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MONETARY DEVELOPMENTS IN THE EURO AREA: JUNE 2011
July 27, 2011--The annual growth rate of the broad monetary aggregate M3 decreased to 2.1% in June 2011, from 2.5% in May 2011.1 The three-month average of the annual growth rates of M3 in the period from April 2011 to
June 2011 stood at 2.2%, unchanged from the previous period.
M3 components
Regarding the main components of M3, the annual growth rate of M1 stood at 1.2% in June 2011, unchanged from the previous month. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 3.7% in June, from 3.9% in the previous month. The annual growth rate of marketable instruments (M3-M2) decreased to 0.5% in June, from 2.9% in May. Among the deposits included in M3, the annual growth rate of deposits placed by households decreased to 2.1% in June, from 2.3% in the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 4.5% in June, from 3.7% in the previous month.
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Source: ECB
State Street rolls out London-listed ETFs
July 26, 2011--State Street Global Advisors (SSgA) has launched its first range of exchange traded funds for the London Stock Exchange to tap UK investor demand and expand its European presence in the fast-growing industry.
SSgA, the world's second-largest provider of ETFs after BlackRock Inc (BLK.N), has opened 11 of its SPDR-branded funds specialising in fixed income, global equities and emerging market equities to UK investors.
The move highlights SSgA's increasing efforts at growing its relatively small share of the European ETF marketplace and follows earlier rollouts in Frankfurt in May. Just $1.4 billion of the $263 billion in ETF assets SSgA manages currently comes from the continent.
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Source: Reuters
London Stock Exchange welcomes SPDR® ETFs
July 26, 2011--The London Stock Exchange today welcomes SPDR ETFs as a new issuer of exchange traded funds (ETFs) on its Main Market. The company has issued 11 new products offering exposure to fixed income, global and emerging equity markets.
To mark the occasion, Scott Ebner, Global Head of ETF Product Development at State Street Global Advisers (SSgA), was joined by Gillian Walmsley, Head of ETFs at the London Stock Exchange, to open trading in London this morning.
Pietro Poletto, Global Head of ETFs at London Stock Exchange Group, said:
“As one of the largest providers of ETFs in the world, SPDR ETFs is a great addition to our range of issuers in London, and will offer investors simple, transparent access to an excellent selection of indices on a highly liquid platform.
“The launch of SPDR ETFs’ emerging markets products will further strengthen our position in the field; London Stock Exchange currently lists more emerging markets ETFs than any other exchange in the world.”
From today there are 493 ETFs from 16 issuers listed on the London Stock Exchange. In the first half of 2011 there were 369,600 ETF trades in London worth a combined £19 billion, a 40.3 per cent and 33.5 per cent increase respectively on the same period last year.
Source: London Stock Exchange
db X-trackers listet ETFs auf Schwellenländer-Indizes sowie US-Nebenwerte an der Deutschen Börse
July 26, 2011--db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat heute an der Deutschen Börse sieben weitere ETFs auf MSCI-Schwellenländer-Indizes gelistet. Die neuen ETFs ermöglichen im Bereich Schwellenländer-Aktien gestreute Investments in die Regionen Afrika und Osteuropa.
Über einzelne Länder-Indizes werden die asiatischen Aktienmärkte in
China, Indien, Malaysia, Thailand sowie Chile auf dem südamerikanischen
Subkontinent abgebildet. Außerdem erweitert ein ETF auf US-Nebenwerte das
Angebot an ETFs, die verschiedene Segmente des US-Aktienmarktes abbilden.
„Mit den neuen Schwellenländer-ETFs vervollständigen wir unser Angebot. Nun können Investoren weltweit alle Anlageregionen im Bereich Schwellenländer mit db X-trackers ETFs abbilden, in den meisten Fällen auch mit ETFs auf Einzelländer“, sagt Thorsten Michalik, verantwortlich für db X-trackers. „Wir sind überzeugt, dass es aufgrund der hohen Wachstumsdynamik langfristig sinnvoll sein kann, diese Regionen in einem Depot differenziert abzubilden.“ db X-trackers bietet nun 50 Schwellenländer ETFs an und ist damit der größter Anbieter in Europa in diesem Segment.
