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Northern Trust-Monthly Market Review:
August 31, 2011--This month's highlights include:
Regulators warn moves to safeguard against systemic risk of OTC derivatives market could be undermined
European asset managers plan big changes to their distribution strategies according to survey
Assets in ETFs globally set to more than double by 2015 according to new report
Hedge Fund Standards Board proposes changes to its standards
M&A activity in asset management set to increase in next few months say experts
Total assets in ETFs (funds and products) globally will grow from US$1,500bn at the end of 2010 to between US$3,100bn and US$4,700bn by 2015 according to a new report from
McKinsey & Co. looking at “the second act” of ETFs. This growth, said McKinsey, will have far-reaching implications for every asset manager, regardless of whether or not they
compete currently in the ETF market. The ETF industry is transitioning into a new phase of maturity, one where targeted, differentiated products and distribution capabilities will
determine the winners and losers. The old method of claiming first-mover advantage will be replaced by a more targeted strategy, using relationships with advisors and distributors
to come up with active or specialised passive products and pricing structures. FT.com 16
August
request report
Source: Northen Trust
Recession fears weigh on euro after weak data
August 30, 2011--The euro lost ground on Tuesday as data stoked fears that the eurozone economy might be headed for recession.
The European Commission's economic sentiment index for the 17-country region fell to 98.3 in August from a revised 103.0 in July. That was below forecast and the largest one-month fall since just after the collapse of Lehman Brothers in the autumn of 2008.
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Source: CNBC
EU price forecasts to ease volatility worries
August 30, 2011--The European Commission is to move to curb speculation on commodity markets, such as grain this autumn, in an effort to reduce market volatility.
Raluca Rusu, from DG Agriculture in the European Commission, will outline what controls could be put in place at the upcoming Teagasc tillage crops forum in the Keadeen Hotel, Newbridge, on Wednesday, September 7
European Agricultural Commissioner Dacian Ciolos has announced that the EU Commission will start publishing regular updates on short-term market forecasts for cereals, oilseeds, milk, milk products and meat this autumn.
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Source: Independent.ie
Balanced budget 'golden rule' rare in Europe
August 30, 2011--All European Union member states must keep their budget deficits to a strict limit but most have failed the test and so Germany, Europe's paymaster, has laid down the gauntlet by adopting a "golden rule" on keeping the books balanced.
Under a constitutional requirement, the German government must ensure that there is no budget deficit -- the shortfall between revenues and spending -- from 2016 and France and Italy say they intend to adopt a similar rule.
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Source: EUbusiness
Eurozone economic confidence falls for sixth month
August 30, 2011--- Consumer and business confidence in the eurozone economy fell for the sixth consecutive month in August, an EU survey showed on Tuesday amid rising fears of an economic slowdown.
The decline resulted from a "broad-based deterioration in sentiment across the sectors," particularly in services, retail trade and among consumers, the European Commission said. Only the construction sector saw an improvement.
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Source: EUbusiness
EBA is worried about some European banks: report
August 30, 2011--The European Banking Authority is worried that some European banks do not have enough capital, a situation highlighted by the International Monetary Fund as well, the Financial Times Deutschland said Tuesday.
EBA head Andrea Enria has written to the Ecofin council in Brussels to ask that the European Financial Stability Facility, set up to lend to troubled eurozone countries, give money directly to troubled banks to accelerate their recapitalisation, the newspaper said.
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Source: EUbusiness
Ten new UBS ETFs launched on Xetra
First ETFs listed on MSCI regional indices with focus on sustainability
August 29, 2011--Ten exchange-traded index funds issued by UBS ETF SICAV are tradable in Deutsche Börse’s XTF segment as of today. All ten are based on the MSCI index family. These equity indices are weighted according to free-float market capitalisation.
The ten new ETFs are based on five reference indices – two ETFs on each index. These exchange-traded index funds differ according to share class, with share class I ETFs primarily aimed at institutional investors and wealthy private customers.
In selecting the respective ETF, investors focus on the Global (UBS-ETF MSCI World Socially Responsible A/I), North American (UBS-ETF MSCI North America Socially Responsible A/I), Europe and the Middle East (UBS-ETF MSCI Europe & Middle East Socially Responsible A/I) or Pacific Region (UBS-ETF MSCI Pacific Socially Responsible A/I). A particular feature of these ETFs is that they take sustainability into account. Company selection considers economic and social aspects as well as corporate governance, in addition to the traditional aspects of liquidity and security.
The two ETFs on the MSCI Turkey Index (UBS-ETF MSCI Turkey A/I) give investors the opportunity to participate in the performance of Turkish equities which meet the MSCI criteria in terms of size, liquidity and free-float market capitalisation.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 848 exchange-listed index funds, while average monthly trading volume stands at €14 billion.
view list of the new ETFs
Source: Deutsche Börse
AMF publishes 2010 report on credit rating agencies
August 29, 2011--The AMF's seventh annual report on credit rating agencies (CRAs) covers international regulatory
developments, the European registration procedure and credit ratings.
International regulatory developments
The European Regulation on CRAs came into force on 7 December 20091, introducing a procedure for
registering agencies established in the European Union (EU)2.
The procedure has been supplemented by
a new Regulation3, which transfers jurisdiction for registration from national authorities to the European
Securities and Markets Authority as from 1 July4.
In parallel, the European Commission launched a consultation at end-2010 on new legislative initiatives to
regulate CRAs' activities and the use of credit ratings. Although it does not prefigure the issues that may
give rise to concrete proposals in the latter half of 2011, the consultation covers the following topics:
overreliance on CRA ratings
sovereign debt ratings
competition in the ratings industry
civil liability
conflicts of interest and the "issuer-pays" remuneration model.
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Source: AMF
UK growth falters
August 26, 2011--The UK economy grew at just 0.2% in second quarter of this year as manufacturing output dropped, official data showed on Friday, confirming last month's first estimate.
The Office for National Statistics (ONS) also confirmed annual growth of 0.7%, as analysts had forecast.
The dominant services sector was the main driver of growth in the second quarter, but output fell by 0.1% on the month in June.
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Source: FIN24
MONETARY DEVELOPMENTS IN THE EURO AREA: JULY 2011
August 26, 2011--The annual growth rate of the broad monetary aggregate M3 stood at 2.0% in July 2011, compared with 1.9% in June 2011.1 The three-month average of the annual growth rates of M3 in the period from May
2011 to July 2011 stood at 2.1%, compared with 2.0% in the period from April 2011 to June 2011.
M3 components
Regarding the main components of M3, the annual growth rate of M1 decreased to 0.9% in July 2011, from
1.2% in June. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) stood
at 3.7% in July, unchanged from the previous month. The annual growth rate of marketable instruments
(M3-M2) increased to 0.9% in July, from -0.9% in June. Among the deposits included in M3, the annual
growth rate of deposits placed by households stood at 2.1% in July, unchanged from the previous month,
while the annual growth rate of deposits placed by non-financial corporations increased to 4.6% in July,
from 4.3% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary
financial intermediaries (excluding insurance corporations and pension funds) decreased to 5.3% in July,
from 6.2% in the previous month.
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Source: ECB
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