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Scripts for eurozone crisis: from doomsday to tighter union
July 20, 2011--- The eurozone debt crisis has raised a doomsday scenario for the single currency -- a debt default in Greece that triggers a devastating domino effect, sinking the euro and the wider economy.
Ahead of a pivotal eurozone debt summit on Thursday, here are potential outcomes of the biggest crisis faced by the 17-nation single currency area since its birth in 1999:
CRISIS CONTAMINATES ITALY AND SPAIN
Instead of a blockbuster deal to resolve the debt crisis, the summit produces just another bandaid measure that fails to calm the markets. The lack of investor confidence pushes borrowing costs for Italy and Spain to record highs, making it too expensive for Rome and Madrid to raise fresh funds. The eurozone's third and fourth biggest economies are forced to go cap in hand to their European partners and the IMF for loans to pay off their debts. Belgium, mired in a political crisis, follows suit.
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Source: EUbusiness
Ten new db x-trackers ETFs launched on Xetra
ETFs cover MSCI World sector indices
July 19, 2011--Ten new ETFs issued by db X-trackers have been tradable in Deutsche Börse’s XTF segment since Tuesday.
The new ETFs track the performance of the world’s largest companies from the following sectors in the MSCI World Index family: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Utilities and Telecommunication Services.
The acquisition of the new ETFs via Deutsche Börse does not involve a front-end load, and the annual total expense ratio is 0.45 percent.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 848 exchange-listed index funds, making it the largest offering of all European stock exchanges.
view List of the new ETFs
Source: Deutsche Börse
LYXOR Launches The First Thailand SET50 ETF In Europe
July 19, 2011--Lyxor Asset Management Co. Ltd, a wholly owned subsidiary of Société Générale, listed its Thailand-based exchange traded fund on NYSE Euronext Paris on July 18, 2011. This marks the first listing of the SET50-based ETF in Europe and outside Asia.
Lyxor ETF Thailand (SET50 Net TR) (ticker: THA FP) is designed to track performance of the SET50 net total return index, a widely recognized Thai stock index calculated by the Stock Exchange of Thailand (SET).
Mr. Veerathai Santiprabhob, Executive Vice President and Chief Strategy Officer of SET, said: “Thailand has been an attractive destination for European investors for decades. European portfolio investors account for 49 percent of the total foreign holding in Thai listed equities by market value. The ETF launched by Lyxor will provide European retail and institutional investors with an efficient and cost effective channel to benefit from Thailand’s growing economy. Despite the recent global economic slowdown and domestic political uncertainties, the SET index increased by 41 percent in USD terms during the past 12 months, making Thailand one of the three best performing markets in East Asia.”
Mr. Nizam Hamid, Head of ETF Strategy of Lyxor, said: “The new SET50 ETF is an exciting addition in a fast growing ETF market. It adds to Lyxor ETFs market leadership in single-country Emerging Market ETFs and commitment to providing investors with efficient and low cost market access.”
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Source: WFE
ETF Stat June 2011 -Borsa Italiana
July 19, 2011--The ETF Statistics of the ETF Plus Market for the month of June 2011 are now available.
view report
Source: Borsa Italiana
db X-trackers listet ETFs auf weltweite Sektoren-Indizes an der Deutschen Börse
July 19, 2011--19. Juli 2011. db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat heute an der Deutschen Börse je einen ETF auf die zehn MSCI-World-Branchen-Indizes gelistet, die zusammen den MSCI World Index bilden.
Die neuen ETFs beziehen sich auf die Sektoren Basiskonsumgüter
(zum Beispiel Nahrungs- und Genussmittel), Langlebige Konsumgüter (zum Beispiel Autos, Elektrogeräte, Bekleidung), Finanzwerte, Gesundheitswesen, Informationstechnologie, Telekommunikation, Versorger, Energieerzeugung, Industriewerte sowie Industrie-Rohstoffe (zum Beispiel Chemie, Industriegase, Metalle). „Mit diesen Branchen-ETFs können Anleger einfach und effizient Portfolios
mit den gewünschten Schwerpunkten versehen – je nach dem, welche
Markteinschätzung sie in Bezug auf die Entwicklung einzelner Branchen haben“, sagt Thorsten Michalik, verantwortlich für db X-trackers. Die Branchen-ETFs sollen so eine selektive Feinsteuerung der Asset Allokation in verschiedenen
Konjunkturphasen ermöglichen.
