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Eurex expands its product offering on French government bonds
Medium-term interest rate contract to launch on 11 March 2013/New contract complements the Euro-OAT Future listed in April 2012
February 11, 2013--On 11 March 2013, the international derivatives market Eurex Exchange will introduce a new interest rate future, the Mid-Term Euro-OAT Future, which is based on notional medium-term bonds issued by the Republic of France ("Obligations Assimilables du Trésor"-OAT).
Together with the long-term Euro-OAT Futures which were introduced in April 2012, the contract complements the existing segment and offers market participants an efficient and cost-effective hedging instrument which enables the hedging of risks and basis trading in the mid-term maturities range of the French yield curve.
“The success, positive volume and open interest performance of the Euro-OAT Future introduced in April 2012 increased the demand among our customers for improved coverage of the French yield curve. The new contract means that we also cover medium-term maturities, creating new, additional hedging and spread trading opportunities,” said Peter Reitz, member of the Eurex Executive Board.
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Source: Eurex
ESMA rules aim to curb excessive risk taking by alternative fund managers
February 11, 2013--The European Securities and Markets Authority (ESMA) has published final Guidelines on remuneration of alternative investment fund managers (AIFMs).
The rules will apply to managers of alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds. Non-EU AIFMs who market funds (using passport agreements) to EU investors will also be subject in full to the guidelines after a transitional period.
AIFMs will be asked to introduce sound and prudent remuneration policies and organisational structures which avoid conflicts of interest that may lead to excessive risk taking. Stronger governance of how fund managers are paid will ultimately lead to improved investor protection.
view the ESMA Guidelines on remuneration of alternative investment fund managers (AIFMs)
Source: ESMA
Five new iShares ETFs launched on Xetra
ETFs based on stock corporations with low volatility and high yield corporate bonds
February 11, 2013--Four new equity index ETFs and one new bond index ETF issued by iShares have been tradable in Deutsche Börse's XTF segment since Monday.
ETF name: iShares MSCI Emerging Markets Minimum Volatility
Asset class: equity index ETF
ISIN: DE000A1KB2B3
Total expense ratio: 0.40 percent
Distribution policy: non-distributing
Benchmark: MSCI Emerging Markets Minimum Volatility Index
ETF name: iShares MSCI Europe Minimum Volatility
Asset class: equity index ETF
ISIN: DE000A1KB2C1
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: MSCI Europe Minimum Volatility (EUR)
ETF name: iShares MSCI World Minimum Volatility
Asset class: equity index ETF
ISIN: DE000A1KB2D9
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: MSCI World Minimum Volatility Index
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Source: Xetra
SOURCE lists 2 further ETFs on SIX Swiss Exchange
SOURCE Lists Two Smart Beta Products On The SIX SWISS Exchange
February 11, 2013--Source is pleased to announce the listing of two of its flagship Exchange Traded Products (ETPs) on the SIX Swiss Exchange (SIX): the Man GLG Europe Plus ETF, a unique European equity product, and the J.P. Morgan Macro Hedge Dual Source ETF, which offers innovative volatility exposure.
These new listings take Source’s range on SIX up to 32 products.
The Man GLG Europe Plus Source ETF is one of Source’s most successful equity ETFs, with assets of US$ 950 million1 and an impressive track record.
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Source: SOURCE
UBS ETF appoints Calandra in Milan
February 11, 2013--UBS ETF has appointed Andrea Calandra as salesperson in its Italian offices. Calandra (pictured) will be based in Milan and will report to Simone Rosti.
He joined UBS in 2011, and he was initially head of investments for UBS Global Asset Management Italy.
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Source: Investment Europe
Fewer to take advice under RDR
February 10, 2013--The UK's Retail Distribution Review is likely to result in a sharp fall in the take-up of investment advice, new research suggests.
The RDR regime, which came into force on January 1, forces independent financial advisers to take upfront fees from clients rather than being remunerated via commission payments from the companies whose products they sell.
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Source: FT.com
Lyxor targets UK and the Nordics
February 8, 2013--The new global head of Lyxor Asset Management, the exchange-traded fund platform owned by Societe Generale, has put the UK and Nordic countries at the centre of its growth plans for Europe with two new hires already this month.
