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Clearstream’s BRIC strategy strengthens with settlement access to Brazil
January 26, 2011--Settlement link to Brazil is already fully operational
Partnership with Itaú Unibanco ensures best understanding of local market requirements
Clearstream network of 50 domestic markets worldwide is the largest amongst international central securities depositories
Settlement link to India being assessed to complete BRIC coverage
Clearstream, the post-trade service and global liquidity provider within Deutsche Börse Group, is the first international central securities depository (ICSD) to include Brazil in its cross-border settlement network. The company now offers settlement and custody services for all asset classes denominated in Brazilian Real. The link, which went live on 21 January, gives Clearstream customers the opportunity to develop post-trade solutions for the Brazilian market using Clearstream as their single point of access. Itaú Unibanco is Clearstream’s local partner and will act as sub-custodian.
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Source: Clearstream
Confusion over spot carbon trading restart
January 26, 2011--The future of Europe’s physical carbon trading market has been thrown into doubt, with a planned return to business following a hacker attack now delayed, possibly for weeks.
Emissions trading exchanges across the European Union pushed back reopening dates and carbon registries remained closed on Wednesday.
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Source: FT.com
HSBC launch BRIC ETF in Europe
January 26, 2011--HSBC continues to expand its range of exchange traded funds (ETFs) with the launch in Europe of the HSBC S&P BRIC 40 ETF, which carries a market leading total expense ratio (TER) of just 0.60%.*
The HSBC S&P BRIC 40 ETF is listed on the London Stock Exchange in sterling and US dollar trading currencies (Bloomberg ticker: HSPB LN for sterling / HSBR LN for US dollar). Further registrations and cross-listings in Europe are planned.
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Source: Commodities now
Deutsche Bank launches second hedge fund ETF
January 25, 2011--Deutsche Bank has launched a second hedge fund exchange traded fund aimed at combining the skills of top equity hedge fund managers with the liquidity of an ETF
The db x-trackers db Strategies Hedge Fund Index ETF provides investors with access to equity long-short and equity market neutral hedge fund strategies.
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Source: FT.com
db X-trackers listet ersten währungsgesicherten ETF auf S&P 500-Index an der Deutschen Börse
January 25, 2011--db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs),
hat den ersten währungsgesicherten ETF auf den S&P-500-Aktienindex an der
Deutschen Börse gelistet. Mit dem db x-trackers S&P 500 ETF (EUR) können sich
Anleger somit an der am stärksten beachteten Benchmark für den US-Aktienmarkt bei reduziertem Währungsrisiko beteiligen. „Wir wissen, dass viele Anleger in Europa
währungsgesicherte Investments suchen, um das Wechselkursrisiko in ihrem
Portfolio zu reduzieren. Dazu bieten wir jetzt eine weitere Alternative“, sagt Thorsten Michalik, verantwortlich für db X-trackers. Die Währungssicherung wird auf
monatlicher Basis durchgeführt.
Die Deutsche Bank hat bereits erfolgreich börsennotierte Anlageprodukte mit Währungsabsicherung in den Markt eingeführt. db ETC, die Plattform der Deutschen Bank für börsengehandelte Rohstoffprodukte (Exchange Traded Commodities –
ETC) hat im Juli 2010 zwei währungsgeschützte Edelmetall-ETCs auf Gold und Silber an der Deutschen Börse gelistet. Anleger haben mehr als 400 Millionen Euro in diese Anlageprodukte mit Währungsabsicherung investiert.
Der zugrunde liegende S&P-500-Index bildet die Wertentwicklung der Stammaktien von 500 Aktiengesellschaften mit hoher Marktkapitalisierung ab, die an den wichtigsten US-amerikanischen Börsen gehandelt werden. Dabei richtet sich der ETF nach der Total-Return-Version des S&P-500-Index. Seit Mai 2010 bietet db Xtrackers bereits einen ETF auf den S&P-500-Index ohne Währungsabsicherung an.
db x-trackers S&P 500 ETF (EUR): Auf einen Blick
Name: db x-trackers S&P 500 ETF (EUR)
Fondswährung: EUR
Bloomberg Ticker:XKSG GY
ISIN: LU0490619193
Jährliche
Pauschalgebühr: 0,30%
Index Bloomberg Ticker: SPXUXEN
Source: db X-trackers
db X-trackers listet ETF auf Equity Market Neutral- und Equity Hedge-Strategien im Aktiensegment
db X-trackers, die Plattform der Deutschen Bank für Exchange Traded Funds (ETFs), hat an der Londoner Börse einen ETF gelistet, der die Wertentwicklung von führenden Hedgefonds mit Equity Market Neutral- und Equity Hedge-Strategien im
Aktiensegment abbilden soll. Der db x-trackers db Equity Strategies Hedge Fund Index ETF ist gekoppelt an die Wertentwicklung von anfänglich 17 Hedgefonds von 13 verschiedenen Investmentmanagern. Damit können Investoren an der Entwicklung realer Hedgefonds in einem regulierten, liquiden und börsennotierten
ETF partizipieren.
