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Boost Research-Weekly Update-Natural Gas Leverage (3NGL) up 25.5% in last 2 weeks / Russell 1000 trade idea
March 11, 2013--MARKET OUTLOOK
Chart of the week: The FTSE 100 continued to rally last week as new cycle highs were seen with further gains possible to challenge 6500 and then 6560 this week. Further gains to 6754 (all-time high) are at risk further out
Greed conquered fear as the Russell 1000 and Dow Jones indices posted new all-time highs last week. US retail sales are important this week (Wed.) to see if the US consumer is holding up, with the stronger than expected Feb. employment report boosting growth expectations last Friday
Investors sidestepped Italian risk concerns while bond yields in Italy and Spain dropped last week. Fitch downgraded Italy’s credit rating to BBB+ from A- on Friday
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Source: Boost Research
MEP Bowles calls for online calculator to show fund value after fees
March 11, 2013--MEP Sharon Bowles has tabled an amendment to Prips that proposes creating an online calculator to enable investors to view the value of their funds after fees and costs.
European Parliament economic and monetary affairs committee chair Bowles tabled the amendment after beig approached by the True and Fair Campaign, the lobbying group that supports transparency on fund fees and charges.
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Source: Money Marketing.com
Government launches first Islamic Finance Task Force
March 11, 2013--Today, the Government launched the UK's first Islamic Finance Task Force. The Task Force will help to cement London's status as the western hub for Islamic finance by showcasing the UK as the preferred choice for the Muslim world to invest in and do business with.
From day one, the Task Force will support development of the UK’s Islamic finance sector, increasing inward investment and strengthening the economy. The Task Force will include major industry figures to ensure that the UK’s offer is promoted at home and abroad by both the public and private sector.
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Source: HM Treasury
ETF Stat February 2013-Borsa Italiana
March 8, 2013----The ETF Stat Report February 2013 of the Borsa Italiana is now available.
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Source: Borsa Italiana
Call for full index transparency
March 8, 2013--European regulators should insist that all financial indices are fully transparent to ensure continued investor confidence in the rapidly growing index funds market, says Edhec-Risk Institute.
Edhec is concerned that index transparency standards could be diluted if the European Securities and Markets Authority follows recommendations from the Securities and Markets Stakeholder Group (SMSG), a consultation body that advises Esma, the regional regulator.
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Source: FT.com
ISDA Publishes EMIR Non-Financial Counterparty Representation Protocol and Timely Confirmation Amendment Agreement
March 8, 2013--The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of the March 2013 EMIR Non-Financial Counterparty (NFC) Representation Protocol and a Timely Confirmation Amendment Agreement.
The ISDA March 2013 EMIR NFC Representation Protocol is designed to allow swap market participants to simultaneously amend multiple ISDA Master Agreements for the purpose of facilitating compliance with certain Know Your Counterparty requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) and the regulatory technical standards made under it.
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Source: ISDA
Deutsche Bank-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Record outflows from gold in February
March 7, 2013--Global Summary
Global ETF industry assets increased by 5.9% YTD and closed the month at $1.78 trillion while the European ETF industry ended the month at €263.3bn.
The month of February was marked by cash inflows into equities (+$10.5bn) and fixed income ETFs (+$2.8bn) and outflows from commodity ETPs (-$5bn), notably gold products.
Globally, gold ETPs have lost over -$5.5bn in outflows over the month of Feb’13. This represents the largest monthly outflows from gold on record.
Regional cash flow summary
Gold outflows partially offset equity and fixed income inflows in Europe
Cash flows into European domiciled ETFs continued in February, albeit at a slower pace as compared to the previous two months. European domiciled ETFs received cash flows of +€1.6bn, +€4.6bn and +€5.3bn in the months of Feb’13, Jan’13 and Dec’12 respectively.
Equity ETFs had the lion’s share of the monthly cash flows contributing +€1.2bn, with fixed income ETFs adding +€681mn. Commodity ETPs recorded outflows totalling -€848mn over the month of February. Gold ETPs alone recorded cash outflows of -€1.1bn.
Within the equity asset class, developed markets (DM) attracted the majority of cash flows (+€1.2bn). Emerging markets witnessed outflows of -€244mn (inflows of €1.1bn in Jan’13). Dividend strategies attracted greater cash flows in the month (+€348mn) than any country, sector or other equity category except US equities (+€355mn).
Equity cash flows dominate in the US; largest monthly outflows from gold
As in Europe, cash flow activity slowed down across US domiciled ETFs in the month of February which recorded +$11.4bn of inflows as compared to +$30.2bn received in Jan’13. Equities registered monthly inflows of $9.4bn as compared to +$28.7bn in Jan’13.
