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First Ossiam risk-weighted commodity ETF launched on Xetra
ETF tracks commodity groups taking into account their risk contribution
September 12, 2013--A risk weighted commodity index fund issued by Ossiam has been tradable on Xetra for the first time since Thursday.
ETF name: Ossiam Risk Weighted Enhanced Commodity Ex Grains UCITS ETF (EUR)
Asset class: commodity index ETF
ISIN: LU0876440578
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: Risk Weighted Enhanced Commodity Ex Grains Index Total Return USD
The new Ossiam ETF allows investors to participate in the performance of a risk-weighted commodity index ETF for the first time. The Risk Weighted Enhanced Commodity Ex Grains Index, which the ETF tracks, is based on a diversified basket of 20 commodity futures contracts from the sectors precious and base metals, primary commodities, and agricultural goods excluding grains. All 20 commodity futures contracts are balanced according to their volatility, i.e. commodity futures contracts with lower volatility are given a higher weighting than commodity futures contracts with higher volatility.
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Source: Xetra
IMF Working paper-Cross-Country Linkages in Europe: A Global VAR Analysis
September 11, 2013--Summary: This paper uses the Global VAR (GVAR) model proposed by Pesaran et al. (2004) to study cross-country linkages among euro area countries, other advanced European countries (including the Nordics, the UK, etc.), and the Central, Eastern and Southeastern European (CESEE) countries.
An innovative feature of the paper is the use of combined trade and financial weights (based on BIS reporting banks’ external position data) to capture the very close trade and financial ties of the CESEE countries with the advanced Europe countries. The results show strong co-movements in output growth and interest rates but weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of economic influences, there are also interesting subregional linkages, e.g. between the Nordic and the Baltic countries, and a small but notable impact of CESEE countries on the rest of the Europe.
view the IMF Working paper-Cross-Country Linkages in Europe: A Global VAR Analysis
Source: IMF
New ECB warning: Tapering fallout could be worse than 1994
September 11, 2013--A senior European Central Bank (ECB) policymaker has issued a fresh warning the impact of the US Federal Reserve reducing its massive stimulus programme might exceed that of 1994.
Speaking in Brussels, Jörg Asmussen, a German member of the ECB executive board, said policymakers must learn from the mistakes in communicating a shift in US monetary policy in 1994, the Financial Times reports.
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Source: Investment Week
Short-Selling Bans Tested in U.K. Turf War Over EU Powers
September 11, 2013--The U.K.'s bid to overturn a European Union agency's power to ban short selling faces a test tomorrow when an EU judge gives his view on part of Britain's turf war with the bloc's financial regulators.
An adviser to the EU Court of Justice will issue a non-binding opinion on whether the European Securities and Markets Authority’s decision-making ability goes beyond limits allowed under the bloc's treaties.
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Source: Bloomberg
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
September 11, 2013--The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to the monthly report, issued in the first week following the end of each month.
request report
Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
Lyxor liquidates 13 unprofitable ETFs
September 11, 2013--French asset manager Lyxor has shut more than 10 exchange traded funds in Europe this year as part of monthly reviews of its ETF range.
The firm, which is Europe's third-largest provider of ETFs, liquidated 13 primary ETFs so far this year, as well as shutting 20 share classes.
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Source: FT.com
Euro area securities issues statistics July 2013
September 11, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents decreased from -0.1% in June 2013 to -0.8% in July.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.1% in July 2013, compared with 1.2% in June.
New issuance of debt securities by euro area residents totalled EUR 720 billion in July 2013.
Redemptions stood at EUR 804 billion and net redemptions amounted to EUR 75 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents decreased from -0.1% in June 2013 to -0.8% in July
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Source: ECB
BME expands its IBEX 35(R) index family
The indices will be calculated and disseminated in real time as of 24 September
September 10, 2013--BME has created a new family of 8 target volatility indices, expanding the IBEX35(R) index series. The new IBEX 35(R) VOLATILIDAD OBJETIVO (IBEX 35 (R)Target Volatility) indices will be calculated and disseminated, in real time, as of 24 September.
The aim of these indices is to keep the risk of IBEX 35® index within preset levels. The strategy combines investments in Equities with risk-free Fixed Income, varying the proportion invested in each type of asset depending on market volatility.
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Source: BME (Bolsas y Mercados Espa ñoles)
EU lawyers say transaction tax plan is illegal
September 10, 2013--A plan to tax financial transactions in 11 European Union member states from 2014 is illegal, the bloc's lawyers have concluded, dealing what could be a final blow to the measure as proposed.
The opinion is not binding and Germany which backs the tax aimed at making banks pay governments about 35 billion euros a year after receiving taxpayer aid during the 2007-09 financial crisis, said it still wants swift introduction of the levy.
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Source: Reuters
FSB completes peer review of the United Kingdom
September 10, 2013--The Financial Stability Board (FSB) published today its peer review of the United Kingdom.
The peer review examined three topics that are important for financial stability and relevant for the broader FSB membership: macro-prudential policy framework; micro-prudential supervisory approach; and supervision and oversight of central counterparties (CCPs). The review focused on the steps taken to date by the UK authorities to implement reforms in these areas, including by following up on relevant recommendations in the 2011 Financial Sector Assessment Program (FSAP) undertaken by the International Monetary Fund.
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Source: Financial Stability Board (FSB)
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