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Enhancing safety of European financial markets: common rules for Central Securities Depositories (CSDs) and securities settlement
January 13, 2011--As part of its work in creating a more transparent and stable financial system, the European Commission Services have today launched a consultation on Central Securities Depositories (CSDs) and on the harmonisation of certain aspects of securities settlement in the European Union. The purpose of this consultation is to gather input from all stakeholders in order to inform the legislative proposals due in June 2011. The deadline for replies is 1 March 2011.
CSDs are systemically important infrastructures in modern securities markets. They perform crucial services that allow at a minimum the registration, safekeeping, settlement of securities in exchange for cash and efficient processing of securities transactions in financial markets. While securities markets traditionally relied on the physical exchange of paper, CSDs now assume a critical role to guarantee a safe and efficient transfer of securities that exist to a large extent only in book entry form. In many ways, they are a central point of reference for an entire market. Given the systemic importance of CSDs, there is a strong need for an appropriate regulatory framework for CSDs.
The initiative is an important part of the Commission's agenda to enhance the safety and soundness of the financial system. Together with the proposal for a Regulation on "OTC derivatives, central counterparties and trade repositories" (EMIR) adopted by the European Commission on 15th September 2010 and the Markets in Financial Instruments Directive (MiFID, currently under review), it will form a framework in which systemically important securities infrastructures (trading venues, central counterparties, trade repositories and central securities depositories) are subject to common rules on a European level.
This need for an appropriate regulatory framework for CSDs is agreed internationally. In its meeting of 20 October 2010, the Financial Stability Board re-iterated the call for updated standards for more robust core market infrastructures and asked for the revision and enhancement of existing standards for financial market infrastructures. Recommendations have been adopted by Central Banks and Securities Regulators both at global1 and at European2 level. While these rules are important, they remain of a high-level and non binding nature.
Due to an increase in cross border investment over the last years, the European Commission considers that the time has come to install a common and binding regulatory framework for CSDs on a European level.
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Source: Europa
Deutsche Bank: Europe ETF market may double
January 12, 2011--Germany's biggest lender Deutsche Bank expects assets under management of exchange-traded funds (ETFs) in Europe to nearly double by the end of 2013, it said today.
Assets under management of ETFs traded in Europe are seen growing to about 444 billion euros by end-2013, up from 227 billion at the end of 2010, an annual growth of roughly 25 percent.
"In our view, this is a conservative estimate," Thorsten Michalik, global head of db x-trackers, Deutsche Bank's ETF arm, said on Wednesday, adding that the number of ETFs in Europe would rise to about 2,000 by end-2013 from 1,367 at the end of last year.
Money manager BlackRock told Reuters in December it expected the global market for ETFs may grow 20-30 percent this year, boosted by a maturing market in Asia. In November last year Blackrock valued the global ETF market at $1.231 trillion.
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Source: Business World
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 07-Jan-2011
January 12, 2011--For the week ending 07 January 2011, there were US$30.0 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in technology with US$41.9 Mn followed by retail with US$25.5 Mn net inflows while basic resources experienced net outflows of US$54.2 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$30.0 Mn net inflows. Technology has seen the largest net inflows with US$41.9 Mn, followed by retail with US$25.5 Mn net inflows while basic resources experienced the largest net outflows with US$54.2 Mn.
As of 07 January 2011, there is US$9.5 Bn AUM invested in the STOXX sector ETFs which is more than double the US$4.1 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in all 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
db X-trackers steigert verwaltetes Vermögen auf 36 Milliarden Euro; Verdopplung des europäischen Marktes für börsennotierte Indexprodukte bis 2013 erwartet
January 12, 2011-db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat das verwaltete Vermögen in seinen ETFs 2010 auf 36,3 Milliarden Euro gesteigert.
