Europe ETP News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
New EDHEC-Risk Survey Reveals the Investment Management Opinions of Sovereign Wealth Funds
April 3, 2012--In a new survey entitled "What Asset-Liability Strategy for Sovereign Wealth Funds?" produced as part of a research chair supported by Deutsche Bank, Sovereign Wealth Fund (SWF) respondents have underlined the need for a change in investment practices to take into account both short-term constraints and liabilities.
The survey presents the results of the Deutsche Bank research chair’s foundation paper – a dynamic asset-liability management (ALM) model developed to guide asset allocation and risk management decisions at the SWF level, and describes the results of a call for reaction on its theoretical and practical appeal for sovereign fund management.
In spite of the prevailing view that Sovereign Wealth Funds (SWFs) are not like other institutional investors and that they are pursuing a pure strategy of accumulation as a standalone, the EDHEC-Risk survey shows that the funds themselves consider that ALM techniques are appropriate for their financial management and that they have as a mission and constraint to take account of the risks of the States that set them up. The specific characteristic of their ALM is that it must cover not only the liability risk but also the contribution risk. It is noteworthy that SWFs believe that the asset management industry is not providing them with liability-driven investment (LDI) solutions that are adapted to their situation.
view What Asset-Liability Management Strategy for Sovereign Wealth Funds?
Source: EDHEC
ESMA publishes the responses received to the Consultation on ESMA guidelines for the regulatory framework for ETFs and other UCITS issues
April 3, 2012--ESMA has published the received to the Consultation on ESMA guidelines for the regulatory framework for ETFs and other UCITS issues.
view responses
Source: ESMA
J.P. Morgan and Source launched the J.P. Morgan Macro Hedge Dual TR Source ETF
April 2, 2012--J.P. Morgan and Source are pleased to announce the launch of the J.P. Morgan Macro Hedge Dual TR Source ETF. This euro-denominated fund is designed to provide cost-effective volatility exposure, for sophisticated investors.
This is the second ETF in the J.P. Morgan Macro Hedge series - the J.P. Morgan Macro Hedge US TR Source ETF was launched in February and now has assets of over US$ 200 million.
Volatility is an attractive hedge in times of macro-economic stress - it tends to spike when equities and other risky assets crash. However, volatility exposure can be costly over the long term. J.P. Morgan’s Macro Hedge indices aim not only to capture spikes in volatility in times of market stress, but also, when markets are calmer, to generate a positive return. The J.P. Morgan Macro Hedge Dual TR Index takes exposure to US equity volatility, switching from long to long/short exposure depending on market conditions. During times of market stress, it can also add up to 25% exposure to European equity volatility. Although liquidity in European volatility markets still lags the US, the Euro-zone debt crisis has prompted more investors to include European volatility in their hedging strategies.
read more
Source: Source
IMF Working paper-Narrowing Vertical Fiscal Imbalances in Four European Countries
April 2, 2012--This paper describes the institutional changes that have induced a decline in the vertical fiscal imbalance (VFI)- defined as the share of sub-national own spending not financed through own revenues - in four European countries: Belgium, Italy, Norway, and Spain.
The decline in VFI was achieved through progressive devolution of revenues to sub-national governments in Belgium, Italy, and Spain, while re-centralization of health sector expenditures was the cause of the decline in the VFI in Norway.
view the Narrowing Vertical Fiscal Imbalances in Four European Countries
Source: IMF
ESMA publishes an update to the Q&;A on Transparency
April 2, 2012--ESMA has published the update to the Q&A on Transparency.
view the Questions and answers
Transparency Directive (2004/109/EC)
Source: ESMA
NASDAQ OMX Nordic: Trading Statistics March 2012
Trading Statistics March 2012
ETF turnover increases by 16.1 % compared to March last year
April 2, 2012-- NASDAQ OMX today publishes monthly trade statistics for the Nordic and Baltic markets. Below follows a summary of the highlights for March 2012:
The share trading on NASDAQ OMX Nordic decreased by 15.5 % to a daily average of 2.4bn EUR, compared to 2.8bn EUR in March 2011. Compared to the previous month, February 2012, the daily average decreased by 3.7 %.
Derivatives trading decreased by 6.2 % to a daily average of 533,286 contracts, compared with 568,584 contracts in March 2011.
109 billion euros turned over on Xetra in March
19.1 million transactions on Xetra
April 2, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €115.2 billion in March -a decrease by 23 percent year-on-year (March 2011: €150.0 billion). Of the €115.2 billion, €109.4 billion were attributable to Xetra- a decrease by 23 percent y-o-y (March 2011: €141.6 billion).
€5.9 billion were attributable to the Xetra Frankfurt specialist trading, a 30 percent decrease y-o-y (March 2011: €8.4 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.5 billion in March.
read more
Source: Xetra/FWB
Four new iShares equity index ETFs launched on Xetra
April 2, 2012--The three new iShares ETFs on the S&P Commodity Producers index series enable investors to participate in the performance of companies that generate their income from extracting, refining or transporting gold, oil and gas, or from the agricultural sector.
ETF name: iShares S&P Commodity Producers Gold
Asset class: commodity index ETF
ISIN: DE000A1JS9D8
Total expense ratio: 0.55 percent
Distribution policy: non-distributing
Benchmark: S&P Commodity Producers Gold Index
ETF name: iShares S&P Commodity Producers Oil & Gas
Asset class: commodity index ETF
ISIN: DE000A1JS9C0
Total expense ratio: 0.55 percent
Distribution policy: non-distributing
Benchmark: S&P Commodity Producers Oil & Gas Exploration & Production Index
read more
Source: Xetra/FWB
European rules alarm fund managers
April 1, 2012--Some fund managers’ worst fears over pan-European regulation have re-emerged, prompting the hedge fund and private equity industries to hit back at Brussels’ proposed technical standards that they say will damage business and shut out the US and Asia.
The European Commission’s 110-page draft text of “supplementing rules” to enforce the contentious Alternative Investment Fund Managers Directive (AIFMD) is causing alarm, partly because it diverges from the European Securities and Markets Authority advice.
read more
Source: FT.com
UK regulator declares ETF concerns
March 29, 2012--The Financial Services Authority detailed its concerns about exchange-traded funds at an investment conference in London last week, with the UK regulator emphasising there were important differences between physical and synthetic ETFs that investors should be made aware of, the FT reported on Sunday.
Tony Hanlon, manager of the FSA’s asset management sector team, said the regulator had three main areas of concern: the taxonomy of ETFs, potential conflicts of interest and operational risks.
Mr Hanlon said taxonomy – the naming of an ETF – was important as it was often all that an investor could use to judge the risks of the product. “The problem is that ‘ETF’ is a very broad badge that covers a wide variety of products and we think it is important to highlight the distinction between ETFs that are Ucits funds and ETFs that are non-Ucits.”
read more
Source: ETF Radar Magazine
If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
