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SIX Securities Services gets final go ahead from regulators – paving the way for pan-European clearing services
May 20, 2011--In a landmark move, SIX Securities Services through its clearing entity – SIX x-clear Ltd – received final sign-off from the Swiss National Bank, FINMA and London’s Financial Services Authority (FSA) to provide comprehensive clearing services.
For the past two years, SIX x-clear Ltd has been engaged in discussions with the FSA, the UK’s regulatory body and the Swiss regulators, the Swiss National Bank and FINMA, to agree a new updated interoperability agreement to address concerns raised by regulators. The main concerns were around the framework for inter-CCP risk and how it should be managed in order to allow multiple clearing providers to offer their services to the same trading platforms.
This development will allow interoperability to be extended beyond the existing stock exchanges, London Stock Exchange and SIX Swiss Exchange, allowing UK, Swiss and international financial institutions the multiple benefits of increased competition which include greater choice, improved services and – ultimately – lower costs.
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Source: SIX x-clear
Four new ComStage ETFs launched on Xetra
May 20, 2011--Four new equity index funds issued by ComStage ETF have been tradable on Xetra since Tuesday. This enables investors to invest for the first time in the performance of the SDAX and SPI indices.
ETF name: ComStage ETF SDAX® TR
Asset class: equity index ETF
ISIN: LU0603942888
Total expense ratio: 0.70 percent
Distribution policy: non-distributing
Benchmark: SDAX® TR (Total Return)
ETF name: ComStage ETF SPI® TR
Asset class: equity index ETF
ISIN: LU0603946798
Total expense ratio: 0.40 percent
Distribution policy: non-distributing
Benchmark: SPI® Total Return (TR)
ETF name: ComStage ETF DivDAX® TR
Asset class: equity index ETF
ISIN: LU0603933895
Total expense ratio: 0.25 percent
Distribution policy: non-distributing
Benchmark: DivDAX® TR (Total Return)
ETF name: ComStage ETF ShortDAX® TR
Asset class: equity index ETF
ISIN: LU0603940916
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: ShortDAX® TR (Total Return)
The ComStage ETF SDAX® TR on the SDAX® TR (total return) index will enable investors to invest for the first time in the SDAX selection index, which contains 50 smaller companies – small caps – from the traditional industrial sectors. Potential companies are only considered if they are continuously traded on Xetra, have a minimum free float of 10 percent and are listed on the Prime Standard of the Frankfurter Wertpapierbörse (Frankfurt Stock Exchange – FWB).
The ComStage ETF SPI® TR enables investors to participate for the first time in the performance of the SPI® Total Return (TR) index. This aims to track the development of the entire Swiss equity market and encompasses all company shares where the company has its legally registered office in Switzerland and its primary listing on SIX Swiss Exchange. The index is updated twice a year and adjusted annually.
The ComStage ETF DivDAX® TR enables investors to invest in the performance of the DivDAX® TR (total return) index. This contains the 15 companies in the DAX benchmark index with the highest dividend yield. The selected shares are weighted according to their free float market capitalisation, up to a maximum weighting of 10 percent. The weightings are adjusted quarterly and a review of the composition takes place every September.
The ComStage ETF ShortDAX® TR enables investors to participate in the performance of the ShortDAX® TR (total return). The index tracks the inverse performance of the DAX benchmark index, so a negative change in the underlying index leads to positive performance by the ShortDAX® TR and vice versa. Investors can thus profit from falling DAX prices.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 795 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse
IOSCO finalises principles to address dark liquidity
May 20, 2011--The Technical Committee of the International Organization of Securities Commissions (IOSCO) has published a final report, Principles on Dark Liquidity, containing principles to assist securities markets authorities in dealing with issues concerning dark liquidity.
The principles are designed to:
minimise the adverse impact of the increased use of dark pools and dark orders in transparent markets on the price discovery process by generally promoting pre-trade and post-trade transparency and encouraging the priority of transparent orders;
mitigate the effect of any potential fragmentation of information and liquidity by generally promoting pre-trade and post-trade transparency and consolidation of such information;
help to ensure that regulators have access to adequate information to monitor the use of dark pools and dark orders for market monitoring/surveillance purposes and to enable an appropriate regulatory response to market developments; and
help to ensure that market participants have sufficient information so that they are able to understand the manner in which orders will be handled and executed.
view the IOSCO report-Principles for Dark Liquidity-
Final Report
Source: IOSCO
Greece downgrade rattles euro
May 20, 2011--The euro fell to a session low against the dollar on Friday after Fitch downgraded Greece's credit rating, adding to concern that the country may have to restructure its debt.
The euro fell as low as $1.4142, the day's low, and was last at $1.4160, down 1% from late Thursday. It had gained against the dollar in the previous four sessions, but worries about Greece's finances and weekend regional elections in Spain - another indebted eurozone country - put it under pressure on Friday.
