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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.
view more New measures to restore confidence in benchmarks following LIBOR and EURIBOR scandals The manipulation of the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) has resulted in multi-million euro fines on several banks in Europe and the US, and allegations of manipulation of commodity (e.g. oil, gas and biofuel) and exchange-rate benchmarks are also under investigation. The prices of financial instruments worth trillions of euro depend on benchmarks, and millions of residential mortgages are also linked to them. As a result, benchmark manipulation can cause significant losses to consumers and investors, distort the real economy, and undermine market confidence.
view more European ETFs: Recent Trends & Challenges Ahead: from Lipper Assets under management grew by €34.84bn or 15.23% over the last twelve months (30.06.2012 -30.06.2013) up to €263.57bn Only 41 of the 1743 European ETFs hold assets above €1bn. The majority of these funds (28) are equity funds, followed by bond funds (11) and commodity funds (2) that invest in physical gold The largest ETF (iShares DAX) holds 5.29% of overall AUM
The ten largest ETFs account for 24.96% of overall assets under management in the European ETF segment. The 41 ETFs with more than 1 billion in assets under management account for 44.55% of the overall AUM request report DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review If you are looking for a particuliar article and can not find it, please feel free to contact us
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
September 18, 2013--The Commission has today proposed draft legislation to help restore confidence in the integrity of benchmarks. A benchmark is an index (statistical measure), calculated from a representative set of underlying data, that is used as a reference price for a financial instrument or financial contract or to measure the performance of an investment fund.
The new rules will enhance the robustness and reliability of benchmarks, facilitate the prevention and detection of their manipulation and clarify responsibility for and the supervision of benchmarks by the authorities. They complement the Commission’s proposals, agreed by the European Parliament and Council in June 2013, to make the manipulation of benchmarks a market abuse offence subject to strict administrative fines (see MEMO/13/774).
Source: EUROPA
September 17, 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 include:
Source: Lipper
September 17, 2013--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
