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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
MiFID II and FTT face post-summer push
July 17, 2013--Ahead of their summer exit from Brussels, European policymakers have set themselves a timetable for finalising the European financial transaction tax (FTT) and market reform rules under MiFID II, starting in September.
A final text for new market rules under MiFID II will be sought by Christmas as the European Parliament and Council of the European Union negotiate technical and political details of the regulatory regime.
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Source: The Trade
ESMA consults on non-EU counterparties OTC derivatives
July 17, 2013--The European Securities and Markets Authority (ESMA) has launched a consultation on draft regulatory technical standards (RTS) aimed at implementing the provisions of the European Markets Infrastructure Regulation (EMIR) related to OTC derivative transactions by non-European Union (EU) counterparties in certain cases, and aimed at preventing attempts by non-EU counterparties to evade EMIR's provisions.
The Consultation Paper clarifies the conditions where EMIR's provisions regarding central clearing or risk mitigation techniques would apply to OTC derivatives by two non-EU counterparties which have a direct, substantial and foreseeable effect in the EU. The proposed RTS would only apply when two counterparties to the same transaction are established outside the EU, their jurisdictions’ rules are not considered equivalent to EMIR, and where one of the following conditions are met:
one of the two non-EU counterparties is guaranteed by an EU financial counterparty for at least €8bn of the gross notional amount of OTC derivatives entered into and for an amount of at least 5% of the OTC derivatives exposures of the EU financial counterparty; or
the two non-EU counterparties execute their transactions via their EU branches.
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Source: ESMA
ABN AMRO Clearing Bank, BATS Chi-X Europe, DTCC and NASDAQ OMX Sign Landmark Agreement to Create New CCP, EuroCCP N.V.
July 17, 2013--The owners of EMCF-ABN AMRO Clearing Bank and NASDAQ-along with BATS Chi-X Europe, are signatories to the agreement.
EMCF and EuroCCP share the same vision about the development of European cash equities clearing and, through initiatives such as pan-European clearing and four-way interoperability, have fostered competition in the market. As such the two firms are a good strategic fit.
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Source: EuroCCP
Forecasts for the UK economy: July 2013
July 17, 2013--HM Treasury Forecasts for the UK economy: a comparison of independent forecasts is now available.
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Source: HM Treasury
London ETF trading surges
July 16, 2013--Dealing volumes for exchange traded funds and products on the London Stock Exchange surged in the first half of the year, illustrating the growing importance of ETP trading to the role of the LSE.
The total value of ETP (funds and products) trading reported to the LSE jumped 37.2 per cent to £90.1bn in the first six months of 2013, compared with the same period last year.
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Source: FT.com
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