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Source: db X-trackers
ESMA tables tougher regulations for ETFs
July 25, 2011--Fund managers may be forced to offer greater transparency to investors on risks associated with investing in exchange traded funds in Europe under plans revealed by the European Securities and Markets Authority.
A consultation document released by the European Union financial regulatory body, known as ESMA, includes a raft of measures aimed at improving investor safety when dealing with ETFs.
At present ESMA claims that there is not sufficient regulation in place to fully explain the specific features and risks associated with both Ucits ETFs and structured Ucits. Greek Sovereign Debt Q&A (Update)
First, the official sector part: more aid money; expansion of EFSF. All we have so far is the Statement of Heads of State and some general news reports. On the basis of these, there does not appear to be anything relevant to CDS.
view more Eurozone Greece bailout: main points
GREEKS BEARING CUTS
NEW GREECE BAILOUT
read more UK turns down ECB securities project read more Euro rallies after rescue deal read more EU watchdog may ban some ETF retail sales
The European Securities and Markets Authority (ESMA) said current safeguards on selling ETFs within the EU's mutual funds framework, known as UCITS, were insufficient as the more complex types of products pose possible risks to the wider financial system to undermine financial stability.
ETFs are mutual funds that can be traded like shares and are popular because of their cheap fees. read more If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
Source: Citywire
July 25, 2011--The following are responses to the most frequently-asked questions that ISDA has received in connection with the application of credit derivatives to a potential restructuring or reprofiling of Greek sovereign debt. The following does not constitute legal advice, and is subject in all respects to any determination that the ISDA EMEA Credit Derivatives Determinations Committee may make in relation to CDS referencing the Hellenic Republic (Greece). ISDA makes no comment on the likelihood of the events described in this Q&A.
UPDATE JULY 25:
The determination of whether the Eurozone deal with regard to Greece is a credit event under CDS documentation will be made by ISDA’s EMEA Determinations Committee when the proposal is formally signed, and after a market participant requests a ruling from the DC. Based on what we know at this point, we can say the following. The package is in two parts:
Source: ISDA
July 22, 2011--Here are extracts of some of the main points in eurozone leaders' final statement at a summit that agreed a second emergency bailout for Greece to prevent a debt crisis engulfing the eurozone.
159 BILLION EUROS
IMF and European contributions total 109 billion euros, with private lenders providing a further 50 billion, equivalent to a total of $229 billion.
WHATEVER IT TAKES
"We reaffirm our commitment to the euro and to do whatever is needed to ensure the financial stability of the euro area as a whole and its member states."
"We welcome the measures undertaken by the Greek government to stabilise public finances and reform the economy... We are conscious of the efforts that the adjustment measures entail for the Greek citizens."
"We agree to support a new programme ... designed, notably through lower interest rates and extended maturities, to decisively improve the debt sustainability and refinancing profile of Greece."
Source: EUbusiness
July 22, 2011--Britain has opted out of an ambitious European Central Bank project to streamline Europe’s multiple securities settlement systems, even though the project could eventually help lower the cost of trading in the region’s capital markets.
The move comes as the debt crisis in the eurozone has raised questions among some eurosceptic politicians about integration of the UK’s financial system with the region.
Source: FT.com
July 22, 2011--The euro rallied sharply this week as European leaders struck a second bail-out deal for debt-stricken Greece.
The single currency climbed to a two-week high against the dollar as confidence rose that the €109bn rescue package for Greece agreed at an EU summit on Thursday could contain the eurozone’s debt crisis.
Source: FT.com
July 22, 2011--The European Union's markets watchdog warned on Friday it may ban the sale of some exchange-traded-funds (ETFs) to small investors because they are risky and hard to understand.
The EU watchdog published a consultation paper on how to better contain risks in a sector which has seen explosive growth in the past decade and could hit the $2 trillion level by next year globally.
Source: Reuters