Within equities, ETFs tracking developed markets (DM) benchmarks were the largest beneficiary registering cash inflows of +$3.1bn. ETFs tracking US sectors, small caps, quant and dividend focused strategies collected monthly cash inflows of +$3.1bn, +$1.4bn, +$1.4bn and +$1.1bn respectively. Large cap and emerging market (EM) benchmarked ETFs recorded cash outflows of -$4.1bn and -$1.1bn in February.
Fixed income ETFs received cash flows of +$1.8bn, a modest increase over the +$1.1bn received in the month of Jan’13. Most fixed income segments recorded positive cash flows over February, except sovereigns which recorded cash outflows of -$280mn (YTD -$2bn). Corporates continued to attract healthy flows; +$862mn in monthly flows taking the total to +$2.6bn YTD. ETFs holding a mix of sovereign & corporate bonds received +$574mn in monthly flows.
Commodity ETVs registered cash outflows of -$3.8bn over the month, mostly due to outflows from gold products (-$4.1bn).
Outflows from EM equities in Asia, DM received modest cash inflows
The Asia-Pacific ETP market experienced cash outflows for the second consecutive month this year. The region’s ETP cash flows totaled -$394mn in February taking the YTD total to -$670mn.
In contrast to January, EM equity ETFs recorded outflows of -$898mn (+$533mn in Jan) while DM equity ETFs recorded inflows of +$372mn during February (-$1.2bn in Jan).
ETFs offering exposure to China, registered outflows of -$472mn, followed by South Korea (-$216mn) and Taiwan (-$210mn), while Japan witnessed +$253mn of inflows followed by Hong Kong (+$103mn). Leveraged long equity ETFs lost -$271mn in cash outflows while short ETFs received +$155mn of inflows during February.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
First warrants on the Spanish Exchange on the IBEX 35 SHORT and IBEX 35 LEVERAGE indices
They comprise four series of call warrants
Societe Generale is the first issuer of investment products on these four indices
Over 5,000 products are traded on the Spanish stock exchange’s warrants platform
March 7, 2013--The Spanish stock exchange has admitted to trading the first exchange-traded products linked to the daily performance of the IBEX 35(R) Triple Leverage Net, IBEX 35(R) Triple Short, IBEX 35(R) Leverage Net X5 and IBEX 35® Short X5 indices.
These indices offer triple and quintuple exposure to the daily performance of the IBEX 35® Net Return, incorporating a financing component in order to reach the desired level of leverage.
By means of an example, if on a given trading session the IBEX 35® Net Return increases by 1%, the IBEX 35® Triple Leverage Net will grow by approximately 3% and the Short will decrease that same 3%.
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Source: Bolsas y Mercados Españoles
BATS Chi-X Europe Reports New Daily Record of 16.2% Market Share in Spain
BATS Chi-X Europe's Market Share in the IBEX 35 Continues to Grow Rapidly
March 7, 2013--BATS Chi-X Europe, the largest pan-European equities market operator, today reported 16.2% market share in Spain's IBEX 35, inclusive of the closing auction, a new one-day record and the first time BATS Chi-X Europe has closed above 15% in this key market.
Today marked the third consecutive record market share day in the IBEX 35 for BATS Chi-X Europe with the previous record set yesterday with 14.6%.
Mark Hemsley, CEO of BATS Chi-X Europe, commented: "We have seen sustained demand for the trading of Spanish securities on our platform and worked to open opportunities for customers. Whilst there is still not a level playing field for MTFs in Spain, particularly in the post-trade infrastructure, our growing market share demonstrates a thriving demand for competition in the Spanish market, which can offer benefits in terms of liquidity, price discovery and trading costs."
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Source: BATS Global Markets
Second estimate for the fourth quarter of 2012-Euro area GDP down by 0.6% and EU27 down by 0.5%
-0.9% and -0.6% respectively compared with the fourth quarter of 2011
March 6, 2013--GDP fell by 0.6% in the euro area1 (EA17) and by 0.5% in the EU271 during the fourth quarter of 2012, compared with the previous quarter, according to second estimates2 published by Eurostat, the statistical office of the European Union.
In the third quarter of 2012, growth rates were -0.1% and +0.1% respectively.
Compared with the same quarter of the previous year, GDP fell by 0.9% in the euro area and by 0.6% in the EU27
in the fourth quarter of 2012, after -0.6% and -0.4% respectively in the previous quarter.
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Source: Eurostat
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