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EU bailout fund bonds see strong demand after downgrade
January 17, 2012--The EU's bailout fund, the EFSF, enjoyed strong demand Tuesday at an auction of six-month debt, Germany's central bank said, only a day after ratings agency Standard and Poor's downgraded it.
The Bundesbank, which organised the auction, said it received 4.6 billion euros' ($5.9 billion) worth of bids for the 1.5 billion euros of six-month bonds on offer, at an average rate paid to buyers of 0.2664 percent.
The bid-cover ratio, closely watched by the markets, was 3.1, meaning the auction of the first such EFSF offer of 6-month debt paper was heavily oversubscribed.
Christophe Frankel, deputy head of the fund, commented: "The success of today's auction confirms investors' confidence in the EFSF as a high quality issuer."
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Source: EUBusiness
Deutsche Börse acquires China Consumer Sentiment Survey
January 17, 2012--Deutsche Börse – Market Data & Analytics has acquired the China Consumer Sentiment Survey (CCSS), a leading indicator of consumer outlook across 30 major Chinese cities, from Intage Hyperlink Market Consulting (Shanghai) Co., Ltd. The deal closed on 30 December 2011 for an undisclosed amount of less than one million USD via Deutsche Börse subsidiary Market News International (MNI).
The CCSS is one of the most widely followed gauges of consumer confidence in mainland China. It measures consumer sentiment on current conditions and future expectations on a series of key variables, such as confidence about economic conditions, personal financial situation and the willingness to make major purchases, such as automobiles. It also measures consumers’ views about the state of stock and real estate markets and their sentiment about current and future inflation.
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Source: Deutsche Börse
Four new Lyxor commodity index ETFs launched on Xetra
ETFs cover inverse performance of agriculture and livestock, and industrial metals for the first time
January 17, 2012--Deutsche Börse continues to expand its XTF segment for exchange-traded index funds. Four new Lyxor commodity index ETFs have been tradable in the XTF segment since Tuesday.
The Lyxor ETF S&P GSCI Inverse Agriculture & Livestock 1 Month Forward and Lyxor ETF S&P GSCI Inverse Industrial Metals 1 Month Forward ETF offer investors their first opportunity to track the inverse performance of baskets of commodities from the agricultural and livestock sector and the industrial metals sector.
The positive performance of the same sectors can be tracked by means of the two Lyxor ETFs, S&P GSCI Agriculture & Livestock 3 Month Forward and S&P GSCI Industrial Metals 3 Month Forward.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 912 exchange-listed index funds, while the average monthly trading volume stands at €16 billion.
Lyxor commodity ETFs with ISIN and total expense ratio
Source: Xetra/FWB
WSE Introduces More Futures, Including Contracts on WSE Shares.
January 17, 2012--•On 23 January 2012, two more futures will be introduced to trading: contracts on shares of the Warsaw Stock Exchange and on shares of PBG SA.
According to the standard specification of the instrument, contracts which will be introduced to trading expire on three dates, which are as follows for the first series:
Contracts on WSE shares:
series FGPWH12, expiry date 16 March 2012
series FGPWM12, expiry date 15 June 2012
series FGPWU12, expiry date 21 September 2012
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Source: WSE
Requirements for OTC derivatives data reporting and aggregation: CPSS-IOSCO publishes final report
January 17, 2011--The Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) have published their final report on the OTC derivatives data that should be collected, stored and disseminated by trade repositories (TRs).
The committees support the view that TRs, by collecting such data centrally, would provide authorities and the public with better and more timely information on OTC derivatives. This would make markets more transparent, help to prevent market abuse, and promote financial stability.
The final report reflects public comments received in response to a consultative version of the report published in August 2011. Following the consultation exercise, the report was expanded to elaborate on the description of possible options to address data gaps.
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Source: BIS
Fünf Jahre db X-trackers –Innovationen und Transparenz als Basis für weiteres Wachstum
January 17, 2012--db X-trackers, die Deutsche Bank Exchange Traded Funds (ETFs), hat heute vor fünf Jahren die ersten ETFs aufgelegt. Aus Anlass des fünfjährigen Bestehens zieht
Thorsten Michalik, Leiter von db X-trackers ETFs der Deutschen Bank, eine positive Bilanz: „db X-trackers wurde mit dem Ziel gegründet, ETFs aufzulegen, die ihre Indizes exakt und kostengünstig abbilden und neue Anlageklassen zugänglich
machen.
Diese Ziele haben wir erreicht.“ Innerhalb von fünf Jahren ist db X-trackers zum zweitgrößten ETF-Anbieter nach verwaltetem Vermögen in Europa und zur Nummer fünf weltweit aufgestiegen. Mit mehr als 200 ETFs in acht verschiedenen Anlageklassen ist db X-trackers der Anbieter mit der größten Produktpalette in Europa.
In den Jahren 2007 bis 2009 war db X-trackers der am schnellsten wachsende ETFAnbieter Europas. Aktuell werden 32 Milliarden Euro verwaltet (Stand 31.12.2011; Quelle: Deutsche Bank). Insgesamt bietet db X-trackers über 750 Börsenlistings an neun verschiedenen Börsen in Europa und Asien an. Für die weitere Entwicklung von db X-trackers und der ETF-Branche insgesamt zeigt sich Michalik zuversichtlich: „ETFs werden sich als Standard-Instrument für die Kapitalanlage etablieren, sowohl im kurzfristigen Handel als auch für eine strategische Positionierung. Ich bin überzeugt, dass db X-trackers von dieser Entwicklung profitieren wird."
für weitere Informationen
Source: db X-trackers
New iShares bond ETF launched on Xetra
January 16, 2012--A new bond ETF issued by iShares has been tradable in Deutsche Börse’s XTF segment since Monday.
