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EU plans tax on stocks and bonds trading
September 8, 2011--The European Commission is set to propose a tax on trading shares and bonds according to a senior EU official on Thursday, who said it will proceed with its plans in the eurozone if Britain objects.
The proposal for a 0.1 percent tax, which has drawn criticism from the European Central Bank and others who say it may drive trading out of countries where it applies, could prove impractical to introduce though.
But if EU officials strike a formula to impose the charge without scaring off traders, it could be central to the bloc's bid to tax banking following the global financial crisis.
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Source: Reuters
EU market plans may boost Boerse/NYSE merger deal
September 8, 2011--Draft European Union plans for a sweeping overhaul of its market rules could make it easier for Brussels to nod through a megabourse merger while also threatening the deal's viability, trading and exchange industry officials said on Thursday.
The EU is due in October to publish plans to overhaul the bloc's markets in financial instruments directive (MiFID).
Leaks on the proposals in recent days reveal a broad core aim to open up vertically integrated exchanges like Deutsche Boerse (DB1Gn.DE) to competition in clearing, indexes and data selling.
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Source: Reuters
Amundi launches 7 new emerging market ETFs on London Stock Exchange
London Stock Exchange welcomes seven new ETFs from Amundi tracking emerging markets
London Stock Exchange’s position as the leader in emerging market ETFs reinforced
September 8, 2011--The London Stock Exchange this week announced the trading of seven new Amundi emerging market exchange-traded funds.
The new products will provide investors with specific exposure to India, China, Eastern Europe (ex Russia), Brazil, Asia and Latin America, as well as to a broad index ETF tracking the performance of all emerging markets. Also trading from today is an ETF providing exposure to the European Real Estate sector.
The London Stock Exchange now offers 158 emerging market ETFs, compared with 126 on the New York Stock Exchange (NYSE Arca) and 93 on Deutsche Boerse.[1]
Pietro Poletto, Head of ETFs and ETPs at London Stock Exchange Group, said:
“The London Stock Exchange has long been a truly international market place, where investors can find a wide range of products offering opportunities across many sectors and geographies. These new ETF listings will further extend our offering, the largest in the world”.
Valérie Baudson, Managing Director of Amundi ETF comments:
“This latest series enhances our range of equity exposure on the LSE. We offer investors cost effective emerging market exposures, with low tracking error, reflecting the quality of our products. These launches are in line with our development objectives for the UK.”
Amundi has issued 41 ETFs on the London Stock Exchange since May 2011. Amundi is the fifth largest ETF provider on the London Stock Exchange, with £116m traded in their ETFs in July 2011.
Source: London Stock Exchange
China setting up new market obstacles: EU group
September 8, 2011--China is setting up new obstacles for foreign companies wanting to invest in the world's second largest economy, a grouping of European businesses said Thursday.
The claim by the European Union Chamber of Commerce in China's annual report follow repeated calls from Beijing's main Western trading partners to ensure a level playing field for foreign firms.
"Recent measures to further constrict market openness raise questions about stated intentions to create lasting opportunities for all market actors to compete on an equal footing," the EU Chamber of Commerce in China said.
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Source: EUbusiness
Strains rise in short-term eurozone lending
September 8, 2011--Strains in the eurozone short-term lending markets have jumped sharply this week amid worries that the sovereign debt crisis will deepen, threatening the ability of banks to fund themselves.
The main gauge of tension in the funding markets has risen to levels last seen in April 2009 – and has leapt threefold since July – as banks hoard cash and refuse to lend to each other amid worries loans will not be repaid in a deteriorating financial climate.
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Source: FT.com
STOXX ANNOUNCES NEW COMPOSITION OF SUSTAINABILITY, ESG AND STYLE INDICES
Results of the Review to be Effective on September 19, 2011
September 7, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the results of the annual review of the STOXX Sustainability, STOXX Global ESG Leaders, STOXX Strong Style and STOXX Balkan 50 Equal-Weight indices; as well as those of the semi-annual review of the STOXX TMI Growth, STOXX TMI Value and their respective large, mid- and small sub-indices and the respective indices for the euro zone. All changes will be effective on September 19, 2011.
A full list of all companies that will be entering and exiting the STOXX Europe Sustainability, EURO STOXX Sustainability, STOXX Europe Sustainability 40 and EURO STOXX Sustainability 40, STOXX Europe Sustainability ex AGTAF, STOXX Europe Sustainability ex AGTAFA, EURO STOXX Sustainability ex AGTAF and EURO STOXX Sustainability ex AGTAFA indices can be found at http://www.stoxx.com/download/indices/methodology/sustainability_component_changes.xls.
The STOXX Global ESG Leaders Indices are also part of this regular annual index review. A full list of all companies that will be entering and exiting the STOXX Global ESG Leaders, STOXX Global ESG Environmental, STOXX Global ESG Social Leaders and STOXX Global ESG Governance can be found at http://www.stoxx.com/download/indices/methodology/esg_leaders_component_changes.xls.
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Source: STOXX
NYSE Euronext European ETF activity highlights for August 2011
September 7, 2011--Listings
There were no ETF listings on NYSE Euronext's European markets in August.
In total, NYSE Euronext had 670 listings of 572 ETFs from 18 issuers. So far this year, there have been a total of 131 new ETF listings on the NYSE Euronext European cash markets, including 103 new primary listings and 28 cross-listings (compared to 46 new primary listings and no cross-listing in the same period in 2010).
NYSE Euronext ETFs cover more than 360 indices exposed to an extensive range of assets and strategies (Equities, Fixed Income, Commodities, Short, Leverage, etc).
