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Parliament sees its priorities through on hedge funds directive
October 26, 2010--European Parliament and Council negotiators on Tuesday overcame the final major hurdles to an agreement on the alternative investment fund managers directive. Parliament succeeded in pushing through new chapters on asset stripping and remuneration principles, as well as strongly influencing the rules on the passporting system, depositary liability, capital requirements, and use of leverage.
Over a year in the making, this often-controversial law will impose registration, reporting and initial capital requirements on a financial industry sector which until now has been subject only to "light touch" regulation. Alternative investment funds (AIF), notably hedge funds and private equity, will henceforth be subject to more substantial regulatory oversight, so as to enhance investor protection and financial stability, both key priorities for Parliament all throughout the negotiations.
Three key problems were resolved today, by deals on a passport for non-EU AIF and AIF managers, combating asset stripping, and ensuring tough rules on depositary liability.
A passport for everyone without a free for all culture
Today's agreement will enable non-EU AIF and AIF managers to market to investors across the EU without first having to seek permission from each Member State and comply with different national laws. This was a bone of contention between Parliament and some Member States, with Parliament pushing for a marketing passport to be granted to non-EU players. Parliament allayed these Member States' fears by proposing the provisions now in the text whereby AIF and AIF managers will obtain passports only if the non-EU country they are located in meets minimum regulatory standards and has agreements in place with Member States to allow information sharing.
EU wraps up final deal to curb hedge funds
October 26, 2010-- The European Union wrapped up a final deal on Tuesday to apply strict new legislative curbs on the trillion-dollar hedge fund industry.
"Even if the text is not perfect, it's a good start," said Jean-Paul Gauzes, the EU parliament rapporteur on the bill after successful negotiations between the European Parliament, EU states and the European Commission.
"It's a real first step towards real European supervision," added Belgian Finance Minister Didier Reynders.
Agreement was finally reached between warring EU institutions after Britain and France, the principal protagonists in the issue, last week settled a two-year-old conflict centred on who would control the issue of future Europe-wide "passports" allowing funds to market their wares.
Natixis Global Asset Management Acquires Majority Stake in Specialty ETF Start-up
October 26, 2010--Natixis Global Asset Management (NGAM) has acquired a majority stake in Ossiam, an asset management start-up, which will specialize in exchange traded funds (ETFs), once the relevant agreement is obtained from the Autorité des Marchés Financiers (AMF).
Based in Paris, Ossiam will be the first European ETF start-up in Europe focused on providing a diverse range of specialty ETFs based on quantitative and fundamental data. Ossiam’s four directors, including CEO Bruno Poulin, previously deputy CIO and head of quantitative research at Systeia Capital Management, and Deputy CEO Antoine Moreau, formerly global head of fund derivatives and exotic equity derivatives trading at Calyon, will retain partial ownership.
Ossiam plans to launch its first ETFs in early 2011 in Europe. These products will be available to clients either through French funds, a Luxembourg SICAV structure or via dedicated funds tracking customized indices tailored for specific institutional client needs. Moreover, Ossiam is currently fine-tuning its set-up in order to meet the latest AMF requirements. The appropriate set-up in the U.S. will be determined in the nearer future.
“In Europe the ETF market is rapidly growing; even if it is still lagging behind the US market, the gap is decreasing. We want to position ourselves, not on the plain-vanilla market -an already very concentrated one- but in the specialty ETF market with a double goal: First, complete our range of expertise in order to offer our clients not simple replications of market indices but intelligent solutions with high added-value to diversify further their investments, and second, build an ETF distribution capacity” commented Pierre Servant, CEO of Natixis Global Asset Management. NGAM’s investment in Ossiam is a logical new step in the development of our multi-boutique model.” “Personally I am very delighted to see Ossiam’s highly experienced team, led by Bruno Poulin and Antoine Moreau, reinforce NGAM’s teams”, according to Mr. Servant.
Boerse Stuttgart's Bondm Initiative for SMEs-Subscriptions close early for Solarwatt bond
Retail investors maintain enthusiasm for SME bonds
October 26, 2010--Beginning on 19 October, investors keen to subscribe to the sixth corporate bond issue to be listed in the SME segment Bondm were invited to submit a buy instruction through their bank or via the issuer’s website. Demand for the latest bond from SOLARWATT AG was so high that the entire issue of EUR 25 million was fully subscribed as early as four days before the planned closing date.
Following the closure of subscriptions and pro rata allotment at 17.00 hours (CET) on 25 October, investors will be able to start trading the bond in Boerse Stuttgart’s SME segment Bondm from Thursday, 28 October. With an issue volume of EUR 25 million, a coupon of 7 percent and maturing in 2015, the SOLARWATT AG issue is the first solar industry bond to be listed in the Bondm segment. All SME bonds listed in Bondm have a nominal value of EUR 1,000.
