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Potential merger of equals between Deutsche Borse AG ("Deutsche Borse") and London Stock Exchange Group plc ("LSE")
February 23, 2016--Further to recent speculation, the Management Board of Deutsche Börse and the Board of LSE confirm that they are in detailed discussions about a potential merger of equals of the two businesses (the "Potential Merger").
The Potential Merger would be structured as an all-share merger of equals under a new holding company. Under the terms of the Potential Merger, Deutsche Börse shareholders would be entitled to receive one new share in exchange for each Deutsche Börse share and LSE shareholders would be entitled to receive 0.4421 new shares in exchange for each LSE share. Based on this exchange ratio, the parties anticipate that Deutsche Börse shareholders would hold 54.4 per cent, and LSE shareholders would hold 45.6 per cent of the enlarged issued and to be issued share capital of the combined group. The combined group would have a unitary board composed of equal numbers of Deutsche Börse and LSE directors.
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Source: Deutsche Börse
Morningstar Publishes Research to Help Investors Assess the True Cost of European Strategic-Beta ETFs
February 23, 2016--Morningstar UK Limited, a subsidiary of Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, today published a research report, "Assessing the True Cost of Strategic-Beta ETFs."
Authored by Morningstar's Passive Funds Research team, the report examines the differences in costs between strategic-beta exchange-traded funds (ETFs) and their more ordinary passive peers.
view the ssessing the True Cost of Strategic-Beta ETFs report
Source: Morningstar
Source launches two US sector ETFs
Firm aims to solidify market leading position with dual launch
February 22, 2016--Source has expanded its ETF range with two new US sector funds targeting the financial services and real estate sectors of the S&P 500 equity index.
Both the Source Financial Services S&P US Select Sector UCITS ETF and the Source Real Estate S&P US Select Sector UCITS ETF will be listed on the London Stock Exchange and charge an annual management fee of 0.3%.
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Source: globalinvestormagazine.com
Infographic-Germany's Demographic Cliff
February 19, 2016--Why Europe's largest economy could be destined to be the next Japan
Last week's chart showed that the world is turning Japanese with tales of economic malaise, extreme monetary policy, and negative rates.
Germany, with its 5-yr government bond currently trading at a -0.33% yield, is no exception to this story.
However, negative yields are not the only concern that the country has in common with Japan. It's the overall demographic picture that is worrying, and it could have a big effect on Germany's economic future as well as the tough choices that must be made today.view infographic
Source: visualcapitalist.com
SPDR with eleven new ETFs on government and corporate bonds denominated in euros and US dollars launched on Xetra
Eleven new exchange-listed SPDR bond index funds issued by State Street Global Advisors have been tradable on Xetra and Börse Frankfurt since Thursday, 18 February.
The new SPDR ETFs enable investors to participate in the performance of euro-zone and US government bonds with differing residual maturities. The reference indices exclusively comprise fixed-income bonds with an investment grade rating.
The euro-zone government bonds are bonds with a medium residual maturity of 5-7 years or 7-10 years, as well as bonds with a long residual maturity of more than 10 years.
Among the US Treasury bonds offered are those with a residual maturity of 3-5 years, 5-7 years, 7-10 years and of more than 10 years.
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Source: Deutsche Börse Cash Market
Source promotes Dwyer in UK team
February 17, 2016--Source, a provider of Exchange Traded Funds (ETFs) in Europe, has promoted Kate Dwyer to the role of Executive Director for its UK coverage team.
Kate joined Source in 2013 and has been primarily focused on private banks and family offices.
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Source: headoftrading.com
Official Statistics: Forecasts for the UK economy: February 2016
February 17, 2016--A comparison of independent forecasts for the UK economy in February 2016.
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Source: HM Treasury
ESMA updates EMIR Q&A
February 16, 2016--The European Securities and Markets Authority (ESMA) has today issued an update of its Question and Answers (Q&As) regarding the implementation of the European Market Infrastructure Regulation (EMIR).
The Q&A clarifies how the clearing obligation should apply to swaps resulting for the exercise of a swaption, including during the frontloading period and the approach on frontloading that was adopted in the ESMA’s first RTS on the clearing obligation, which entered into force on 21 December 2015.
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Source: ESMA
EU benchmark rules open to regulatory arbitrage, say rate-setters
February 16, 2016--Fears firms may seek to limit scope of publication if 'index' definition is too narrow
Market participants hoping for clarity on which indexes will be caught by the EU's sweeping reforms of benchmarks will have to wait a bit longer. Initial guidance issued by Europe's securities regulator on February 15 left a key condition in defining the scope of the regulation-that of an index's public availability-as yet undetermined.
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Source: Risk.net
Irish Stock Exchange and Deutsche Borse extend strategic technology partnership until 2021
February 15, 2016--The Irish Stock Exchange (ISE) has renewed its strategic technology partnership with Deutsche Börse and extended its use of the Deutsche Börse trading infrastructure and related services. The new contract runs for 6 years until the end of 2021.
Brian Healy, Director, Traded Markets, Development, Operations at the ISE, said: “The ISE is delighted to extend its successful collaboration with Deutsche Börse for the use of its Xetra system and related service.
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Source: Deutsche Börse
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