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Northern Trust Monthly Funds Market Review
February 1, 2012--This month's highlights include:
Northern Trust appoints new Heads of Nordic region and EMEA sales
Value of Irish domiciled investment funds reportedly reaches all high time
Luxembourg law on undertakings for collective investments comes into force
Hedge fund investors likely to move almost a sixth of cash to new managers, says report
Money market fund fee waivers climbed for the fifth straight year in 2011
EXCHANGE TRADED FUNDS
Fidelity Investments appears to be planning a push into exchange-traded funds. The fund giant recently filed an application with the Securities and Exchange Commission to offer a broad swath of index-based exchange-traded funds. The filing, if approved,
would allow Fidelity to offer almost every type of index ETF available, including international funds and even "long/short" ETFs that mimic sophisticated hedge-fund
strategies, said Kathleen Moriarty, an ETF specialist and partner at law firm Katten Muchin Rosenmann LLP. "It's an extensive filing," said Christian Magoon, an ETF consultant and CEO of Magoon Capital, an investment firm. The Wall Street Journal,
3 January 2012
to request report
Source: Northern Trust
Xetra turnover in January at 99 billion euros
19.7 million transactions on Xetra
February 1, 2012--Order book turnover on Xetra and the Xetra Frankfurt specialist trading stood at €104.4 billion in January – a decrease by 14 percent year-on-year (January 2011: €121.7 billion).
Of the €104.4 billion, €99.1 billion were attributable to Xetra – a decrease by 13 percent y-o-y (January 2011: €114.3 billion). €5.3 billion were attributable to the Xetra Frankfurt specialist trading, a 30 percent decrease y-o-y (January 2011: €7.5 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.2 billion in January.
In equities, turnover reached €88.0 billion on Deutsche Börse’s cash markets (Xetra: €85.7 billion, Xetra Frankfurt specialist trading: €2.3 billion). Turnover in bonds was €1.5 billion, and in structured products on Scoach €2.0 billion. Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €12.8 billion.
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Source: Xetra
FESE position on the MiFID II proposal
January 31, 2012--We welcome the Commission’s proposals and fully endorse the objectives supporting the revision of MIFID. FESE agrees with many of the improvements proposed by the Commission.
At the same time, on a number of other issues, we have significant concerns with the proposals. We have been active in analysing the implementation issues with MiFID I and have brought several items to the attention of the Commission or the supervisors over the last years which has led to some of the important issues being highlighted in the Review (e.g. the unregulated equity platforms).
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Source: FESE
New SPDR equity index ETF launched on Xetra
ETF focuses on US mid-caps
January 31, 2012--Xetra/FWB: A further exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra® since Tuesday.
ETF name: SPDR S&P 400 US Mid Cap ETF
Asset class: equity index ETF
ISIN: IE00B4YBJ215
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: S&P MidCap 400 Index
The SPDR S&P 400 US Mid Cap ETF enables investors to participate in the performance of the S&P MidCap 400 Index for the first time. The index comprises 400 medium-sized US companies weighted by market capitalisation and represents seven percent of the US market.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 921 exchange-listed index funds, while the average monthly trading volume stands at €16 billion.
Source: Xetra/FWB
MTS Licenses Amundi ETF for EuroMTS Highest-Rated Government Bond Indices
Amundi ETF launches an ETF on 1-3 years maturity Index
Demonstrates continued confidence in accuracy and reliability of MTS Indices
January 31, 2012-- MTS, Europe’s premier facilitator for the European electronic fixed income market, announced today that is has granted a licence to Amundi ETF(1) to create an ETF based on its EuroMTS Highest-Rated 1-3 years Government Bond Index.
This index measures the performance of the sovereign debt instruments issued by the Eurozone members with the highest credit rating and carries maturities between one and three years. Currently, the index is comprised of government bonds issued by Austria, Finland, France, Germany and the Netherlands. The ETF is listed on NYSE Euronext.
