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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
STOXX-Q1/2013 Quarterly Review
Results of the First Regular Quarterly Review to be Effective on March 18, 2013
February 26, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the new composition of the STOXX Benchmark and their sub-and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index.
Effective as of the open of European markets on March 18, 2013, the following stocks will be added to and deleted from the STOXX Europe 600 Index and its respective size and sector indices:
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Source: STOXX
New Amundi ETF launched in the XTF segment on Xetra
ETF tracks TOPIX Index with currency hedging
February 26, 2013--A new exchange-traded equity index fund issued by Amundi has been tradable in Deutsche Boerse's XTF segment since Tuesday.
ETF name: Amundi ETF TOPIX EUR Hedged Daily
Asset class: equity index ETF
ISIN: FR0011314277
Total expense ratio: 0.48 percent
Distribution policy: distributing
Benchmark: TOPIX Euro Daily Hedged Index
The Amundi ETF TOPIX EUR Hedged Daily enables investors to participate in the performance of all Japanese equities admitted for official trading on the Tokyo Stock Exchange, while remaining hedged against daily exchange rate fluctuations between the euro and the Japanese yen.
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Source: Xetra/FWB
BME interested in Euronext purchase
February 25, 2013--A senior executive of Spain's domestic stock exchange has stated his firm will look at acquiring European exchange operator Euronext, if it is sold as part of the NYSE Euronext-IntercontinentalExchange (ICE) merger.
Javier Hernani, managing director of Bolsas y Mercados Españoles (BME), told journalists in London on Monday the Spanish exchange group would investigate purchasing Euronext, operator of bourses in Paris, Belgium, Portugal and the Netherlands.
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Source: The Trade News
Clean funds "more expensive" in two-thirds of cases
February 25, 2013--Two-thirds of clean share classes are more expensive than their bundled equivalents, according to research by consultancy firm Adviser Asset.
The firm has written to the Financial Services Authority (FSA) to warn that the practice of providing a single clean fee to all platforms is "anti-competitive".
Of the 1,317 clean share class funds analysed 66.4 % could be obtained at a lower cost via another class of the same fund after the application of rebates.
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Source: IFA Online
db X-trackers Nikkei 225 launched on Xetra
ETF offers access to the Nikkei Stock Average Index
February 25, 2013--A new equity index ETF issued by db X-trackers has been tradable in Deutsche Boerse's XTF segment since Monday.
ETF name: db X-trackers Nikkei 225 UCITS ETF (DR)
Asset class: equity index ETF
ISIN: LU0839027447
Total expense ratio: 0.50 percent
Distribution policy: distributing
Benchmark: Nikkei Stock Average Index
The db X-trackers Nikkei 225 UCITS ETF (DR) allows investors to participate in the performance of the Nikkei Stock Average Index. The reference index comprises the 225 largest stock corporations on the Tokyo Stock Exchange, which are checked at regular intervals with regard to market liquidity factors and sector weighting.
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Source: Xetra/FWB:
FinEx launches Russian Corporate Bond ETF in UK
February 25, 2013--FinEx Group has entered the European exchange traded fund (ETF) market with the launch of a Russian Corporate Bond ETF on the London Stock Exchange.
The fund tracks the Barclays EM Tradable Russian Corporate Bond index, which focuses on shorter maturity liquid Eurobonds issues by Russian non-sovereign issuers.
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Source: CityWire
EU sees recession, record dole queues right through 2013
February 24, 2013-- The eurozone is staring at another full year of recession in 2013 with unemployment likely to surge above the 20-million mark and France in particular overshooting key fiscal targets, the EU warned on Friday.
Economic output across the 17-state currency area -- home to about 340 million people and a global rival to the United States, Japan and emerging giants -- will shrink by 0.3 percent this year after a 0.6-percent contraction last year, the European Commission said.
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Source: EUbusiness
AMF applies ESMA guidelines on ETFs and other UCITS issues
February 22, 2013--The Autorité des Marchés Financiers (AMF) has adopted in Position No. 2013-06 the guidelines1 issued by the European Securities and Markets Authority (ESMA) on exchange-traded funds (ETFs) and other issues related to Undertakings for Collective Investment in Transferable Securities (UCITS).
Based on the UCITS Directive (2009/65/EC), the ESMA guidelines explain how European legislation is to be
applied in particular to the management of UCITS compliant with Directive 2009/65/EC.
The guidelines have been incorporated into the AMF's position and give details concerning:
the information to be supplied to investors about index funds and ETFs;
the special rules that UCITS have to apply if they use over-the-counter derivatives and efficient portfolio management techniques;
the criteria for financial indices in which UCITS invest;
implementation deadlines, particularly for existing UCITS. 1 ESMA/
view position paper-Position No. 2013-06
Source: Autorité des Marchés Financiers (AMF)
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