Anleger sollten beachten, dass Anlagen, die ein Exposure in Bezug auf die Wertentwicklung von Hedge-Fonds bieten, allgemein als besonders
risikoreich gelten.
„Während viele Produkte versuchen, Investoren an der statistischen Wertentwicklung von Hedgefonds zu beteiligen, spiegelt der db Equity Strategies Hedge Fund ETF die Wertentwicklung realer Hedgefonds wieder. Der ETF ermöglicht Zugang zu Hedgefonds in einem liquide gehandelten Anlageprodukt“, sagt Tarun Nagpal, Head of Fund Derivatives bei der Deutschen Bank. Der db Equity Strategies Hedge Fund Index setzt sich zusammen aus entsprechenden Fonds auf der Deutsche Bank Hedgefonds-Plattform, die Equity Market Neutral- und Equity Hedge-Strategien im Aktiensegment anwenden.
Der db Equity Strategies Hedge Fund Index ETF ist an der Londoner Börse gelistet. Der ETF ergänzt den im Januar 2009 aufgelegten db X-trackers db Hedge Fund Index ETF, der die Wertentwicklung von sechs Hedgefondsstrategien abbildet und bis heute 1,5 Milliarden US-Dollar verwaltet. Die Deutsche Bank Hedge Fund Plattform zeichnet sich durch Liquidität, Transparenz,Risikokontrolle und unabhängige Bewertung der betreffenden Fonds aus. Wie alle db x-trackers ETFs entspricht auch der db Equity Strategies Hedge Fund Index ETF den UCITS-III-Regeln. Die jährliche Pauschalgebühr für den db Equity Strategies Hedge Fund Index ETF beträgt 0,9 Prozent p.a. Dazu kommen Indexgebühren, Management Fees und erfolgsabhängige Gebühren der einzelnen im Index enthaltenen Fonds.
db x-trackers db Equity Strategies Hedge Fund Index ETF : Auf einen Blick
Name: db x-trackers db Equity Strategies
Hedge Fund Index ETF
Fonds währung: USD
Bloomberg Ticker:XHFE LN
ISIN:LU0519153562
Jährliche: 0,90%
Pauschalgebühr
Source: db X-trackers
UK economic recovery comes to surprise halt
January 25, 2011--Britain’s economy contracted by half a percent in the last three months of 2010, official data showed Tuesday, shocking markets which had expected a continued recovery and causing the pound to slump against other currencies.
Severe winter weather in December had a strong impact, particularly on the construction sector, the Office for National Statistics said. If not for snow which snarled transport and kept people away from shops just before Christmas, it estimated that GDP would have been flat for the period. “
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Source: Todays Zaman
iShares launches 100th ETF on LSE with European first
UK’s Leading ETF provider launches iShares MSCI Poland ETF
January 25, 2011--iShares, the Exchange Traded Funds (ETF) platform of BlackRock,
Inc. (NYSE: BLK) today marked the launch of its 100th ETF product listing on the London Stock Exchange (LSE) with the first physical based ETF in Europe providing direct exposure to the
Polish market.
The iShares MSCI Poland ETF aims to track the MSCI Poland Index, providing investors with good liquidity while offering targeted emerging market exposure in Eastern Europe. The ETF will
invest predominately in financials but also in the utility, materials, energy, telecoms, and industrial sectors.
The fund is offered in an accumulating form, where dividends are automatically reinvested into the ETF to remove the administrative burden of processing regular cash flows and dividends paid by the fund. It is the twelfth single country exposure iShares has launched recently, including the listing of MSCI USA, MSCI Canada and MSCI South Africa in 2010 on the LSE.
Axel Lomholt, head of product development for iShares in Europe said
“The Polish economy is one of the largest in the EU and also one of the fastest growing in Central
Europe. The iShares MSCI Poland ETF will invest predominately in the financials and energy sector, helping to meet investor demand for emerging markets. “We are delighted to start 2011 with several significant milestones including the first London listed
ETF giving exposure to Poland, 100 ETFs listed on the LSE – more than any other provider - and over US$100 billion in European assets under management. iShares is committed to expanding
its range of ETFs to meet clients’ needs for innovative products, offering targeted exposure to a wide range of asset classes combined with transparency, diversification and liquidity. We look forward to broadening our presence and product set throughout Europe over the coming year.”
Source: Blackrock
New ETF issuer PIMCO Source on Xetra
January 24, 2011--Two ETFs issued by PIMCO Source can be traded in Deutsche Börse’s XTF segment for the first time. Both funds are tradable for the first time worldwide, and only on Xetra.
