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Work on "ISE Sustainability Index"(ISESI) in progress - Brief on Turkey's ecological footprint and its effect in the investment environment
March 23, 2011--"Responsible investment", which includes social, environmental and ethical business performance in addition to economical performance to company valuation criteria, has become an important investment theme recently. In consideration of this fact, Istanbul Stock Exchange (ISE) continues to work in cooperation with the Turkish Business Council for Sustainable Development on the Istanbul Stock Exchange Sustainable Index (ISESI) project, within the framework of which, seminars, panels and workshops have been organized in the last two days.
The seminar organized at the ISE Conference Hall today focused on Turkey’s ecological footprint and its effect in the investment environment, while the representatives of the ISE-traded companies discussed the first draft of the ISESI criteria at a workshop.
During the seminar, Mr. Alessandro GALI, Italian scientist known for his work on ecological footprint; Mr. Gürdo?ar SARIGÜL, Sector Manager, Environment and Sustainable Development, Delegation of the European Commission to Turkey, Mr. Hakan GÜRDAL, Akçansa General Manager, Mr. R?za Fikret YIKMAZ, Planning Specialist from the State Planning Organization of Turkey, and Mr. Edoardo GAI, Sustainability Services Director of SAM Group, delivered presentations. The speakers talked about Turkey’s ecological footprint, Turkey’s position with regard to climate and similar environmental issues, relevant work and arrangements in the public sector, and the importance of such work with regard to corporate performance and decision-making process for investments. The seminar also discussed the main environmental issues facing Turkey, the effects of ecological development on financial performance and competition in Turkey, and the role of the public sector and the business world on the drain of resources and climate change.
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Source: Istanbul Stock Exchange (ISE)
FSA publishes Business Plan for 2011/12
March 22, 2011--The Financial Services Authority (FSA) has today published its business plan setting out its priorities for 2011/12, and the implications for the FSA's budget. The document outlines the FSA's priorities and specific initiatives for the year ahead, which reflect the continuing challenges facing the financial services industry.
This year’s business plan has been created against a backdrop of considerable change, with the UK government last year announcing plans for changes to the structure of financial services regulation in the UK. The FSA will restructure into the Prudential Regulation Authority (PRA) and the existing FSA legal entity will become the Financial Conduct Authority (FCA). This change will occur at the end of 2012 or early 2013. Until then the FSA will continue to deliver on its statutory objectives and implement the major initiatives that are already underway. The key areas will include:
Maintaining ongoing supervision in a period of continued fragility in markets.
Continuing to influence the international and European policy forums, delivering, in particular, the new prudential regulatory agenda.
view Business Plan 2011/12
Source: FSA.gov.uk
Corporate Bonds ohne Bankentitel-ETFlab bietet ETF mit europäischen Anleihen von Unternehmen, die auβerhalb der Finanzwirtschaft tätig sind
ETFlab iBoxx € Liquid Non-Financials Diversified ISIN: DE000 ETFL38 3
22. März 2011. Der Münchener Spezialist für börsengehandelte Indexfonds, die ETFlab Investment GmbH, ermöglicht mit dem ETFlab iBoxx €Liquid Non-Financials Diversified den Zugang zu einem groβen Korb von Euro-Unternehmensanleihen, die auβerhalb der Finanzwirtschaft tätig
sind. Papiere von Banken und Finanzdienstleistern sind in dem abgebildeten Index nicht enthalten.
"Damit entsprechen wir der Nachfrage von Investoren, die nach der Finanzkrise aus verschiedenen
Gründen keine Bankanleihen im Portfolio haben möchten", erläutert Andreas Fehrenbach,Geschäftsführer von ETFlab. Aber sie kämen auch so „breit diversifiziert in den Genuss einer deutlich höheren Rendite als bei Staatsanleihen, zur Zeit rund 100 Basispunkte", wie der ETF-Experte hervorhebt. Generell sei es bei Unternehmensanleihen unbedingt ratsam, ein Engagement über Branchen und Länder hinweg zu streuen. „Dazu eignet sich ein ETF in idealer Weise, denn der Investor kauft mit einem Trade gleich ein ganzes Anleiheportfolio", betont Fehrenbach.
Außerdem weist der ETF-Experte darauf hin, dass gerade in Zeiten steigender Zinsen Unternehmensanleihen oft die besser Wahl seien. Denn die gute Konjunktur und die verbesserten Geschäftsaussichten vieler Unternehmen ließen die Spreads, die Abstände zwischen Unternehmens- und Staatspapieren, tendenziell schrumpfen.
In dem zugrunde liegenden Index sind 40 Euro-Anleihen von Emittenten enthalten, deren Hauptsitz in Euroland, der Schweiz, Großbritannien, Schweden, Norwegen und Dänemark liegt und deren Hauptbetätigungsfeld nicht finanzwirtschaftlich geprägt ist. Qualifiziert sind nur vorrangige Schuldentitel mit einem festen Kupon. Um die Risiken zusätzlich zu begrenzen, wurden weitere Vorkehrungen getroffen. Pro Emittent sind nur zwei Titel erlaubt, die Gewichtung pro Emittent ist auf 7,5 Prozent begrenzt. Berücksichtigt werden nur Emittenten mit einer Beurteilung von mindestens BBB-. Generell darf die Emission der Schuldentitel im Index nicht länger als drei Jahre zurückliegen. Die Restlaufzeiten liegen zwischen 1,5 bis 10 Jahren.
