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State Street sees increased private equity and real estate footprint from Mourant purchase
May 23, 2011--The acquisition earlier this year of Mourant International Finance Administration, the alternative fund services arm of the Jersey-headquartered legal and financial services firm, is proving a highly successful move, according to State Street senior vice-president and head of private equity and real estate services Phil McGowan (pictured).
"We are expecting strong growth in Jersey and Guernsey, and we are thinking that private equity and real estate are extremely good places to be right now,” McGowan says. “That’s why we made the acquisition and are putting our resources into the Channel Islands.
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Source: Hedge Week
Euro-priced gold jumps to record high
May 23, 2011--The price of gold jumped to a record in euros as renewed fear about the eurozone debt crisis drove investors to move money out of the single currency and into the precious metal.
On the spot market, gold bullion rose to a peak of €1,080.04 a troy ounce, surpassing the previous euro-denominated record set in December last year.
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Source: FT.com
Clearstream facilitates access to Israeli securities
Settlement link to Israel launched on 23 May 2011 * Clearstream’s global reach now includes 52 domestic markets
May 23, 2011- Clearstream, the global liquidity provider within Deutsche Börse Group, enables international investors to easily access Israeli securities through a new settlement link that was launched today.
The international central securities depository (ICSD) will offer settlement and custody services for all asset classes denominated in Israeli Shekel, i.e. equities, corporate bonds, government bonds, treasury bills and warrants.
The domestic settlement link will enable Clearstream customers to develop post-trade solutions for the Israeli market, with Clearstream as their single point of access. Citibank N.A. Tel Aviv is Clearstream’s direct agent in Israel.
Mark Gem, Member of the Executive Board and Head of Network Management at Clearstream, said: “We continue to expand our global reach by adding Israel to our settlement network. Clearstream is the place where issuers and investors meet to settle their transactions, for funding and investing respectively. The settlement link to Israel will help bringing these parties together. We will continue to facilitate market access and openness.”
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Source: Clearstream
NYSE Euronext announces new ETF -HSBC HSBC MSCI CHINA ETF
May 23, 2011--NYSE Euronext is pleased to announce that HSBC has listed 1 new ETF on NYSE Euronext's Paris
market today:
ETF name:HSBC MSCI CHINA ETF
Trading name:HSBC MSCI CHINA
ISIN: IE00B44T3H88
Symbol: CNY
Reuters RIC: CNY.PA
BBG Ticker:CNY FP
Underlying index:MSCI China
TER: 0,60%
Source: NTSE Euronext
Seven EU states fear 'diluted' Basel banking rules: source
May 20, 2011--Seven European states including Britain and Spain, where banks suffered heavily during the financial crisis, have demanded that new rules on banks' capital are not watered down when applied by Brussels.
Banks have until 2019 to reach full compliance under an eight-year transition laid out last year in Basel III international regulations aimed at shoring up banks against repeats of the 2007-2008 financial crisis.
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Source: EUbuiness
Britain eyes 50 per cent carbon emissions cut target
May 20, 2011--Britain on Tuesday unveiled plans to cut its greenhouse gas emissions by 50 percent from 1990 levels by 2025, ramping up pressure on the European Union to increase its target.
The new target is a big jump forward for Britain in its carbon-cutting ambitions and puts it far head of the EU as a whole, which has committed to a 20-percent cut in carbon emissions by 2020 compared to 1990 levels.
Britain is among the members of the 27-nation bloc, along with France and Germany, which have been pushing for the target to be hiked to 30 percent.
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Source: EUbusiness
STOXX Launches Two New Infrastructure Indices
May 20, 2011--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today introduced the STOXX Global Extended Infrastructure 100 and STOXX Global Infrastructure Suppliers 50 indices. The new indices are designed to act both as a proper benchmark for actively managed funds, and to underlie exchange-traded funds and other investable products, to enable investors to participate from the performance of the booming infrastructure sector.
The STOXX Global Extended Infrastructure 100 Index represents companies that generate their revenues directly from the infrastructure sector or companies that supply goods or services to it, while the STOXX Global Infrastructure Suppliers 50 Index represents only the supplier companies.
“The infrastructure sector is currently thriving and expected to continue to do so over the next decades. Amongst other factors, this is due to developing countries catching up to developed ones in terms of infrastructure standards, an overall shifting demography and a global trend towards greener and cleaner innovations,” said Hartmut Graf, chief executive officer, STOXX Limited. “With the launch of the STOXX Infrastructure Indices, we offer market participants two innovative tools to participate from the performance of this booming sector. By including not only infrastructure companies but also suppliers to the sector, the new indices provide a wide diversification, while at the same time offering the well-known and transparent STOXX methodology.”
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Source: STOXX
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
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