“We welcome new issuer PIMCO Source to Xetra and are delighted that PIMCO and Source have chosen a primary listing on Europe’s leading platform for exchange-traded index funds.
Traders across Europe benefit from a highly liquid offering via our Xetra network. Today we are expanding our range with two innovative products, including, for the first time, an actively managed bond ETF,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.
Ted Hood, CEO of Source commented on the launch “The new PIMCO Source ETFs have been developed to respond to the challenges posed by current market conditions and to capture fixed income opportunities as they arise. For Government bond investors, the PIMCO European Advantage Government Bond Index Source ETF, which seeks to provide the performance of PIMCO’s innovative GDP-weighted European Advantage Government Bond Index, avoids the bias to highly indebted countries that market cap indices deliver.”
Tammie Arnold, Managing Director at PIMCO, commented “We believe these two new fixed income ETFs meet a growing demand among European investors for well-engineered fixed income ETFs, with actively managed strategies for risk management and higher return potential and passive strategies with optimized replication of both traditional and innovative benchmarks. The PIMCO EUR Enhanced Short Maturity Source ETF is designed for investors who hold cash balances and are looking to achieve enhanced cash returns while remaining focused on capital preservation and liquidity.”
Both of these bond ETFs are newly listed in the XTF segment:
ETF name: PIMCO European Advantage Government Bond Index Source ETF
Asset class: bond index ETF
ISIN: IE00B5VJLZ27
Total expense ratio: 0.30 percent
Distribution policy: distributing
Benchmark: PIMCO European Advantage Government Bond Index
ETF name: PIMCO Euro Enhanced Short Maturity Source ETF
Asset class: actively managed bond ETF
ISIN: IE00B5ZR2157
Total expense ratio: 0.35 percent
Distribution policy: distributing
Benchmark: EONIA
The PIMCO European Advantage Government Bond Index Source ETF seeks to provide the performance of the PIMCO European Advantage Government Bond Index. The index is comprised of investment-grade, euro-denominated government bond securities in the Eurozone. Weighting within the index is based on gross domestic product, therefore avoiding overweighting in highly indebted countries.
With the PIMCO Euro Enhanced Short Maturity Source ETF, investors can invest for the first time in an actively managed, diversified portfolio of fixed-income securities with a maturity of up to a year. The investment objective is to exceed the performance of the money market. The securities are euro zone government bonds denominated in euros and issued or guaranteed by governments, their regional authorities, bodies or institutions. They may also include corporate bonds, mortgage-backed securities and other asset-backed securities.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 763 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 euros, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
EDHEC-Risk Institute calls for greater attention to non-financial risks in the European fund management industry
January 24, 2011--A new study conducted by EDHEC-Risk Institute as part of the “Risk and Regulation in the European Fund Management Industry” research chair in partnership with CACEIS, entitled “The European Fund Management Industry Needs a Better Grasp of Non-Financial Risks,” looks at how non-financial risks and failures have impacted the regulatory agenda in Europe and traces the management of liquidity, counterparty, compliance, misinformation, and other non-financial risks in the fund industry.
By identifying the distribution of risks and responsibilities in the industry, the authors, Noël Amenc, Director, EDHEC-Risk Institute, and Samuel Sender, Applied Research Manager, EDHEC-Risk Institute, examine how convergence between country regulations could be achieved. They also assess how fund unit-holders can best be protected with appropriate regulations, improved risk management practices, and greater transparency.
The study includes a series of observations and recommendations:
The fund management industry as a whole has paid insufficient attention to non-financial risks and has failed to measure the operational consequences of financial innovation.
The UCITS directive itself fails to make adequate allowances for the operational consequences of financial innovation. Although investment funds have diversified internationally, made growing use of derivatives and other sophisticated strategies, and evolved in other ways, and although EU regulations and recommendations have recognised or even favoured these changes, they have failed to do studies on their impact and have failed to modify regulation accordingly.
The determination to harmonise the depositary liability regime that has not yet been fully transposed into regulation should not mask the need to manage non-financial risks throughout the fund management industry.
Strengthening of capital requirements and improvement of information should be linked to the evaluation of non-financial risks.
Improved governance and greater involvement of unit-holders would make it possible for fund management firms to improve the ways they take non-financial risks into account.
Better regulation should lead to improved methods of managing such non-financial risks as counterparty risk, liquidity risk, or sub-custody risk.
Homogenisation of country regulations and of supervisory cultures is necessary to prevent regulatory arbitrage.
UCITS not exposed to non-financial risks should be distinguished from more modern UCITS that have potentially greater exposure to these risks.
view report-EDHEC-Risk Publication European Fund Management Industry Non-Financial Risks
Source: EDHEC
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