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Moscow Exchange: no downside left for stock market
Moscow Exchange says structural reforms help reverse downward trend
Diversity of products helps Moscow Exchange grow business
Russian privatisation plans still in the pipeline
September 23, 2013--Russia's stock market is set to rebound, thanks in part to reforms to bring trading in line with international norms, Moscow Exchange's chief executive said on Monday.
Selling at a near 50-percent discount to those of other emerging nations, Russian stocks have something of a pariah status for foreign investors worried at corruption and stalled efforts to modernise the economy.
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Source: Reuters
Three new iShares ETFs launched on Xetra
ETFs based on interest-rate hedged corporate bonds and large and mid-caps
September 23, 2013--Two new equity index ETFs and one new bond index ETF issued by iShares have been tradable in Deutsche Börse's XTF segment since Monday.
ETF name: iShares $ Corporate Bond Interest Rate Hedged UCITS ETF
Asset class: bond index ETF
ISIN: DE000A1W4V85
Total expense ratio: 0.25 percent
Distribution policy: distributing
Benchmark: Markit iBoxx USD Liquid Investment Grade Interest Rate Hedged Index
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Source: Deutsche Börse
State Street gets 'aggressive' to lead European ETFs market
September 22, 2013--State Street Global Advisors, the world's third largest asset manager, is about to take on market leader BlackRock in the European exchange-traded funds market.
The fight marks an aggressive strategic push for State Street which, while the second largest ETF player globally, lags BlackRock's iShares ETF business by 24.6 percentage points of market share, 508 by number of funds and $481 billion in assets under management.
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Source: Financial News
DeAWM courts retail market with ETF savings plan
September 22, 2013--Deutsche Asset & Wealth Management wants to capture retail investors' growing interest in exchange traded funds by expanding its offering of commission-free ETF savings plans in Europe.
Around 30,000 ETF savings plans have been opened in Germany since Deutsche/DeAWM first launched its initiative in September 2010...
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Source: FT.com
New SPDR bond index ETF launched on Xetra
ETF offers access to high-yield US corporate bonds br>September 20, 2013--A new exchange-listed bond index fund issued by SPDR (State Street Global Advisors) has been tradable in the XTF segment on Xetra since Friday.
ETF name: SPDR Barclays 0-5 Year US High Yield Bond UCITS ETF
Asset class: bond index ETF
ISIN: IE00B99FL386
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: Barclays US High Yield 0-5 (ex 144A) Index
The new SPDR bond index fund enables investors to participate in the performance of the market for fixed-income and high-yield corporate bonds denominated in US dollars.
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Source: Xetra/FWB
EU watchdog says new short-selling rules not harmful
September 20, 2013--Banning bets on falling share prices in the European Union has not damaged prices or ramped up volatility on stock markets, the bloc's securities regulator said on Friday, largely refuting market players' concerns.
Curbs on so-called short-selling of government debt have, however, hit turnover in a few cases, according to the European Securities and Markets Authority (ESMA) in its first study of new EU short-selling rules.
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Source: Reuters
ESMA TRV: market conditions improve, as systemic risks persist
September 20, 2013-The European Securities and Markets Authority (ESMA) published today its Trends, Risks, Vulnerabilities (TRV) Report (Ref. 2013/1138) and a Risk Dashboard for the second quarter of 2013.
The TRV examines the performance of securities markets in the first half of 2013, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU, to assist both national and EU bodies in their risk assessments. ESMA's TRV contributes to promoting financial stability and enhancing consumer protection by regularly looking into cross-border and cross-sector trends, risks and vulnerabilities, both at the wholesale and retail level.
The TRV finds that EU securities markets and investment conditions in the EU have improved for a second quarter in a row since the 4th quarter of 2012, although systemic risk persisted at medium to high levels. Amongst other risk factors, uncertainty remained high due to concerns over funding sources, low interest rates and recent market fluctuations, resulting in increased market risk, while liquidity, credit and contagion risk continue to be significant.
view more view the ESMA report- Trends, Risks, Vulnerabilities (TRV) Report Banks Face Fines for Benchmark Safeguard Breaches in EU Plan view more Euro area investment fund statistics view more Proposal for a Regulation on indices used as benchmarks in financial instruments and financial contracts-FAQs
Benchmarks determine the value of many financial instruments and payments under many financial contracts as well as being used to measure the performance of investment funds; e.g. the interest rate paid on a mortgage can be set by reference to an interest rate benchmark, and the investment and pension funds in which many citizens invest use benchmarks. Estimates suggest that the value of financial instruments and contracts referenced by benchmarks exceeds 1 000 trillion euro. If benchmarks do not reflect accurately what they are meant to measure, the price or payments will not be fair. Benchmarks can fail to measure what they are meant to when they are manipulated or are not representative. Confidence in their use may also be undermined when they are not robust and reliable.
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Source: ESMA
September 18, 2013--Banks risk fines as high as 10 percent of their yearly sales for failing to set up adequate safeguards to combat benchmark rigging, under European Union anti-manipulation rules presented today.
Michel Barnier, the EU's financial services chief, called for the sanctions as part of sweeping plans to toughen regulation of benchmarks underpinning more than 1,000 trillion euros ($1,335 trillion) of financial contracts ranging from oil and sugar to mortgages and foreign-exchange swaps.
Source: Bloomberg Business Week
September 18, 2013--In July 2013, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €132 billion higher than in June 2013.
This increase was due almost equally to increases in share/unit prices and to net issues of shares/units.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to €6,943 billion in July 2013, from €6,812 billion in June
2013. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to €844 billion, from €849 billion.
Source: ECB
September 18, 2013--General questions
1. What are indices and benchmarks and how are they used in financial markets?
An index is a statistical measure, typically of a price or quantity, calculated from a representative set of underlying data.
When this index is used as a reference price for a financial instrument or financial contract it becomes a benchmark. Notable examples are the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) which serve as benchmarks for interest rates. The manipulation of LIBOR and EURIBOR has sparked concerns about the integrity of benchmarks around the world.
Source: EUROPA
