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EU moves toward higher transparency of research payments
January 15, 2015--EU regulators are moving forward with proposals to separate payments for research from dealing commissions via the revised Markets in Financial Instruments Directive.
For major asset managers, commission-sharing agreements could be a way to resolve the issue. "Enhanced CSAs would be a sufficient solution and aligned with [the European Securities and Markets Authority's] advice," said Christian Krohn, a managing director at AFME.
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Source: SmartBrief
ESMA Working Paper-Real-world and risk-neutral probabilities in the regulation on the transparency of structured products
January 15, 2014--Summary
The price of derivatives (and hence of structured products) can be calculated as the discounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying.
However, the probabilities used in the pricing process do not represent "real" probabilities of future events, because they are based on the assumption that market participants are risk-neutral. This paper reviews the relevant mathematical finance literature, and clarifies that the risk-neutrality hypothesis is acceptable for pricing, but not to forecast the future value of an asset.
Unscheduled free float adjustment in SDAX
January 15, 2105--Deutsche Börse AG has announced an unscheduled adjustment to the free float of VTG AG in SDAX.
The company's free float changed by more than 10 percentage points, which was caused by a share increase due to an acquisition of another company as well as a significant change in the shareholder structure.
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Source: Deutsche Börse
Unscheduled component changes SDAX: Hella KGaA Hueck & Co will replace C.A.T. Oil
January 14, 2015--Deutsche Börse has announced that C.A.T. Oil AG will be replaced by Hella KGaA Hueck & Co. in SDAX.
Due to the takeover of C.A.T. Oil AG by Joma Industrial Source Corp, the free float of C.A.T. Oil AG has dropped from 41.31 percent to 1.95 percent. With a free float below 10 percent, the company is ineligible for index inclusion, according to the rulebook.
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Source: Deutsche Börse
iShares MSCI Target US Real Estate UCITS ETF launched on Xetra
ETF provides liquid access to the performance of US real estate
January 14, 2015--A new iShares mixed fund ETF from BlackRock's product offering has been tradable in Deutsche Börse's XTF segment on Xetra since Wednesday.
ETF name: iShares MSCI Target US Real Estate UCITS ETF
Asset class: mixed fund ETF
ISIN: DE000A12HP18
Total expense ratio: 0.40 percent p.a.
Distribution policy: non-distributing
Benchmark: MSCI IMI USA Liquid Real Estate Index
The iShares MSCI Target US Real Estate UCITS ETF provides investors with access to the performance of the MSCI USA Liquid Real Estate Index.
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Source: Xetra
Source offers some of the lowest management fees in Europe ETFs/ETPs
January 14, 2015-Source, an investment firm and a leading provider of Exchange Traded Products (ETPs), offers some of the most competitively priced core ETP exposure including S&P500 and Eurostoxx 50 at 5bps p.a. MSCI Europe at 20bp p.a. and Physical Gold at 29bp p.a.
Today, all of the firm's core beta benchmarks are either the cheapest in Europe or extremely competitive versus their peers.
"While Source is most widely recognised for delivering innovative funds, we also believe it is important for our investors that we provide cost effective exposure to core benchmarks," explains Michael John Lytle, Chief Development Officer.
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Source: Source
Smaller iShares role in BlackRock's Europe sales
January 14, 2015--BlackRock's exchange traded funds are accounting for a smaller proportion of the company's European-domiciled product net sales than they previously did, according to Lipper.
Despite attracting steady inflows over the last four years, BlackRock’s ETF arm only contributed 33.85 per cent to total group sales of European-domiciled products between January and September last year, compared with 82.5 per cent in 2011.
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Source: FT.com
Lyxor teams up with boutique firm for Alt Ucits fund launch
January 13, 2015--French group Lyxor Asset Management has strengthened its Alternative Ucits fund range with the launch of a global emerging market long/short equity fund.
The launch as a partnership with South African hedge fund boutique Capricorn Capital Partners.
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Source: CityWire
Euronext launches options on ETFs in Amsterdam
New option products offer investors an alternative low cost way of investing in broad indices
January 13, 2015--Euronext, the leading exchange in the Eurozone, today announced the launch of options on six iShares ETFs on its highly successful and innovative Amsterdam derivatives market.
The new option products will provide investors with enhanced investment opportunities in ETFs tracking a broad range of macro themes.
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Source: Euronext
The European Fund for Strategic Investment: Questions and Answers
January 13, 2015--1.What did the Commission propose today, what are the elements of the proposal?
The European Commission adopted the legislative proposal to put in place the European Fund for Strategic Investments, which is at the very heart of President Juncker's €315 billion Investment Offensive.
The European Fund for Strategic Investments (EFSI) will mobilise additional investments in the real economy in areas including infrastructure, education, research, innovation, renewable energy and energy efficiency. It will also focus on SMEs and mid-cap companies (companies with between 250 and 3000 employees). The EFSI should target projects that promote job-creation, long-term growth and competitiveness. The proposal also sets up a European Investment Advisory Hub (EIAH) to provide advisory support to project identification, preparation and development across the Union. Finally, a European Investment Project Pipeline will improve investors' knowledge of existing and potential future projects, with no guarantee that these projects will be financed by the EFSI.
2. What are the next steps?
2.1 Establishing the European Fund for Strategic Investments (EFSI), the European Investment Advisory Hub (EIAH) and the transparent pipeline of projects.
Council negotiations are expected to kick-off on 19 January 2015 in an ad-hoc Working Group established for the Investment Plan for Europe. Work in the European Parliament is also expected to start shortly. It is expected that the co-legislators agree on the text by June so that the EFSI can be operational by mid-2015.
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Source: European Commission
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