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Strict new rules to undercut synthetic ETFs-report
New ESMA guidelines on synthetic ETFs due within weeks
Uncertainty already impacting synthetic ETF volumes
January 6, 2012--Imminent new guidelines on the regulation of exchange-traded funds (ETFs) in Europe could force Europe's burgeoning synthetic ETF industry into decline, crimping its growth to rates in line with U.S. counterparts, a report on Friday said.
Research and advisory firm Celent warned that an emphasis on controlling counterparty and systemic risk linked to the use of derivatives could repel investors in the synthetic ETF industry in Europe, which in 2010 accounted for almost 90 percent of global issuance of synthetic ETFs.
ETFs are funds that trade like a share and track an index such as the FTSE 100. They are popular as a means to get cheap exposure to indexes without buying a wide range of shares.
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Source: Reuters
NYSE Euronext Activity Report on ETFs - December 2011
January 5, 2012--Listings
Last month, NYSE Euronext welcomed 1 new ETF listing from Amundi IS:
AMUNDI ETF SP500 H
In total, NYSE Euronext had 690 listings of 592 ETFs from 18 issuers. In 2011, there have been a total of 157 new ETF listings on the NYSE Euronext European cash markets, including 129 new primary listings and 28 cross-listings (compared to 111 new primary listings and 22 cross-listings in the same period in 2010).
Trading activity
With the year winding down, trading activity in December equally slowed and was further down from the previous month, which was already comparatively uneventful to begin with. Compared to all months in 2011, December, perhaps not entirely unexpectedly, turned out to be the month with the lowest trading activity of the year:
The average daily value traded on-book last month was €268.7 million, down 19.4% vs. December 2010. The total traded on-book value amounted to €5.6 billion, down 36.8% month-on-month and down 43.2% year-to-date. An average of 7734 on-book trades (single counted) were executed daily last month, up 6.9% vs December 2010. A total of €930.5 million was exchanged in block trades in December, down slightly from the €974.9 million last month but up explosively from the €47.5 million or almost ten times more than in December last year. Overall, block trade volume represented 9.4% of total regulated market ETF trading on NYSE Euronext.
The CAC 40 Index remains the top underlying index measured by turnover in 2011, followed by EURO STOXX 50, CAC 40 Leverage and DAX. These 4 indices represent 71.0% of the 2011 ETF trading activity on NYSE Euronext:
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Source: NYSE Euronext
Finansbank A.ŞS applied for listing of “U.S. Treasury USDTRY Exchange-Traded Fund’s Participation Certificates" on the ISE
January 5, 2011--Finansbank A.Finansbank A..ŞS applied for listing of "U.S. Treasury USDTRY Exchange-Traded Fund’s Participation Certificates" on the Istanbul Stock Exchange (ISE).
Name of the fund: U.S Treasury USDTRY Exchange-Traded Fund(www.finansbank.com.tr)
Application date 03.01.2012
Amount of the fund TRY 500.000.000
Source: Istanbul Stock Exchange (ISE)
Turkish economic growth to ease to 4 pct in 2012
January 5, 2012--Turkey's economic growth will likely slow down to 4 percent this year from about 7.5 percent last year, a top government official said on Thursday.
Ali Babacan, one of four deputy prime ministers, said the government might further adjust its forecast for growth of 4 percent depending on developments in Europe's financial crisis. He said the economy was expected to have grown by more than 7.5 percent in 2011.
Babacan claimed the rise in Turkey's inflation rate, which hit a double-digit figure in December, was temporary.
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Source: Todays Zaman
No ‘special regime’ required for ETF regulation
January 5, 2012--The regulation of exchange traded funds should not be subject to any kind of “special regime”, according to the International Capital Markets Association, a trade body.
The ICMA’s Asset Management and Investors Council said regulators should focus on improving transparency rather than imposing restrictive practices that would affect ETFs.
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Source: FT.com
EPEX SPOT / EEX Power Derivatives: Power Trading Results in December
January 4, 2011--In December 2011, a total volume of 30.9 TWh was traded on EPEX SPOT’s auction and intraday markets (December 2010: 26.2 TWh).
During the same period, the volume in power derivatives trading on EEX Power Derivatives amounted to 65.7 TWh in December (December 2010: 84.4 TWh).
In December 2011, power trading on the day-ahead auctions on EPEX SPOT accounted for a total of 28,338,318 MWh (December 2010: 24,970,420 MWh) and
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Source: EEX
Germany to remain safe haven despite any rating cut
January 3, 2011--A mass ratings downgrade of euro zone countries expected early this year is likely to increase selling pressure on French and Italian government debt, but could paradoxically consolidate Germany's safe-haven status.
Standard & Poor's has warned it could soon downgrade the triple-A ratings of Germany, Austria, the Netherlands, Finland, Belgium and Luxembourg by one notch and the ratings of other euro zone countries, including top-rated France but excluding Greece and Cyprus, by two notches.
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Source: Reuters
NASDAQ OMX acquires the Central Securities Depository of Lithuania
January 3, 2012--January 3, 2012 - Today, NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announced the completion of its acquisition of the Central Securities Depository of Lithuania (CSDL), whereby NASDAQ OMX Helsinki Oy purchased the remaining 60 percent of the shares of the CSDL from the Bank of Lithuania.
After this acquisition, the NASDAQ OMX Group owns 100 percent of the CSDL. Before the completion of the acquisition, the NASDAQ OMX Group owned 32% of the CSDL through NASDAQ OMX Helsinki Oy, and 8% through NASDAQ OMX Vilnius where NASDAQ OMX owns 96%.
"We are happy to have won the public tender for the sale of the CSDL shares and have closed the deal with the Bank of Lithuania. NASDAQ OMX owns a stock exchange in Lithuania and exchanges and central depositories in Latvia and Estonia. Therefore, acquiring the remaining stake in the Central Securities Depository of Lithuania was a natural step in providing an integrated and cost efficient offer of high quality trading and post-trading services to companies traded on Baltic exchanges and investors trading in Baltic countries." said Hans-Ole Jochumsen, President of NASDAQ OMX Nordic.
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Source: NASDAQ OMX
Boerse Stuttgart reports 2011 turnover in excess of EUR 108 billion
Trading volume up more than 15 percent / Increases in all asset classes / Europe's market leader for securitised derivatives and Germany's market leader for corporate bonds / Another record year for ETF trading
January 3, 2011--According to Boerse Stuttgart's order book statistics, aggregate turnover for 2011 was more than EUR 108 billion. This means that the total trading volume was over 15 percent up on the previous year's figures.
The Stuttgart Stock Exchange recorded growth in all asset classes, although the biggest rises in turnover were attributable to trading in investment funds, equities and securitised derivatives.
With a trading volume of nearly EUR 57 billion for securitised derivatives, Boerse Stuttgart retained its position as Europe's market leader for this asset class. There was particularly strong growth in the trading of warrants, which put on nearly 25 percent, and bonus certificates, which recorded an increase of more than 22 percent.
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Source: Boerse Stuttgart
.) Northern Trust-Monthly Market Review:
January 3, 2012--This month's highlights include:
Northern Trust named European Administrator of the Year by Funds Europe magazine
Funds serviced in Ireland reportedly reach three-year high
Reform of European OTC derivatives market may be delayed
ETF industry benefitting from growth in tactical investing, says report
Complex funds set to be high on EC regulatory agenda in 2012
view monthly market review
Source: Northern Trust
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