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BBH selected by PIMCO to service new Irish-domiciled ETFs
April 5, 2011--Brown Brothers Harriman (BBH) announced today that it has been selected by PIMCO, a leading global investment management firm, to provide custody, accounting, administration, and transfer agency services to support the launch of a series of PIMCO Source Fixed Income ETFs, including the first actively managed Fixed Income ETF for Europe.
The initial two PIMCO Source Fixed Income ETFs, PIMCO Euro EUR Enhanced Short Maturity Source ETF and PIMCO European Advantage Government Bond Index Source ETF, are Irish domiciled UCITS which were recently listed on the Xetra trading platform of the Deutsche Börse Exchange. The new products are the result of a close collaboration between PIMCO and Source, a specialist provider of exchange traded products, to create and distribute a new range of fixed income ETFs for European investors.
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Source: issmag.com
Deutsche Boerse introduces DAX Risk Control Indices
April 4, 2011--Deutsche Boerse has launched the DAX Risk Control Indices, which measure a hypothetical portfolio that adjusts the risk of the underlying DAX Index. This portfolio includes an investment in the DAX Index and the money market rate, as measured by the Euro Overnight Index Average (EONIA). The asset allocations of the new indices are shifted daily to maintain the desired risk levels
"The DAX Risk Control Indices allow market participants to track the performance of a leading blue-chip index with a fixed risk level measured by market volatility. The major benefits of this index are the possibility for participation in the underlying market under normal market conditions, along with a significant protection against tail risk in highly volatile situations; and the flexibility to meet various risk appetites,” said Hartmut Graf, chief executive officer, STOXX Ltd. STOXX Ltd. is the marketing agent for the indices of Deutsche Boerse AG and SIX Group AG, including the DAX and SMI indices.
The DAX Risk Control Index replicates a portfolio that controls for risk by shifting between the risk-free money market rate (EONIA) and the risky asset (DAX Index). The index is calculated in four variants that aim to maintain a target volatility level of five percent, 10, 15 and 20 percent, respectively. If the risk level of a DAX Risk Control Index falls below these targeted risk parameters, then the allocation is automatically adjusted towards the underlying DAX Index. If the risk profile rises above the targeted levels, then the allocation moves towards the risk-free component (EONIA). A maximum exposure of 150% also is introduced to avoid extremely leveraged positions.
The DAX Risk Control Indices are available in total and excess return versions. The excess return index measures the return of the DAX Risk Control (TR) Index less the EONIA return. The index is calculated in euro. Daily history is available back to 18 May 1999.
Source: Deutsche Boerse
Istanbul’s gold exchange begins trade in diamonds
April 4, 2011--Trading in rough and polished diamonds will be open to the exchange’s existing members – a mixture of banks, foreign exchange dealers and big jewellery companies.
Dealers based in Istanbul’s Grand Bazaar – the centre of the country’s jewellery industry for the past 500 years – will also be invited to join the market.
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Source: FT.com
Boerse Stuttgart's turnover exceeds EUR 11.3 billion in March
Trading volume in leverage products increases by 20 percent/ record month for ETFs and ETCs / Heavy demand for 'Bunds'
April 4, 2011--According to its order book statistics, Boerse Stuttgart's turnover in March 2011 amounted to more than EUR 11.3 billion. This meant that trading volumes were nearly 10 percent higher than in February 2011 and almost 40 percent up on the figure for March 2010.
The biggest part of the trading volume was accounted for by securitised derivatives. In March turnover in this asset class stood at almost EUR 6 billion, 14 percent higher than in the previous month and up by more than 50 percent year-on-year. Leverage products accounted for more than EUR 3 billion of turnover, while investment products made up almost EUR 2.9 billion of the total turnover. The trading activity in leverage products grew strongly in the past month. In March volumes were up by more than 22 percent in comparison with February.
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Source: Boerse Stuttgart
Statement of Management Board of Deutsche Börse AG on NASDAQ OMX Group Inc. and IntercontinentalExchange announcement
April 1, 2011--The Management Board of Deutsche Börse AG has noted the announcement by NASDAQ OMX Group and IntercontinentalExchange of its intention to make an unsolicited offer for all of the outstanding shares of NYSE Euronext for 42.50 US-$ in cash and stock per share.
The Management of Deutsche Börse AG continues to strongly believe that the envisaged merger of Deutsche Börse AG and NYSE Euronext is the best possible combination for both shareholder groups and the stakeholders of the companies.
