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BOOST Research -Despite "sell in May", outlook positive for equities, negative for commodities?
May 13, 2013--Summary
The "May-effect": resilient US labor market conditions not expected to derail investor's risk-appetite in the short term
The rally in equities: has not undermined valuations and against improving US fundamentals, dollar sensitive commodities have less appeal
Tactical asset allocation: investors may consider Boost ETPs for a leveraged long position in US equities such as Russell 1000 (3USL) and NASDAQ 100 (QQQ3)
The rally across stock markets has legs
Performance from pre-'08 credit crisis peak and current valuations
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Source: BOOST ETP
NYSE Euronext announces new ETF on European markets
May 13, 2013--NYSE Euronext is pleased to announce that ThinkCapital has listed one new ETF on NYSE Euronext Amsterdam on 13 May, 2013:
ETF Symbol: TSWE
Listing date: 13/05/2013
ETF Trading name: Think Sustainable
Underlying index: Think Sustainable World Index
TER: 0.30%
NYSE Euronext now has 670 listings of 581 ETFs listed on its European markets.
Source: NYSE Euronext
Lyxor doubles physical ETFs after synthetic U-turn
May 13, 2013--Lyxor has doubled its number of physical exchange-traded funds with four recent new listings on NYSE Euronext Paris as the ETF provider pushes ahead with its move away from a synthetic-only product.
The new listings see Lyxor, which is owned by French bank Societe Generale, now offering eight physical direct replication ETFs, after it scrapped its synthetic-only strategy last autumn.
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Source: Financial News
Funds rush to dodge new European rules
May 12, 2013--A controversial hedge fund-lite structure looks likely to survive, despite a regulatory clampdown that has claimed its first victim.
Cantab Capital Partners, a $5.5bn systematic global macro manager, last week announced the imminent closure of its only onshore Ucits fund as a result of pressure from European regulators. However, fund promoters are restructuring a swath of similar funds, advised by groups such as Winton Capital, Man Group and Aspect Capital, to get around
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Source: FT.com
BlackRock ETF deal gets Irish approval
May 12, 2013--The Irish Competition Authority has cleared BlackRock's acquisition of Credit Suisse's exchange traded fund arm following a two-month initial investigation.
The watchdog has decided the deal does not need to be further investigated and can go ahead as it does not restrict competition.
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Source: FT.com
Physical ETFs outpace synthetic funds
May 10, 2013--European physical exchange-traded funds have grown at twice the rate of synthetic ETFs since 2011, as scrutiny over the risks associated with synthetic products weighed upon the market.
Physical ETFs have grown by 35% in assets under management to €171.3bn since the start of 2011, according to a report from Deutsche Bank published yesterday.
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Source: Financial News
EBRD calls for urgent structural reforms as growth slumps
Slowdown in Russia is new source of weakness in region
May 10, 2013--The EBRD has called for urgent structural reforms in emerging Europe after winding back its economic forecasts.
The Bank revised down its overall outlook for growth to 2.2 per cent for 2013, well below the 3.1 per cent seen only four months ago.
It said the worsening mood reflected a slowdown particularly in Russia, even as the threat from turmoil in the eurozone appeared to be abating. Weaker activity in other large economies such as Poland and Turkey was also weighing on the outlook.
However, the report said the biggest downside risk to the outlook remained a possible further deterioration of the Eurozone crisis.
view the Regional Economic Prospects in EBRD Countries of Operations: May 2013
Source: European Bank for Reconstruction and Development
EBRD and Borsa Istanbul join forces
Memorandum of Understanding to develop regional capital markets
May 10, 2013--The European Bank for Reconstruction and Development and Borsa Istanbul are joining forces to develop regional capital markets.
To this end EBRD First Vice President Philip Bennett and Borsa Istanbul's Chairman and CEO Ibrahim Turhan signed a Memorandum of Understanding today which sets out a framework of cooperation.
This includes potential joint investments in stock exchanges and related capital markets infrastructure along with technical assistance in countries where the EBRD invests.
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Source: European Bank for Reconstruction and Development
NASDAQ OMX to Offer Pre-Trade Risk Management Service to Nordic Derivatives Members
May 10, 2013--NASDAQ OMX announced it has launched a new Pre-Trade Risk Management (PRM) service, Genium INET PRM, to its Nordic derivatives customers.
Genium INET PRM facilitates real-time pre-trade protection to mitigate erroneous orders and transactions. Through the service, member firms that trade derivatives on the NASDAQ OMX Genium INET platform are able to monitor their own order flow, including their Sponsored Access and Direct Market Access (DMA) clients. The service also allows for General Clearing Members (GCM) to monitor client transactions.
“The purpose of effective PRM is to preserve the cost and liquidity benefits of electronic trading, while providing an efficient tool for mitigating the possible risks,” said Lauri Rosendahl, Senior Vice President and Head of Nordic Equities at NASDAQ OMX.
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Source: NASDAQ OMX
LSE Said to Hire Schwieger From Merrill as Equities Head
May 10, 2013--London Stock Exchange Group Plc (LSE) hired Brian Schwieger from Bank of America Corp.'s Merrill Lynch unit, three people with knowledge of the plans said.
Schwieger will be based in London as head of equities at the exchange operator, said one of the people, who asked not to be identified because the details aren’t public.
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Bloomberg
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