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European Commission extends deadline for ESMA advice on equivalence of non-EU rules with EMIR
March 1, 2013--On February 27, the European Commission extended for four months the deadline for ESMA advise on the equivalence between non-EU legal and supervisory frameworks and EMIR, the European Markets Infrastructure Regulation.
According to the letter from the Commission, ESMA shall now deliver its advice on Japan and the USA by 15 June 2013 and, for the remaining countries specified in the request by 15 July 2013.
The original deadline was 15 March 2013.
Source: ESMA
Revised lists of the Moscow Exchange Indices announced
March 1, 2013--Moscow Exchange has revised lists for the MICEX Index, RTS Index, RTS Standard Index, RTS-2 Index, RTS Siberia Index,, Index, sector indices and pension indices effective for the period from March 18 through June 17, 2013.
Moscow Exchange ordinary shares floated in February 2013 will be added to both the MICEX Index and RTS Index. They will replace ordinary shares of Vozrozhdenie Bank.
Ordinary shares of IDGC of Northern Caucasus and Vozrozhdenie Bank will be included into the RTS-2 Index while ordinary shares of Yakutskenergo and preferred shares of Lenzoloto will be removed from the Index.
The constituent list of the blue chips RTS Standard Index will remain unchanged. Ordinary shares of Sofrinsky Experimental Mechanical Plant will be added to the MICEX Innovation Index.
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Source: Moscow Stock Exchange
Dax to hit 'historic high' in 2013, says DWS's Albrecht
February 28, 2013--The German stock market is set to reach a record high this year despite growing concerns over the eurozone's economic growth, said Tim Albrecht, fund manager at DWS.
The Dax index experienced a strong run last year, hovering below the 8,000 mark in December as its cyclical and financial names performed well in the second half of 2013
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Source: CityWire
Lyxor develops new ETF's performance indicator
February 28, 2013--Over the last years, ETFs have attracted a growing number of providers to the market and Lyxor has announced the development of an indicator to evaluate ETF performance.
According to the firm, in theory, ETFs following the same index should all provide very similar investment returns as they are designed to closely replicate the indices that they track. In practice, however, these returns can vary significantly.
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Source: Investment Europe
Eurex Exchange lists four new MSCI index derivatives
Launch date on 11 March 2013
February 28, 2013----The international derivatives marketplace Eurex Exchange will start listing new derivatives on global MSCI indices on 11 March.
From this date, futures and options based on the MSCI World, MSCI Europe, MSCI All Countries Asia Pacific ex-Japan and futures on the MSCI Frontier Markets will be available. Other derivatives on regional and country-specific MSCI emerging markets indices will be launched in July this year.
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Source: Eurex
Lyxor White Papers-Managing risk exposure using the risk parity approach
February 28, 2013--Abstract
The ongoing economic crisis has profoundly changed the industry of asset management by putting risk management at the heart of most investment processes.
This new
risk-based investment style does not rely on return forecasts and is therefore assumed to be more robust. 2011 was marked by several great successes in transforming the
practice of asset management with several large institutional investors moving their portfolios to minimum variance or ERC strategies. These portfolio constructions are
special cases of a more general class of allocation models, known as the risk parity (or budgeting) approach.
view the Managing risk exposure using the risk parity approach white paper
Source: IP&E
DB-Synthetic Equity & Index Strategy-ETF Research-European Weekly ETF Market Review
February 27, 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.
request report
Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
Axa IM extends smart beta push
February 27, 2013--Axa Investment Managers is extending its push into smart beta investing with the launch of a new low cost equity strategy that seeks to capture stock market returns while avoiding the problems inherent in conventional index tracking products.
Tim Gardener, global head of consultant relations at Axa IM, said most investors were now aware of the pitfalls of market cap weighted indices but none of the currently available alternative solutions addressed the problems of index tracking.
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Source: FT.com
George Osborne under pressure as Britain loses AAA rating for first time
Chancellor vows to stick to course after downgrade by Moody's, which blamed subdued growth and rising debt burden
February 27, 2013--Britain was stripped of its AAA-rated debt status for the first time ever on Friday night in a move that puts pressure on George Osborne, who had pledged to use his austerity measures to protect the rating.
The chancellor, who had 12 hours' notice of the decision by Moody's ratings agency, insisted he would stick to his course and had "redoubled" his resolve to tackle Britain's financial problems. However, the downgrading will have major political implications for the coalition.
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Source: the Guardian
New indices calculated by Structured Solutions for ETF Global
February 26, 2013--Structured Solutions AG announces the calculation of a series of ETF indices for ETF Global, a leader in ETF investment decision support.
The first three in the series of ETF indices are the Benchmark ETFG℠ 500 Index and two Dynamic Indices based on the proprietary ETFG(TM) Quant Model.
ETFG(TM) 500 (Symbol: ETFG500 Index): The ETFG(TM) 500 is a market capitalization weighted index comprised of the 500 largest US Listed ETPs, as ranked by market capitalization, excluding all levered and inverse products. The ETFG 500 representing the universe of ETPs crosses assets classes and regions and is rebalanced quarterly and reconstituted annually.
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Source: Structured Solutions
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