Government launches National Infrastructure Plan
October 25, 2010--The Prime Minister today announced the publication of the UK’s first ever infrastructure plan, identifying the scale of the infrastructure challenge and the major economic investment that is needed to underpin sustainable growth in the UK over the coming decades.
Speaking at a CBI conference in London, he said:
“I can announce today the UK’s first ever national infrastructure plan setting out the infrastructure Britain needs and how we will unlock some £200 billion worth of public and private sector investment over the next five years to deliver it.
This is incredibly exciting, and it shows how, together, we can help create the right framework for growth in which British business can thrive and compete with the rest of the world.”
The immediate challenge is to rebuild the economy, creating the conditions for enterprise to flourish based on an expansion of the private sector. The economy has been too reliant on growth from a limited number of sectors and regions. The infrastructure investment programme will help rebalance the economy and give industries the right conditions in which to grow.
view the National Infrastructure Plan 2010
German bankers in attack on regulations
October 25, 2010--Top bankers in Germany, including Deutsche Bank chief executive Josef Ackermann, have delivered a stark warning that politicians are putting the competitiveness of the country’s banks at risk with a surfeit of regulations.
The German financial sector “has reached its limits,” Mr Ackermann and other bankers, including Martin Blessing of Commerzbank, said in an unusually frank attack on politicians in Germany, where decisions are usually reached with strong consensus.
Lawmakers have proposed a series of measures to curb bank risk-taking or make them pay for future financial crises, including a levy on part of their balance sheets and a tax on transactions.
LSE in focus after Singapore move on Sydney exchange
October 25, 2010--Renewed sector consolidation hopes lifted the London Stock Exchange to a six-month high on Monday.
LSE was in demand on news that Singapore’s exchange offered to buy its Australian counterpart in a deal worth about £5.3bn
That valued the Australian Stock Exchange at 25 times its 2009 earnings. LSE by contrast trades at about 10 times earnings
NASDAQ OMX Launches World's Fastest Trading System for Its Nordic Derivatives Markets
World Premier for Genium INET, the Comprehensive Multi-Asset Trading and Clearing System
October 25, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) has launched Genium INET, the world's fastest trading system, in its Nordic cash and fixed income derivatives markets. Genium INET is a comprehensive multi-asset trading and clearing system, capable of delivering record-breaking performance with sub-100 microseconds average latency. In addition to powering NASDAQ OMX's own markets, this technology will also be part of its commercial exchange technology offering, giving NASDAQ OMX customers access to the fastest and most robust trading system in the world.
The Genium INET trading and clearing system combines rich functionality with record-breaking performance, high reliability and capacity. Genium INET and its backbone INET technology are capable of delivering an average sub-100 microseconds latency with a throughput of over 1,000,000 messages per second, making it the fastest trading system in the world.
Hans-Ole Jochumsen, President NASDAQ OMX Nordic, said, "NASDAQ OMX is committed to innovation through technology to ensure our position as a driving force in the exchange industry and to provide the best possible trading opportunities for our customers and investors. With the Genium INET launch we now extend the benefits of the world's fastest trading technology to our Nordic derivatives markets, thus further contributing to a stronger Nordic financial market. Based on our experience from our Nordic cash markets where INET was launched earlier this year, we expect increased interest in trading and improved market quality in Nordic derivatives products."
Anna Ewing, Chief Information Officer of NASDAQ OMX, said, "Genium INET highlights our commitment to designing and developing for a global environment while understanding the needs of local markets. Following the launch of Genium INET at our Nordic derivatives markets, we will be rolling out this high performance platform for our external customers ASX later this year and SGX in 2011."
Two New db x-trackers II Bond Index ETFs Launched on Xetra
October 25, 2010--Two additional db x-trackers II bond index funds from Deutsche Bank’s ETF offering have been tradable on Xetra® since Monday.
ETF name: db x-trackers II iBoxx € Liquid Corporate 100 Non-Financials Sub-Index TR ETF
Asset class: bond index ETF
ISIN: LU0484968655
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: iBoxx € Liquid Corporate 100 Non-Financials Sub-Index
ETF name: db x-trackers II iBoxx € Liquid Corporate 100 Financials Sub-Index TR ETF
Asset class: bond index ETF
ISIN: LU0484968812
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: iBoxx € Liquid Corporate 100 Financials Sub-Index
The two new ETFs are an additional way for investors to participate in the performance of euro-denominated corporate bonds; the first from issuers outside the financial sector (LU0484968655) and the second specifically from issuers in the financial sector (LU0484968812).
