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S&P warns defaults will rise on weak European economic outlook
September 9, 2013--Europe's weak economic outlook, and a less tolerant attitude by lenders, threatens to continue the trend of increasing defaults by speculative-grade companies, according to Standard & Poor's.
The rating agency said that there were 10 defaults, involving total debt of €8.7bn, in the second quarter of this year among the speculative-grade companies it tracked, compared with 12 corporates and €2.4bn in the first quarter.
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Source: FT.com
Three new db X-trackers ETFs launched on Xetra
ETFs provide access to indices on global government bonds and MSCI World with currency hedging
September 6, 2013--Three new exchange traded funds issued by db X-trackers, a subsidiary of Deutsche Bank, have been tradable in the XTF segment on Xetra since Friday.
ETF name: db X-trackers II Global Sovereign UCITS ETF
Asset class: bond index ETF
ISIN: LU0908508731
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: DB Global Investment Grade Government Unhedged Index
ETF name: db X-trackers II iBoxx Global Inflation-linked UCITS ETF
Asset class: bond index ETF
ISIN: LU0908508814
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: iBoxx Global Inflation-Linked Index All EUR Unhedged Nominal
The db X-trackers II Global Sovereign UCITS ETF enables investors to participate in the performance of globally issued government bonds. The index currently comprises investment grade bonds from industrialised countries in the respective local currency. They are at this time from Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Sweden, Switzerland, Spain, the UK and the US.
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Source: Xetra
STOXX-Component Changes made to the STOXX Global Select Dividend 100
September 6, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced component changes in the STOXX Global Select Dividend 100 Index due to the fast exit rule.
Component changes will become effective with the open of markets on September 23rd, 2013.
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Source: STOXX
ETF Securities launches service to help asset managers build and launch their own ETFs
September 6, 2013--ETF Securities believes the global ETF market is set to grow from US$2 trillion to over US$3 trillion by 2015
ETF Securities has launched CANVAS, a service enabling asset managers from around the world to build and launch white-labelled ETFs in Europe.
CANVAS will provide a number of ETF-based solutions, including the ability to build ETFs using ETF Securities full infrastructure, set up a bespoke ETF platform, convert existing UCITS funds into ETFs or add an ETF share class into a UCITS fund. As pioneers in developing exchange traded products (ETPs), ETF Securities has offered ETFs since 2008 and plans to use its expertise to help bring new entrants to the ETF market, creating more choice for investors.
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Source: ETF Securities
European Supervisory Authorities highlight cross-sectoral risks
September 5, 2013--The Joint Committee of the European Supervisory Authorities (ESAs) has published its second bi-annual Report on Risks and Vulnerabilities in the European Union's (EU) Financial System.
The Report has identified the following key cross-sectoral risks to the stability of the European financial system:
the weak macro-economic outlook;
the protracted low-interest rate environment;
EU financial sector fragmentation; and
reduced confidence in balance sheet valuations and risk disclosures.
These risks, already highlighted in the first Joint Committee's Risk Report published in April this year, have increasingly been brought into focus following a series of developments that took place since then. In particular, increased volatility in longer-term interest rates and concerns about the future path of interest rates-combined with the current low interest rate environment- created uncertainty for financial institutions in their hedging and impacted profitability.
view the Report on Risks and Vulnerabilities in the European Union's (EU) Financial System
Source: EBA
Boost Silver 3x Leverage Daily ETP (Ticker: 3SIL) the top performing ETF on the LSE in August as silver ETF flows turn positive
September 5, 2013--Boost Silver 3x Leverage Daily ETP '3SIL' was the best performing ETF listed on the LSE in August, with a 65.6% return
Gold and silver were the top performing assets after experiencing significant price falls for the first half of the year
Flows into silver ETPs turned positive since 1 July however net flows into gold ETPs remains negative
Boost ETP offers the largest range of Short and Leverage gold and silver ETFs in Europe with 9 different gold and silver ETFs
Boost ETP, the award winning and independent exchange-traded product (ETP) provider, is proud to announce that Boost Silver 3x Leverage Daily ETP (3SIL) was the top performing Exchange Traded Fund (ETF) listed on the London Stock Exchange (LSE) in August. Boost Silver 2x Leverage Daily ETP (2SIL) was the 2nd top performer:
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Source: BOOST
UK Official holdings of international reserves, August 2013
September 4, 2013--This monthly press notice shows details of movements in August in the UK's official holdings of international reserves, which consist of gold, foreign currency assets and International Monetary Fund assets.
These reserves are maintained primarily so that the UK Government's reserves could be used to intervene to support Sterling, or the Bank of England's reserves could be used to support the Bank's monetary policy objectives. If such interventions were to occur, then they would be shown and explained in this release. The Background note at the end of this release explains more about the reserves, and about these statistics.
In summary this month’s release shows that, in August 2013:
No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
view the UK Official holdings of international reserves, August 2013
Source: HM Treasury
European Commission-New rules for Money Market Funds proposed-FAQs
September 4, 2013--1. What is a Money Market Fund?
A Money Market Fund (MMF) is a mutual fund that invests in short-term debt such as money market instruments issued by banks, governments or corporations. Money market instruments traditionally include treasury bills, commercial paper or certificates of deposit.
The above-mentioned financial instruments are eligible for an MMF as long as their residual maturity does not exceed 397 days (short-term MMF) or two years (standard MMF). MMFs can be denominated in any particular currency; those domiciled in Europe mostly invest in debt denominated in euro, pound sterling or US dollar.
What is a constant value MMF?
A constant net asset value (CNAV) MMF is a fund that, unlike other mutual funds, seeks to maintain a stable €1 per share when investors redeem or purchase shares. The net value of the assets held by an MMF can, however, fluctuate, and the market value of a share may therefore not always be exactly €1. To avoid a fluctuating share value, a CNAV MMF uses amortised costs to value its assets.
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Source: European Commission
Second estimate for the second quarter of 2013-Euro area GDP up by 0.3% and EU27 up by 0.4%
-0.5% and 0.0% respectively compared with the second quarter of 2012
September 4, 2013--GDP rose by 0.3% in the euro area1 (EA17) and by 0.4% in the EU271 during the second quarter of 2013, compared with the previous quarter, according to second estimates2 published by Eurostat, the statistical office of the European Union.
In the first quarter of 2013, growth rates were -0.2% and -0.1% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.5% in the euro area and
remained stable in the EU27 in the second quarter of 2013, after -1.0% and -0.7% respectively in the previous
quarter.
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Source:Eurostat
Europe ETP delistings continue amid trading slump
September 4, 2013--Providers of exchange-traded products delisted a host of products in Europe during August, as factors including the escalating conflict in Syria weighed on daily trading activity.
A total of 82 ETPs were delisted from European exchanges last month, according to consultancy ETFGI, taking the total number of delistings in Europe this year to 315.
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Source: Financial News
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