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Standard & Poor's Ratings Research Update: Outlook On United Kingdom Revised To Negative; 'AAA/A-1+' Ratings Affirmed
December 13, 2012--Overview
We now expect the United Kingdom's net general government debt as a
percentage of GDP to continue to rise in 2015, before declining again.
Future employment or growth shocks could pressure government finances further.
We are therefore revising our outlook on the unsolicited long-term
ratings on the U.K. to negative, from stable, reflecting our view of a
one-in-three chance that we could lower the ratings if the U.K.'s
economic and fiscal performances weaken beyond our current expectations.
We are affirming our 'AAA/A-1+' long- and short-term unsolicited sovereign credit ratings on the U.K.
We have also revised to negative from stable the outlook on our 'AAA' ratings on the Bank of England and the debt program of Network Rail Infrastructure Finance PLC.
STOXX launches global emerging markets exposed index
December 13, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Global 1800 EM Exposed Index.
The new index represents those companies within the STOXX Global 1800 Index that derive a substantial part of their revenues from Emerging Markets countries, thus providing exposure to these growing markets through liquid securities.
The STOXX Global 1800 EM Exposed Index is designed to act both as a proper benchmark for actively managed funds, and as an underlying to exchange-traded funds and other investable products.
EURO STOXX 50 Daily Leverage 3 and Daily Short 3 Indices Licensed to BOOST
Indices to underlie two exchange-traded products for the first time
December 13, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced that the EURO STOXX 50 Daily Leverage 3 and EURO STOXX 50 Daily Short 3 indices have been licensed to Boost ETP LLP to serve as the underlying for two exchange-traded products (ETPs).
The Boost EURO STOXX 50 3x Leverage Daily ETP and Boost EURO STOXX 50 3x Short Daily ETP will be listed on London Stock Exchange today.
“The EURO STOXX 50 Daily Leverage 3 and Daily Short 3 indices are part of STOXX’s innovative strategy index offering,” said Hartmut Graf, chief executive officer, STOXX Limited. “These indices are aimed at sophisticated market participants who seek a triple leveraged exposure to Europe’s leading blue-chip index during bullish or bearish markets.”
Gold inflows to continue into 2013
December 13, 2012--Inflows into European gold exchange traded products (ETPs) have reached US$6.8BN year to date (15.4% growth), bringing total assets to US$44.2BN1 in a year when the spot gold price has increased by 9% year to date in US$ terms and ranged from US$1,540 to US$1,790/oz1.
As demand for gold and other precious metals has continued to grow, investors have increasingly adopted physically-secured ETPs as their vehicle of choice. The Source Physical Gold P-ETCETP (BBG: SGLD LN, annual fee of 0.29%) has gathered the highest net new assets (NNA) of any European gold ETP year to date, accounting for 23% of total gold NNA in Europe and remains the most traded gold ETP on the LSE1,3. It is now among the largest exchange-traded physical gold products globally, with AuM in excess of US$4BN2.
Eleven EU countries get Parliament's all clear for a financial transaction tax
December 12, 2012--Eleven EU countries planning to introduce a financial transaction tax (FTT) won a resounding go-ahead from MEPs on Wednesday.
Together, they account for 90% of Eurozone GDP. MEPs have long advocated an FTT to make financial market players take more responsibility for resolving the crisis that they caused and to discourage excessive risk-taking in future.
"It is not a solution to spare the financial sector from a tax, the very same sector which is now even benefitting from the crisis. Delay in implementing this tax is costing money which is being footed by normal people" said rapporteur Anni Podimata (S&D, EL) in the debate on Tuesday. Her resolution was adopted by 533 votes to 91, with 32 abstentions.
The text stresses that the ultimate goal should still be a worldwide FTT, and urges the EU to continue campaigning for it. To this end, the pioneer eleven should set an example of what a geographically wider tax could achieve, it adds
BOOST Lists Eight European & US Equities 3x Long and 3x Short ETPs on the LSE
December 13, 2012--BOOST ETP (BOOST), the independent exchange traded product (ETP) provider, announces today that it has listed eight new ETPs on the London Stock Exchange (LSE).