Die zehn neuen db x-trackers ETFs folgen der Entwicklung der MSCI-World- Sektoren-Indizes. Diese wählen aus 28 Industrienationen (ohne Schwellenländer) die wichtigsten Unternehmen der jeweiligen Branchen mit der höchsten Marktkapitalisierung aus. Die ETFs ermöglichen somit ein breit gestreutes Investment in die ausgewählten Sektoren.
mehr Infos
Quelle: www.dbxtrackers.com
FSB releases consultation documents on measures to address systemically important financial institutions
July 19, 2011--The Financial Stability Board (FSB) and the Basel Committee on Banking Supervision are today launching a public consultation on two documents that set out proposed measures to
address the systemic and moral hazard risks posed by systemically important financial institutions (SIFIs). The measures implement the framework contained in the FSB’s
recommendations endorsed by the G20 Leaders in November 2010.
The consultative document on Effective Resolution of Systemically Important Financial Institutions (sets out a comprehensive package of proposed policy measures to improve the
capacity of authorities to resolve failing SIFIs without systemic disruption and without exposing the taxpayer to the risk of loss. The proposed measures comprise four key building blocks:
Strengthened national resolution regimes that give a designated resolution authority a broad range of powers and tools, including statutory bail-in, to resolve a financial institution that is no longer viable.
Cross-border cooperation arrangements in the form of institution-specific cooperation agreements, underpinned by national law, that will enable resolution authorities to act collectively to resolve cross-border firms in a more orderly, less costly, way.
view the consultative document-Effective Resolution of Systemically Important Financial
Institutions view the second consultative document-Global Systemically Important Banks: Assessment
Methodology and the Additional Loss Absorbency Requirement NYSE Euronext Launches Single Commodity Indices On Its NYSE Liffe Futures Contracts read German pension schemes embracing socially responsible investment read more ETF disclosure standards ‘simply not acceptable read more
Euro Area Policies: 2011 Article IV Consultation--Lessons from the European Financial Stability Framework Exercise; and Selected Issues Paper
This European Financial Stability Framework Exercise (EFFE), conducted by IMF staff, is expected to be a precursor to a Financial Sector Assessment Program (FSAP)
exercise for the EU area. It focuses on the internal consistency of the design of the new framework and on identifying outstanding issues. Assessing the functioning of the new institutions is premature given their recent setup, while issues related to the present macroeconomic scenario are being dealt with in the report on the euro area consultation discussions. read more If you are looking for a particuliar article and can not find it, please feel free to contact us
Source: Financial Stability Board (FSB)
July 19, 2011--NYSE Euronext today announced the extension of its range of indices into the commodity asset class with the launch of four single commodity indices based on its NYSE Liffe Milling Wheat Futures Contract and Cocoa Futures Contract respectively.
The new single commodity indices will measure the performance of a strategy which consists of investing in the most active delivery month of the relevant Futures Contract, measured by level of open interest. When the expiry date of this delivery month approaches, the investment is rolled into the next most active delivery month. The indices offer investors an easy way to track the NYSE Liffe commodity markets, and will be calculated both on an excess return basis and a total return basis.
Source: NYSE Euronext
July 19, 2011-Socially responsible investment (SRI) is on the rise in most German municipal funds and professional pension funds (Versorgungswerke), but it has failed to take off with federal and state funds, according to a study by SD-M and Allianz Global Investors
In a paper on the preliminary results of the survey – covering 150 pension organisations with more than €200bn in combined assets under managements – Axel Hesse, senior consultant at SD-M, found that roughly 60% of pension funds managing money for either certain professions (berufsständische Versorgungswerke) or for municipalities and churches in various provinces are already applying SRI criteria to their investment decisions.
Source: IP&E
July 19, 2011--Exchange traded fund providers must substantially improve their transparency and disclosure levels according to Deutsche Bank, which has called for improvements in standards across the entire mutual fund management industry.
Christos Costandinides, European head of ETF research and strategy at Deutsche Bank, said the uneven disclosure standards in the ETF industry were “simply not acceptable”.
Source: FT.com
July 19, 2011--EXECUTIVE SUMMARY
The European Union’s (EU) financial stability framework is being markedly
strengthened, with more responsibility for financial stability moving to the EU level.
Several new institutions have been operating since 1 January 2011, and progress is being
made in harmonizing regulation, supervision, deposit insurance, crisis management and resolution, in particular.
This strengthening is taking place on the heels of a severe financial crisis which is still lingering in weaknesses in the banking system interrelated with sovereign difficulties in
the euro area periphery. Constructing a new financial stability framework in the present macro-economic circumstances in the EU complicates the process and poses challenges.
Source: IMF
