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Five concerns over Esma's ETF-Ucits consultation
April 5, 2012--Asset managers have set out their concerns surrounding the future of securities lending for Ucits funds, which they say could be jeopardised should the European Securities and Markets Authority's hefty consultation on exchange traded funds and Ucits go ahead as it stands.
The consultation sets out future guidelines on Ucits ETFs and other Ucits-related issues – one of which covers securities lending by a Ucits fund. The proposals will be finalised as guidelines for adoption in the second quarter this year.
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Source: efinancial news
Climate data from 1,800 companies available online
April 5, 2012--Climate data from 1,800 companies around the world will be available online free of charge from today as part of the data partnership between the Carbon Disclosure Project (CDP) and Deutsche Börse.
The data can be accessed at www.boerse-frankfurt.com. It enables comparisons between companies in terms of their contributions to climate protection and transparency with regard to their carbon emissions.
The aim of the partnership is to raise market standards and transparency, and to enable investors, analysts and other market participants to gain a comprehensive overview of each company and its sustainability strategy.
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Source: Deutsche Börse
STOXX Limited Announces Changes to the Index Universe Definition for Chinese Shares
STOXX Americas 600 Index to be renamed
April 4, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced a rule change to its indices in regard to the definition of the index universe for Chinese and Hong Kong share types.
Furthermore, a name change for the STOXX Americas 600 Index and all sub- and sector-indices was announced. All changes will become effective with the Q2 Benchmark Review on June 18, 2012.
The STOXX Americas 600 Index is a sub-set of the STOXX Global 1800 Index, and represents the 600 largest companies in the Americas portion of the global index. As it only covers Canada and the United States, the index will be renamed to STOXX North America 600 Index as of June 18, 2012, for clarity’s sake. The index universe of this index remains unchanged.
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Source: Stoxx
The Europe Dow Finished Up 7.07% In 2012's First Quarter, Despite 2.11% Slide In March, According To Dow Jones Indexes
20 Of The Europe Dow's 30 Stocks Closed Q1 In Positive Territory-Daimler AG Topped All Europe Dow Components With 36.73% Quarterly Gain-Tesco PLC's 4.42% Gain In March Is Best Among Europe Dow Stocks
April 4, 2012--The Europe Dow, an equal-weighted index that measures 30 of the region's
leading blue-chip stocks, closed 2012's first quarter with a gain of 7.07% despite dropping 2.11% in March, according to data compiled by Dow Jones Indexes, a leading global index provider.
For the first quarter of 2012, 20 of The Europe Dow’s 30 component stocks closed in positive
territory, while 21 of the index’s stocks finished March with a monthly decline. The Europe Dow advanced
6.04% in February 2012, and finished up 5.96% in 2011’s first quarter.
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Source: Dow Jones
ETF Global Insight - - Findings for ETFs/ETPs listed in Europe for Q1 2012
April 4, 2012--SUMMARY
At the end of Q1 2012, the European ETF industry had 1,281 ETFs, with 4,527 listings, assets of US$301.0 Bn, from 36 providers on 21 exchanges.
In March 2012, 11 new ETFs listed. YTD to Q1 2012, 59 new ETFs have listed, while 9 ETFs have delisted.
In March 2012, ETFs saw net inflows of US$1.7 Bn.
iShares gathered the largest net inflows in March with US$1.5 Bn, followed by Source Markets with US$0.6 Bn and UBS Global Asset Management with US$0.6 Bn net inflows.
iShares gathered the largest net inflows YTD with US$4.1 Bn, followed by Source Markets with US$1.2 Bn and UBS Global Asset Management with US$1.0 Bn net inflows.
db x-trackers experienced the largest net outflows in March with US$0.8 Bn.
Commerzbank experienced the largest net outflows YTD with US$0.7 Bn, followed by EasyETF with US$0.5 Bn and Credit Suisse Asset Management with US$0.2 Bn net outflows.
STOXX has the largest amount of ETF assets tracking its benchmarks, with US$87.1 Bn, followed by MSCI with US$68.8 Bn, and FTSE with US$21.7 Bn.
Including other Exchange Traded Products (ETPs), at the end of Q1 2012, the European ETF/ETP industry had 1,880 ETFs/ETPs, with 5,754 listings, assets of US$336.9 Bn, from 43 providers on 22 exchanges.
In March 2012, 35 new ETFs/ETPs listed. YTD to Q1 2012, 90 new ETFs/ETP have listed, while 9 ETFs/ETPs have delisted.
In March 2012, ETFs/ETPs saw net inflows of US$2.0 Bn.
iShares gathered the largest net inflows in March with US$1.5 Bn, followed by Source Markets with US$0.8 Bn and UBS Global Asset Management with US$0.6 Bn net inflows.
iShares experienced the largest net inflows YTD with US$4.1 Bn, followed by Source Markets with US$1.2 Bn and UBS Global Asset Management with US$1.0 Bn net inflows.
db x-trackers experienced the largest net outflows in March with US$0.8 Bn.
