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Synthetic ETFs get thumbs down
March 25, 2012--Synthetic exchange traded funds are rated as poor quality by almost a third of European investment managers, according to a survey by Edhec-Risk Institute.
Physical ETFs were much less likely to be viewed as poor quality. Edhec’s 2011 European ETF survey found just 1 per cent of those surveyed rated ETFs that hold all the constituents of an index as poor quality, a proportion that rose to 11 per cent for ETFs that hold a representative sample of stocks.
Germany seeks alternatives to financial transaction tax
March 23, 2012--German Finance Minister Wolfgang Schaeuble said Friday he would seek alternatives to a cross-border tax on the finance industry that has run into fierce resistance in Europe.
Speaking to public broadcaster SWR in an interview to be transmitted on Saturday, Schaeuble appeared to back down on a French-led initiative for a financial transactions tax (FTT), acknowledging it would be nigh on impossible to push through at a European level.
"Instead, I will now back equal alternatives, such as extended stock market tax and one which has the broadest possible backing," Schaeuble said.
MSCI Europe Value Source ETF launched on Xetra
March 23, 2012--A new equity index fund issued by Source has been tradable on Xetra since Friday.
ETF name: MSCI Europe Value Source ETF
Asset class: equity index ETF
ISIN: IE00B3LK4Z20
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: MSCI Europe Value EUR TRN Index
The MSCI Europe Value Source ETF allows investors to participate in the performance of European companies whose share price is considered to be undervalued compared to the enterprise value. These are known as “value stocks”. The following key figures are taken into account: price/book value, 12-month earnings forecast to price and price/dividend ratio.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 948 exchange-listed index funds, while average monthly trading volume stands at €16 billion.
Stocks to be included in IMKB Stock Indices
March 23, 2012--ISE 100, ISE 50, ISE 30, ISE Bank 10 and ISE Dividend indices will be revised, starting from April 1, 2012.
view updates to indices
Kuveyt Turk Participation Bank B Type SilverPlus ETF is applied to be listed on IMKB
March 23, 2012--Bizim Securities applied for public offering and listing of "Kuveyt Türk Participation Bank B Type SilverPlus ETF", to
be issued by Kuveyt Türk, on March 23, 2012.
FSA-Retail Product Development and Governance-Structured Product Review
March 23, 2012--Executive Summary
1.1 Structured products1 are rising in popularity and we are concerned that the growing number of structured product sales, as well as increasing product complexity, is placing a strain on firms' systems and controls.
A lack of robustness in firms’ product development and marketing processes
can increase the risk of poorly designed products and lead to mis-selling, or mis-buying by
consumers.
1.2 To address this risk, we assessed seven major providers of structured products between November 2010 and May 2011. The review specifically looked at how the firms were designing structured products, identifying their target markets, and how they handled post-sales responsibilities.
view the FSA Retail Product Development and Governance-Structured Product Review
The financial transaction tax will reduce Member States' GNI contributions to the EU budget by 50%
March 23, 2012--If adopted as a new own resource of the EU budget the financial transaction tax (FTT) will significantly reduce the contributions of member states to the EU budget.
According to estimates presented yesterday by the European Commission, Member States' contributions would be slashed by €54bn in 2020.
The Commission proposes that two thirds of the revenues of the FTT go to the EU budget, reducing by the same amounts Member States' contributions based on their GNI, with the remaining one third being retained by Member States. Therefore, every euro levied with the FTT will ultimately benefit the Member States, whether through direct revenue collection or through a reduction of contributions to the EU budget.
The financial sector does not pay VAT and has received massive support by taxpayer's money, said Financial Programming and Budget Commissioner Janusz Lewandowski. Taxing the transactions of all financial institutions at rates as low as 0.01% is only fair. Furthermore, the estimated revenue which the tax would generate by 2020 can only be welcome by cash strapped governments across the EU.
NYSE will not appeal EU merger veto
March 22, 2012--The transatlantic exchange operator NYSE Euronext announced Thursday that it will not challenge a European Union veto blocking its merger with German rival Deutsche Boerse.
"While we continue to believe that the European Commission decision was based on an incorrect determination of the relevant market definition, we do not believe that the interests of our shareholders and our company would be served by undertaking a protracted appeal," it said in a statement.
Deutsche Boerse said Monday it would challenge the commission's ruling last month against the proposed merger, which would have created the world's largest exchange operator.
NYSE Euronext announces new ETF on European markets
March 22, 2012--NYSE Euronext is pleased to announce that Ossiam has listed 1 new ETFs on NYSE Euronext's Paris market today:
Trading Name:OSSIAM EM MINVAR E
ISIN:LU0705291903
Symbol:EMMV
Reuters RIC:EMMV.PA
BBG Ticker:EMMV FP
Underlying index:Ossiam Emerging Markets Minimum Variance
TER:0.75
NYSE Euronext has now 694 listings of 596 ETFs based on more than 450 indices.
Spain’s borrowing costs rose above 5.5%
March 22, 2012--Spain's borrowing costs rose above 5.5% for the first time since January as investors fretted about another escalation
of the eurozone crisis amid signs of further economic weakening even in Germany.
