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Regulation could make investment research better
September 15, 2013--Buyside firms may eventually have to use their own cash to pay for sellside research.
The market for investment research is changing. In March, the UK regulator cracked down on asset managers using their clients' money to pay for corporate access (meetings with senior company management arranged by intermediaries).
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Source: FT.com
Cash for access rules threaten UK fund houses
September 15, 2013--A clampdown on payments by UK asset managers to brokers threatens to put British houses at a competitive disadvantage to non-UK houses.
Earlier this year, the Financial Conduct Authority warned asset managers that it would not tolerate them using client commissions to pay brokers for arranging meetings with their corporate clients.
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Source: FT.com
NYSE Euronext announces new ETF on European markets
September 12, 2013-- NYSE Euronext is pleased to announce that Lyxor has listed one new ETF on NYSE Euronext Paris on 13 September, 2013
ETF Symbol: MI10
Listing date: 13/09/2013
ETF Trading name: LYXOR ETF MTSIT10
Underlying index: MTS 10Y Italy Government Bond
TER: 0.165%
NYSE Euronext now has 650 listings of 560 ETFs listed on its European markets.
Source: NYSE Euronext
NYSE Euronext announces new ETF on European markets
September 12, 2013--NYSE Euronext is pleased to announce that Ossiam has listed one new ETF on NYSE Euronext Paris on 12 September, 2013:
ETF Symbol: CRWE
Listing date:12/09/2013
ETF Trading name: OSSIAM CMD RISKW E
Underlying index: Risk Wght Enh. Com Ex. Grains
TER: 0.45%
NYSE Euronext now has 649 listings of 559 ETFs listed on its European markets.
Source: NYSE Euronext
Lyxor launches 17 EM ETFs
September 12, 2013--Lyxor Asset Management is launching 17 emerging market exchange traded funds to be listed on the London Stock Exchange.
With the new launches, Lyxor now has 64 ETFs on the LSE.
Included to this are 11 ETFs that give access to individual EMs and 4 that give a wider exposure to the asset class.
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Source: Money Marketing
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
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