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DB - Equity Research-ETF Research : Weekly European ETF Market Monitor
March 21, 2012--The most recent issue ofthe Weekly European ETF Market Monitor is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
To request a copy of the report
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
Budget 2012-HMK Treasury
March 21, 2012--Summary of key Budget announcements
Budget 2012 announces wide-ranging reforms to the tax system to reward work and support growth. These reforms will lower headline rates, diversify and broaden sources of revenue, and reduce reliefs. These reforms are based on the principle that the tax system should be fair, efficient and simple.
It also announces the next stages in the Government’s plans for supporting businesses. The Government is committed to driving through the measures announced in The Plan for Growth and Autumn Statement 2011, and is taking further steps in this Budget to stimulate investment, exports, enterprise and the employment market.
The action the Government has taken since the June Budget 2010 has restored and maintained stability and kept interest rates near record lows.
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Source: HM Treasury
D Börse to sue Brussels over NYSE block
March 21, 2012--Deutsche Börse said it would take the European Commission to court to try to overturn its decision last month to block its tie-up with NYSE Euronext, in what would have been the world’s largest exchange deal.
The move, rare in European merger cases, came after weeks of bitter recriminations after the Commission voted to stop the deal on antitrust grounds.
Börse chief executive, Reto Francioni, called the decision at the time "a black day for Europe".
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Source: FT.com
Improving Financial Institution Risk Disclosures and Next Steps
March 20, 2012--The importance to market confidence of useful disclosure by financial institutions of their risk
exposures and risk management practices has been underscored in recent years. The FSB has agreed to take steps to encourage improved disclosures as described in this press
release.
In December 2011, the FSB hosted a roundtable on risk disclosures by financial institutions to encourage the private sector to jointly take forward development of principles and of
leading practice disclosures that will be relevant and informative given current market conditions and risks.
Eighty-two senior officials and other experts from around the world took part in the roundtable, representing investors and analysts, asset managers, credit rating agencies, banks, insurance companies, audit firms, audit regulators, accounting and auditing standard setters, as well as prudential and market authorities.
view the Thematic Review on Risk Disclosure Practices Peer Review Report
Source: FSB
ICMA European Repo Council paper explores official concerns about "shadow banking" and repo
March 20, 2012--ICMA’s European Repo Council (ERC) has today published a paper entitled: 'Shadow banking and repo' which explores concerns raised by regulators about 'shadow banking',
particularly in the context of the European repo market.
The paper, written by Richard Comotto of
the ICMA Centre, is intended to inform the ‘securities lending and repo’ workstream set up by the Financial Stability Board within its shadow banking project and the European Commission’s own deliberations discussed in yesterday’s green paper.
Godfried De Vidts, Chair of ICMA’s European Repo Council said: “Comotto’s paper frames a number of technical issues in a way which allows properly informed consideration of regulatory concerns. We should not lose sight of the fact that repo is a legitimate funding tool used by regulated banks and financial institutions and an instrument of financial policy for central banks. On the transparency issue the ICMA ERC already collects data on the size and structure of the market though its long established survey. A new survey of haircuts in the European repo market will add to the understanding of the functioning of repo in difficult market conditions.”
view the Shadow banking and repo paper
Source: ICMA
ICMA ERC submits comments on draft technical standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
March 20, 2012--The ICMA ERC has submitted comments to ESMA, in relation to its consultation paper on draft technical standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories.
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Source: ICMA
Publication of responses to the consultation on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
March 20, 2012--ESMA has published the responses to the consultation on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
view responses
Source: ESMA
Dow Jones Indexes To License Dow Jones Russia GDR Index To Lyxor
New Index to Measure the Performance of Russian GDRs, an Expanding Portion of the Equity Market
March 20, 2012--Dow Jones Indexes, a leading global index provider, today announced that Lyxor has licensed the new Dow Jones Russia GDR Index to serve as the basis for its Lyxor ETF Russia (Dow Jones Russia GDR Index).
The euro-denominated version of the ETF is listed on the NYSE Euronext, Deutsche Boerse, Borsa Italiana and Bolsa de Madrid exchanges; the U.S. dollar-denominated versions are traded on the SIX Swiss and Singapore Exchanges.
The Dow Jones Russia GDR Index aims to measure the performance of the leading Russian Global Depository Receipts (GDRs) traded on the London Stock Exchange. GDRs are bank certificates traded as domestic shares of a local company, but offered for sale globally through foreign branches of an international bank.
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Source: Dow Jones Indexes
SPDR S&P 500 ETF launched on Xetra
March 20, 2012--The SPDR S&P 500 ETF (SPY5 GY) issued by SPDR ETFs in Europe has been tradable on Xetra for the first time since Tuesday.
The counterpart SPDR S&P 500 ETF (SPY US), which was issued in the US in 1993, is one of the largest and most traded ETFs worldwide.*
ETF name: SPDR S&P 500 ETF
Asset class: equity index ETF
ISIN: IE00B6YX5C33
Total expense ratio: 0.15 percent
Distribution policy: distributing
Benchmark: S&P 500 Index
The SPDR S&P 500 ETF enables investors to participate in the performance of the S&P 500 Net Total Return Index. The index is weighted according to free float market capitalisation and tracks the performance of the 500 largest US stock corporations. The index is calculated on the basis of the reinvestment of dividends after the deduction of any tax.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 944 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Xetra
EEX offers Eurex participants further trading possibilities in the commodity segment
March 20, 2012--The European Energy Exchange (EEX) and Eurex will extend their existing product cooperation to all commodities offered for trading on the energy exchange.
From 3 April, the customers of the Eurex derivatives exchange that are admitted on EEX will also be able to trade and clear the products on the Natural Gas Derivatives Market through their existing infrastructure. This comprises the futures for the GASPOOL and NetConnect Germany (NCG) gas market areas. In addition, all new products on the Derivatives Market for Emission Allowances will also be available for trading from the end of April. Moreover, it is planned that Eurex participants will be able to trade coal futures probably from the middle of the year.
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Source: Eurex
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