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Defining 'closet tracking' is a hotbed of regulatory arbitrage
December 7, 2014--The active versus passive investment debate has taken a new turn. Esma, the European watchdog of securities markets, is to take a closer look at so-called "closet trackers", with a view to identifying whether a co-ordinated pan-European policy response is needed.
The fact that many active fund managers are not able to beat market indices consistently on a risk-adjusted basis and/or net of fees-and yet still charge management fees that can be multiples of passive strategies-suggests that passive investments such as exchange traded funds ought to occupy a greater share of investment portfolios.
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Source: FT.com
IMF-Kingdom of the Netherlands-Netherlands: Selected Issues Paper
December 5, 2014--OVERVIEW
House Prices, Consumption, and the Household Debt Overhang In the Netherlands
Deflated housing prices that were fueled by robust borrowing often leave in their wake households with heavy debt burden. This "debt overhang" forces level of debt to sustainable levels.
When deleveraging is brought about through reduced household
consumption, it can contribute to a protracted "balance sheet recession" as appears to be the case in the Netherlands. We analyze the link between house prices and consumption, the expected depth of deleveraging after the house price bust, and possible measures to alleviate deleveraging pressures.
view the IMF-Kingdom of the Netherlands-Netherlands: Selected Issues Paper
Source: IMF
UPDATE 1-EU may ditch plan to separate bank trading activities
December 5, 2014--The European Union may ditch plans to force banks to keep high-risk trading activities separate from their main businesses because of opposition from some member states.
European commissioner Jonathan Hill said in a letter to senior commissioner Frans Timmermans there was a need to see how much progress could be made on the plan to force banks to separate out risky trading to avoid contagion and shield customer deposits if things go wrong.
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Source: Reuters
Assessment of Basel capital regulations in the European Union concluded by the Basel Committee
December 5, 2014--The Basel Committee on Banking Supervision has today published a report assessing the implementation of the Basel capital framework in the nine EU Member States that are members of the Basel Committee.
The assessment was conducted under the Committee's Regulatory Consistency Assessment Programme (RCAP). A key component of this programme is to assess the consistency and completeness of a jurisdiction's adopted standards and the significance of any deviations in the regulatory framework.
UBS Global Asset Management launches medium duration fixed income ETFs
December 5, 2014--UBS Global Asset Management has broadened the range of its fixed-income ETFs with the listing of three ETFs on the London Stock Exchange.
The ETFs offer medium-duration exposure to investment grade corporate bonds issued by companies based in the USA.
The ETFs offer exposure to the Barclays US Liquid Corporates 1-5 Year index on the London Stock Exchange and are available in a GBP-hedged version, a USD trading version and GBP trading version.
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Source: FTSE Global Markets
New UBS bond index ETF launched on Xetra
ETF offers access to liquid US corporate bonds
December 4, 2014--A new bond index fund issued by UBS Global Asset Management on liquid US corporate bonds has been tradable in the XTF segment on Xetra since Thursday.
ETF name: UBS ETF-Barclays US Liquid Corporates 1-5 Year UCITS ETF
Asset class: bond index ETF
ISIN: LU1048314949
Ongoing charges: 0.18 percent
Distribution policy: distributing
Benchmark: Barclays US Liquid Corporates 1-5 Year Total Return Index
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Source: Xetra
New SPDR bond index ETF launched on Xetra
ETF tracks performance of euro-zone government bonds
December 4, 2014--A new SPDR bond index ETF issued by State Street Global Advisors has been tradable in the XTF segment on Xetra since Thursday.
ETF name: SPDR Barclays 3-5 Year Euro Government Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00BS7K8821
Ongoing charges: 0.15 percent
Distribution policy: distributing
Benchmark: Barclays 3-5 Year Euro Treasury Bond Index
The new SPDR ETF enables investors to participate in the performance of EUR-denominated government bonds from the euro zone.
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Source: Xetra
Euro zone bond yields rise as some trim ECB QE bets
December 4, 2014--Peripheral bond yields lead rise post-Draghi comments
ECB's Draghi says to consider govt bond purchases in 2015
Comments disappointed those positioned for concrete plans (Recasts with prices moves post-Draghi
Euro zone yields bounced further off record lows on Thursday after the European Central Bank stuck to its line that it will consider sovereign bond purchases early next year to help revive the euro zone economy.
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Source: Reuters
London Stock Exchange December 2014 ETF & ETP Monthly Report
December 4, 2014--Listings
7 new ETFs and 1 new ETN listed on London Stock Exchange in November 2014
There are now 737 ETFs (available as 1,128 lines through multi-currency offerings) and 359 ETCs/ETNs (available as 410 lines) on our London market
Pimco/Source became the second issuer to launch an International ETF on London Stock Exchange
Trading activity
Total on-exchange value traded for ETFs in November 2014 was £15.8 billion (163,000 trades), up by 48% compared to last year
Total on-exchange value traded for other ETPs (ETCs and ETNs) in November 2014 was £1.4 billion (31,000 trades), up by 8% compared to last year
6 out of the top 10 European ETFs ranked by YTD inflows were London Stock Exchange listed
Market coverage
24 registered market makers provide continuous pricing and a high quality pool of liquidity on our order-book
In addition, more than 400 brokers and member firms from over 20 countries are connected to London Stock Exchange's order book and have access to trade ETFs
Other news
London Stock Exchange hosted its inaugural Active ETF Conference, attended by over 150 delegates, it highlighted the potential future growth prospects for Active ETFs
view the London Stock Exchange December 2014 ETF & ETP Monthly Report
Source: LSEG
Russia ETF Rush Halted as Kremlin Faces Recession
December 3, 2014--Investors who piled into the biggest exchange-traded fund tracking Russian stocks at a record pace last month have started pulling out as the government acknowledged that the country is headed toward a recession.
Traders withdrew $22.7 million from the Market Vectors Russia ETF (RSX) on Dec. 2, the biggest outflow since mid-July, data compiled by Bloomberg show.
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