Der ETF bildet den Index voll replizierend nach, d. h. die Original-Wertpapiere sind in dem nach UCITS III richtlinienkonformen Sondervermögen enthalten. Aktuell haben 73 Prozent der enthaltenen Papiere ein Rating von A oder besser. Von den Ländern sind am stärksten die Niederlande (34 %), Frankreich (23 %) und Großbritannien (11 %) gewichtet. Die aktuelle Indexzusammensetzung berücksichtigt vor allem die Branchen Versorger (28 %), Telekommunikation (17 %) sowie Öl & Gas (11 %). Die durchschnittliche Restlaufzeit liegt bei knapp über fünf Jahren bei einer Rendite von 3,7 Prozent. Mit einer Gesamtkostenquote (TER) von 0,20 Prozent zählt der neue Fonds zu den preiswertesten unter den Corporate-Bond-ETFs weltweit.
Source: ETFLab
Corporate Bonds Non-Financials -ETFlab offers exchange traded funds (ETF) with European bonds of companies that are not predominantly active in the financial sector
ETFlab iBoxx €Liquid Non-Financials Diversified (ISIN: DE000 ETFL38 3)
March 22, 2011-. The Munich specialist in exchange traded funds ETFlab Investment GmbH offers access to a large selection of euro corporate bonds through its ETFlab iBoxx € Liquid Non-Financials Diversified fund, which contains bonds of companies that are not predominantly active in the financial sector. "In this respect, we are responding to demand from investors, who as a result of the financial crisis do not invest in bonds of issuers out of the financial sector for various reasons," explains Andreas Fehrenbach, ETFlab's Managing Director.
But even so investors will "be broadly diversified and enjoy a significantly higher yield than with government bonds; at the moment the spread is 100 basis points," the ETF expert points out. With respect to corporate bonds, it is generally recommended to spread one’s investments across industries and countries. “ETFs are perfect in this regard, because the investor acquires an entire bond portfolio with just one trade,” stresses Fehrenbach.
In addition, the ETF expert points out that corporate bonds are often the better choice, particularly in times of rising interest rates. The positive economic climate and the improved business outlook for many companies tend to lead to a decreasing spread – the difference between the yields on corporate and government bonds.
The underlying index contains 40 euro bonds of issuers located in the Eurozone, Switzerland, the UK, Sweden, Norway and Denmark, whose main fields of activity are not in the financial sector. Only senior bonds with a fixed coupon qualify. To additionally limit risk, further measures were enacted. Per issuer a maximum of two bonds is included and the weighting per issuer is limited to 7.5 percent. Only issuers with a rating of at least BBB- are taken into consideration. Generally, the issue of the bond may not be older than three years. The remaining time to maturity is between 1.5 and 10 years.
The ETF fully replicates the index, meaning that the UCITS III directive-conforming investment fund is comprised of the original securities. Currently, 73 percent of the bonds in the fund have a rating of A or better. The countries with the strongest weighting in the fund are the Netherlands (34%), France (23%) and the UK (11%). The current index composition mainly focuses on utilities (28%), telecommunications (17%) and oil & gas (11%). The average remaining time to maturity is slightly above five years with a yield of 3.7 percent. With a total expense ratio (TER) of 0.20 percent, the new fund is one of the lowest-priced ones among corporate bond ETFs worldwide.
Source: ETFLab Investment GmbH:
State Street appoints Robert Rushe as head of exchange traded products servicing in Ireland
March 22, 2011--State Street Corporation, (NYSE: STT), one of the world's leading providers of financial services to institutional investors, today announced the appointment of Robert Rushe as head of exchange traded products (ETP) servicing in Ireland.
Mr. Rushe (age 34) will lead State Street’s ETP servicing team and will be responsible for the overall ETP product offering for new and existing clients covering exchange traded funds (ETFs), exchange traded notes and exchange traded certificates. He joins State Street from Bank of Ireland Securities Services, where he was a key member of the team responsible for the creation of Ireland’s first ETF product in 2000.
“I am very excited to have the opportunity to join the State Street team. As one of Europe’s largest ETP service providers, State Street is in a unique position to deliver innovative, efficient and robust solutions to our clients globally,” said Rushe.
Mr. Rushe was responsible for the development of Bank of Ireland Securities Services ETF model over the past 10 years. His experience also includes fixed income investments, Shariah funds, emerging markets funds, synthetic products and multicurrency dealing.
Commenting on the appointment, Susan Dargan, chief operations officer for State Street Global Services in Ireland said; “Product innovation is a key ingredient in promoting Ireland’s appeal as a major financial services centre to an increasingly sophisticated international client base. Robert has played a critical role in enhancing the servicing of ETPs and this appointment further strengthens State Street’s credentials in this area.”
