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Clearer product charges to lead to a rise in trackers and ETFs
Low-cost funds are set to soar in popularity, but cost is not the only consideration for investors.
December 7, 2012--Hidden charges are the scourge of investing, but you'll be pleased to hear that imminent changes in regulation will make it easier for you to see exactly what you're paying for when buying an investment product.
And it's this realisation of what you're spending in charges, along with the rock-bottom interest rates making it hard to generate returns, that will cause low-cost tracker funds to soar in popularity.
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Source: The Independant
Credit Suisse Takes Ax to European Equities
December 7, 2012--Credit Suisse Group AG (CS) this week began a plan to shed more than 30 staff from its equities sales and trading business in Europe, with its head of global sales among those to be cut.
The ax has fallen heaviest on the Swiss bank's sales team, with a handful of redundancies also made in research. The Swiss bank's sales trading team in London has been left largely untouched, according to three people familiar with the situation.
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Source: FOX Business News
Lyxor rocked by two ETF exits
December 7, 2012--Lyxor, the third largest exchange traded funds provider in Europe, has been rocked by the departure of two of its most senior executives.
Simon Klein, head of ETFs, Europe and global head of business development in ETFs and indexing at Lyxor is to join Deutsche Bank’s asset and wealth management division in the newly created role of head of exchange traded funds and exchange traded commodity sales for EMEA and Asia.
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Source: FT.com
DB-Synthetic Equity & Index Strategy-Europe-ETF Research- Steady as she goes
December 7, 2012--Global Summary
Global ETF industry assets increased by 2.1% in November and closed the month at $1.62 trillion [YTD +24.6%] while the European ETF industry
ended the month at €245.8 billion [YTD +18.5%].
Cash flow activity was on
the rise with monthly flows of $23 billion in November as compared to a
modest $10.7 billion in October. However, the cash flow levels still lag
behind the September flows which were close to $40 billion.
Regional cash flow summary Cash flow activity picks up in the US
US domiciled ETFs collected over $19.7 billion in monthly cash flows which is a healthy improvement over the $1.4 billion received in October.
Equities came back strongly, registering monthly cash flows of $14.3 billion as compared to outflows of $4.2 billion registered over October.
Fixed income ETFs retained their popularity and registered cash inflows of $5.4 billion while commodity ETVs managed a modest $0.8 billion over the same period.
As of the end of November, equity ETFs increased their lead over fixed income products with YTD cash flows of $88.7 billion and $56.5 billion respectively.
New products drive cash flows in Asia
Asia domiciled ETFs registered $1.9 billion in monthly cash flows with
equities picking up the lion’s share. This takes the YTD flows for Asian
ETFs to $31.8 billion pushing the YoY asset growth to 36.4%.
Although Asia ETF assets are 2.5x smaller than European ETFs, their YTD cash flows are almost 1.5x [in $ terms] that of their European counterparts.
A large portion [59%], of the cash flows received by Asian ETFs in 2012 are on account of new product adoption, with the rest received by existing ETFs.
Europe cash flows revert following strong October
In contrast to October, which was the strongest cash flow month in 2012, November cash flows totaled a modest €1 billion.
While cash flows into European ETFs lacked strength, the positive direction persisted, made evident from the positive flows received by the major asset classes: equity [€283 million], fixed income [€470 million] & commodities [€292 million].
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Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
Simon Klein and Nizam Hamid exit Lyxor Asset Management, Klein rejoins Deutsche Bank
December 7, 2012-- Head of ETF strategy at French ETF provider exits as Arnaud Llinas is named global head of ETFs & Indexing in Paris
Nizam Hamid, head of ETF strategy at Lyxor Asset Management,
the wholly owned subsidiary of Societe Generale, has left the exchange-traded funds (ETF) provider, according to sources. Simon Klein, global head of business development and head of ETF Europe at Lyxor has also left the bank.
Klein is to join Deutsche Bank's Asset & Wealth Management (AWM) division in the newly created role of head of exchange-traded funds (ETFs) and exchange-traded commodity (ETC) sales for EMEA and Asia. Klein was previously head of ETFs, Europe, and global head of business development, ETFs and indexing, at Lyxor Asset Management, and before that head of ETF distribution at Deutsche.
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Source: Risk.net
Boost Launch of FTSE 100 3x leveraged & 3x short ETPs on LSE
December 7, 2012--Boost ETP, the independent exchange traded product (ETP) provider, yesterday announced the launch of its first ETPs on the London Stock Exchange.