Trading activity
August brought with it a few weeks of extreme volatility. With plenty of uncertainty in the markets, trading activity was record-breaking:
An average of 14,658 on-book trades were executed daily in August, up 90.7% on August 2010 and +10.6% year-to-date vs last year. In total, there was an all-time record of 337,862 on-book ETF trades, eclipsing the previous record of 295,888 trades set in May of 2010.
The average daily value traded on-book in August was €618.2 million, +108.0% vs August 2010 and +17.3% year-to-date vs last year. The total traded on-book value amounted to €14.2 billion, making it the second-best month ever, just over €500 million shy of the all-time record of €14.8 billion set in January of 2008.
In response to market demand, an enhanced version of the block-trade or off-book trading functionality was also launched, featuring extended trading hours, standard clearing & settlement and reduced trading fees.
In a bid to increase post-trade transparency in the ETF space, the improved block-trade functionality also includes volume aggregation of on- and off-book trades. The latter, which are considered to be regulated market trades, are aggregated with the official order book volumes and made available by data vendors under the main, official ETF ticker.
The use of this functionality was overwhelming in August: a total of €1.9 billion was exchanged in block trades, up 201.3% from July 2011 and up from €42.0 million in August 2010. Overall, block trade volume represented 11.8% of total regulated market ETF trading on NYSE Euronext.
More information about the enchanced block-trade or off-book trading functionality is available here.
Focus on Indices
In an uncharacteristically volatile month, many benchmark indices receded considerably and double-digit loss figures were the norm rather than the exception for the majority of European blue-chip indices.
The NYSE Euronext Iberian Index (NEIBI) however, continued its relatively strong performance from July into August, losing 8.2% last month. Measured at end August 2011, the NYSE Euronext Iberian Index, which is replicated by the ESAF NYSE Euronext Iberian ETF (trading symbol IBER), is the best performing NYSE Euronext European blue chip index in 2011, with an overall YTD performance of -8.8%.
The August edition of the monthly NYSE Euronext Index Performance Highlights provides more background and contains a full report with details for all NYSE Euronext indices. For the most recent NYSE Euronext index news, subscribe to the Monthly Index Reports by emailing your request and contact details to indexlicence@nyx.com.
Assets Under Management (AUM)
At the end of August 2011, the combined AUM of all ETFs listed on the NYSE Euronext European markets totalled €126.1billion, an increase of 6.8% from the €118.1 billion at the end of August 2010.
Market Quality
This month, NYSE Euronext welcomed Goldenberg Hehmeyer LLP has a new Liquidity Provider. Goldenberg now officially provides liquidity on 49 NYSE Euronext listed ETFs from five different issuers.
Our high-capacity, low-latency technology, combined with the flow from client orders, competitive market makers and our 23 first-class Liquidity Providers, contributed to a median spread for all listed ETFs of 28.5 bps.
view ETF Monthly Flash
Source: NYSE Euronext
HSBC has launched an Emerging Markets exchange-traded fund (ETF) onto the London Stock Exchange.
September 7, 2011-- The Irish-domiciled HSBC MSCI Emerging Markets ETF will replicate the performanceof the MSCI Emerging Markets index (net total return).
The index tracks the performance of the lartest companies in a range of emerging economies, including Brazil, Russia, China and India.
The ETF will use physical replication of the index and has a total expense ratio of 0.6%
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Source: Clearing & Settlement
London Stock Exchange-Monthly Market Report - August 2011
September 7, 2011--London Stock Exchange Group (LSE.L) sits at the heart of the world’s financial community, offering international business unrivalled access to Europe’s capital markets.
In August a total of 42.9 million trades were carried out across the Group’s electronic equity order books with a combined value of £259.3 billion (€295.8 billion), up 73 per cent on August 2010 (£150.1 billion).
UK Equities Order Book
During the month, the average daily value traded on the UK order book was £6.2 billion (€7.0 billion), up 53 per cent year on year; the average daily number of trades was up 69 per cent to 888,621.
The LSE’s share of trading in the total UK order book for August was 60.0 per cent.
Italian Equities Order book
On the Italian order book, the average daily number of trades was 334,541, up 62 per cent on the same month last year, whilst the average daily value traded on the order book increased 32 per cent year on year to €3.2 billion (£2.8 billion).
Exchange Traded Products
Total value traded in Exchange Traded Products across the Group’s order books in August was up 110 per cent year on year to £16.9 billion (€19.3 billion). The total number of trades was up 63 per cent at 517,203.
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Source: London Stock Exchange
Natixis Global Asset Management acquires Darius Capital Partners
Septemeber 6, 2011-- Natixis Global Asset Management (NGAM) announces that it has acquired a controlling interest in Darius Capital Partners. Founded in 2004 by Reza Ghodsi, president and managing partner, and Mathieu Klein, chief executive officer and managing partner, Darius is an investment advisory and research firm that provides customized hedge fund solutions to address institutional investors' growing needs for transparency, liquidity and risk management. Darius chooses from a flexible and
broad range of products, including UCITs, managed accounts, hedge funds, fund of funds, hedge fund replicators and alternative ETFs to deliver alternative investment solutions to its clients. Darius is headquartered in Paris with offices in New York.
Pierre Servant, chief executive officer of Natixis Global Asset Management, said, "Darius is the first pure investment advisory and consulting firm we have added to the NGAM multi-boutique model. With Darius's specialized expertise, sophisticated tools and open architecture approach, NGAM further expands the ability to provide alternatives investment advice to institutions, regardless of the ultimate solution required."
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Source: Natixis
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