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ESMA Update Of The CESR Recommendations On The Consistent Implementation Of Commission Regulation (EC) No 809/2004 Implementing The Prospectus Directive (Ref: ESMA/2011/81)
March 25, 2011-ESMA has issued an update of the CESR recommendations on the consistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Directive (Ref: ESMA/2011/81).
db X-trackers lists Global Fund Supporters ETF in London
March 24, 2011-Deutsche Bank’s ETF platform, db X-trackers, has cross-listed its pioneering Global Fund Supporters ETF in London.
The db x-trackers Global Fund Supporters ETF tracks the Dow Jones Global Fund 50 Index to Fight AIDS, Tuberculosis and Malaria(SM)™.
Following an initial launch
on the Frankfurt Stock Exchange in December 2010, the ETF can now also be
traded on the London Stock Exchange.
The index tracks the performance of the largest public companies that support the mission of the Global Fund, the unique global public/private partnership dedicated to attracting and distributing resources to prevent and treat HIV/Aids, tuberculosis and malaria. To date the Global Fund has committed over US$21 billion in 144 countries to support large-scale disease prevention, treatment and care programs. db Xtrackers’ management revenues after costs for running the Global Fund Supporters ETF will go directly to the Global Fund.
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Source: db X-trackers
QuantHouse Extends its QuantLINK Network into the Nasdaq OMX Nordic Datacenter Putting Stockholm less than 12ms away from London
March 24, 2011--QuantHouse, the leading independent provider of end-to-end systematic trading solutions, announced today the extension of its QuantLINK proprietary fiber optic network into the Nasdaq OMX Nordic Exchange datacenter in Sweden.
This new service gives clients based in Sweden access to the entire European and US low latency offering from QuantHouse while global clients can benefit from an even more optimized Nasdaq OMX Nordic data feed and order routing service.
QuantHouse is a provider of end-to-end advanced trading solutions including low latency market data technologies, an alpha generation development framework and infrastructure trading services for systematic trading firms who want to take the lead.
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Source: QuantHouse
Exchange Council marks milestones for migration of floor trading
New rules and regulations decided as well as earlier start of trading in Frankfurt from 8 a.m./ Migration to Xetra technology on 23 May
March 24, 2011--The Exchange Council of the Frankfurt Stock Exchange agreed on new rules and regulations today, marking another important milestone in preparation for the migration of floor trading to Xetra technology on 23 May.
The Exchange Council also resolved that trading hours on the Frankfurt Stock Exchange will begin at 8 a.m. for specialist trading. Specialist trading in Frankfurt will take place from 8 a.m. to 8 p.m. with a provisional start date for the new hours of 1 June. The core hours for continuous trading on Xetra will remain unchanged from 9 a.m. to 5.30 p.m.
“We offer international access to all securities traded on the Frankfurt Stock Exchange. The specialist model and the more powerful Xetra system will also make floor trading more efficient,” said Rainer Riess, Managing Director of the Frankfurt Stock Exchange. “With the move to Xetra and the earlier start of trading, Frankfurt Stock Exchange is strengthening its competitive position.”
Source: Deutsche Börse
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 18-Mar-2011
March 23, 2011--For the week ending 18 March 2011, there were US$304.3 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in utilities with US$119.2 Mn followed by insurance with US$82.8 Mn net outflows while retail experienced net inflows of US$21.8 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$810.8 Mn net inflows. Banks has seen the largest net inflows with US$493.7 Mn, followed by oil and gas with US$471.7 Mn net inflows while automobiles and parts experienced the largest net outflows with US$131.7 Mn.
As of 18 March 2011, there is US$10.7 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.5 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 16 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
ESMA establishes a framework for third country prospectus and applies this new framework to facilitate Israeli issuers access
March 23, 2011--The European Securities and Markets Authority (ESMA) has published a statement which sets out a
framework, (ESMA/2011/36), on the way in which third country issuers in general, can meet the requirements of the PD. The framework allows prospectuses from non-EU countries, drawn up in accordance with third country legislation, to have a 'wrap' added, so that the resulting document meets the requirements of the EU Directive.
ESMA also announces today, in a Statement (ESMA/2011/37), that Israeli issuers may list their prospectus for shares on any EU regulated market, on the basis of a prospectus drawn up in accordance with Israeli regulation, with
the addition of a ‘wrap’ which contains a number of supplementary disclosures. The new framework will ensure that Israeli prospectuses meet the requirements of the EU's Prospectus Directive (PD), enabling EU
investors to continue to enjoy equivalent levels of protection in receiving similar information in considering offers from third country issuers.
read moreview the Framework for third country prospectuses under Article 20 of the Prospectus Directive(ESMA/2011/36)
view the ESMA statement on Israeli laws and regulations on prospectuses (ESMA/2011/37)
Source: ESMA
EFRP criticises 'short-termism' of European pension policy
March 23, 2011--Governments across Europe have been criticised for their short-term approach to pension savings by the European Federation for Retirement Savings (EFRP), which said clawing back privately managed pension assets or selling off reserve fund holdings would not change a country's net debt.
Responding to the European Union's recent annual growth survey, the lobby group said governments should look for long-term solutions to mounting debt and that growing private pension provision was one of these, as it reduces dependence on state benefits.
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Source: IP&E
World Water Day: Governments must invest in water and sanitation
March 23, 2011--Would people invest more in clean water if they knew just how expensive dirty water is? World Water Day is an opportunity to remind governments worldwide that they have a responsibility to invest in clean water for the health of their citizens and their environments.
“People in developing countries can least afford to treat water-borne disease. Governments and the international community need to overcome the annual shortfall of USD 10-30 billion to meet the water and sanitation infrastructure goals implied by the Millennium Development Goals.” says OECD Secretary-General Angel Gurria. “For governments, basic water supply and sanitation services are a good investment, with the savings outstripping costs by 7 fold.”
Developed countries too must invest. The US will have to spend USD 23 billion over each of the next 20 years to maintain water infrastructure at levels which meet health and environmental standards. The UK and Japan will need to increase their water spending by 20 to 40% to cope with urgent rehabilitation and upgrading of their water infrastructure
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Source: OECD
New ETFlab bond index ETF launched on Xetra
March 23, 2011--Deutsche Börse is further expanding its XTF segment for exchange-listed index funds on the Xetra trading platform. A new ETF issued by ETFlab was admitted to trading on Tuesday.
ETF name: ETFlab iBoxx € Liquid Non-Financials Diversified
Asset class: bond index ETF
ISIN: DE000ETFL383
Management fee: 0.20 percent
Distribution policy: distributing
Benchmark: Markit iBoxx € Liquid Non-Financials Diversified Index
The ETFlab iBoxx € Liquid Non-Financials Diversified ETF offers investors the opportunity to invest in the performance of euro-denominated corporate bonds issued by companies outside the financial sector. The reference index comprises a maximum of 40 bonds from companies headquartered in the euro zone and in Denmark, Norway, Sweden, Switzerland and the UK. The bonds have an outstanding volume of at least €750 million. The weighting of a bond in the index is limited to 7.5% and the index may contain no more than two bonds from the same issuer.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 804 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse
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)
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