Dies entspricht einer Steigerung von 38 Prozent genüber dem Vorjahresstand. Damit ist db X-trackers der einzige der drei großen ETF-Anbieter Europas, der Marktanteile dazu gewinnen konnte. Die Nettomittelzuflüsse in ETFs von db X-trackers beliefen sich 2010 auf 7,1 Milliarden Euro. „Die Zuflüsse zeigen,
dass unsere ETFs einen Mehrwert für eine Vielzahl von Investoren bieten. Wir haben 2010 unsere Produktpalette deutlich ausgeweitet, db X-trackers ist nach der Zahl der angebotenen Produkte nun der zweitgrößte ETF-Anbieter Europas“, sagt Thorsten Michalik, verantwortlich für db X-trackers. Das Produktangebot umfasst aktuell 174
ETFs. Nach Angaben von Deutsche Bank Research ist db X-trackers nach
verwaltetem Volumen derzeit der drittgrößte ETF-Anbieter Europas und die Nummer fünf weltweit.
Insgesamt ist der Markt für börsennotierte Indexprodukte in Europa 2010 um 34 Prozent auf 227 Milliarden Euro gewachsen. Die Nettomittelzuflüsse haben 2010 in Europa 35,3 Milliarden Euro betragen, mehr als im Jahr zuvor (Quelle: Deutsche Bank, Stand Ende Dezember 2010). In dieser Statistik werden neben ETFs auch börsennotierte Rohstoff-Produkte (Exchange Traded Commodites, ETCs) gezählt. db X-trackers rechnet damit, dass das verwaltete Volumen beziehungsweise das ausstehende Kapital in börsennotierten Indexprodukten in den nächsten Jahren um 25 Prozent p.a. wächst. Damit würde sich das Marktvolumen bis 2013 auf rund 440 Milliarden Euro verdoppeln. „Die Gründe für das weiter erwartete Marktwachstum sind der verstärkte Einsatz von ETFs in Portfolios von institutionellen Investoren, aber auch das spürbare Engagement von Privatanlegern beziehungsweise von Vermögensverwaltern“, sagt Michalik/
Um das Interesse der Investoren zu bedienen, plant db X-trackers für 2011, die Produktpalette weiter auszubauen. Ein Schwerpunkt wird dabei auf ETFs liegen, die
Renten- und Kreditindizes abbilden, auf währungsgesicherten ETFs sowie auf ETFs,
die ein Portfolio aus verschiedenen Indizes abbilden.
Source: db X-trackers
Changes In The Composition Of The ATHEX Indices
January 12, 2011--Due to the transfer of trading of the shares of the company « VARDAS S.A. » to the Low Dispersion & Special Features Category of the Athens Exchange, the following changes will take place:
FTSE/ATHEX SmallCap-The shares of the company are removed from the index without replacement.
FTSE/ATHEX Market Index-The shares of the company are removed from the index without replacement.
FTSE/ATHEX Retail-The shares of the company are removed from the index without replacement.
All changes are effective from Thursday, January 13, 2011.
Source: Online News
Eurex to launch equity options with weekly expirations for the first time
Launch set for 24 January 2011
January 12, 2011-The international derivatives exchange Eurex will introduce equity options with weekly expiration dates on 24 January 2011. This is the first time that weekly options on individual stocks will be available on Eurex.
. The Eurex Weekly Equity Options will be listed as separate contracts and will initially comprise derivatives based on shares of Daimler, Deutsche Bank, Deutsche Telekom and Nokia (four per underlying stock).
Eurex will offer Weekly Equity Options for the first, second, fourth and fifth Friday of a calendar month, complementing the standard equity options series, which expires on the third Friday of every month. All other contract specifications will correspond to those of Eurex’s existing equity options.
Weekly options have been available on the EURO STOXX 50 and DAX indices since April 2006. Their success with market participants is illustrated by their trading volumes: In 2010 more than 2.6 million contracts were traded.
Source: Eurex
State Street planning European ETF push
January 11, 2011--State Street Global Advisors is preparing to launch a range of new exchange traded funds in Europe, aiming to bolster its presence in a region where it has previously lagged behind some of its main competitors.
Although State Street is the second largest ETF provider in the US and worldwide, it is only the 20th biggest player in Europe, with assets of just $1.1bn at the end of December, according to BlackRock data.