ETF name: iShares Barclays Capital US Aggregate Bond
Asset class: bond index ETF
ISIN: DE000A1JNCQ2
Total expense ratio: 0.25 percent
Distribution policy: distributing
Benchmark: Barclays Capital US Aggregate Bond Index
The iShares Barclays Capital US Aggregate Bond enables investors to participate in the performance of US-Dollar denominated bonds including Treasuries, securitised bonds, and government and corporate bonds. Only bonds with a residual maturity of one year are considered.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 908 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €16 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Xetra/FWB
Portugal Moves Into Default Territory
January 16, 2012--Portugal is trading in default territory after investors offloaded the country’s bonds this week amid rising fears of contagion. Worries are mounting that the private sector and Greece will fail to agree a restructuring package for Athens’ debt, the Financial Times reported.
Many investors were also forced to sell Portuguese bonds after Standard & Poor’s downgraded the country to junk on Friday. Other funds sold Portuguese debt after Lisbon was removed from Citigroup’s European Bond Index, which these investors track, because of its fall to junk status.
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Source: GlobalInsolvency.com
New EDHEC-Risk Institute research assesses the true risks of Exchange-Traded Funds (ETFs)
January 16, 2012--New research at EDHEC-Risk Institute has addressed the question of the true risks of Exchange-Traded Funds (ETFs) in Europe in the light of issues raised by financial regulators and international organisations. According to EDHEC-Risk Institute, any discussion of the risks inherent in ETFs should go beyond merely hypothesising about potential risks, and should also take into account the empirical evidence provided by the existing academic research on ETFs, which has documented various benefits in terms of liquidity and price efficiency.
Among the conclusions of the EDHEC-Risk Institute study:
The vast majority of European ETFs are managed within the UCITS framework and as such have the same levels of security and the same risks as any UCITS fund. Highlighting the supposed risks of ETFs therefore makes little sense, and even less so in matters of retail investor protection in that ETFs represent but a fraction of the products sold to the general public in Europe and competing investment vehicles typically do not benefit from the same level of protection as that provided by the UCITS framework.
The massive marketing and media relations campaigns implemented by some ETF providers in an effort to promote counterparty-risk-based distinctions between physical and synthetic replication ETFs are misleading.
As far as counterparty risk is concerned, it makes little sense to oppose physical replication and synthetic replication products on the one hand, or draw a fine line between unfunded and funded swaps on the other. Both distinctions are largely irrelevant in practice and convey a false sense of "comparative" safety. In fact, whatever the replication techniques employed, ETFs are exposed to counterparty risk. As a matter of fact, securities lending is widely practiced by physical replication ETFs and leads to counterparty risk, just as surely as the reliance on over-the-counter derivatives by synthetic replication ETFs. Investors should pay more attention to first order issues that determine the effective mitigation of counterparty risk: the level of collateralisation, the quality of the assets performing the economic role of collateral and the ability of the fund to enforce its rights against collateral in the case of default by the counterparty.
view EDHEC Position Paper What are the Risks of European ETFs?
Source: EDHEC
Vier neue Kredit-ETFs mit Hebelwirkung gelistet
January 16, 2012--db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat vier neue Kredit-ETFs gelistet. Diese ETFs ermöglichen ein Engagement in Kreditrisiken von Unternehmen oder können zur Absicherung bestehender Positionen in Kreditrisiken von Unternehmen, zum Beispiel Unternehmensanleihen, eingesetzt werden. Bei den neu gelisteten ETFs wurden erstmals in Europa Kreditindizes gewählt, welche eine Wertentwicklung auf täglicher Basis mit einem zweifachen Hebel abbilden.
Bereits seit 2007 bietet db X-trackers eine Palette von bisher zehn Kredit-ETFs an, bei ihnen enthält der unterliegende Index keinen Hebel. In Kredit-ETFs von db X-trackers sind derzeit mehr als 400 Millionen Euro investiert. "Bei unseren Kredit-ETFs ist die enthaltene Zinskomponente an den Tagesgeldsatz EONIA gekoppelt, somit kann sich ein Anleger alleine an der Kreditseite einer Unternehmensanleihe beteiligen, ohne auch das Zinsänderungsrisiko tragen zu müssen", sagt Thorsten Michalik, Leiter db X-trackers Deutsche Bank Exchange Traded Funds. „Des Weiteren bieten die zugrunde liegenden iTraxx® Indizes die Möglichkeit für ein Engagement in unternehmensbezogene Kreditrisiken mit einer hohen Liquidität, insbesondere im Nicht-Investment Grade Bereich“, so Michalik weiter. „Die neuen ETFs mit Hebelwirkung bieten institutionellen Anlegern dabei mehr Möglichkeiten, das Engagement zu steuern, da sie durch den in den Indizes enthaltenen Hebel den erforderlichen Kapitaleinsatz merklich reduzieren können.“
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Source: db X-trackers - Deutsche Bank Exchange Traded Funds
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