The product offering in Deutsche Börse’s XTF segment currently contains a total of 739 exchange-listed index funds, making it the largest offering of all European stock exchanges.
db x-trackers baut Produktpalette im Bereich
25. Oktober 2010.- db x-trackers hat 2 neue ETFs im Bereich Eurodenominierte
Unternehmensanleihen an der Deutschen Börse lanciert:
den db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total Return ETF, und
den db x-trackers II iBoxx® € Liquid Corporate 100 Non-Financials Sub-Index Total Return ETF
Die beiden Produkte erweitern die bestehende Palette an db x-trackers EURUnternehmensanleihen ETFs auf nunmehr drei Produkte, die verschiedene
Marktsegmente abbilden. Mit dieser Erweiterung ist db x-trackers der einzige ETF Anbieter in Europa, der ein Produkt ausschließlich auf Anleihen von Emittenten des Finanzsektors offeriert.
Beide ETFs haben eine Pauschalgebühr von 0,20 Prozent p.a. und sind an der Frankfurter Börse (Xetra) handelbar. Die jeweils abgebildeten Indizes werden von der International Index Company Limited berechnet und veröffentlicht und sind Teilindizes des iBoxx EUR Liquid Corporate 100 Index® auf den db x-trackers ETF im März diesen Jahres lanciert wurde1. Der Geschäftssitz der in den Indizes abgebildeten Emittenten spielt keine Rolle.
Das Underlying für den ersten ETF, der iBoxx® EUR Liquid Corporate 100 Financials Sub-Index, bildet unter Berücksichtigung von Neugewichtungskosten2 die Wertentwicklung von auf Euro lautenden Unternehmensanleihen aus dem liquiden Universum auf Euro lautender, von Emittenten aus dem Finanzsektor begebener Unternehmensschuldtitel ab. Die derzeitige Indexrendite beträgt 3,27% bei einer Duration von 3,93 Jahren. Derzeit bildet der Index Unternehmensanleihen von Emittenten in Australien, Dänemark, Frankreich, Deutschland, Irland, Italien, Niederlande, Norwegen, Schweden, der Schweiz, dem Vereinigten Königreich und den Vereinigten Staaten ab.3
Der zweite ETF ist an den iBoxx® EUR Liquid Corporate 100 Financials Sub-Index gekoppelt. Dieser Index bildet unter Berücksichtigung von Neugewichtungskosten4 die Wertentwicklung von auf Euro lautenden Unternehmensanleihen aus dem liquiden Universum auf Euro lautender, von nicht im Finanzsektor tätigen Emittenten begebener Unternehmensschuldtitel ab.
„Diese beiden ETFs ergänzen unsere bereits breit gefächerte Produktpalette auf den Markt für Unternehmenskredite, der sowohl Schuldverschreibungen als auch Kreditabsicherungen umfasst, um zwei interessante Bausteine. Besonders die Auflage des ETFs auf Anleihen von Emittenten des Finanzsektors zeigt erneut die Bereitschaft von db x-trackers noch nicht am Markt erhältliche Produkte zu emittieren um Investoren eine möglichst breit gefächerte Portfolioallokation zu erlauben.“ kommentiert Thorsten Michalik, verantwortlich für db xtrackers.
Wie alle ETFs der db x-trackers Palette werden auch die beiden neuen mit einer innovativen Swap-Struktur ausgestattet mit dem Ziel so die Abweichung zum zugrunde liegenden Index (Tracking Error) auf ein Minimum zu reduzieren. Es ist geplant mit Hilfe der Deutschen Bank als Market Maker die ETFs mit einem Maximum an Liquidität im Sekundärmarkt zu versehen. Im Rahmen des Market Makings wird darauf abgezielt die Preisquotierungen grundsätzlich zuverlässig am fairen Wert des ETFs auszurichten.
Überblick über die neuen db x-trackers ETF
Name:db x-trackers II iBoxx® € Liquid Corporate 100 Financials Sub-Index Total
Return ETF
Währung:EUR
Bloomberg
Ticker: XB4F
ISIN:LU0484968812
Jährliche Pauschalgebühr:0.20%
db x-trackers II iBoxx® € Liquid Corporate 100 Non- Financials Sub-Index Total
Return ETF
Währung:EUR
Bloomberg
Ticker: XB4N
ISIN:LU0484968655
Jährliche Pauschalgebühr:0.20%
1 Die Indizes beinhalten nicht notwendigerweise 100 Anleihen.
2 Bei der Berechnung des Schlussstands des Index am ersten Geschäftstag nach einer solchen Neugewichtung werden fiktiv Neugewichtungskosten in Höhe des 0,002-fachen des Schlussstands am Neugewichtungstag abgezogen.
3 Quelle: Markit, Stand: 19. Oktober 2010. (Wert-)Entwicklungen in der Vergangenheit sind kein verlässlicher Indikator für diekünftige (Wert-)Entwicklung.
4 Bei der Berechnung des Schlussstands des Index am ersten Geschäftstag nach einer solchen Neugewichtung werden fiktiv
Neugewichtungskosten in Höhe des 0,002-fachen des Schlussstands am Neugewichtungstag abgezogen.
5 Quelle: Markit, Stand: 19. Oktober 2010. (Wert-)Entwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die künftige (Wert-)Entwicklung.