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Source: FT.com
Source beefs up staff to address challenges and opportunities in the European ETF market
January 11, 2011--Over the course of 2010, Source established itself as one of the main players in the European ETF market. It nearly doubled its assets by year end and saw over US$120 BN traded in its products throughout the year, making some of its products part of the most liquid ETFs in Europe. Source believes that further strong opportunities will develop in the European ETF market in 2011 and to maximise the benefit from those opportunities, it has made five senior appointments
Throughout the year, Source continued to broaden its product range, with a total of 24 new product launches in both its equities and alternative asset classes. In December Source further expanded its asset class footprint with the announcement of the PIMCO Source partnership, from which the PIMCO Source fixed income product range will be launched in early 2011.
In addition, Source increased the number of its employees by over 80% in 2010, reinforcing its position among the top Exchange Traded Product providers in Europe. Recently, the firm added five new directors to its distribution team, covering the UK, France, Nordics, fixed income and commodities:
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Source: Source ETF
NYSE Euronext European ETF activity highlights for December 2010
January 11, 2011--Listings:
Two new issuers joined our market in 2010 with ETFs based on NYX indices: Comstage ETF listed five ETFs based on CAC 40, CAC 40 Short, CAC 40 Leverage, PSI 20 and PSI 20 Leverage, while ESAF ETF listed one ETF based on the NYSE Euronext Iberian Index.
At the end of December, NYSE Euronext had 561 listings of 491 ETFs from 16 issuers. Compared to the end of 2009 ETF listings increased by 9.35% YOY; in 2010 there were 111 new ETF listings while 47 ETFs were delisted.
At the end of December, these ETFs covered 329 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…), compared to 297 indices in 2009.
Trades & Turnover:
Both the average daily number of trades and average daily turnover figures again showed impressive YOY growth in December 2010:
On average, there were 7 250 trades on a daily basis, representing an increase of 19.4% versus 6 074 in December 2009.
Average daily turnover increased from €263.0 million in December 2009 to €333.5 million in December 2010, up 26.8%.
Total turnover in 2010 was €97.9 billion, up 27.3% from €76.9 billion in 2009. The total number of trades also showed very strong growth, increasing 23.5% from 1 837 880 trades in 2009 to 2 269 666 trades in 2010.
Average daily turnover for the entire year of 2010 was €379.3 million versus €300.3 million in 2009, or an increase of 26.3%. The average daily number of trades in 2010 saw a similar boost: 22.5%, growing from 7 179 in 2009 to 8 797 in 2010.
Assets Under Management:
At the end of December, the combined AUM of all ETFs listed on the NYSE Euronext European markets totaled €132.7 billion, an increase of 24.8% from the €106.3 billion at the end of December 2009.
Market Quality:
The combination of the flow of 23 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 34.2 bps of all listed ETFs.
At the end of December 2010, NYSE Euronext’s Liquidity Providers program featured 23 Liquidity Providers that had a total of 1122 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs.
Visit www.euronext.com/etf for more info.
Source: NYSE Euronext
Twenty-Five Percent Discount On Initial Listing Fees On Istanbul Stock Exchange’s Twenty-Fifth Anniversary
January 11, 2011--Istanbul Stock Exchange (ISE) has decided to apply a discount on its Listing Fee Tariff in order to accelerate the efforts within the framework of its Initial Public Offering Campaign, to encourage public offerings to reach the European Union’s minimum free-float rate of 25 percent, and to facilitate reaching the target of “allowing companies to go public and increasing the free-float rate of traded companies” as envisaged by the Istanbul International Financial Center Action Plan.
As a result of such discount that has gone into force after being approved by the Capital Markets Board of Turkey (CMB) on December 29, 2010, a discount of 25 percent will be applied on the initial listing fees for the companies applying for initial listing/trading on the ISE National Market or the Second National Market, and whose free-float rate is minimum 25 percent or whose market capitalization is at least TL 100 million. Such discount will be valid until December 31, 2011 and shall not hold for annual listing fees.
Source: Mondovisione
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