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Lyxor's plans for ETF domination
November 28, 2013--Lyxor Asset Management's director Ben Thompson explains the group's plans to gobble up market share in the exchange traded funds (ETF) market.
Lyxor currently ranks as the third-largest ETF distributor in Europe, and is hoping the whole-of-market ethos put in place by the RDR will turn more advisers towards passive products.
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Source: Investment Week
Index Provider MVIS Expands Australian Exposure
New Australian benchmark index launches with three different weighting schemes
November 28, 2013--Market Vectors Index Solutions (MVIS) today announced the introduction of the Market Vectors Australia Index, a pure-play Australian benchmark index that is calculated and distributed as a capped, uncapped and equally weighted index version.
Market Vectors Australia Index (MVAUS), Market Vectors Australia Uncapped Index (MVAUSU) and Market Vectors Australia Equal Weight Index (MVMVW) are comprised of the same companies but with different weighting schemes. A licensing agreement to make the indices available as underlying for exchange-traded funds (ETFs) is expected to be signed soon.
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Source: Market Vectors Index Solutions GmbH
Economic Sentiment improves in the euro area and the EU
November 28, 2013--In November the Economic Sentiment Indicator (ESI) increased by 0.8 points in the euro area (to 98.5) and by 0.4 points in the EU (to 102.1).
While the upward trend observed since May has been preserved, the improvement in confidence has noticeably decelerated over the past two months, mirroring differences in developments across sectors.
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Source: European Commission
European ETFs Q3: Recent Trends & Challenges Ahead: from Lipper
November 27, 2013--The European ETF market is highly concentrated and this pattern will not change in the foreseeable future, according to Detlef Glow, Lipper's head of EMEA research, in his latest analysis.
Highlights follow below:
Assets under management grew by €32.30bn or 11.43% over the last twelve months (30.09.2012-30.09.2013) up to €282.55bn.
Only 45 of the 1810 European ETFs hold assets above €1bn. The majority of these funds (32) are equity funds, followed by bond funds (11) and commodity funds (2) that invest in physical gold.
The largest ETF (iShares DAX) holds 5.24% of overall AuM, down from 5.29% in Q3 2013.
The ten largest ETFs account for 23.75% of overall assets under management in the European ETF segment. The 45 ETFs with more than 1 billion in assets under management account for 44.59% of the overall AuM.
Detlef Glow concludes, "Looking at these recent trends, I believe that assets under management in the European ETF sector will continue to grow in the months ahead, although the growth rate will be lower than in the past. The number of funds will also grow further; ETFs focusing on bond markets and investment strategies might become the key driver for future growth. We could also see innovation in the overall European ETF landscape, as new promoters enter the market, new distribution models are introduced, and regulation increased at all levels."
request presentation
Source: Lipper Thomson Reuters
ECB Financial Stability Review suggests alleviation of financial market tensions, challenges remain
November 27, 2013--Stress indicators and euro area fundamentals suggest alleviation of financial market tensions,especially on the banks' funding side.
However, financial stability conditions remain fragile and euro area adjustment process is incomplete.
Euro area financial stress has remained moderate over the last half year despite bouts of considerable global financial market turbulence, according to the new Financial Stability Review of the European Central Bank (ECB), released today. Indicators measuring systemic stress have fallen back to close to their pre-crisis levels.
Euro area fundamentals have continued to improve,albeit at an uneven pace. Several countries need to continue to strengthen government balance sheets as well as carry forward structural reforms.
At the European level, further steps are needed to create a genuine banking union. While an on-going strengthening of capital and liquidity buffers enhances banking sector resilience,further efforts are needed to correct losses in countries' competitiveness and improve profitability in the banking sector.
More generally, the comprehensive assessment launched this month by the ECB should contribute to (i) enhance the quality of information available on the condition of euro area banks,(ii) identify and implement necessary corrective actions,if and where needed; and (iii) assure all stakeholders that these banks are fundamentally sound and trustworthy.
Building on a thorough overview of macro-financial developments,this Review identifies four key risks to euro area financial stability:
Economic and financial shocks that affect asset valuations and bank profitability, eroding confidence in the euro area financial sector. Continued action is needed to mitigate lingering scepticism regarding euro area bank balance sheets. The ECB’s comprehensive assessment will be a significant step forward in that respect.
Renewed tensions in sovereign debt markets as a result of delayed national reforms, unforeseen bank recapitalisation needs or a rise in global bond yields. Amid a fragile return of market confidence, policy progress needs to continue-complacency or reform fatigue must be avoided.
Global financial market turbulence,with asset mispricing and low market liquidity. Banks,insurers and pension funds need sufficient buffers for an eventual normalisation of compressed risk premia. Stable and predictable macroeconomic policies,including notably forward guidance,should help facilitate a smooth exit from central banks' non-standard policies.
view the ECB Financial Stability Review November 2013
Source: ECB
ESMA publishes updated Q&A on ETFs and other UCITS issues
November 27, 2013--ESMA has published an updated Questions and Answers (Ref. 2013/1547) concerning the Guidelines on ETFs and other UCITS issues
view the Questions and Answers-ESMA's Guidelines on ETFs and other UCITS issues
Soure: ESMA
Boost Trade Idea of the Week-Weak yen bullish for Japanese equities, if not spoilt by 'taper delay'
November 26, 2013--Summary
Yen weakness is underpinned by two opposing driving forces: the easing of monetary policy framed around explicit inflation targeting by Japan and the tightening of monetary policy by the Fed as it contemplates pairing back QE.
The widening US interest rate differential, both in real and nominal terms, signals the fundamental driving forces behind the prevailing weakness of JPY/USD.
Until the Q4 results season begins the longer term underpinnings of yen weakness may be bullish for Japanese equities.
However, the overly bearish positioning of speculators in the Yen could cut the rally short if US payrolls on 6 December disappoint by a wide margin. While seen as benign, Investors may seek to hedge their long Japanese equity positions into the numbers.
Investors who share this sentiment may consider, amongst the Boost equity ETPs product platform (www.boostetp.com/Products), the following positions in Japan equities:
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Source: Boost
SIX strengthens market for structured products in Switzerland
November 26, 2013--As of 1 January 2014 the brand identity of the exchange for structured products will be integrated into SIX and the Swiss Exchange business area.
Backed by the strength of the SIX brand, the Swiss exchange for structured products will be able in future to address the special characteristics of the Swiss market and contribute to its continuing development.
The market for structured products is of great strategic importance to SIX and represents an important part of its business portfolio.
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Source: SIX Swiss Exchange Ltd
Advisers' passive use near 'ceiling': Schroders
November 26, 2013--Schroders' managing director for UK intermediary says there is a reduction in number of advisers looking to increase their clients' allocation to passives.
The survey of 328 investment-focused advisers conducted during November found 61 per cent had added to passive investments in the past year, but 75 per cent said they were likely to have the same exposure in 12 months' time.
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Source: FT Adviser
DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
November 26, 2013----The most recent issue of the European Weekly ETF Market Review is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
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