The two ETPs have been designed to return 3x the daily movement, long or short, of the FTSE 100 benchmark index and are the first of their kind by a European ETP provider.
Below are the first two products:
'3UKL' will provide long exposure equal to 3x the daily change of the FTSE 100 Super Leveraged RT TR Index (less fees and adjustments).
'3UKS' will provide short exposure equal to 3x the daily change of the FTSE 100 Daily Ultra Short Strategy RT Gross TR Index (less fees and adjustments).
Co-CEO, Hector McNeil comments:
'Yesterday was a landmark day for Boost ETP as we listed our first ETPs on the London Stock Exchange. We believe our products are exciting additions to the UK ETP market and introduce investment products which investors currently demand, but are not yet available.'
Visit www.boostetp.com for more information.
Source: Boost ETP
BOOST ETP Selects FTSE to Support New ETP Launches
December 6, 2012--BOOST ETP, the newest entrant to the European exchange traded products market, has chosen FTSE benchmarks for the creation of a new range of exchange traded products.
Boost ETP was launched in October 2012 by Hector McNeil and Nik Bienkowski, two veterans of the European ETF industry, who saw an opportunity for an independent issuer focused on a specialised product range and on transparency.
Earlier this year, FTSE established a dedicated ETP service unit to support its rapidly expanding global ETF business, which includes more than 300 ETF listings on over 20 exchanges worldwide. Globally, more than US $124 billion of ETF assets are currently benchmarked against FTSE indices or will transition to FTSE indices in coming months.
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Source: FTSE
IMKB and NYSE Liffe to launch on Turkish stocks and the IMKB 30 index
December 6, 2012--İstanbul Menkul Kıymetler Borsası(IMKB) and NYSE Liffe, the European derivatives business of NYSE Euronext, today announced the launch of futures and options contracts based on some of the constituents of the IMKB 30 Index.
The new contracts will be available for trading before the end of this year on IMKB and in the first quarter of 2013 on NYSE Liffe London market.
Standard Individual Equity Option Contracts on some of the constituents of the IMKB 30 Index will be available to trade on IMKB and on NYSE Liffe’s London central order book. NYSE Liffe will also make available, via Bclear, flexible Universal Stock Futures and standard and flexible Individual Equity Option Contracts based on some of the constituents of the IMKB 30 Index. In addition, the exchanges will also list derivatives on Turkey’s leading index the IMKB 30 Index in due course.
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Source: NYSE Euronext
Second estimates for the third quarter of 2012-GDP down by 0.1% in the euro area and up by 0.1% in the EU27
-0.6% and -0.4% respectively compared with the third quarter of 2011
December 6, 2012--GDP fell by 0.1% in the euro area1 (EA17) and increased by 0.1% in the EU271 during the third quarter of 2012, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office
of the European Union.
In the second quarter of 2012, growth rates were -0.2% in both zones.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.6% in the euro area and by 0.4% in the EU27 in the third quarter of 2012, after -0.5% and -0.3% respectively in the previous quarter. Variation in components of GDP During the third quarter of 2012, household2 final consumption expenditure remained stable in the euro area and increased by 0.1% in the EU27 (after -0.4% and -0.3% respectively in the previous quarter).
Gross fixed capital formation fell by 0.7% in the euro area and by 0.6% in the EU27 (after -1.8% and -1.7%). Exports rose by 0.9% in both zones (after +1.6% and +1.2%), while imports increased by 0.2% in the euro area and by 0.1% in the EU27 (after +0.6% and +0.7%).
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Source: Eurostat
FSA consults on changes to the regulation and supervision of benchmarks
December 5, 2012--The Financial Services Authority (FSA) has proposed new rules and regulations for financial benchmarks. This follows the recommendations of the Wheatley Review of the London Interbank Offered Rate (LIBOR).
Benchmarks are used across financial markets in a broad range of activities. They have historically been set by the financial markets themselves, and existed outside of any regulatory regime. In the case of LIBOR, this industry-led approach has failed. On 2 July 2012 the Chancellor of the Exchequer commissioned Martin Wheatley, managing director of the FSA and CEO designate of the Financial Conduct Authority (FCA), to undertake a review of the structure and governance of LIBOR and the corresponding criminal sanctions regime.
view the consultation paper-The regulation
and supervision of benchmarks
Source: FSA.gov.uk
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