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Fuhr: costs fall as rivalry grows --but TERs still have a long way to go
May 9, 2012--Total expense ratios (TERs) for exchange traded funds (ETFs) in Europe have declined over the past year as increasing competition among providers has helped drive costs down.
According to the latest research by ETFGI, the overall average TER for ETFs in Europe is now 36 basis points (bps) down from 37bps in January 2011.
TERs for ETFs listed in Europe are still higher than the TERs for ETFs listed in the US where the overall average is 29bps, down from 32bps in January 2011.
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Source: CityWire
OTC derivatives market activity in the second half of 2011
May 9, 2012--Large movements in the latest data are highlighted in the Statistical release. An analysis of recent trends will be released in conjunction with the forthcoming BIS Quarterly Review, to be published on 4 June 2012. Data at end-June 2012 will be released no later than 15 November 2012.
Data at end-December 2011 are not fully comparable with previous periods because of an increase in the reporting population. Australia and Spain reported for the first time, expanding the reporting population to dealers headquartered in 13 countries
view the Detailed tables on semiannual OTC derivatives statistics at end-December 2011
Source: BIS
European ETF market slumps after strong first quarter
May 9, 2012--The European ETF market slowed in April with outflows rising, dealing a blow to those predicting better growth this year.
The industry experienced outflows of close to €4bn over April, reducing net inflows for the first four months down to €1.8bn and making April the worst month in terms of flows this year, according to the data.
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Source: Efinancial News
iShares expands fixed income range with eight single country Eurozone sovereign
Five funds offer world-first exposures for an ETF format
May 9, 2012-- iShares, the Exchange Traded Funds (ETF) platform of
BlackRock, Inc. (NYSE: BLK) today announced the launch of eight funds that provid precise and targeted exposure to the sovereign debt of eight Eurozone countries.
The launch represents the continued expansion of iShares’ fixed income range to meet growing interest in fixed income ETFs, and to satisfy demand for more granular exposures within the asset class.
The eight funds to launch on the London Stock Exchange today are:
1. iShares Barclays Austria Treasury Bond ETF
2. iShares Barclays Belgium Treasury Bond ETF
3. iShares Barclays Finland Treasury Bond ETF
4. iShares Barclays France Treasury Bond ETF
5. iShares Barclays Germany Treasury Bond ETF
6. iShares Barclays Italy Treasury Bond ETF
7. iShares Barclays Netherlands Treasury Bond ETF
8. iShares Barclays Spain Treasury Bond ETF
The ETFs invest in the fixed rate debt issued by the government of the specified country, denominated in local currency, with the bonds having at least one year until maturity. They are physically backed funds and each has a total expense ratio of 0.20%.
The ETFs providing exposure to sovereign debt from Austria, Belgium, Finland, the Netherlands and Spain are the first of their kind in the world.
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Source: BlackRock
Greece at risk of leaving eurozone, says official
May 9, 2012--Greece could be forced to leave the eurozone if it fails to abide by EU and IMF loan commitments, a government economic advisor warned Wednesday as Athens raised prospects of renegotiating a bailout deal.
"If we say no to everything, we leave the eurozone," said Gikas Hardouvelis, economic advisor to outgoing Prime Minister Lucas Papademos.
Voters roundly rejected austerity measures in Sunday's elections, booting out a coalition by the two mainstream parties and leaving the radical left-wing Syriza party charged with forming a government.
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Source: EUbusiness
DB - Equity Research-Weekly European ETF Market Monitor
May 9, 2012--The most recent issue of the European ETF Market Monitor. The report includes key statistics on the European ETF market as well as global ETF market highlights.
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/603-A5E2/58637314/ETF_Research.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
New Amundi ETF launched on Xetra
EFT tracks S&P 500 with currency hedging
May 9, 2012--A new exchange-traded equity index fund issued by Amundi has been tradable in Deutsche Börse's XTF segment since Wednesday.
ETF name: Amundi ETF S&P 500 EUR Hedged Daily
Asset class: equity index ETF
ISIN: FR0011133644
Total expense ratio: 0.28 percent
Distribution policy: distributing
Benchmark: S&P 500 EUR Daily Hedged Strategy Index
The Amundi ETF S&P 500 EUR Hedged Daily enables investors to participate in the performance of the S&P 500 Total Return Net Index with hedging against daily exchange rate fluctuations between the euro and the US dollar. The S&P 500 Total Return Net Index is weighted according to free float market capitalisation and in turn tracks the performance of the 500 largest US stock corporations.
The product offering in Xetra’s XTF segment currently comprises 969 exchange-traded index funds, making it the largest offering of all European stock exchanges.
Source: Xetra
Newsflash-new daily record in the Eurex KOSPI Product on 8 May 2012
More than 525,000 contracts traded on a single day
Eurex KOSPI Product
May 9, 2012-- New daily record turnover on 8 May 2012: 525,781 contracts
Previous daily record on 9 November 2011: 387,935 contracts
Average daily volume May 2012: 272,563 contracts
Average daily volume year-to-date: 144,159 contracts
Average daily volume 2011: 71,454 contracts
Total volume year-to-date: 12,109,368 contracts
Total volume full year 2011: 17,577,676 contracts
The new record volume is mainly due to the increasing number of active trading participants, both from South Korea and existing Eurex members, and the related growth in trading activity.
Source: Eurex
STOXX Launches STOXX+ Minimum Variance Indices in Collaboration with Axioma
May 8, 2012--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX+ Minimum Variance Index family. The new index family uses Harry M. Markowitz's Nobel Prize winning Modern Portfolio Theory to create a hypothetical, risk-optimized portfolio, which is based on a variety of STOXX indices. Axioma, a leading provider of portfolio constructions tools and risk models, provides the fundamental factor model used to calculate the rebalancing portfolios.
As the demand for low volatility investment strategies that reduce the risk of a portfolio and essentially improve its long term returns becomes increasingly stronger, STOXX, in collaboration with Axioma, launches its new suite of STOXX+ Minimum Variance Indices,” said Hartmut Graf, chief executive officer, STOXX Limited. “The new index family will offer two different versions for each index: a constrained and an unconstrained one. The latter is a novelty as it provides a strategy index that is minimized for volatility, but not restricted to follow an underlying base index too closely.”
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Source: STOXX
2012 Will Be a Year of Disruption for US Hedge Funds Trading Equities, Says TABB
Large Funds Slashing Broker Tails; 50% of Funds Want Greater Algorithmic Transparency; Rising Cost of Compliance a Top Concern
May 8, 2012--After enduring 2011's bruising markets, US hedge funds trading equities tell TABB Group that 2012 will be a year of disruption with market conditions, sell-side broker economics and regulation creating a triangle of change, already reshaping their trading environment.
When trading volume drops, says Miranda Mizen, a TABB principal, director of equities research and author of the new annual benchmark study, “US Hedge Fund Equity Trading 2012: Disparate and Desperate,” it causes shifts in trading channels and occasionally strategic direction. This requires a more thorough and constant review of broker lists, a lean on other profit avenues within the firm and a demand for greater control via transparency and information. In 2012, she says, “three major areas already in flux will directly impact the products and services that hedge funds need from their sell-side brokers and the vendor community this year – the cost of doing business, the make-up of liquidity and the reinvention of the brokerage business.”
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Source: TABB
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