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UK platform price war looming
December 3, 2013--Midsize asset managers that lack stellar funds are likely to be "profoundly" affected by next year's platform rebate ban in the UK, according to experts.
Jeremy Oakley, director at KPMG, says only the best-performing asset managers will be able to charge high fees for their funds when platform retrocessions are scrapped under the Retail Distribution Review in April 2014.
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Source: FT.com
MTS launches RFQ trading for ETFs
December 3, 2013--MTS, Europe's premier fixed income trading venue, is to launch Request-for-Quote (RFQ) trading for ETFs via its multi-dealer-to-client MTS BondVision platform. The new service will offer liquidity providers access to a diverse community of global institutional investors.
The platform will support ETF products listed on Borsa Italiana and London Stock Exchange. By offering RFQ as a new execution method in addition to the order book trading functionality currently offered by the two exchanges, MTS is seeking to improve the efficiency of executing these products and increase trading opportunities for all market participants.
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Source: MTS
Turnover at Deutsche Boerse's cash markets at 92.9 billion euros in November
December 2, 2013--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €92.9 billion in November (November 2012: €87.9 billion). Of the €92.9 billion, €83.4 billion were attributable to Xetra (November 2012: €80.8 billion). €4.8 billion were attributable to the Frankfurt Stock Exchange (November 2012: €4.4 billion).
Order book turnover on Tradegate Exchange* totalled approximately €4.7 billion in November (November 2012: €2.8 billion).
In equities, turnover reached €82.2 billion on Deutsche Börse's cash markets (Xetra: €75.5 billion, Frankfurt Stock Exchange: €2.4 billion, Tradegate Exchange: €4.3 billion). Turnover in bonds was €1.4 billion, and in structured products €1.4 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €8.0 billion.
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Source: Deutsche Börse
BlackRock tests appetite for liquid ETF structure
December 2, 2013--BlackRock is poised to launch on December 16 its first European-listed exchange-traded product under a new structure that will potentially improve liquidity and slash costs across its $193 billion European ETF empire.
It could also pressure smaller rivals.
BlackRock's plan, dubbed Project Fusion, could see a chunk of its 263 exchange-traded products move to the new structure by 2016.
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Source: Financial Times
FinEx launches USD share class in Russian corporate Eurobonds ETF
December 2, 2013--FinEx ETF Ltd., part of FinEx Group, the international investment management company and a leading provider of ETFs to the Russian market, announces the launch today of a US dollar (FXRU) share class in its FinEx Tradable Russian Corporate Bonds UCITS ETF.
A hedged Ruble share class in the ETF was launched in April 2013, when it was the first ETF to be cross listed in Russia.
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Source: FinEx
The Spanish Stock Exchange traded 67 (euro)bn. in November, up 59% year on year
THE SPANISH STOCK EXCHANGE TRADED €67 BILLION IN NOVEMBER, UP 59% YEAR ON YEAR
December 2, 2013--The number of trades in November was 4.79 million, up 114% on November 2012
In the first 11 months the trading volume totaled €643.3 billion, up 0.24% year on year
Trading in Derivatives in November amounted to 4.66 million contracts, up 45% from November 2012, with a record high in Index Futures
Trading on the Corporate Debt platform SEND to the end of November increased twofold, to €2.4 billion
Equities
The equity trading volume on the Spanish Stock Exchange in November reached €67 billion, up 59% from the same period a year earlier. In the first 11 months of the year the trading volume totaled 643.3 billion, up 0.24% from the same period in 2012.
The number of trades to the end of November totaled 44.3 million, up 15.1% from the same period last year. The number of trades in November came in at 4.79 million, up 114% from November 2012.
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Source: BME
Component Changes Made to STOXX Blue-Chip Indices
Changes are due to fast entry rule
December 2, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced component changes in the STOXX Asia/Pacific 50 Index due to the fast entry rule.
These changes become effective with the open of markets on December 23, 2013.
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Source: STOXX
Transparency of Retail Distribution Review obscures fees
December 1, 2013--After attending 16 press conferences, reading 105 press releases and having arguments with 10 different colleagues on the subject, I am asking myself an important question that many fund managers are also asking: What is the point of the UK's Retail Distribution Review?
Indeed, many investors, and no doubt a few people reading this column, are probably asking an even more prescient question: what is the Retail Distribution Review?
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Source: FT.com
S&P Dow Jones Indices' Market Attributes-Index Dashboard-Europe
November 29, 2013--This month's highlights include:
The dominant themes prevalent throughout 2013 so far were evidenced in November's figures: low volatility, steady gains for the majority of equity indices across countries and sectors; with weaker performance in both emerging equities and commodities.
Just over two months subsequent to the federal elections, Angela Merkel,s CDU party agreed terms to form coalition government with the Social Democrats (SDP), with Merkel returning for her third term as chancellor. The agreement explicitly rejects any degree of mutualisation for sovereign debt and commits both parties to push for a financial transaction tax, as well as stipulating the introduction of a minimum wage.
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Source: S&P Dow Jones Indices
Seven new db x-trackers bond index ETFs launched on Xetra
ETFs provide access to euro-zone and Japanese bonds
November 29, 2013--Seven new db x-trackers from the ETF section of Deutsche Asset & Wealth Management have been tradable in the XTF segment on Xetra since Friday.
Three of the seven new bond index ETFs enable investors to participate in the performance of euro-zone government bonds. The iBoxx Sovereigns Eurozone AAA Index tracks the performance of euro-denominated government bonds that are issued by euro-zone governments and have an average rating of AAA. The db x-trackers II iBoxx Sovereigns Eurozone Yield Plus ETF (1D) provides investors with access to euro bonds issued by the five euro-zone countries with the highest yields.
Issuers must have an investment grade rating to be included. The db x-trackers II iBoxx Sovereigns Eurozone Yield Plus 1-3 UCITS ETF (1D) enables investors to limit the euro bonds from the five countries with the highest yields included in the reference index to a residual maturity of one to three year(s).
The db x-trackers II iBoxx Global Inflation-linked UCITS ETF (1D) provides investors with access to the most important inflation-linked government and quasi-government bonds in the local currency of the issuing country. The index effects a currency hedge monthly. The bonds in the reference index must have a residual maturity of at least one year and a par value of at least €2 billion. In addition, the issuing countries need to have an investment grade rating.
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Source: Xetra
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