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European risk board: Leaders must take swift action to head off danger to banks, economy
September 21, 2011--The risks to the EU’s financial system from the continent’s government debt crisis have increased considerably in the past 90 days, Europe’s crisis watchdog said Wednesday.
The European Systemic Risk Board urged “decisive and swift action” from eurozone nations, including passage of anti-crisis measures agreed on by leaders in late July and still awaiting final votes from parliaments.
Fears of a government default have driven up borrowing costs for several European governments and raised questions about their financial viability, doubts which in turn push up borrowing costs even more. Meanwhile, some banks are struggling to get the financing they need to operate.
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Source: EUbusines
Germany plans crisis group for euro emergencies: draft law
September 20, 2011--Germany is poised to establish a small group of deputies empowered to give rapid parliament decisons, such as buying bonds, in future debt crises, according to a draft bill seen by AFP Tuesday.
The draft legislation, drawn up by lawmakers from Chancellor Angela Merkel's ruling coalition, would allow a sub-committee of the parliament's budgetary group to give its assent in situations where extreme speed is required.
Members of this committee "will be able to take the necessary decisions quickly and confidentially," the draft says, adding that the number of people should be kept "as small as possible."
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Source: EUbusiness
Standard and Poor's downgrades Italy debt rating
September 20, 2011--Standard & Poor's on Monday downgraded Italy's sovereign debt rating, citing economic, fiscal and political weaknesses in a fresh blow to Silvio Berlusconi's fragile coalition government.
The rating agency said it had downgraded Italian debt to "A/A-1" from a "A+/A-1+" grade because of "Italy's weakening economic growth prospects."
It added that Italy's weak governing coalition would "limit the government's ability to respond decisively" to events.
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Source: EUbusiness
iShares launches physically-backed commodity ETFs
iShares launches three ETFs tracking newly constructed Standard & Poor’s (S&P) equity indices
September 20, 2011--iShares, the Exchange Traded Funds (ETF) platform of BlackRock, Inc. (NYSE: BLK) announced it has expanded its commodities offering with the launch of three UCITS compliant physically-backed equity ETFs that provide cost-efficient exposure to companies in the commodities exploration, production and operations markets.
The Dublin domiciled iShares S&P Commodity Producers Oil and Gas, iShares S&P Commodity Producers Gold and iShares S&P Commodity Producers Agribusiness funds are now trading on the LSE, and are based upon the S&P Commodity Producers Index Series. They offer direct and liquid exposure to a range of companies that operate in these markets in a single trade.
Alka Banerjee, Vice President at S&P Indices, commented:
“The S&P Commodity Producers Index Series is designed to provide investors with an investable benchmark for measuring the equity performance of some of the world’s largest commodity producers. We are pleased to license our indices to iShares, making the launch of these ETFs a reality.”
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Source: iShares
4th Deutsche Börse China-Europe Equity Forum in Shanghai
Record year for Chinese listings in Frankfurt, despite crisis
September 20, 2011-Deutsche Börse held its fourth China-Europe Equity Forum in Shanghai on Tuesday 20 September. The more than 300 participants included investment bankers, lawyers, PE investors, IPO consultants, financial services providers, auditors and entrepreneurs from China.
“The forum in Shanghai has established itself as a valuable event for the European and Chinese capital market. The focus is on both European investments in China and Chinese IPOs in Europe,” said Barbara Georg, Head of Listing & Issuer Services at Deutsche Börse. “It’s not unusual for the forum to initiate an IPO in Frankfurt.”
Ten Chinese companies have become listed on the Frankfurt Stock Exchange in 2011. As many as four have opted for an IPO in the Prime Standard – considerably more than in previous years. With this decision, these companies have chosen the highest transparency standards in Europe.
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Source: Deutsche Börse
European Commission threatens ETF clampdown
September 20, 2011--Providers of synthetic exchange traded funds are using the Ucits brand denoting funds suitable for sale across the European Union to retail investors “as a shield” to reassure investors, according to European regulators.
“They are using the Ucits brand to say that synthetic ETFs are safe products,” said Tilman Lueder, head of the asset management unit at the European Commission.
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Source: FT.com
SEI Selected By SpareBank1 Markets To Provide Outsourcing Services For UCITS Fund
Firm Leverages SEI’s UCITS Expertise to Assist in Expanding its European Reach
September 20, 2011– SEI announced today that it has been selected by SpareBank1 Markets AS, a leading Nordic investment manager, to provide full fund administration and trustee and custodial services for its new Irish-registered UCITS fund.
