil through long, short, forward (from front month to 3 years) and leveraged ETCs, and to choose which part of the oil futures curve they would like exposure to. Investors also have the choice of being exposed to either ICE Futures’ Brent or NYMEX’s WTI, the world’s two most traded oil benchmarks. In addition, investors are able to gain exposure to oil equities through the ETFX Dow Jones STOXX 600 Oil & Gas Fund (OILG). ETFS launched the world’s first Commodity ETC platform in Europe between 2003 and 2006 accumulating over $15.8 billion in assets as of 9th November 2009.
| ETC | LSE Code | Exposure |
| ETFS Crude Oil | CRUD | DJ-UBS Crude Oil Sub-IndexSM |
| ETFS Forward Crude Oil | FCRU | DJ-UBS Crude Oil 3 Month Forward Sub-IndexSM |
| ETFS Short Crude Oil | SOIL | -100% of the daily % change in the DJ-UBS Crude Oil Sub-IndexSM |
| ETFS Leverage Crude Oil | LOIL | 200% of the daily % change in the DJ-UBS Crude Oil Sub-IndexSM |
| ETFS Brent 1mth | OILB | ICE Futures’ Brent oil 1st or 2nd month futures contract |
| ETFS Brent 1mth £* | OLBP | ICE Futures’ Brent oil 1st or 2nd month futures contract |
| ETFS Brent 1 yr | OSB1 | ICE Futures’ Brent oil contracts with an average maturity of approx. 1 yr |
| ETFS Brent 2 yr | OSB2 | ICE Futures’ Brent oil contracts with an average maturity of approx. 2 yrs |
| ETFS Brent 3 yr | OSB3 | ICE Futures’ Brent oil contracts with an average maturity of approx. 3 yrs |
| ETFS WTI 2 mth yr | OILW | NYMEX WTI oil 2nd or 3rd month futures contract |
| ETFS WTI 2 mth £* | OLWP | NYMEX WTI oil 2nd or 3rd month futures contract |
| ETFS WTI 1 yr | OSW1 | NYMEX WTI oil contracts with an average maturity of approx. 1 yr |
| ETFS WTI 2 yr | OSW2 | NYMEX WTI oil contracts with an average maturity of approx. 2 yrs |
| ETFS WTI 3 yr | OSW3 | NYMEX WTI oil contracts with an average maturity of approx. 3 yrs |
find out more
Source: ETFS Securities
Deutsche Börse Launches Four New DAXglobal Indices
November 10, 2009--Deutsche Börse has added more new members to its international DAXglobal® index family. The DAXglobal Coal, DAXglobal Gold Miners, DAXglobal Shipping and DAXglobal Steel indices allow investors to participate in the growth of the global commodity markets and international trade.
Deutsche Börse’s DAXglobal index family tracks not only international equity markets but also global subject areas and sectors, with each of the indices tailored to a specific investment area. An appropriate degree of tradability is also ensured so as to offer international investors optimum index tracking by means of investment products such as certificates or ETFs.
The DAXglobal Coal index tracks the largest and most liquid companies in the coal sector. The index provides easy access to the global coal industry. The DAXglobal Gold Miners index contains the most liquid companies in the sector that generate at least 50 percent of their revenues from gold mines. The DAXglobal Shipping index is comprised of global companies that operate in the freight and shipbuilding sectors. The DAXglobal Steel index tracks the largest and most liquid companies in the steel sector that generate at least 50 percent of their business from metal ore mines or steel production.
As is the case with all indices in the DAXglobal family, particular importance is attached to the tradability of these new indices and the companies contained therein. In all four of the new DAXglobal indices, the composite equities are therefore given a maximum weighting of 15 percent. The selection criteria for the DAXglobal Coal, DAXglobal Gold Miners, DAXglobal Shipping and DAXglobal Steel indices are market capitalization and the average daily exchange turnover for the last three months. The market capitalization of the index members must be at least USD 500 million, the average daily exchange turnover USD 2 million. The indices are calculated as price and performance indices in euros. The index composition is reviewed twice a year.
