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Vanguard calls for clarity on fund fees
January 25, 2012--The fund management industry must accept the need for change, says Tom Rampulla, managing director of Vanguard UK. In particular, he called for transparency and clarity on fees, as only if investors have that information can they make an informed decision on investments.
Rampulla says: “We have witnessed downward pressure on fund fees in the run-up to implementation of the UK's Retail Distribution Review (RDR), but there is still a long way to go if investors are to fully benefit from the fantastic opportunities presented by the RDR and phasing in of auto-enrolment.”
“A handful of firms have followed Vanguard’s lead in introducing low cost funds, however many more firms would be compelled to do so if fees were made transparent and easy to understand. Investors can't control the financial markets or a fund's performance, but they can control what they pay to invest. Only by making fees easy to understand can investors make an informed decision. The fund industry has a responsibility to help investors reach their goals, and must fulfill that obligation by embracing transparency and providing investor education.
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Source: Investment Europe
Two new db X-trackers equity index ETFs launched on Xetra
First ETF to cover S&P Equal Weight Index
January 25, 2012-Two new equity index ETFs issued by db X-trackers have been tradable in Deutsche Börse’s XTF segment since Wednesday.
ETF name: db X-trackers S&P Equal Weight ETF
Asset class: equity index ETF
ISIN: LU0659579493
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: S&P 500 Equal Weight Index
ETF name: db X-trackers ATX ETF
Asset class: equity index ETF
ISIN: LU0659579063
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: ATX Index
The db X-trackers S&P Equal Weight ETF enables investors for the first time to participate in the performance of 500 US companies in the S&P 500 index. All companies in the index have a fixed weighting of 0.2%. Dividends and distributions are reinvested after tax deductions.
The investment objective of the db X-trackers ATX ETF is to track the performance of 20 Austrian companies which represent all key sectors. The performance index is weighted according to market capitalisation and takes dividends and distributions into account after deduction of any tax.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 920 exchange-listed index funds, while the average monthly trading volume stands at €16 billion.
Source: Xetra/FWB
Gross Domestic Product Preliminary Estimate - Q4 2011
Key Points
Updated 25/1/2012 - Correction Note: A production error was discovered in the GDP preliminary estimate Q4 2011, originally published at 9.30am on 25th January 2012. The series affected are the 2011 annual pounds million level (ABMI), and the annual index level (YBEZ). All associated growth rates were correct at the time of publishing, and the error has now been corrected.
The chained volume measure of GDP decreased by 0.2 per cent in the fourth quarter of 2011
Output of the production industries decreased by 1.2 per cent in Q4 2011, compared with an increase of 0.2 per cent in the previous quarter
Construction sector output decreased by 0.5 per cent in Q4 2011, compared with an increase of 0.3 per cent in the previous quarter
Output of the service industries was unchanged in Q4 2011, following a rise of 0.7 per cent in the previous quarter
GDP in volume terms increased by 0.8 per cent in Q4 2011 compared with Q4 2010
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Source: Office for National Statistics
UK moves closer to second recession as economy shrinks 0.2%
Drop in manufacturing output dents hopes UK can avoid slump
Data reinforces expectations of new round of QE
Chancellor says government will not change fiscal plans
January 25, 2012--Britain has moved closer to its second recession in three years after official figures showed the UK economy contracted by 0.2% in the last three months of 2011.
A severe drop in manufacturing output in the last quarter dented hopes that the UK could avoid joining much of Europe in a slump that is expected to push up unemployment and see thousands of companies go bankrupt.
Capital Economics, a leading firm of economic analysts, said it was likely the UK was already in recession.
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Source: The Guardian
Deutsche Börse launches algo news feed in Brazil
Availability in Sao Paulo data center marks expansion of “AlphaFlash” into Latin America
January 25, 2012--Deutsche Börse – Market Data & Analytics has launched “AlphaFlash”, its algorithmic news feed, in a data center in Sao Paulo. The feed is available now in Brazil, marking AlphaFlash’s official expansion into South America.
AlphaFlash is hosted at a data center at a local exchange in Sao Paulo.
“Brazil is considered the leader in algorithmic and high frequency trading in Latin America. As this growing market continues to develop, we see greater demand from local quant traders, hedge funds and market participants to consume machine-readable news quickly and efficiently. The new data center allows customers to access AlphaFlash as fast as possible—right on the spot in Brazil, so they can swiftly execute their automated trades,” said Georg Gross, Head of Front Office Data & Analytics at Deutsche Börse.
