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DB-Global Equity Index and ETF Research-Europe-Monthly ETF Market Review - Healthy cash flows in Q3 push global ETF assets towards $1.6 trillion
October 10, 2012--The global ETF industry assets reached $1.59 trillion (YTD +22.3%) while the European ETF industry ended the month at $310.5 billion (YTD +15.3%). Cash flows contributed 12.7% to the YTD global ETF AUM growth while asset price increases accounted for 9.6%. In contrast, the European ETF industry's YTD growth was majorly driven by asset price increases (9.4%) with cash flows contributing 5.9%
Month over month, the Global ETF industry assets grew by 5%; largely propelled by equities which recorded a monthly asset increase of 5.9% ($67.9 billion). Equity ETFs domiciled across regions (US, Europe & Asia-Pacific) participated in the market rally, each registering monthly asset gains between 5% and 6%.
September: A month of “firsts” for the European ETF and ETC markets
The month of September brought about many new milestones for the European ETF and ETC markets. Asset growth and cash flow activity, which has been positive for the past couple of months, reached new peaks over the last month.
ETF and ETP assets reached an all-time high of €241.3 billion and €269.1 billion respectively.
Monthly equity cash flows surpassed €2 billion, for the first time in 2012.
Monthly cash flows into ETCs were above the €1 billion mark in September, another first for 2012.
And, monthly cash flows into ETPs (ETFs+ETCs) were the highest YTD, totaling €3.7 billion.
The European ETF markets extended their good run to the month of September after having registered healthy cash inflows above the €2 billion mark in July and August. Total ETF cash flows topped €2.4 billion in September, with equities accounting for most of the inflows (€2.1 billion).
European domiciled ETCs had their best month of the year experiencing cash inflows of over €1.3 billion in September.
Market activity was on the rise with ETF turnover levels registering an 8% increase over August, though still below the monthly average for 2012 by 3%.
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Source: Deutsche Bank - Global Equity Index and ETF Research - Europe
FSA eases bank rules to support lending
October 10, 2012--The Financial Services Authority (FSA) said on Wednesday it has relaxed capital and liquidity rules on banks in an effort to stimulate lending and boost the recession-hit economy, lifting bank shares.
The FSA said the policy shift was set out in the Bank of England's Financial Policy Committee in September, and banks were aware of the changes.
But industry sources and analysts said there were mixed messages coming from regulators on capital rules, including several recent suggestions that more capital was needed.
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Source: Reuters
STOXX Introduces Low Risk Weighted Index Concept
October 9, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the launch of the STOXX Europe Low Risk Weighted 100 Index which represents a hypothetical investment portfolio that selects those 100 components with the lowest volatility from the STOXX Europe 600 Index.
Components are weighted reversely by their volatility in order to achieve a minimal risk in the STOXX Europe Low Risk Weighted 100 Index: since inception (March 2001), the new index shows an annualized volatility of 13.28%, while the underlying STOXX Europe 600 Index shows a annualized volatility of 21.16% over the same timeframe.
The new index is designed to act both as a proper benchmark for actively managed funds, and as an underlying to exchange-traded funds and other investable products. Further index versions covering the Euro zone, as well as for different component numbers for both regions, are also available.
“Market participants appetite for innovative, low volatility investment strategies that are following a clear set of rules is still growing,” said Hartmut Graf, chief executive officer, STOXX Limited. “With the launch of the STOXX Europe Low Risk Weighted 100 Index, we are offering investors an innovative index, which is designed to single out the low-volatility stocks in Europe’s leading benchmark; thus providing exposure to this market, but with the least possible portfolio volatility.”
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Source: STOXX
EDHEC-Risk Institute Considers that the European Commission White Paper on Pensions could be Improved
October 9, 2012--EDHEC-Risk Institute has released a comprehensive new study in response to the European Commission White Paper entitled "An Agenda for Adequate, Safe and Sustainable Pensions," published on February 16th, 2012, which proposed a series of measures related to information and monitoring, European harmonisation and portability, and pension design.
