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US money market funds in French surge
September 26, 2013--An upswing in investor sentiment for the eurozone has pushed US money market lending to French banks to a two-year high.
French banks accounted for over half of
all eurozone bank lending done by the 10 biggest US money market funds at the end of last month.
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Source: FT.com
STOXX updates fast entry rules
September 26, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced changes to its fast entry rules in order to better respond to extraordinary market events in a timely and appropriate manner.
Changes being announced today are effective immediately and are the result of a review of the methodology and meeting of the STOXX Advisory Board.
Under the updated fast entry rule, all eligible stocks must have a rank on the latest selection list which lies within the top 50 percent of the number of the respective index's constituents. For example, stocks must rank between 1 to 25 for indices with 50 constituents, and between 1 and 15 for indices with 30 constituents, to be added to the respective index. This makes the fast entry rule symmetric to the fast exit rule which typically sets the threshold at rank 75 for an index with 50 constituents. Previously, stocks on the selection lists were required to have a rank of 1 to 40 to be eligible for inclusion.
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Source: STOXX
STOXX launches first dividend index for ASEAN region
September 26, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX ASEAN-Five Select Dividend 50 Index. The new index selects the 50 highest dividend paying companies from five member states of the Association of Southeast Asian Nations (ASEAN).
It is the first dividend index for the ASEAN region. The STOXX ASEAN-Five Select Dividend 50 Index is specifically designed to underlie exchange-traded funds and other investable products.
"The ASEAN region is among the most dynamic ones in the world. According to the OECD, ASEAN GDP is estimated to grow 5.5% annually, on average, from 2013 to 2017," said Hartmut Graf, chief executive officer, STOXX Limited. "The STOXX ASEAN-Five Select Dividend 50 Index is aimed at market participants who believe in the long-term growth of this region and at the same time want to participate from the dividend return of the region's top dividend yielding companies. We are pleased to be the first index provider to offer such a concept."
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Source: STOXX
ETF Securities hires UK IFA Sales Director
September 26, 2013--ETF Securities (UK) Limited has hired former strategic distribution manager, Liz Wright, as UK IFA Sales Director.
The hire has been made in response to a growing demand from UK retail intermediaries for financial solutions that comply with recent regulatory reviews such as the Retail Distribution Review (RDR). She will report into Frank Spiteri, Head of Retail Distribution Strategy.
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Source: IFA Magaizine
New ETFs on NYSE Euronext-LYXOR ETF SGQE
September 26, 2013--NYSE Euronext is pleased to announce that Lyxor has listed one new ETF on NYSE Euronext Paris on September 26, 2013: ETF Symbol: SGQE
Listing date:26/09/2013
ETF Trading name: LYXOR ETF SGQE
Underlying index: SG European Quality Income NTR
TER:0.45%
NYSE Euronext now has 653 listings of 563 ETFs listed on its European markets.
Source: NYSE Euronext
Nordea launches exchange-traded funds in Finland and Sweden
September 26, 2013--On Thursday September 26, Nordea listed the first actively-managed ETFs on NASDAQ OMX Stockholm and NASDAQ OMX Helsinki.
The two products listed are Nordea Global Emerging Market Equities UCITS ETF and Nordea Stable Equities UCITS ETF.
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Source: Nordea
STOXX launches Sustainability Weighted version of leading Blue-Chip indices
September 25, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the EURO iSTOXX 50 SD-KPI and iSTOXX Europe 50 SD-KPI indices, which apply a sustainability focused weighting to Europe's leading blue-chip indices.
The SD-KPI Standards, on which the weightings are based, have been developed by Dr Axel Hesse in cooperation with global investors and analysts and the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety. The new indices are designed to act both as an underlying to passive institutional mandates, exchange-traded funds and other investable products, and as a proper benchmark for actively managed funds.
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Source: STOXX
Russian Economic Report 30: Structural Challenges to Growth Become Binding
September 25, 2013--September 25, 2013 – Slowdown in consumption, stalled investment demand, and a continuing weak external environment led to the downward revision of the World Bank's May growth projection for Russia from 2.3 percent to 1.8 percent in 2013. Despite the observed slowdown, the Russian economy is projected to accelerate to 3.1 percent growth in 2014, says the World Bank's Russian Economic Report №30 launched today in Moscow.
"The economy appears to be growing close to its capacity, constrained by feeble investment activities and a tight labor market," said Birgit Hansl, World Bank Lead Economist and Country Sector Coordinator for Economic Policy in Russia and the main author of the Report. "Global recovery could result in an increase in Russian exports starting in the fourth quarter of 2013, while the World Bank projects oil prices to remain stable. Next year's growth prospects will largely depend on the recovery in Russia's most important economic partner, the Euro Area, and the increased investment activities associated with the recently announced large state investment projects to be financed off-budget."
view the Russian Economic Report 30: Structural Challenges to Growth Become Binding
Source: World Bank
UK regulator urged to tackle 'index clones'
September 24, 2013--Regulators in the UK have been urged to investigate the "scandalous index cloning epidemic" in which active managers charge high fees for simply following a benchmark such as the FTSE All-Share.
The call for the Financial Conduct Authority to act came from SCM Private, the wealth manager that runs the "True and Fair" campaign for greater transparency in fund management.
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Source: FT.com
Index funds force change at Smith & Williamson North American Trust
September 24, 2013--Smith & Williamson Investment Management, based in London and with £14 billion under management, has reduced the holdings in its North American Trust and acknowledges pressure from the wide use of index funds by advisers.
Reducing the stock list by almost 50%, the firm expects this to help the trust to deliver an above-benchmark investment return that justifies its active fees in light of the wider use of index funds and exchange-traded funds (ETFs).
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Source: Funds Europe
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