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Esma: making time for ETFs
June 29, 2012--The European Securities and Markets Authority (Esma) has a lot of balls to juggle. A September 30 deadline for the completion of technical standards related to the European Market Infrastructure Regulation (Emir) is looming, requiring Esma to draw up guidelines on everything from which
products will be required to clear, to the authorisation of clearing houses.
That’s just one item on the supervisor’s to-do list, though. It is also working on a revised Markets in Financial Instruments Directive (Mifid), the Alternative Investment Fund Managers Directive, the Prospectus Directive, the Transparency Directive and the Market Abuse Directive, among others.
DB - Equity Research-Weekly European ETF Market Monitor
June 29, 2012--Please find attached the most recent issue of the Weekly European ETF Market Monitor. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/611-EF8C/59153956/ETF_Research.pdf
London Stock Exchange welcomes 1,000th exchange traded product
UBS lists record number of ETFs in single day
Value traded since first London ETF listing exceeds £500bn
June 28, 2012--More than 1,000 Exchange Traded Products (ETPs) are now listed on the Main Market of the London Stock Exchange (LSE).
Since the launch of London’s first ETF in 2000, its range of products has grown to include 643 ETFs, 316 ETCs and 46 ETNs. The 1,005 products are offered by 17 separate issuers.
The milestone was reached today as UBS listed 64 new ETFs on LSE, the largest number ever admitted to trading in a single day.1 The range of products offers investors exposure to a wide range of indices, including those licensed by FTSE, MSCI, Standard&Poor’s, Markit iBoxx and Euro STOXX. The indices track European, American, Asian and emerging market equities; as well as fixed income and commodity markets.
This month, the total value of ETPs traded on LSE since their launch surpassed £500 billion.2 So far this year, 74 ETFs and 14 ETCs have admitted to the London market. Across its markets in London and Milan, LSE Group now sees the highest ETP trading volume of any European exchange.3
Pietro Poletto, Head of ETPs at London Stock Exchange Group, said:
“When we look at Exchange Traded Products over the last twelve years we see a fantastic story of growth and diversification. There are now over a thousand products traded on LSE, offering investors instant, flexible exposure to a vast range of underlyings including benchmark indices, emerging markets, equities, bonds, oil, metals, livestock and currencies.
Bucharest Stock Exchange Launches BET-BK Index On July 3
June 28, 2012--Bucharest Stock Exchange (BVB) announces that on Tuesday, July 3, 2012, launches BET-BK index (Bucharest Exchange Trading Benchmark Index).
BET-BK index is a benchmark index, a price index weighted with the market capitalization of the most traded companies on BVB.
The need for such an index was identified by the Romanian mutual funds, with the support of Romanian Association of Asset Managers, for using this index as a benchmark.
db X-trackers expands sterling hedged range with US and Japanese equity
June 28, 2012--db X-trackers, Deutsche Bank's exchange-traded funds (ETF) platform, has launched ETFs with sterling hedged share classes on the MSCI Japan and S&P 500 indices.
The ETFs have been listed on the London Stock Exchange and are the latest
addition to a growing range of db X-trackers currency hedged products.
“UK investors seeking equity exposure to Japan or the US often simply accept
implicit foreign exchange risk because the indices are listed in US dollars.
With these new ETFs investors get an automatic in-built hedge that aims to minimize the impact of currency movements on their equity investment,” said Manooj Mistry, head of db X-trackers for the UK.
ESMA proposes remuneration guidelines for alternative investment fund managers
June 28, 2012--The European Securities and Markets Authority (ESMA) has published today a consultation paper on proposed Guidelines on remuneration of alternative investment fund managers (AIFMs).
ESMA’s future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds. These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.
The Alternative Investment Fund Managers Directive (AIFMD) establishes a set of rules that AIFMs have to comply with when establishing and applying a remuneration policy for certain categories of their staff. The AIFMD also requires ESMA to develop guidelines on sound remuneration policies to further clarify the Directive’s provisions. Overall, the guidelines are aligned with remuneration policies in other financial sectors and deliver against the G20 commitments on sound remuneration as set out in the Financial Stability Forum’s Principles for Sound Compensation Practices.
view the ESMA Consultation paper-Guidelines on sound remuneration policies under the AIFMD
Lyxor enters 'smart beta' market
June 28, 2012--Lyxor Asset Management has launched two risk-balanced ETFs on NYSE Euronext Paris, the first of a range the firm is planning that are based on a new generation of "smart indices" which balance their component assets according to risk.
The company said the launch was a new milestone in its innovation in the ETF market and its smart index funds will offer a more efficient and less volatile alternative to traditional market cap-weighted indices.
Sweden: Selected Issues
June 27, 2012--I. CAPITAL AND LIQUIDITY REGULATIONS: THE CASE OF SWEDEN1
1. Banks need capital and stable source of funding (liquidity) to absorb shocks and facilitate bank resolution, in the event of a bank failure. In light of global instability in recent
years, there is broad international agreement that both need to be strengthened.
However, there is a wide range of views about how much buffers would be adequate, including in the
context of EU Capital Requirements Directive (CRD) IV.
2. There are a number of approaches to assess the adequacy of capital and liquidity. One is a public finance perspective. The global financial crisis once again proved that a banking crisis could put severe pressures on public finances.
3. This note first recaps the recent debates on capital and liquidity buffers (Section A);
then discusses a way to consider appropriate levels of capital and liquidity buffers in the case
of Sweden (Section B), estimates the government’s contingent liabilities from banks by different capital and liquidity levels (Section C); and finally discusses options for Sweden in
case the authorities face constraints to set buffer at their desirable levels (Section D).
A. How Much Capital and Liquidity Should Banks Have?
There is no disagreement that more buffers will benefit financial stability and resolution
view the IMF Country report-Sweden: Selected Issues
Modest Growth in EU11 Countries Foreseen in 2012
June 27, 2012--All EU11 countries* are projected to grow at a slower pace in 2012 compared to 2011 with their economies rebounding only in 2013, provided the economic problems in the Euro area do not worsen, highlights the World Bank's latest EU11 Regular Economic Report, launched today in Zagreb.
“A weak and uncertain economic outlook means that securing the recovery through strong three-pronged policy action is essential,” said Yvonne Tsikata, Sector Director for Poverty Reduction and Economic Management in the World Bank’s Europe and Central Asia region. “Overcoming the EU11’s policy challenges entails shoring up confidence in financial markets, sticking with fiscal consolidation plans and addressing the core structural issues which are barriers to growth and competitiveness,” highlighted Tsikata.
The exchange traded exposures at risk of eurozone bank implosion
June 27, 2012--The genesis of concern about exchange traded funds (ETFs) stems from their rapid growth and, more significantly, the security of uncollateralised exchange traded notes (ETNs), which are coming to the fore as the eurozone crisis heats up.
Worries over ETNs emerged at the height of the credit crunch when the issuers and backers of these notes, principally investment banks and insurance giants, wobbled after the Lehman collapse.