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Boost Trade Idea of the Week-Sterling strength is bearish for FTSE 100, bullish for FTSE 250
December 3, 2013--Summary
The profit outlook is weakening for UK large-cap equities. Accordingly, consensus is downgrading the outlook for FTSE 100, while keeping it robust for the FTSE 250.
Overhanging the gloomy sentiment in UK's large-cap equity market is the appreciating sterling and the threat of higher interest rates as the BoE prepares to tighten monetary policy. As large-cap earnings come under pressure, the outlook is bearish for the FTSE 100.
In preserving the Funding for Lending Scheme for SME (while ending it for households), the BoE’s careful rebalancing act is a signal of calibrating monetary policy toward supporting UK’s domestic focused businesses. The outlook is bullish for domestic secular growth stories captured in the FTSE 250.
Investors who share this sentiment may consider, amongst the Boost equity ETPs product platform (www.boostetp.com/products), the following positions in UK equities:
Long positioning UK mid-cap equities:
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Source: Boost
ESG STRATEGIES OF EUROPEAN ASSET OWNERS-From theory to practice 2013 Survey
December 3, 2013--Novethic has questioned more than one hundred European asset owners, each
year since 2008, on the integration of Environmental, Social and Governance (ESG) criteria into their asset management.
his survey, the only one of its kind, allows us to follow the evolution over time of their perception of responsible investment. How do they define it? What motivates them to put the corresponding policies in place? Are they primarily hoping to use their assets to fuel the shift to a more sustainable economy? Or are they mainly protecting their reputation? As long-term investors, do they necessarily take account of these ESG issues, especially those with an already patent impact on their portfolios?
These questions, asked routinely every year, make it possible to observe that although answers may differ from one country to the next, real trends are apparent that clearly demonstrate the emerging role of ESG analysis in risk management.
view the ESG STRATEGIES OF EUROPEAN ASSET OWNERS-From theory to practice 2013 Survey
Source: Novethic
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
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