This brings BOOST's product lineup to ten ETPs, providing 3x leveraged and 3x short exposure to the markets that European investors follow the most: Europe, UK, Germany and the US.
BOOST's new ETPs track a range of indices provided by world class index providers: NASDAQ, Russell, EURO STOXX® and DAX®.
The new ETPs listed today are:
Boost LevDAX® 3x Daily ETP
LSE Code: 3DEL
Boost ShortDAX® 3x Daily ETP
LSE Code:3DES
Boost EURO STOXX® 50 3x Leverage Daily ETP
LSE Code: 3EUL
Boost EURO STOXX® 50 3x Short Daily ETP
LSE Code:3EUS
Boost NASDAQ 100® 3x Leverage Daily ETP
LSE Code:QQQ3
Boost NASDAQ 100® 3x Short Daily ETP
LSE Code:QQQS
Boost Russell 1000® 3x Leverage Daily ETP
LSE Code: 3USL
Boost Russell 1000® 3x Short Daily ETP
LSE Code:3USS
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
December 12, 2012--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 our monthly report, issued in the first week following the end of each month.
Euro area securities issues statistics
December 12, 2012--The annual growth rate of the outstanding amount of debt securities issued by euro area residents was 3.2% in
October 2012, compared with 3.4% in September.
For the outstanding amount of quoted shares issued by euro area
residents, the annual growth rate was 1.0% in October 2012, compared with 0.9% in September.
New issuance of debt securities by euro area residents totalled EUR 898 billion in October 2012.
Redemptions stood at EUR 882 billion and net issues amounted to EUR 35billion.1 The annual growth rate of outstanding debt securities issued by euro area residents was 3.2% in October 2012, compared with 3.4% in September.
The annual rate of change of outstanding short-term debt securities decreased from -2.1% in September 2012 to -2.8% in October. For long-term debt securities, the annual growth rate was 3.9% in October 2012, compared with 4.1% in September. The annual growth rate of outstanding fixed rate long-term debt securities was 5.7% in October 2012, compared with 5.6% in September. The annual rate of change of outstanding variable rate long-term debt securities decreased from -1.2% in September 2012 to -2.2% in October (see Table 1 and Chart 3).
STOXX launches Managed Futures Index
New index is based on Efficient Capital Management research
December 12, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the launch of the iSTOXX Efficient Capital Managed Futures 20 Index, a new index based on research provided by Efficient Capital Management, a global leader in the Managed Futures industry.
The new index is comprised of 20 of the largest Commodity Trading Advisors (CTAs) by assets under management.
The iSTOXX Efficient Capital Managed Futures 20 Index will enable STOXX’s clients to measure the composite performance of some of the world’s largest CTAs on a daily basis. It can also be used as a benchmark against a single CTA or pool of CTAs, or as underlying for financial products. CTAs invest across listed financial futures markets such as commodities, equity indices, fixed income and foreign exchange, as well as into interbank FX. This broad exposure ultimately leads to a well diversified index.
“Today’s launch of the iSTOXX Efficient Capital Managed Futures 20 Index marks another step of STOXX’s quest to bring innovative concepts to the market, which are highly sophisticated but at the same time completely rules-based and transparent,” said Hartmut Graf, chief executive officer, STOXX Limited. “By including Efficient Capital Management’s data in our index, we can offer market participants access to a well-diversified pool of some of the world’s largest CTAs; which are a rapidly growing part of the hedge fund industry.”
Former FSA boss Hector Sants joins Barclays as head of compliance
Sants to join after Financial Services Authority gardening leave is over and be responsible for bank's relationship with regulators
December 12, 2012--The former chief City watchdog is joining Barclays bank in a newly created role to overhaul the bank's compliance procedures following the Libor interest rate-rigging scandal and to rebuild its battered relationship with financial regulators.
Hector Sants will join the bank in January as head of compliance, government and regulatory relations after six months' gardening leave from the Financial Services Authority. He will be responsible for the embattled bank's relationship with regulators and a department staffed by 1,300 compliance officers.
