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IMF raises alarm over exchange traded commodities funds
ETFs allow investors to buy a share of the market in gold or wheat or any commodity without buying the product itself
April 17, 2011--One of the most successful investment vehicles of the last decade could be sowing the seeds of the next financial crisis, a global financial watchdog warned.
Pension funds and retail investors could lose billions of pounds in investment schemes sold widely in the US and Europe with the promise of low costs and higher returns than bank deposit rates.
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Source: Guardian.co.uk
FSB progress report on implementing OTC derivatives market reforms
April 15, 2011--The FSB published on 15 April its progress report on implementation of OTC derivatives market reforms. The report summarises progress made toward implementation of the G20 commitments concerning standardisation, central clearing, exchange or electronic platform trading, and reporting of OTC derivatives transactions to trade repositories
. In particular it looks at progress against the 21 recommendations set out in the FSB's October 2010 report for implementing reforms in an internationally consistent and non-discriminatory implementation to meet the G20 commitments. In the report, the FSB makes several overall observations on progress, including identifying a number of issues meriting additional attention in the near term.
view the OTC Derivatives Market Reforms
Progress report on Implementation
15 April
Source: FSB
ESMA seeks preliminary views on future rules for alternative investment fund managers
April 15, 2011--On 2 December 2010, the European Commission sent a request for assistance to the predecessor of ESMA, CESR, on the content of the implementing measures of the Alternative Investment Fund Managers Direc-tive (AIFMD). Following receipt of this request, CESR published a call for evidence in order to gather input from external stakeholders (Ref. CESR/10-1459)
ESMA publishes today a discussion paper (ESMA/2011/121) setting out its proposed approach, including alternative options where relevant, for developing the measures. Today’s paper seeks views from market participants on the policy options ESMA has identified with regards to the Commission’s mandate.
Euro area annual inflation up to 2.7%
EU up to 3.1%
April 15, 2011---Euro area1 annual inflation was 2.7% in March 20112, up from 2.4% in February. A year earlier the rate was 1.6%. Monthly inflation was 1.4% in March 2011. EU3 annual inflation was 3.1% in March 2011, up from 2.9% in February. A year earlier the rate was 2.0%. Monthly inflation was 1.1% in March 2011.
These figures come from Eurostat, the statistical office of the European Union.
Inflation in the EU Member States In March 2011, the lowest annual rates were observed in Ireland (1.2%), Sweden (1.4%) and the Czech Republic (1.9%), and the highest in Romania (8.0%), Estonia (5.1%), Bulgaria and Hungary (both 4.6%). Compared with February 2011, annual inflation rose in eighteen Member States, remained stable in five and fell in four.
The lowest 12-month averages4 up to March 2011 were registered in Ireland (-0.8%), Latvia (0.7%) and the Netherlands (1.3%), and the highest in Romania (6.8%), Greece (5.0%) and Hungary (4.3%).
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Source: Eurostat
New Source ETF launched on Xetra
An additional equity index fund issued by Source has been tradable on Xetra since Thursday.
April 14, 2011-- ETF Name: EURO STOXX Optimised Banks Source ETF
Asset class: equity index ETF
ISIN: IE00B3Q19T94
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: EURO STOXX Optimised Banks EUR Net Return Index
The EURO STOXX Optimised Banks Source ETF enables investors to participate for the first time in the performance of the EURO STOXX Optimised Banks EUR Net Return Index. This index is a subset of the EURO STOXX Index, and follows the same methodology as the STOXX Optimised Index family. These indices take into account factors such as trading liquidity and securities lending, in their equity selection and weighting.
The product offering in Xetra’s XTF segment currently comprises 789 exchange-traded index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse
Investors hold record £860bn in ETFs
April 14, 2011--Investors have put record sums of money into exchange-traded products such as ETFs, according to a report.
Assets held in exchange-traded funds and similar products totalled just under $1.4 trillion (£860bn) in the first quarter of this year, the report from BlackRock, the fund manager, found. Last year the figure was just under £800bn.
ETFs and exchange-traded commodities give private investors easy access to a huge range of assets, from index tracker funds to gold bullion. They are traded on the stock market in exactly the same way as shares and are normally a low-cost way to invest.
In an indication of the rapid growth in investors' appetite for ETFs over the past decade, total assets in 2001 amounted to just £64bn. In 1993, the first year covered by BlackRock's report, investors had a total of only £500m in exchange-traded products.
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Source: Telegraph.co.uk
ESMA sets out guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS
April 14, 2011--ESMA publishes today the final report on the guidelines on risk measurement and the calculation of the global exposure for certain types of structured UCITS (ESMA/2011/112). The report contains the policy
approach agreed by ESMA, the cost-benefit analysis, the feedback from the public consultation and the
draft guidelines in English to be addressed to competent authorities and UCITS management companies.
The final version of the guidelines (which will be unchanged) will be translated into all the European
Union languages and will be available at a later stage on the ESMA website. The guidelines will take effect
when this translation process is completed and will accompany the Level 2 implementing measures of the
UCITS Directive that take effect on 1 July 2011. The report published today will nevertheless help UCITS
management companies and national competent authorities prepare in a timely manner.
The purpose of the guidelines is to propose, for certain types of structured UCITS, an optional regime for the calculation of the global exposure. The specific approach adopted by ESMA consists of the calculation, for each scenario to which investors can be exposed at any one time, of the global exposure using the commitment approach. Under this approach, each scenario must comply at all times with the 100% global exposure limit.
The guidelines, when they take effect, will supplement the guidelines published by the Committee of European Securities Regulators (CESR) in July last year on Risk Measurement and the Calculation of the Global Exposure and Counterparty Risk for UCITS (Ref. CESR/10-788).
