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DB-Synthetic Equity & Index Strategy-ETF Research - European Weekly ETF Market Review
October 16, 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.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
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Source: Deutsche Bank-Synthetic Equity & Index Strategy-Europe
Banks cut holdings in Markit
October 16, 2013--Goldman Sachs, JP Morgan, Royal Bank of Scotland and Commerzbank were among the biggest selling stakeholders in London-based financial data provider Markit over the past year.
Though the total number of Markit shares in issue increased over the past year, by 1.75 million, the number of shares held by investment banks decreased, according to Companies House filings this week. The proportion of shares held by banks fell from 71% to 51%, according to the filing dated 11 June 2013. Markit last disclosed its full shareholder list on May 21, 2012.
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Source: Financial News
Dutch, French regulators vie for control of Euronext-sources
October 15, 2013--With IntercontinentalExchange's more than $10 billion (6.2 billion pounds) takeover of NYSE Euronext expected to close early next month,regulators in the Netherlands and France are scrambling to prevent Euronext from once more falling into foreign hands, according to several sources familiar with the situation.
ICE had committed to spinning off Euronext, the operator of stock exchanges in Paris, Amsterdam, Lisbon and Brussels, to secure regulatory approval for the NYSE Euronext deal. But some rivals have expressed an interest in buying the pan-European exchange operator instead.
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Source: Reuters
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
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