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Boost-Trade Idea of the Week
Looming fiscal cliff, broken safe havens. Here is why to hedge.
October 15, 2013--Summary
Extending the debt ceiling deadline by weeks does not remove uncertainty and keeps the hedge trade alive. A prolonged political dysfunction in the US could portent a diminishing risk appetite, undermining equities
Ahead of 17 October's debt ceiling deadline, the path of equities may be volatile and directionless. Q3 earnings may give an excuse to sell rather than a reason to buy equities
Sentiment on safe haven asset classes has soured. Redemptions from ETFs and money market funds holding US Treasuries could gain momentum and keep yields elevated
Until the US Treasury actually defaults, any budget deal struck in congress is likely to be disinflationary, preventing gold from gaining traction. Weakness of gold may persist
Investors who share this view may consider hedging their long equity positions and shorting precious metals through Boost's short ETPs
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Source: Boost
Legal & General considers moving into ETFs
October 14, 2013--Legal & General is reviewing a move into the $2 trillion exchange-traded fund sector, which would bring the UK insurer into a competitive market dominated by BlackRock's iShares.
Nick Hodges, head of index fund distribution at Legal & General Investment Management, confirmed the initiative, saying: "Developments in the retail market have encouraged our review."
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Source: Financial News
Northern Trust beefs up depositary services
October 14, 2013--Northern Trust has expanded its depositary services in a bid to help fund managers meet new Alternative Investment Fund Managers Directive (AIFMD) requirements. The firm will now offer depositary services across multiple fund types, asset classes, fund locations and investment strategies in the United Kingdom and The Netherlands, in addition to its existing services in Ireland, Luxembourg and the Channel Islands.
Five new senior positions have been created with John Cargill named as head of depositary services, EMEA, where he is responsible for managing a team of specialists located across Northern Trust's European offices.
"We are pleased to expand our depositary services capabilities to all our fund manager clients across Europe," says Toby Glaysher, head of Global Fund Services. "Our AIFMD pan-European depositary capabilities are designed to provide the best in class services for our clients-enabling them to comply and take full advantage of the new regulatory landscape."
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Source: FTSE Global Markets
Borsa Italiana: ETF Stat: September 2013
October 14, 2013--The ETF Stat Report September 2013 of the Borsa Italiana is now available.
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Source: Borsa Italiana
FESE European Equity Market Report-September 2013
October 14, 2013--The FESE European Equity Market Report September 2013 is now available.
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Source: FESE
Bank exposure to EU states' bonds on rise
October 13, 2013--Europe's financial institutions are more exposed to their domestic government bonds than at any time since the eurozone crisis started, reigniting concerns that the fates of sovereign states and their banks are too closely intertwined.
Despite official pledges by eurozone authorities to break the "sovereign-bank nexus", government bonds accounted for more than a 10th of Italian banks' total assets at the end of August, the last month for which data are available.
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Source: FT.com
'Pincer attack' crushes European fund profits
October 13, 2013--Profit margins across Europe's fund management market are caught in a "pincer attack" due to the rising costs of regulation and increasing revenue pressure from the shift into low-cost passive funds.
Complying with new regulations will cost between $300m and $500m annually over the next three years. This translates into a significant increase in cost-to-income ratios, according to BNY Mellon.
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Source: FT.com
BlackRock cuts five from London equity trading team
October 13, 2013--BlackRock has put five members of its London equity trading team under review as part of efforts to integrate its trading desk with its internal risk system, called Aladdin.
The five traders in question have not yet left BlackRock, the world's largest asset manager, but may do so at the end of a consultation period.
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Source: FT.com
Thomson Reuters Global Equities Monthly Market Share Data Updated To Reflect September 2013 Activity
October 11, 2013--One thing to note was the growth in dark pool trading in September, particularly in the form of the reported anonymised Broker Crossing Systems activity which represented 13.5% of all order book activity in comparison with 9.8% in August and 8.1% in September 2012.
The activity was most prominent during the Index rebalancing between the 24th & 26th September.
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Source: Mondovisione
Euro area securities issues statistics
October 11, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.7% in August 2013, compared with -0.8% in July.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.1% in August 2013, the same as in July.
New issuance of debt securities by euro area residents totalled EUR 592 billion in August 2013.
Redemptions stood at EUR 613 billion and net redemptions amounted to EUR 19 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.7% in August 2013, compared with -0.8% in July.
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Source: ECB
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