ESMA considers that the scope of this alternative approach must be clearly defined. Therefore, a list of all the criteria with which structured UCITS should comply in order to be able to benefit from this specific approach is set out in Guideline 1 of the report. A number of examples have also been included to illustrate how the optional regime should be applied in practice. Guideline 2 in the report, meanwhile, sets out additional disclosure obligations on UCITS that make use of the optional regime.
J.P. Morgan To Provide Clearing Services On UBS MTF For Knight Capital
April 14, 2011-- J.P. Morgan Worldwide Securities Services today announced that its GlobeClear business has been appointed to provide clearing and settlement services for Knight Capital Europe Limited when executing trades on UBS MTF, the pan-European equities trading venue. This represents the continuation of J.P. Morgan’s on exchange strategy to offer clients access to multiple exchanges and trading platforms, providing them with greater flexibility and choice.
“Our clients want access and solutions that support diverse trading strategies as they look for opportunities across a fragmented market,” said Mike Reece, Market Manager for Banks and Broker Dealers for J.P. Morgan Worldwide Securities Services EMEA. “Providing clearing and settlement services for Knight on UBS MTF represents another important step in our market coverage and provides our clients with even more choice.”
Robert Barnes, CEO of UBS MTF, said: “UBS MTF aims to provide participants with the benefits of choice, fair access and innovation, which led us to establish, among other unique features, our CCP model. Through J.P. Morgan’s GlobeClear, members will find it easy to connect to UBS MTF through a major GCM, accessing cost-efficient matching of multi-country shares spanning blue chips to small caps, ETFs and more.”
Kee-Meng Tan, Managing Director, Knight Capital Europe Limited, said: “J.P. Morgan has been a long-standing partner for our European clearing and settlement needs and we are pleased that they will be extending their services to support our trading activity on UBS MTF.”
GlobeClear supports over 50 trading venues, providing access to the major European exchanges and MTFs. It provides global clearing and settlement agency services covering fixed income and equity securities for banks, brokers and hedge funds that trade in the global markets.
Source: JP Morgan
Ausstehendes Volumen im Euro währungsgesicherten Gold-ETC steigt auf 500 Millionen Euro; insgesamt 1,2
April 14, 2011--Im ersten Jahr nach dem Start im März 2010 hat db-X ETC, die Plattform der Deutschen Bank für börsengehandelte Rohstoffprodukte (Exchange Traded
Commodities, ETC) hohe Zuflüsse verzeichnet. Gröβtes Produkt ist mit einem ausstehenden Volumen von 500 Millionen Euro per Anfang April 2011 der db Physical Gold Euro Hedged ETC. „Wir freuen uns über den großen Zuspruch der
Anleger.
Dies zeigt, dass unsere Entscheidung richtig war, einen währungsbesicherten Gold-ETC als Innovation in den Markt einzuführen“, sagt Thorsten Michalik, verantwortlich für db-X ETC. Der db Physical Gold Euro Hedged
ETC wurde 2010 als weltweit erster ETC aufgelegt, mit dem Anleger täglich flexibel am Goldpreis partizipieren können, wobei gleichzeitig das Euro/US-Dollar-Währungsrisiko minimiert wird. Wie bei allen Edelmetall-ETCs von db-X ETCs erfolgt eine Besicherung durch Barren des jeweiligen Edelmetalls, die physisch eingelagert werden.
Aufgrund der großen Nachfrage von internationalen Investoren wird db-X ETC zudem eine neue in Britische Pfund abgesicherte Anteilsklasse des db Physical Gold ETC auflegen. Der db Physical Gold GBP Hedged ETC wird ab 14.04.2011 an der London Stock Exchange (LSE) in London gelistet.
Insgesamt ist das ausstehende Volumen bei allen Angeboten von db-X ETC auf
mehr als 1,2 Milliarden Euro gestiegen (Stand 12. April 2011, Quelle: Deutsche
Bank). Bisher wurden 38 ETCs emittiert, die die Entwicklung einzelner Rohstoffe
oder definierter Rohstoffkörbe abbilden. Bei allen db-X ETCs erfolgt eine physische Besicherung mit Goldbarren oder mit dem entsprechenden Edelmetall in allozierter
Form. Der Zuspruch bei den Investoren zeigte sich besonders stark im ersten
Quartal des Jahres 2011. Von allen Anlegergeldern, die in das Segment ETCs in Europa flossen, entfielen über zwei Drittel auf db-X ETCs (Quelle: Deutsche Bank Research).
Source: Deutsche Bank
Newly Launched Euro STOXX Optimised Banks Index licensed to source
Apri 14, 2011--STOXX Limited, the market-moving provider of innovative, substantial and global index concepts, today announced the launch of the EURO STOXX Optimised Banks Index. The new index, which is part of the STOXX Optimised Index family, applies the well-known STOXX Optimised methodology
to the Euro zone’s banks supersector following the Industry Classification Benchmark (ICB).
The EURO STOXX Optimised Banks Index has been licensed to Source to underlie an exchange-traded fund (ETF) which will be available on Deutsche Boerse/Xetra today.
“With the launch of the EURO STOXX Optimised Banks Index, we are taking another step to expand our well-known STOXX Optimised Index family, which applies superior concepts to improve liquidity and diversification in the indices,” said Hartmut Graf, chief executive officer, STOXX Limited. “The EURO STOXX Optimised Banks index offers market participants a way to focus on the performance of Euro zone banks only, while at the same time relying on the innovative methodology of the STOXX Optimised Indices.”
Ted Hood, chief executive officer, Source, said: "The STOXX Europe 600 Optimised Supersectors indices have been highly popular with investors. We are convinced that applying this optimisation technology to the Euro bank sector will offer investors a compelling and innovative tool for meeting their ongoing investment objectives."
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Source: STOXX
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