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Kay review sets out measures to transform UK equity markets
July 23, 2012--Restoring relationships built on long term trust and confidence and realigning incentives across the investment chain should be the basis of a much needed shift in the culture of the UK's equity markets, according to a new independent review from Professor John Kay, published today.
In his review, ‘UK equity markets and long-term decision making’, Professor Kay sets out a clear vision and a set of principles to ensure that equity markets support their core purpose of enhancing the performance of UK companies, and providing returns to savers. The report finds that short-termism is an underlying problem in UK equity markets, principally caused by a misalignment of incentives within the investment chain and the displacement of trust relationships by a culture based on transactions and trading.
view the UK equity markets and long-term decision making-final report
Source: BIS
ESMA publishes an update to the Q&A in the area of Prospectuses
July 23, 2012--ESMA has published a Q&A to provide guidance on the conditions for the consent to use a prospectus in retail cascades to apply until such time when, pending European Parliament's approval,
the requirements of the Commission Delegated Regulation (COM DR) dealing with this issue come into force. The COM DR is currently subject to the objection period of the European Parliament and it is not expected to enter into force until mid-September at the earliest.
The Prospectus Directive 2003/71/EC as amended by Directive 2010/73/EU entered into force on 1 July 2012 and addresses the practice of retail cascades in article 3 (2) subparagraph 3. It requires that the issuer provides their consent to the use of the prospectus in a retail cascade by means of a written agreement. The COM DR will provide the conditions and information requirements to apply this regime. In order to promote a consistent application across the Member States of these requirements, ESMA recommends that prospectuses who grant their use in retail cascades apply the requirements of COM DR from the time of communication of this Q&A.
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Source: ESMA
Moscow Exchange --New Brand-Name Of MICEX-RTS Exchange
July 20, 2012--Moscow Exchange is the new brand-name for the former MICEX-RTS Exchange.
Moscow Exchange Group includes Moscow Exchange, National Settlement Depository, MICEX Stock Exchange, National Clearing Center, Depository Clearing Company, RTS Settlement Chamber, RTS Clearing Center, National Mercantile Exchange,
Source: Online News
ECB suspends eligibility of Greek bonds as collateral
July 20, 2012--The European Central Bank said Friday it will stop accepting Greek sovereign bonds as collateral but will review the situation once a team of international auditors has completed its visit to Athens.
In the interim, Greek banks could continue to get funding from the Greek central bank, the ECB said in a statement.
The decision to suspend Greek sovereign bonds and other assets backed by the Greek government came with the expiry next week of a bond swap launched earlier this year, the ECB explained.
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Source: EU News
ETFs finally come to Russia
July 19, 2012--Recent changes to Russian legislation have opened up the market to exchange traded funds (ETFs), allowing the creation of this previously unused investment vehicle by Russian investment houses.
Local fund providers welcome the change, saying that the market has been lacking liquid investment options.
The Russian State Duma has recently approved a legislation allowing Russian investment managers to form ETFs, Russian financial press reports. Until now, all investment funds on the Russian market were open- or closed-ended investment vehicles, which are not as flexible as ETFs and lock the investor into a rigid agreement with the fund provider.
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Source: Investment Europe
DB - Equity Research-Weekly European ETF Market Monitor
July 18, 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 the 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-DFEA/86832863/ETF_Research_-_Weekly_European_ETF_Market_Monitor.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
db X-trackers lists China A-shares ETF in London
July 18, 2012--Deutsche Bank's exchange traded fund (ETF) platform, db Xtrackers, has listed its db x-trackers CSI300 Index ETF on the London Stock Exchange, making it Europe's largest China A-shares ETF by assets under management.
The CSI300 Index tracks the performance of the 300 most representative – as measured by a combination of market capitalization and liquidity-A-shares listed on the Shanghai and Shenzhen stock exchanges.
A-shares are quoted in Chinese renminbi and have traditionally been difficult for investors outside of China to access – international investors must be the holder of a QFII (qualified foreign institutional investor) licence in order to get permission to trade in China’s A-share market. International investors can freely access H-shares and red chips traded on the Hong Kong exchange.
However, A-shares make up over 75% of Chinese market capitalization, covering more than 2000 companies across all sectors of the Chinese economy.
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Source: db X-trackers
Source Physical Gold Hits US$ 2.5 billion In Assets
July 17, 2012--Source, one of the fastest growing Exchange Traded Product (ETP) providers in Europe with US$9 billion in assets, is pleased to announce that its Source Physical Gold
P-ETC (BBG: SGLD LN) has crossed US$2.5 billion in assets.
As demand for precious metals has continued, investors have increasingly adopted physicallysecured
ETPs as their vehicle of choice. The Source Physical Gold P-ETC is now among the largest exchange-traded physical gold products globally, with an annual fee of 0.29%. In 2011, the Source
Physical Gold P-ETC added over US$1.2 billion in net new assets and traded over US$4 billion on the
LSE. So far in 2012, the product has added over US$360 million in net new assets and already traded
over US$4 billion on the LSE, ranking it in the top five ETPs traded on the LSE for the year.
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Source: Source ETFs
Boerse Stuttgart: Investors Straying To Other Currencies
Retail investors increasingly turn to foreign currency bonds // Turnover in bonds denominated in Norwegian crowns almost triples in June
July 17, 2012--The uncertainty generated among investors by the unresolved debt crisis has also affected sentiment in bond trading at Boerse Stuttgart. Turnover in foreign currency bonds has risen sharply in recent months.
Right at the top of the list are bonds denominated in Norwegian crowns (NOK). In June alone investors at Boerse Stuttgart traded Norwegian debt securities with a volume of more than NOK 195 million – equivalent to roughly EUR 26 million. By way of comparison, investors in May traded Norwegian bonds worth NOK 72.76 million (some EUR 10 million).
Turnover in bonds from neighbouring Sweden also saw a steep rise in June.
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Source: Boerse Stuttgart
Ossiam Celebrates First Anniversary of ETFs
Steady inflows continue
July17, 2012--Ossiam, the specialist smart beta and exchange traded funds (ETFs)
investment manager and affiliate of Natixis Global Asset Management, has today announced that four of its ETFs listed on the London Stock Exchange have reached their first
anniversary.
The ETFs listed on the London Stock Exchange that have passed the one year milestone are:
Ossiam ETF Euro Stoxx 50® Equal Weight NR
Ossiam ETF STOXX® Europe 600 Equal Weight NR
Ossiam ETF iSTOXX™ Europe Minimum Variance NR
Ossiam ETF US Minimum Variance NR (USD)
The funds were also listed on the Frankfurt, Milan, Paris and Zurich exchanges in 2011.
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Source: Ossiam
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