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Eurex launches options on French government bond futures
July 22, 2013--With effect from 10 September, the international derivatives market Eurex Exchange will launch options on futures that are based on notional long-term bonds issued by the French Republic ("Obligations Assimilables du Tresor"-OAT) with a notional coupon of 6 percent and a remaining maturity of 8.5 to 10.5 years.
The minimum price change (tick size) is measured in points and, as with the Bund options, equals 0.01, corresponding to a tick value of 10 euros. Trading hours are from 8 a.m. to 5.15 p.m. CET.
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Source: Eurex
Hargreaves rules out taking marketing fees from fund groups
July 19, 2013--Hargreaves Lansdown has ruled out the prospect of taking marketing fees from fund groups or allowing advertising on its website, saying it wants to offer a 'transparent' fee structure when new regulations are implemented next year.
In its final rules for platforms, published earlier this year and due to come in to force on 1 January 2014, the Financial Conduct Authority left open the possibility for fund groups to make marketing payments to platforms and pay platforms to run adverts.
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Source: Investment Week
London Stock Exchange: well rounded
July 18, 2013-- Investing in a stock exchange is just a geared play on markets, right? That has certainly been the case for London Stock Exchange of late.
Its shares have exaggerated moves in the FTSE 100 in four of the past five years. That has also been the case in 2013 - the FTSE is up 9 per cent, LSE is up 41 per cent. First quarter numbers released on Thursday show why. LSE has done very nicely out of investors' renewed enthusiasm for IPOs, while there was also a decent jump in income from secondary market trading.
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Source: Euro2day.gr
ECB further reviews its risk control framework allowing for a new treatment of asset-backed securities
July 18, 2013--The Governing Council of the European Central Bank (ECB) decided to further strengthen its risk control framework. To maintain adequate risk protection, the ECB regularly adjusts its collateral eligibility rules and haircuts applied when accepting collateral in Eurosystem monetary policy operations.
In addition, some measures aim to improve the overall consistency of the framework. At the same time, the list of collateral accepted under the permanent Eurosystem collateral framework will be expanded. These measures taken together have an overall neutral effect on the amount of collateral available.
In the biennial review of its risk control framework applied in Eurosystem monetary policy operations, the Governing Council decided in particular to:
Update the haircuts for marketable instruments;
Adjust the risk control measures for retained covered bonds to take into account the additional risk which results from the use of such securities by the issuer itself and to ensure a level playing field between securities with comparable risks;
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Source: ECB
State Street making ETF inroads in Europe
July 18, 2013--State Street Global Advisors is gaining traction in the European exchange traded fund market as experts say its product strategy is starting to pay off.
The US ETF provider, which re-established its ETF business in Europe four years ago, racked up strong sales in the first half of this year.
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Source: FT.com
Deutsche Boerse and Liquidnet announce cooperation to make block trading of German equities more efficient
Cooperation creates more efficient structure for institutional investors/ Better performance for large-scale trades with less market impact and price improvement
July 18, 2013--Deutsche Börse will launch a new block trading service on Xetra MidPoint on 29 July and named Liquidnet, the global institutional trading network as the Block Agent for this new service.
This new block trading model provides a platform where more than 240 Xetra members will have the opportunity to trade directly with Liquidnet’s network of more than 700 of the world's leading asset management firms safely, and efficiently with minimal market impact and maximum price improvement.
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Source: Deutsche Börse
World's first FTSE 250 short & leverage ETP on the LSE
World's first Short and Leveraged (S&L) FTSE 250 ETPs
New FTSE 100 Short and Leveraged ETPs with market beating expense ratios
Existing 3x Short and Leveraged FTSE 100 ETPs account for 80% of Boost trading volumes
July 17, 2013--BOOST ETP the award winning and independent Exchange-Traded Product (ETP) provider announced today that it has listed five new FTSE products in its range of equity Short and Leveraged ETPs, bringing the total number of equity ETPs to 17.
BOOST listed its first set of S&L products, the first issuer to focus on 3x Short and 3x Leveraged ETPs, in December 2012.
Demand for transparent S&L ETPs has increased over the past few years with global S&L ETP assets rising to just under $50bn, as many financial markets have trended sideways, resulting in volatile but poor long term returns.
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Source: BOOST
DB-Synthetic Equity & Index Strategy-Europe-ETF Handbook Series-Currency hedged ETFs
July 17, 2013--Volatile FX markets create demand for hedged ETFs
2013 is the year of the hedged ETF
The range of currency hedged ETF listings has grown at an unprecedented pace in 2013 as investors demand new hedged exposures.
This is partly a response to increased FX volatility, which can offset investment gains (Figure 1). The availability of currency hedged ETFs gives investors increased choice: the ability to decide whether to overlay a currency view on top of a market view, or to isolate a pure market view irrespective of currency.
That investors value the opportunity to detach equity and currency views in a cross-border investment is illustrated by cashflows into hedged ETFs this year. By end June, total AUM in hedged ETPs globally was in excess of USD 21bn – more than a 100% increase over Dec-2012 AUM. 2013 has seen significant new issue activity in the hedged ETF space. Europe has seen 35 new listings. The issuance of new hedged ETFs in the US this year has been unprecedented: Issued and registered for issue funds would more than double the total number of hedged ETFs available to investors at the end of 2012.
Deutsche Bank's currency strategists believe that we remain in the early stages of a broad-based dollar strengthening and yen weakness. Further currency moves are likely to prompt greater demand for hedged products.
This report focuses on currency hedged ETFs but also touches on the growing range of other hedges available, including interest rates and equity volatility.
Costs and risks
Currency hedged ETFs typically have higher TERs than comparable unhedged ETFs. Any costs arising from hedging will be reflected in NAV. Hedging can result in foregone gains from a weaker home currency.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
July 17, 2013--The most recent issue of the European Weekly ETF Market Review is now available.
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.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy -Europe
IMF-United Kingdom: 2013 Article IV Consultation
July 17, 2013--KEY ISSUES
The economy remains a long way from a strong and sustainable recovery. Despite
recent improvements in economic and financial conditions, recovery will be protracted.
Domestic deleveraging pressures remain, while external demand is still weak. Looking ahead, activity is expected to pick up only gradually. Risks remain to the downside, with the key risk being permanent damage to the economy’s productive potential.
A multi-pronged policy strategy is needed. Securing growth momentum and rebalancing the economy are vital to boost incomes and income expectations, ensure the sustainability of public debt, and support bank balance sheets.
A multi-pronged policy strategy is thus needed to address both demand and supply constraints that the economy faces. In particular:
view the IMF-United Kingdom: 2013 Article IV Consultation
Source: IMF
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