In a letter addressed to Mr László Andor, European Commissioner for Employment, Social Affairs and Inclusion, on October 4, 2012, EDHEC-Risk Institute considers that the European Commission White Paper constitutes a first step but that the Commission should go further in terms of harmonisation and better take into account the specifics of the financial management of pension funds.
As such, EDHEC-Risk has highlighted three key messages from its study:
1. The current pension debate should be used by the Commission to foster increased coordination in pensions reform. When discussing the sustainability of public finance, one medium-term objective could be to recognise unfunded implicit pension commitments.
view the EDHEC study-Response to the European Commission White Paper "An Agenda for Adequate, Safe and Sustainable Pensions"
Source: EDHEC
11 eurozone states ready to launch FTT: Tax Commissioner
October 9, 2012--The EU's tax commissioner Algirdas Semeta said Tuesday that 11 eurozone states have said they support launching a financial transactions tax, indicating the controversial project can move forward.
"Four additional member states intend to join the enhanced cooperation, which means we arrive at 11," Semeta said after talks among ministers that saw four governments -- Italy, Spain, Slovakia and Estonia -- declare themselves for the tax, sources said.
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Source: EUbusiness
Eurozone Finance Ministers Launch Bailout Fund
October 8, 2012--Europe's new bailout fund is being unveiled as finance ministers from the 17-nation eurozone meet in Luxembourg, amid more gloomy indicators about Europe's economic health.
Officially called the European Stability Mechanism, the new $653-billion rescue fund aims to offer a financial buffer for ailing eurozone economies like Greece and Spain. It follows September's announcement by the European Central Bank of a bond-buying plan to ease the longstanding eurozone debt crisis.
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Source: VOA
YAPI KREDI YATIRIM MENKUL DEGERLER A.S. APPLIED FOR PUBLIC OFFERING AND LISTING OF "YAPI KREDI YATIRIM MENKUL DEGERLER A.S. S&P/IFCI TURKEY LARGE MID CAP INDEX A TYPE ETF (EQUITY INTENSIVE FUND)"
October 8, 2012--Yapı Kredi Yatırım Menkul Değerler A.Ş. applied for public offering and listing of "Yapı Kredi Yatırım Menkul Değerler A.Ş. S&P/IFCI Turkey Large
Oc Mid Cap Index A Type ETF (Equity Intensive Fund)" on October 05, 2012
Source: Istanbul Stock Exchange
New SPDR ETF launched on Xetra
October 4, 2012--A new exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra since Thursday.
ETF name: SPDR S&P 500 Low Volatility ETF
Asset class: equity index ETF
ISIN: IE00B802KR88
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Low Volatility Index
The SPDR S&P 500 Low Volatility ETF enables investors to participate for the first time in the performance of 100 companies in the S&P 500 index with the lowest volatility.
The S&P 500 Total Return Net Index is weighted according to free float market capitalisation and tracks the performance of the 500 largest US stock corporations. The index is calculated on the basis of the reinvestment of dividends and distributions after the deduction of any tax.
Source: Deutsche Boerse
ESMA publishes a list of exempted shares according to the short selling regulation
October 4, 2012--To view the list and for further details
Click here
Source: ESMA
Swiss bourse SIX determined to resist foreign merger
Too few synergies in tie-up with bigger exchange-SIX chairman
SIX intends to sell remainder of Deutsche Boerse shares
October 3, 2012--The Swiss bourse SIX said it had no interest in being taken over by Deutsche Boerse and told its northern neighbour it had the unanimous backing of shareholders to resist a move that made no business sense.
"We want to remain independent," Peter Gomez, chairman of SIX's supervisory board, told journalists on Wednesday.
He said SIX decided a month ago - after a year-long investigation - that a merger with a bigger exchange would not help control costs through economies of scale.
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Source: Reuters
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