Source: Deutsche Börse
European Equity Market Report Octoner 2009
November 10, 2009--FESE publishes for the ‘European Equity Market Report’ which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market.
The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs. For the first time since the start of MiFID, this Report allows for an accurate comparison of trading statistics across trading venues.
European Equity Market Report - Year 2009 (updated with October figures)
Source: FESE
Financial services: Council agrees a general approach on strengthened capital requirements and remuneration policies in the banking sector
November 10, 2009--The Council agreed on a general approach , pending the European Parliament's opinion in first reading, on a draft directive aimed at:
–strengthening disclosure and capital requirements for the trading book and re-securitisation instruments in the banking sector; and
– preventing remuneration policies that generate unacceptable levels of risk.
It requested the presidency to pursue negotiations with the Parliament on the basis of its general approach, with a view to adopting the directive in first reading.
It is widely recognised that weaknesses in the regulatory framework on capital requirements for the banking sector and in the risk management of financial institutions contributed to the crisis in global financial markets.
As regards the capital requirements framework, the draft directive, in line with the approach envisaged by the Basel Committee on Banking Supervision , sets higher and reinforced capital requirements for certain assets that banks hold in the trading book and for re-securitisation instruments. Such investments entail higher risks on account of their complexity and their sensitivity to losses.
The draft directive also enhances disclosure requirements, in line with internationally agreed standards, in several areas such as securitisation exposures in the trading book and sponsorship of off-balance-sheet vehicles.
As concerns risk management, the draft directive introduces a requirement that the remuneration policies of financial institutions be subject to supervisory oversight. There is no such requirement under the current supervisory framework, and as a result, supervisory authorities have generally not focused on the implications of remuneration policies for the risk management of financial institutions.
With regard to the supervision of remuneration policies, the draft directive:
–imposes a binding obligation on credit institutions and investment firms to have remuneration policies and practices that are consistent with and promote sound and effective risk management;
–brings remuneration policies within the scope of supervisory review, so that supervisors may require firms to take measures to rectify any problems that they may identify;
–ensures that supervisors may also impose penalties, including fines, against firms that fail to comply with the obligation.
Source: COUNCIL OF THE EUROPEAN UNION
FSA to simplify system for calculating regulatory fees
The Financial Services Authority (FSA) has today announced proposals to simplify the structure of the fees it levies on regulated firms and to enhance fairness and transparency.
November 10, 2009--Following a review of its approach for determining the annual fees that firms pay, the FSA is consulting on a number of measures to ensure that fees continue to be set in a fair way, and to make the basis for calculating fees easier for firms to understand, including:
Setting a standard 'minimum fee' that all firms will have to pay to cover the basic cost of being regulated;
Ensuring that 'variable' fees over and above this basic minimum amount increase in direct relation to a firm’s size – with the result that fees for the largest firms reflect the greater regulatory engagement they receive.
By the end of November, the FSA will publish a Fees Calculator which will enable firms to assess what these proposals mean for them.
Mark Norris, the FSA’s chief operating officer, said:
"We are committed to delivering fair and transparent fees to all authorised firms. This is particularly important given that we are funded entirely by the firms we regulate, so we need to ensure firms can clearly see how we calculate their contribution to the running costs of the FSA."
The FSA is inviting responses to the proposals in its consultation paper by 11 January 2010. In February 2010, depending on the outcome of this consultation, the FSA plans to consult on fee levels for 2010/11 using this new fee model.
Source: FSA
European ETF Activity highlights: NYSE Euronext
November 10, 2009-- At the end of October, NYSE Euronext had 439 ETFs with 487 listings from 13 issuers. NYSE Euronext ETFs cover more than 290 indices including an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
* The number of ETFs increased by approximately 26% YTD compared to end of 2008. At the end of October, NYSE Euronext European markets had registered 97 ETF listings and 6 delistings in 2009.
* Daily average turnover in October 2009 increased by 3.53% to €352 Million, and the daily average number of trades increased from 7 446 to 8 582, or 15.3%, compared to September 2009.
* The median spread of all listed ETFs was 32.27 bps in October.
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Source: NYSE Euronext
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