Source prepares to launch physical ETF platform
November 23, 2015--Source, one of the largest providers of Exchange Traded Funds (ETFs) in Europe, is appointing Legal & General Investment Management ("LGIM") as the investment manager for a new physical fund platform, Source Markets II Plc.
LGIM is one of the largest providers of index funds in Europe (£264 billion) and a major global investor with total assets under management of £717 billion. Source is also appointing Northern Trust, Source's current service provider, as the administrator and custodian for the new platform. These appointments are subject to regulatory approval.
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Source: Source
ETF Securities expands its short and leveraged offering on London Stock Exchange
November 23, 2015--2015 has seen increased investor demand for ETF Securities' existing short and leveraged Exchange Traded Product (ETP) suite with global net inflows of approximately US$135 million
18 new 3x short and leveraged commodity ETPs and six new 5x short and leveraged currency ETPs listed on London Stock Exchange (the "LSE")
ETF Securities Group, one of the world's leading, independent providers of ETPs, has announced the listing of 18 new 3x short and leveraged commodity ETPs and six new 5x short and leveraged currency ETPs on the LSE today.
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Source: ETF Securities
IMF Staff Concludes Visit to Russian Federation
November 23, 2015--An International Monetary Fund (IMF) mission visited Moscow during November 16-20, 2015, to discuss the economic outlook and related policies. At the conclusion of the visit, Ernesto Ramirez Rigo, IMF mission chief for Russia, issued the following statement:
"There are tentative signs of economic stabilization in Russia. The economy is expected to contract by 3.8 percent in 2015 followed by a milder contraction of 0.6 percent in 2016 due to the headwinds from lower oil prices. The current account adjustment is progressing rapidly, supporting the ongoing external deleveraging process. Inflation is projected to decline to 12.7 percent at end-2015, and, in the absence of shocks to international oil prices, to continue to fall further during 2016.
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Source:IMF
Fund manager fee cap could control costs
November 23, 2015--Competition does not keep charges down in the pensions industry.
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Source: FT.com
Bond issuance in euros hits six-year high
November 23, 2015--Investment grade companies scramble to sell debt ahead of any ECB QE2
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Source: FT.com
PIMCO and Source launch GBP-hedged distributing share class of $1.2 billion ETF
November 23, 2015--PIMCO, a leading global investment management firm, and Source, one of the largest providers of exchange traded products (ETPs) in Europe, has launched a GBP-hedged version of the PIMCO Short-Term High Yield Corporate Bond Index Source UCITS ETF.
With over US$ 1.2 billion of assets under management, the ETF provides investors the opportunity to generate a comparable yield to the broad US high yield index, while this new GBP-Hedged share class aims to remove the US dollar currency exposure and will distribute income to investors on a monthly basis.
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Source: Source
Legal & General and Source form exchange traded fund alliance
November 22, 2015--Legal & General Investment Management and Source have formed a new alliance as the UK asset managers attempt to combat competition in Europe's fast-growing exchange traded fund market.
London-based ETF provider Source has appointed LGIM, the asset management arm of Legal & General, the UK insurer, as the investment manager of a platform that will launch of a range of ETFs in 2016.
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Source: FT.com
Commerzbank lists first ETFs on CEINEX
November 20, 2015--Commerzbank, the German bank and asset manager, has become the first issuer to list exchange-traded funds on the China Europe International Exchange (CEINEX), a newly launched exchange designed to promote greater availability of Chinese renminbi financial instruments, including ETFs, to European investors.
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Source: etfstrategy.co.uk
ESMA will not exempt the collateralisation of bank guarantees for energy derivatives under EMIR
November 19, 2015--The European Securities and Markets Authority (ESMA) has decided not to further extend the existing grace period of three years for the non-financial firms' use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by European central counterpar-ties (CCPs).
ESMA therefore reminds firms concerned that from 15 March 2016 CCPs author-ised under the European Market Infrastructure Regulation (EMIR) will need to fully collateralise commercial bank guarantees used to cover transactions in derivatives relating to electricity or natural gas produced.
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Source: ESMA
Official Statistics: Forecasts for the UK economy: November 2015
November 18, 2015--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
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