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Source: FIN24
EU's Barroso wants 'strong' European to head IMF
May 19, 2011-- The European Commission called on Thursday for a "strong" European candidate to succeed Dominique Strauss-Kahn at the IMF, staking Europe's claim in an expected battle with emerging countries.
The commission has taken note of the resignation of Mr. Strauss-Kahn as managing director of the IMF," said Pia Ahrenkilde-Hansen, spokeswoman for European Commission president Jose Manuel Barroso .
"The IMF needs strong leadership and president Barroso's position is clear," she said.
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Source: EUbusiness
Prudential Regulation Authority: the future approach to banking supervision
May 19, 2011--The Bank of England (the Bank) and the Financial Services Authority (FSA) have today published a joint paper The Bank of England, Prudential Regulation Authority - Our approach to banking supervision setting out the current thinking on how the future Prudential Regulation Authority (PRA) will approach the supervision of banks, building societies, credit unions and investment firms.
Hector Sants, FSA chief executive and PRA chief executive designate, said:
"The PRA's purpose is fundamentally different from that of previous regulatory regimes and will lead to a significantly different model of supervision to that which was in use pre-2007. In designing this new model we have incorporated both the lessons learned from the last financial crisis and those from firm failures of the past.
view the The Bank of England, Prudential Regulation Authority-
Our approach to banking supervision
Source: FSA
Eight new SPDR ETFs launched on Xetra
May 18, 2011--Eight new exchange traded index funds issued by SPDR (State Street Global Advisors) have been tradable on Xetra since Wednesday. The funds comprise seven equity-index ETFs and one bond-index ETF.
The five new SPDR ETFs on the MSCI Emerging Markets Index Series enable investors to participate in the performance of companies from emerging markets. While three ETFs are focused on Asia, Europe and Latin America, two ETFs track the performance of companies from all emerging-market regions. The SPDR MSCI Emerging Markets Small Cap ETF includes small companies from emerging markets around the world.
Two further equity index ETFs issued by SPDR offer investors the chance to invest in the MSCI ACWI (All Country World Index) and MSCI ACWI IMI (All Country World Investable Market Index). Both indices aim to track the performance of equities from industrialised countries as well as emerging markets. The MSCI ACWI All Country World Index comprises around 2,400 companies, the MSCI ACWI All Country World Investable Market Index around 9,000 companies from 45 countries, of which 24 are industrialised countries and 21 emerging markets.
The equities are weighted on the basis of free-float market capitalisation in all seven SPDR Equity index ETFs.
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Source: Deutsche Börse
BlackRock ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 13-May-2011
May 18, 2011--For the week ending 13 May 2011, US$189.4 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in oil and gas with US$114.8 Mn followed by chemicals with US$81.9 Mn net outflows while utilities experienced net inflows of US$31.3 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$367.9 Mn net inflows. Oil and gas has seen the largest net inflows with US$352.4 Mn, followed by banks with US$245.0 Mn net inflows while basic resources experienced the largest net outflows with US$173.3 Mn.
As of 13 May 2011, there is US$10.6 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.6 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 15 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
New ETFs on NYSE Euronext-Amundi IS lists 2 new ETFs
May 18, 2011--NYSE Euronext is pleased to announce that Amundi IS has listed 2 new ETFs on NYSE Euronext’s Paris market today:
ETF name: AMUNDI ETF MSCI EM ASIA B
ETF Trading name:AMUNDI ETF EM AS U
ETF ISIN: FR0011018316
ETF Symbol:AASU
ETF Reuters RIC: AASU.PA
ETF Bloomberg Ticker: AASU FP
Underlying index:MSCI EMERGING MARKETS ASIA
TER: 0,45%
PEA:Y
SRD:Long-Only
Trading currency: USD
ETF Name: AMUNDI ETF MSCI EM LATIN AMERICA B
ETF Trading name:AMUNDI ETF EM LA U
ETF ISIN:FR0011018324
ETF Symbol:ALAU
ETF Reuters RIC: ALAU.PA
ETF Bloomberg Ticker: ALAU FP
Underlying index:MSCI EMERGING MARKETS LATAM
TER: 0,45%
PEA:Y
SRD:Long-Only
Trading currency: USD
NYSE Euronext now has 649 listings of 557 ETFs based on more than 360 indices. So far this year, a total of 108 new listings of 82 ETFs have taken place on the NYSE Euronext European market.
Source: NYSE Euronext
Investor Flight Spotlights Ucits Volatility
May 18, 2011-European investors withdrew almost five times more from so-called Ucits funds in March than they did from other regulated funds, highlighting the fast-expanding sector's susceptibility to retail sentiment.
Total assets held under a Ucits wrapper dropped 1.4 percent in March as unrest in North Africa and Japan's earthquake undermined investor confidence, dwarfing a 0.3 percent drop in non-Ucits products, fund industry body EFAMA said on Tuesday.
Source: Reuters
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