Commerzbank experienced the largest net outflows YTD with US$0.7 Bn, followed by EasyETF with US$0.5 Bn and Credit Suisse Asset Management with US$0.2 Bn net outflows.
STOXX has the largest amount of ETF/ETP assets tracking its benchmarks, with US$87.7 Bn, followed by MSCI with US$68.9 Bn, and S&P with US$21.9 Bn.
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Source: Deborah Fuhr, ETF Global Insight LLP
ALFI's response to the Consultation concerning ESMA guidelines on ETFs and other UCITS issues (ESMA/2012/44)
April 3, 2012--On 30 March ALFI responded to Consultation concerning ESMA guidelines on ETFs and other UCITS issues.
ALFI welcomes ESMA's decision to broaden the scope of these proposed guidelines in such a manner as to target not only UCITS ETFs but all UCITS alike that engage in the relevant activities (e.g. securities lending) or pursue the same type of investment policy (e.g. tracking an index).
Furthermore, ALFI supports ESMA’s move towards greater transparency as it will further enhance investor’s understanding and confidence in UCITS products. The proposed guidelines reflect industry best practice in terms of transparency and disclosure. Transparency requirements should however be proportionate and bring real-added value in particular to retail investors allowing them to take well-informed investment decisions. For instance, we believe that the transparency requirements should be proportional to the extent that certain techniques are being used and should not apply to immaterial techniques and instruments.
When considering investor protection and disclosure requirements, we strongly encourage ESMA to take a horizontal approach to funds and non-fund products alike, in the spirit of MiFID and of the PRIPs initiative. Any consideration regarding the marketing of UCITS ETFs cannot be dissociated from a review of other products which are also subject to MiFID, therefore any action should be taken within the MiFID Review, maintaining a level playing field vis-à-vis other financial instruments. In this context, we very much support ESMA’s statements that “further consideration should be given to the development of harmonized definitions at European level of all exchange-traded products” and that “products with broadly similar characteristics should be subject to the same level of regulatory requirements and that investors in such products should be able to rely on an equivalent level of regulatory protection” (Consultation Paper, p. 11, paragraph 20).
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Source: ALFI
Eurozone in recession until spring 2012: official forecast
April 3, 2012--- The eurozone, which entered a short recession in late 2011, will return to modest growth in the spring of 2012, official institutes from France, Germany and Italy forecast on Tuesday.
The three statistics agencies, which offer a joint assessment of the eurozone economy every quarter, confirmed an earlier outlook of a 0.2 percent contraction in the first quarter of 2012 after a 0.3 percent contraction in the final quarter of 2011.
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Source: EUbusiness
12 new Commerzbank ETCs launched on Xetra
ETCs track the positive and inverse performance of individual commodities
April 3, 2012--Twelve new exchange-traded commodities (ETCs) issued by Commerzbank AG have been tradable on Xetra since Tuesday.
The new exchange-traded commodities enable investors to participate in the performance of platinum, palladium and gas oil. The underlying indices track the positive and inverse performance of each individual commodity, with a leverage factor of either one or two.
These strategy indices are calculated by Commerzbank and participate in the movements of the underlying commodity futures contracts. They comprise a leverage component and an interest rate component. The leverage component is based on the daily percentage movements of the futures contract contained in the index. The interest rate component represents an investment in a risk-free money market instrument minus index fees and costs of collateralisation.
Deutsche Börse’s ETC segment product range currently comprises 276 instruments. The monthly trading volume of ETCs on Xetra averages around €900 million.
view the The 12 ETCs listed for the first time including ISIN and management fee tradable from 3 April 2012
Source: Xetra
BlackRock contests regulator's ETF fee-sharing plan
April 3, 2012-BlackRock is challenging proposals by the European regulator to change certain securities lending practices in the exchange traded funds (ETF) and wider Ucits industry, in the view it would create an "un-level playing field'.
The asset manager’s response to the European Securities and Markets Authority’s guidelines on ETFs contests that gross returns generated from securities lending and other portfolio management techniques, should have to be returned to the fund.
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Source: City Wire
Boerse Stuttgart achieves monthly turnover of EUR 9.1 billion
Securitised derivatives and investment funds up/ bond trading remains at high level
April 3, 2012--According to its order book statistics, Boerse Stuttgart generated turnover of more than EUR 9.1 billion in March 2012, a similarly high level as in February.
Trading volumes were significantly lower than in the same month last year. However, in March 2011 financial markets faced an exceptional situation due to the tsunami and nuclear reactor catastrophe in Japan.
Traditionally Boerse Stuttgart generates the biggest proportion of turnover in trading with securitised derivatives and this continued to be the case in March 2012. Last month’s turnover in this asset class totalled around EUR 4.4 billion, an increase of around 5.1 percent in comparison with the previous month. Turnover in leverage products grew by almost 2 percent to more than EUR 1.9 billion. Investment products accounted for more than EUR 2.4 billion of turnover, a growth of almost 8 percent in comparison with February.
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Source: Boerse Stuttgart
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