SEI’s expertise in supporting UCITS-compliant funds and its extensive range of scalable UCITS support services were key factors in SpareBank1 Markets AS’ decision-making process. SEI is widely recognized for its market-leading technology, and the quality of its reporting capabilities brings enhanced functionality and insight to SpareBank1 Markets AS’ operations.
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Source: SEI
Amundi extends Money Market Fund range with dollar sub-fund
Amundi Money Market Fund - Short Term (USD)
September 20, 2011--Amundi announces the launch of the Amundi Money Market Fund – Short Term (USD) a dollar sub-fund of its Amundi Money Market Fund Luxembourg SICAV. As a long-standing leader in French and
European money market funds1 with over €119 billion2 of assets under management, Amundi is aiming to
extend its experience and expertise in this sector to European corporate treasurers and financial decision
makers investing in dollars.
The European institutional and corporate money market amounts to some $304 billion (€211 billion)3. Laurent
Bertiau, Deputy Head of the Institutional Investment division, in charge of global sales of Amundi,
explains : “The launch of Amundi Money Market Fund – Short Term (USD) should offer us the opportunity to help major European companies invoicing in dollars manage their treasury in coming years”.
Amundi Money Market Fund - Short Term (USD) benefits from a robust investment process and aims to outperform capitalised fed funds4.It offers a choice of two share classes :
constant NAV (Net Asset Value): the NAV of this share class does not vary5. Net returns are accumulated on a daily basis and either paid in cash monthly to the investor or reinvested
variable NAV share: the NAV of this share class changes every day and net returns are accumulated
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Source: Amundi
Standard & Poor’s ups Turkey’s credit rating to investment grade
September 20, 2011--International credit rating agency Standard & Poor's raised Turkey's local-currency sovereign credit rating by two notches to BBB- on Tuesday, meaning that the country's credit rating rose to investment-grade for the first time in its history.
“The local-currency upgrade reflects our view of continuing improvements in Turkey's financial sector and the deepening of local markets,” S&P said in its statement, and affirmed the foreign-currency sovereign rating on Turkey at BB, two levels below investment-grade, with a positive outlook.
The İstanbul Stock Exchange benchmark index (İMKB-100) rallied, hitting a 6.20 percent rise to 62,000 levels at 2:30 p.m.
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Source: Todays Zaman
London Stock Exchange-Exchange Traded Funds and Exchange Traded Products Monthly statistics - August 2011
September 20, 2011--Developments
More than 120 new ETFs and 15 ETCs have been listed on the London Stock Exchange so far this year.
Amundi has listed 8 new ETFs on London Stock Exchange, 7 of which track emerging markets indices. For more information click here.
Source has listed 5 new ETFs on London Stock Exchange, tracking MSCI Japan, USA, World, Russell 2000 and Stoxx 600 Optimised Banks.
iShares has listed 2 fixed income ETFs called Barclays US Aggregate, Markit High Yield Bond and 3 commodity ETFs giving exposure to oil, gold and agricultural commodities.
HSBC has listed an MSCI Emerging Market ETF, this is the 13th ETF listed on London Stock Exchange so far this year by HSBC ETF.
ETC updates:
ETP trading turnover reaches its highest level since its origination on London Stock Exchange in August with around £5.9 billion value traded and more than 56000 trades with order book and non-order book trades having 50% market share of the total turnover each.
Total value traded was around £26 billion with more than 360,000 trades on the London Stock Exchange during the first 8 months of 2011
Largest exchange by number of ETP listing in globe according to ETF Landscape Industry Highlights by Blackrock- end of July 2011
London Stock Exchange is also the leading exchange for ETPs by number of providers and Asset under Management in Europe
There are 302 Exchange Traded Commodities and 46 Exchange Traded Notes listed on London Stock Exchange 19 new ETCs were launched on LSE so far this year
iShares was a new issuer of physically backed ETCs this year in the UK market
The first ETCs were launched by ETF Securities and listed on the LSE in 2006
The average daily turnover in this sector was £257 million and 2500 trades in August 2011, that is 83% and 43% increase compared to the previous month
ETF/ETPs Fees Promotion
With effect from April 2011, fees for admission of securities by new issuers will be capped at £20,000, where up to 20 securities are admitted in the first month of becoming an ETF/ETP issuer on the London Stock Exchange. Please click here to see the fees factsheet.
Source: London Stock Exchange
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