Jack Jeffery, CEO of MTS, said:
“We are delighted that Amundi ETF has chosen our index for its new ETF and is another example of the confidence in the accuracy and reliability of the MTS Indices. We believe that investors will continue to show strong interest for this product replicating the performance of these core Eurozone government instruments.”
Valérie Baudson, Managing Director of Amundi ETF comments:
“This latest launch enhances our fixed income range and is perfectly in line with our objective to offer investors a complete range of solutions to manage their asset allocation according to their market forecasts.”
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Source: London Stock Exchange Group
The fiscal compact ready to be signed-European Council
January 31, 2012--At the informal summit on 30 January a new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union was finalised by all EU member states with the exception of the United Kingdom and the Czech Republic. The Treaty aims to strengthen fiscal discipline through the introduction of more automatic sanctions and stricter surveillance, and in particular through the "balanced budget rule".
Main rules of the fiscal compact
The new Treaty requires national budgets to be in balance or in surplus. This will be achieved if the annual structural government deficit does not exceed 0.5% of nominal GDP. If a member state deviates from this rule, an automatic correction mechanism will be triggered. The mechanism will fully respect the prerogatives of national parliaments.
Furthermore, the member states will have to incorporate this "balanced budget rule" into their national legal systems, preferably at constitutional level. The deadline for doing so is one year at the latest after the entry into force of the treaty.
Should a member state fail to transpose the "balanced budget rule" rule on time, the EU Court of Justice will have jurisdiction to take a decision on the matter. The Court's decision will be binding, and, if not implemented, can be followed up with a penalty of up to 0.1% of GDP. This amount will be payable to the European Stability Mechanism if the country's currency is the euro, otherwise to the general budget of the EU.
view the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union
Source: European Council
Swap-based ETF issuers breathe sigh of relief at new rules
January 31, 2012--Swap-based exchange traded fund (ETFs) providers have welcomed the new draft rules from the European regulator which have not singled out synthetic ETFs as many feared.
The guidelines published by the European Securities and Markets Authority (ESMA) did not target ETFs which use a swap to deliver the return, but instead addressed some of the main risks relating to all ETFs as well as other Ucits products, such as index trackers.
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Source: Citywire
S&P warns cuts loom for G20 nations
January 31, 2012--Ratings agency Standard & Poor’s warned it may downgrade “a number of highly rated” Group of 20 countries from 2015 if their governments fail to enact reforms to curb rising healthcare spending and other costs related to ageing populations.
Developed nations in Europe, as well as Japan and the United States, are likely to suffer the largest deterioration in their public finances in the next four decades as more elderly strain social safety nets, S&P said in a report.
“Steadily rising healthcare spending will pull heavily on public purse strings in the coming decades,” S&P analyst Marko Mrsnik wrote in the report.
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Source: FIN24
New SPDR equity index ETF launched on Xetra
ETF focuses on US mid-caps
January 31, 2012--A further exchange-listed equity index fund issued by SPDR (State Street Global Advisors) has been tradable on Xetra® since Tuesday.
ETF name: SPDR S&P 400 US Mid Cap ETF
Asset class: equity index ETF
ISIN: IE00B4YBJ215
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: S&P MidCap 400 Index
The SPDR S&P 400 US Mid Cap ETF enables investors to participate in the performance of the S&P MidCap 400 Index for the first time. The index comprises 400 medium-sized US companies weighted by market capitalisation and represents seven percent of the US market.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 921 exchange-listed index funds, while the average monthly trading volume stands at €16 billion.
Source: Xetra
European regulator clamps down on ETF practices
January 30, 2012--The European Securities and Markets Authority (ESMA) has revealed the future of regulation for ETFs in Europe, calling for products to be labelled and more stringent collateral practices.
In its consultation paper, ESMA said that ETFs will need labelling, and will require more transparency overall, while collateral, used by both swap-based ETFs and those physical ETFs which do securities lending, will have to meet tougher standards.
ESMA is proposing that the collateral posted to mitigate counterparty risk should comply with guidelines established by CESR, while recommending that diversification and haircut criteria be strengthened.
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Source: Citywire
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