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Source: Deutsche Börse
EEX Opens Office In Brussels - Energy Commissioner Günther Oettinger Welcomes EEX To Brussels – Political Presence At The European Level Expanded
January 25, 2012--Yesterday, the European Energy Exchange (EEX) officially opened its political representation in Brussels with a New Year reception.
This presence in the heart of the European Quarter is intended, in particular, to expand contacts with the European institutions and intensify the exchange of opinions. Thus, the Brussels offices takes account of the high significance which political decisions of the EU have for the further integration of the European energy markets.
“Energy trading has a central role on the way towards completion of the European internal energy market. The European energy exchanges and trading platforms have to make an important contribution in the current debate at the level of the EU. For this reason, I welcome EEX’s decision to establish a representative office in Brussels and thereby strengthen the market and trading perspective”, Commissioner Oettinger welcomed EEX.
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Source: EEX
Amundi expansion plans pay off
January 26, 2012--Amundi ETF is one of the top three European ETF providers by net new assets, according to Deutsche Bank's latest ETF market review.
Amundi ETF benefited from significant growth throughout the year to finish 2011 ranked as the third largest European ETF provider by net new assets, with EUR 1.7bn net inflows. Despite challenging market conditions, 2011 was a positive year for Amundi ETF with the extension of its range to over 100 products, which led to growth of 22% in assets under management on 2010 figures.
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Source: IFA Online
db X-trackers listet ersten ETF auf S&P 500® Equal Weight Index und ETF auf österreichischen Markt
25. Januar 2012--db X-trackers, Deutsche Bank Exchange Traded Funds (ETFs), hat heute den ersten ETF an der Deutschen Börse auf den S&P 500® Equal Weight Index gelistet. Der S&P 500® Equal Weight Index bildet die Entwicklung der 500 größten Unternehmen des US-Aktienmarktes ab, die an den Börsen NYSE Euronext oder Nasdaq OMX gelistet sind. Jedoch sind beim Equal Weight Index alle Bestandteile annähernd gleich gewichtet.
Dagegen werden beim traditionellen S&P 500® Index die Indexmitglieder analog ihrer Marktkapitalisierung gewichtet. Beispielsweise weisen die größten Mitglieder, der Elektronikkonzern Apple und das Energieunternehmen Exxon Mobil, eine Gewichtung von 3,4 beziehungsweise 3,5 Prozent auf. Im S&P 500® Equal Weight Index sind dieselben Bestandteile wie im traditionellen S&P 500 Index enthalten, jedoch ist die Gewichtung auf jeweils 0,2 Prozent festgelegt. Beide Indizes werden von Standard & Poor's Financial Services LLC berechnet.
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Source: db X-trackers
Northern Trust (Nasdaq: NTRS) announced today that it has been selected to provide exchange traded fund (ETF) administration services to the LGIM Commodity Composite Source ETF, launched earlier this month by leading ETF provider, Source.
January 25, 2012--Northern Trust (Nasdaq: NTRS) announced today that it has been selected to provide exchange traded fund (ETF) administration services to the LGIM Commodity Composite Source ETF, launched earlier this month by leading ETF provider, Source.
The fund, which tracks the LGIM® Commodity Composite IndexTM , is designed to offer high quality, diversified exposure to commodities in a UCITS compliant ETF. The LGIM Commodity Composite Source ETF complements Source’s existing range of exchange traded commodities.
“We saw the need for a well-constructed commodity index, providing diversified exposure, at a reasonable cost and in a UCITS-compliant fund,” said Ted Hood, CEO of Source. “We partnered with Legal & General Investment Management (LGIM) to create an ETF to track this groundbreaking index, and are delighted to continue to work with Northern Trust whose specialist and proven expertise, systems and operations in the field of ETF servicing will ensure our specific requirements are met.”
European Parliament-Mixed verdict on credit rating agency reform proposals Politically motivated? Wolf Klinz (ALDE, DE), noted that the timing of publishing ratings appeared in some cases to be "politically motivated".
"Politicians are tempted to impose new regulations to push CRAs to publish information their public would like", warned Ivo Strejček (ECR, CZ). read more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: Northern Trust
January 24, 2012--Stepping up supervision of credit rating agencies could help to eliminate their conflicts of interest, but obliging companies to "rotate" their use of them could actually reduce competition among agencies, argued experts at a public hearing held by the Economic and Monetary Affairs Committee on Monday and Tuesday.
Rapporteur Leonardo Domenici (S&D, IT) said that Parliament should focus on sovereign debt, and boosting competition, whilst leaving the door open to setting up a European regulatory agency for credit rating agencies (CRAs). The rules governing CRAs must be reformed, because these rules "had failed", but this would "be a difficult and complex job", he added.
Source: European Parliament