Source: Deutsche Börse
Lyxor Lists 19 Additional ETFs On NYSE Euronext In Brussels
April 1, 2011-- Today, Lyxor further expands the number of listed ETFs available on NYSE Euronext in Brussels. The new listings comprise 19 ETFs tracking sector indices Lyxor is the first ETF provider to launch a complete set of Global Sector ETFs on World, European and Asian (ex-Japan) equity sectors on the Brussels Stock Exchange.
ETFs or Trackers are open-end investment funds listed on a stock exchange and tradable in the same way as an individual security. An ETF closely follows or tracks a particular benchmark index, seeking to replicate the performance of the index and offering flexible, low-cost exposure to entire markets or market segments in just one easy transaction.
They also combine the simplicity of equities with the diversified risk of investment funds. A further benefit is the low level of management fees associated with this type of passive investment. M
The ETF segment continues to grow and is increasingly successful on the European NYSE Euronext markets. These products registered an Average Daily Turnover (ADT) of €473.2 million on the European NYSE Euronext markets in Q1 of 2011, an increase of 36.6% compared with the daily average of €346.4 million in the same period last year.
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Source: NYSE Euronext
Vanguard closes Brussels office, moves staff to London
April 1, 2011--Vanguard Group has closed its offices in Brussels and will be moving staff and services to its London base, the company has confirmed.
The closure of the Belgian base occurred at the end of last month, after what a spokeswoman called a "large strategic review" of its business outside of the US.
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Source: IP&E
Two new UBS ETFs launched on Xetra
March 31, 2011--Two new ETFs issued by UBS ETFs plc have been tradable since Thursday on the HFRX Global Hedge Fund Index in Deutsche Börse’s XTF segment.
ETF name: UBS ETFs plc – HFRX Global Hedge Fund Index SF – (CHF) A-acc
Asset class: equity index ETF
ISIN: IE00B5280Y01
Total expense ratio: 1.50 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: Swiss francs
ETF name: UBS ETFs plc – HFRX Global Hedge Fund Index SF – (GBP) A-acc
Asset class: equity index ETF
ISIN: IE00B53B4246
Total expense ratio: 1.50 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: British pound
The two new UBS ETFs enable investors to participate in the performance of the HFRX Global Hedge Fund Index in the trading currencies British pound and Swiss franc. The composition of the underlying index represents the entire hedge fund universe, comprising all available hedge fund strategies, including convertible arbitrage (exploiting differences in valuation between convertible bonds and equities), distressed securities (investing in companies in financial or operational difficulty) and equity hedge (simultaneously buying undervalued equities and selling overvalued equities). The different strategies are weighted to reflect the distribution of assets in the hedge fund sector.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 806 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Turnover on Xetra grows by 37 percent in March
Number of transactions up 54 percent
March 31, 2011--Order book turnover on Xetra and on the trading floor of the Frankfurt Stock Exchange stood at €150.0 billion in March – a rise of 36 percent year-on-year (March 2010: €110.3 billion). Of the €150.0 billion, €141.6 billion was attributable to Xetra which registered growth of 37 percent y-o-y (March 2010: €103.4 billion). €8.4 billion was attributable to floor trading in Frankfurt, an increase of 21 percent y-o-y (March 2010: €7.0 billion).
Order book turnover on Tradegate Exchange totalled €3.3 billion in March, making it 139 percent higher y-o-y (March 2010: €1.4 billion).
In equities, turnover reached €124.6 billion on Deutsche Börse’s cash markets (Xetra: €120.7 billion, Frankfurt trading floor: €3.9 billion). Turnover in bonds was €2.1 billion, and in structured products €2.9 billion (including Scoach). Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €20.3 billion.
A total of 23.0 million transactions were executed on Xetra in March, a growth of 54 percent y-o-y (March 2010: 14.9 million).
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Source: Deutsche Börse
Unscheduled free float adjustment in SDAX
March 31, 2011--Deutsche Börse has announced an unscheduled adjustment to the free float factor of Alstria Office Reit AG, which is a current component in the SDAX. Following a capital increase, the company’s free float has increased by more than 10 percentage points.
According to the index rules, the free float factor of Alstria Office Reit AG will be adjusted from the current 44.11 percent to 77.33 percent.
The adjustment will be effective Monday, 4 April 2011.
The next regular review of the Deutsche Börse equity indices is scheduled for 6 June 2010.
More information on the DAX Indices can be found at www.dax-indices.com.
Source: Deutsche Börse
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