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UK to become the first country outside the Islamic world to issue sovereign Sukuk
June 12, 2014--The Chancellor has today declared the UK's intention to become the first country outside the Islamic world to issue sovereign Sukuk, the Islamic equivalent of a bond.
This will deliver on the Prime Minister's announcement at the World Islamic Economic Forum in London last October.
It is part of the government's long term economic plan to establish the UK as the undisputed centre of the global financial system, and builds on the action the government has already taken to develop the UK as a hub not only of Islamic finance< but Chinese finance too.
In the coming weeks and subject to market conditions, the government intends to issue £200 million sterling Sukuk, the largest ever issuance of sterling Sukuk.
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Source: HM Treasury
Market Vectors Index Solutions Introduces US Volatility Premium Capture Index
Index Designed to Capture Premiums from U.S. Equity Volatility
June 12, 2014--Market Vectors Index Solutions GmbH (MVIS) today announced the launch of the Market Vectors US Volatility Premium Capture Index (MVVCAP). The index is the latest addition to the Market Vectors Index series.
"The Market Vectors US Volatility Premium Capture Index is the first investment strategy index launched by Market Vectors Index Solutions. The index benefits from the behavioral biases that result in investors paying too much to insure against future losses of their equity holdings," said Lars Hamich, CEO of Market Vectors Index Solutions.
BlackRock lists EM consumer growth and US quality income ETFs on LSE
June 12, 2014--BlackRock, the parent of exchange-traded funds giant iShares, has listed two new ETFs on the London Stock Exchange: the iShares MSCI Emerging Markets Consumer Growth UCITS ETF (CEMG) and the iShares MSCI USA Dividend IQ UCITS ETF (QDIV).
The ETFs, both of which are linked to MSCI indices, provide investors with access to two popular equity themes: emerging markets consumer growth and quality equity income.
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Source: etfstrategy.co.uk
Amundi launches multi-strategy smart beta ETF
June 12, 2014--Amundi, Europe's fifth largest provider of exchange-traded funds, has announced the launch of the Amundi ETF Global Equity Multi Smart Allocation Scientific Beta UCITS ETF.
Listed on Euronext Paris, the fund offers exposure to a sophisticated multi-factor smart beta strategy with the liquidity and simplicity of an ETF.
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Source: etfstrategy.co.uk
DB Research-Europe-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review
June 11, 2014--European ETP Highlights
As of the end of May 2014, global ETP assets approached $2.41 trillion (€1.77
trillion) rising by $57.2bn for the month of May. European ETPs received
+€4.6bn of cash inflows. Equity exposed ETFs benefitted most by gathering
+€3.5bn, while fixed income products had yet another positive month
collecting +€1.4bn of cash in-flows. Commodity based ETFs listed in Europe
saw modest outflows of -€0.3bn
ETF flows show no clear trend in equity allocation
Our analysis suggests that investment in ETFs with equity exposure to be
distributed across North America, Europe and Emerging Markets, with no clear
preference for regions.
In the fixed income space, we continue to see investment being made into Emerging Market Government Bond indices as shown in our Top 10 monthly Fixed Income inflows on Figure 56. We also observed mixed flows among ETFs benchmarked to European Sovereigns likely due to the uncertainty of the extent of monetary policy easing at the ECB meeting on June 5th.
iShares to merge three US ETFs listed in Europe
iShares announced its plan to merge three European listed ETFs with exposure
to US equity markets to create a single large fund. The ETFs concerned are
iShares S&P 500 UCITS ETF (SACC LN), iShares Core S&P 500 UCITS ETF
(CSSPX SW) and MSCI USA Large Cap UCITS ETF (CSUSL SW). The newly
consolidated ETF will have assets under management of over €2.9bn and will
be competitively priced at 0.07% TER.
12 further db x-Trackers ETFs to convert to physical
Deutsche Asset & Wealth Management announced that 12 products will be
converted from synthetic replication to physical replication. The ETFs are
mostly with exposure to Asia Pacific region and has in aggregate
approximately €2.5bn of assets under management. The conversion will be
carried out between July 7th 2014 and December 31st 2014.
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Source: Deutsche Bank Research-Europe-Synthetic Equity & Index Strategy
ESMA Working Paper- Monitoring the European CDS market through networks: Implications for contagion risks
June 11, 2014--Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system.
The potential "super spreaders" of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system.
view the ESMA Working Paper-Monitoring the European CDS Market through networks: Implications for contagion risks
Source: ESMA
ESMA Working Paper-The systemic dimension of hedge fund illiquidity and prime brokerage
June 11, 2014--Summary: We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers in.
Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients.
view the ESMA Working Paper-The Systemic Dimension of
Hedge Fund Illiquidity and Prime Brokerage
Source: ESMA
Buried in the garden or locked away in a secure bank safe-where Germans keep their gold
Bank deposit boxes and safes are considered secure options, but only a small number of people use either of them
June 11, 2014--Almost half of all Germans have at some time bought gold, or given or received it as a gift. So storing this precious metal in as secure a manner as possible is an important issue for many Germans.
The national crime statistics for 2013 highlight just how important it is to keep gold well hidden; the number of home break-ins rose again last year-by as much as 30 percent in some federal states.
Germans believe that bank deposit boxes are the safest place to store gold. This was the finding of a representative study with over 1,000 respondents conducted by the opinion polling institute TNS Emnid on behalf of Deutsche Börse Commodities.
Of those surveyed, 72 percent said that they would store gold in a bank deposit box, followed by a safe in their own home. Only around one in five said that they would consider keeping their gold in drawers, cupboards, jewellery boxes or other unsecured places.
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Source: Deutsche Börse Commodities.
Eurex Clearing launches cross-margining functionality
First CCP in Europe to offer margin offsetting within asset classes and across OTC and listed derivatives/ Entire euro-denominated yield curve covered for the first time in a portfolio margining approach
June 10, 2014--Eurex Clearing, the clearing house of Deutsche Börse Group, has introduced its second release of the new risk system Eurex Clearing Prisma.
With the new development, clearing members and clients are able to benefit from portfolio margining capabilities within an asset class as well as cross-margining between listed fixed income products and the OTC IRS business.
Eurex Clearing is Europe's first and only CCP to offer this highly user-requested approach.
Since the end of May, clearing users can realize margin offsets between listed fixed-income (Schatz, Bobl, Bund, Buxl) and money market derivatives (Eonia, Euribor), i.e. the entire euro-denominated interest rate curve. Simultaneously, they can also use their existing portfolios in these interest-rate derivatives traded at Eurex Exchange to offset their margin requirements for their interest rate swaps cleared via EurexOTC Clear.
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Source: Eurex Clearing
Two new iShares ETFs launched on Xetra
ETFs based on US companies offering high dividend yields and consumer-oriented companies with a focus on emerging markets
June 10, 2014--Two new equity index ETFs issued by iShares have been tradable in Deutsche Börse's XTF segment since Tuesday.
ETF name: iShares MSCI Emerging Markets Consumer Growth UCITS ETF
Asset class: equity index ETF
ISIN: DE000A1131M4
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: MSCI ACWI Emerging Markets Consumer Growth Index
ETF name: iShares MSCI USA Dividend IQ UCITS ETF
Asset class: equity index ETF
ISIN: IE00BKM4H312
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Source: Deutsche Börse
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