Arnaud Llinas, who was appointed as global head of Lyxor ETFs and indexing in January, said yesterday that growing headcount in the UK and Nordic countries will be the priority for Lyxor as it looks to grow market share in Europe over the next year and overtake Deutsche Bank rival db-X trackers.
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Source: Financial News
EU may force banks to help set Euribor to keep it clean
List being drawn up of banks that may have to contribute
EBF says independent body should run Euribor
Germany's BaFin wants limits on mandatory participation
February 8, 2013--Banks may be forced to stay on the panels that set benchmark interest rates such as Euribor to ensure their validity, under a draft EU law to be proposed later this year in response to a rate-rigging scandal.
More than a dozen banks are being investigated by regulators over the manipulation of Euribor and Libor, inter-bank lending rates used to price trillions of dollars worth of loans.
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Source: Reuters
EMIR delay avoided with last-ditch deal
February 7, 2013--The final sign off of the European markets infrastructure regulation (EMIR) will avoid potentially lengthy delays after regulators agreed a last minute deal related to the treatment of non-financial swaps users.
The European Parliament was expected to reject two of the technical standards for EMIR drawn up by the European Securities and Markets Authority (ESMA) relating to when non-financial firms would have to clear swaps through central counterparties (CCPs).
If the standards were rejected, ESMA would have been required to redraft its technical standards, causing a three-to-six month delay.
However, the Parliament struck a deal with the European Commission that allows non-financial users of derivatives to be phased into EMIR at a yet-to-be-determined date. This will cover corporate entities that use OTC derivatives for hedging purposes.
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Source: The Trader
DB-Synthetic Equity & Index Strategy-Europe Monthly ETF Market Review-Equity ETFs drive a strong start to the year
February 7, 2013--February 7, 2013--Global Summary
Global ETF industry assets increased by 5.6% in January and closed the month at $1.78 trillion while the European ETF industry ended the month at €258.9bn. Strong cashflows into DM equity ETFs drove this result, while fixed income ETFs saw more moderate cashflows. Asian ETFs saw moderate net cash outflows over the month.
Regional cash flow summary
Europe witnesses strong monthly flows in Dec-12 & Jan-13
European domiciled ETFs recorded cash flows of +€4.6 billion in the last month, making for the strongest January since 2009 (Jan09 +€7.1bn, Jan10 +€2.5bn, Jan11 +€3.1bn, Jan12 +€2.0bn).
The European ETF industry carried forward the momentum built in Dec-12 into January (Dec-12 cash flows totaled over +€5.3bn). Equities contributed largely to this with cash flows of +€3.7bn out of which DM and EM benchmarked ETFs collected +€1.9bn and +€1.1bn, respectively.
Fixed income flows totaled +€1bn for the month with sovereign and corporate ETFs registering +€541m and +€488m, respectively.
Commodity ETPs had a flat month recording cash flows of +€139mn.
Equity cash flows dominate; sovereigns continue to recede in the US
US domiciled ETFs collected over +$30bn in monthly cash flows, maintaining the positive trend in Dec-12 where net inflows totaled over +$28.5bn.
Equities registered monthly cash flows of $28.7bn as compared to +$28.1bn registered in Dec-12. ETFs tracking Emerging market benchmarks collected over +$6.3bn while dividend products received +$2.5bn as cash flows over January.
Fixed income ETFs received cash flows of +$1.1bn, improving on the +$371m received in Dec-12. Sovereigns registered outflows of -$1.8bn while corporates gained +$1.8bn.
Commodity ETVs registered cash outflows of -$0.9bn over the month. Commodity sectors registering the largest cash in/out flows were: (Precious metals -$729m, Energy -$477m and broad commodities +$262m).
Outflows from equities in Asia
Asia domiciled ETFs registered -$278m in monthly cash flows with equities accounting for most of the outflows.
Japanese equities recorded the largest outflows (-$971m) followed by Hong Kong (-$141m) and Taiwan (-$120m). On the other hand, South Korea and China focused ETFs registered cash inflows of +$468m and +$159m respectively. Leveraged long equity ETFs attracted $400m of inflows during January.
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
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