Source: State Street Corporation
NASDAQ OMX starts trading in two new fixed income ETFs from XACT Fonder
March 21, 2011-- NASDAQ OMX Stockholm, part of the NASDAQ OMX Group
(NASDAQ:NDAQ), today starts trading in two fixed income-based exchange traded
funds (ETFs) from XACT Fonder. XACT Obligation is an ETF based on the Swedish bond market and the XACT Repo ETF follows the Swedish Central Bank's
(Riksbanken) repo rate.
Jenny Rosberg, Deputy CEO at NASDAQ OMX Nordic said, 'These two new products
from XACT Fonder will make a great addition to our ETF offering and continue to attract investor interest to this exciting market. In the last year we have experienced an increase in trading as well as issuance of ETFs, reinforcing the growth potential of these instruments.'
XACT Obligation follows Handelsbanken Sweden All Bond Tradable Index, a market value weighted index developed to reflect the Swedish market for secured mortgage bonds, and government and municipal issued bonds with benchmark status. The XACT Repo ETF follows the Swedish Central Bank's main interest rate, the so called repo rate.
An ETF is a security that tracks an index, a commodity or a basket of assets
like an index fund, but trades like a stock on an exchange.
Source: NASDAQ OMX
EU agrees how to fill permanent financial rescue fund
March 21, 2011--- European finance ministers agreed Monday the modalities of a permanent bailout fund that will have an effective lending capacity of 500 billion euros.
To reach that headline figure, states will require to pump in a capital base of 700 billion euros ($996 billion), Luxembourg Prime Minister Jean-Claude Juncker said after talks among European Union governments.
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Source: EUbusiness
Stocks to be included in ISE Stock Indices between April 01, 2011- June 30, 2011
March 21, 2011--Stocks to be included in ISE Stock Indices between 01/04/2011- 30/06/2011
ISE 100, ISE 50, ISE 30 and ISE Banks 10 indices
will be revised as shown in the following link
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Source: Istanbul Stock Exchange (ISE)
Two new db x-trackers ETFs launched on Xetra
March 18, 2011- Two new db x-trackers index funds from Deutsche Bank's ETF offering have been tradable on Xetra since Thursday.
ETF name: db x-trackers Stiftungs-ETF Stability
Asset class: Multi-asset index ETF
ISIN: IE00B4WRDS59
Total expense ratio: 0.75 percent
Distribution policy: distributing
Benchmark: db Stiftungs-ETF Stabilität Index
ETF name: db x-trackers Stiftungs-ETF Wachstum
Asset class: Multi-asset index ETF
ISIN: IE00B3Y8D011
Total expense ratio: 0.75 percent
Distribution policy: distributing
Benchmark: db Stiftungs-ETF Wachstum Index
The underlying indices for the new db x-trackers ETFs are db Stiftungs-ETF Stabilität and db Stiftungs-ETF Wachstum. For the first time, investors are able to participate in the performance of a balanced and diversified portfolio of ETFs based on equities, fixed-income securities, goods and alternative investments.
Both the stability and the growth strategy aim to generate capital growth and limit volatility by exploiting the correlations between the asset classes they contain. The weighting of the individual asset classes is determined on a quarterly basis. The minimum weighting of fixed-income securities in the db Stiftungs-ETF Stabilität Index is currently 75 percent. In the db Stiftungs-ETF Wachstum Index it is 65 percent. The proportion of equities is limited to 20 percent in the db Stiftungs-ETF Stabilität Index and 30 percent in the db Stiftungs-ETF Wachstum Index, with a minimum of 5 percent. Goods and alternative investments may have a weighting of 10 percent or 5 percent in the respective indices.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 803 exchange-listed ETFs, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Bank
NYSE Euronext European ETF Activity-February 2011
March 18, 2011--Listings
February saw two new ETF listings from Amundi on Euronext Paris:
AMUNDI ETF FTSE UK DIVIDEND PLUS
AMUNDI ETF MSCI EUROPE EX UK
At the end of February, NYSE Euronext had 623 listings of 546 ETFs from 17 issuers. So far this year, a total of 61 new listings of 55 ETFs have occurred on the NYSE Euronext European market.
These ETFs cover more than 360 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc.).
Trading activity
In February 2011, both the Average Daily number of Trades (ADT) and the Average Daily Traded Value (ADV) figures showed continued growth:
9 287 ADT, representing an increase of 8.6% from the 8 549 ADT in February 2010.
ADV of €430.8 million, representing an increase of 4.3% from the €413.0 million in February 2010.
Assets under Management
At the end of February, the combined AUM of all ETFs listed on the NYSE Euronext European markets totaled €144.4 billion, an increase of 30.4% from the €110.8 billion at the end of February 2010.
Market Quality
The combination of the flow of 22 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 28.15 bps of all listed ETFs.
Visit www.euronext.com/etf for more info
Source: NYSE Euronext
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