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EU disarray makes it easy for carbon credits hackers
January 20, 2011-- Europe boasts that its control of polluting rights makes it a leading light in moves to save the planet, but patchwork national systems for trading carbon credits have simply left hackers licking their lips.
As of 7:00 pm on Wednesday (1800 GMT), the EU Emissions Trading Scheme (ETS), which allows around 12,000 companies including huge multinationals to buy and sell rights to pump industrial gases into the atmosphere, now and in the future, has been shut down.
It won't re-open for a week after cyber criminals scuttled in and swiped two million "certificates" -- free polluting permits issued by national European Union governments that are currently worth some 14 euros each.
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Source: EUbusiness
Three new UBS ETFs launched on Xetra
January 19, 2011-- Since Wednesday three further ETFs issued by UBS ETFs plc have been tradable in Deutsche Börse’s XTF segment. They are based on the HFRX Global Hedge Fund Index.
ETF name: UBS ETFs plc HFRX Global Hedge Fund Index SF (EUR) A-acc
Asset class: equity index ETF
ISIN: IE00B54DDP56
Total expense ratio: 2.00 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: euro
ETF name: UBS ETFs plc HFRX Global Hedge Fund Index SF (USD) A-acc
Asset class: equity index ETF
ISIN: IE00B53PTF40
Total expense ratio: 2.00 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: US dollar
ETF name: UBS ETFs plc HFRX Global Hedge Fund Index SF (USD) A-acc
Asset class: equity index ETF
ISIN: IE00B55LFL81
Total expense ratio: 1.50 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: US dollar
These three UBS ETFs enable investors to participate in the performance of the HFRX Global Hedge Fund Index in the fund and trading currency euro and US dollar. The composition of the underlying index represents the entire hedge fund universe, comprising all available hedge fund strategies, including convertible arbitrage (exploiting differences in valuation between convertible bonds and equities), distressed securities (investing in companies in financial or operational difficulty) and equity hedge (simultaneously buying undervalued equities and selling overvalued equities). The different strategies are weighted to reflect the distribution of assets in the hedge fund sector. The UBS ETFs plc HFRX Global Hedge Fund Index SF – (USD) I-acc is aimed primarily at institutional investors.
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, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 14-Jan-2011
January 19, 2011--For the week ending 14 January 2011, there were US$138.5 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in oil and gas with US$79.5 Mn followed by food and beverage with US$53.0 Mn net inflows while automobiles and parts experienced net outflows of US$77.3 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$168.5 Mn net inflows. Oil and gas has seen the largest net inflows with US$101.3 Mn, followed by banks with US$61.2 Mn net inflows while automobiles and parts experienced the largest net outflows with US$94.4 Mn.
As of 14 January 2011, there is US$10.0 Bn AUM invested in the STOXX sector ETFs which is more than double the US$4.3 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
Two new BBVA ETFs to start trading on the Spanish Stock Exchange tomorrow
January 19, 2011--The Spanish Stock Exchange will tomorrow start trading two new exchange traded funds (ETFs) issued by BBVA Asset Management: ACCIÓN IBEX 35 INVERSO ETF and BBVA IBOXX EURO SOVEREIGNS 3-5 AÑOS SHORT INDEX ETF.
These issues bring the number of ETFs listed on the Spanish stock exchange to 65, thus significantly increasing the number of strategy ETFs, that is, those whose underlying assets are short or leveraged indices.
The trading volume in 2010 totaled €5.96 billion, up 72% year on year and the total number of trades in ETFs during the same period reached 63,154, up 24.3% from 2009.
Source: BMEX
Financial services: additional legislative proposal to complete the framework for financial supervision in Europe
January 19, 2011--Following the launch of the three new European Supervisory Authorities on 1 January 2011 (MEMO/11/1), the Commission now proposes to make targeted changes to legislation in the area of insurance and securities regulation to ensure that the new Authorities can work effectively. In particular, the proposal sets out in detail the scope for the Authorities to exercise their powers, which include the possibility to develop draft technical standards and to settle disagreements between national supervisors. The proposed directive will now be sent to the Council and the European Parliament for consideration.
Internal Market and Services Commissioner Michel Barnier said: "The financial crisis in Europe exposed weaknesses in the supervision of financial markets, which the new EU financial supervisory structure intends to correct. Today's proposal is an important building block to ensure that the new supervisory bodies will run smoothly. By giving the new supervisors a clearly defined mandate and bringing existing legislation in line with that mandate, the Commission further delivers on the promise of creating more solid and stable markets and mitigating future crises."
Today's proposal complements a package of legislative acts on financial supervision which were agreed on 22 September 2010 and which entered into force on 1 January 2011, creating a new architecture for supervision at European level with three new European Supervisory Authorities (ESAs). The ESAs, which replace the former European Committees for the banking, securities and insurance and occupational pensions sectors1, are the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA). In cooperation and coordination with nationally-based supervisors, the ESAs are in place to ensure that rules are applied in a rigorous and consistent fashion throughout the European Union, to monitor developments within the financial system as well as to detect potential risks to financial stability.
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Source: Europa
iShares lists first currency hedged equity ETFs on NYSE Euronext
January 19, 2011--– NYSE Euronext is pleased to announce that iShares, the Exchange Traded Fund (ETF) platform of BlackRock, Inc. today has listed three Currency Hedged Equity ETFs on its Amsterdam market. These currency hedged ETFs enable investors to invest internationally and hedge currency exposure in one trade, without having to monitor and maintain a currency hedge. These ETFs are the first of its kind on NYSE Euronext.
In addition, iShares listed the iShares MSCI USA, which invests in the MSCI USA Index, one of the most popular benchmarks for institutional investors seeking exposure to the U.S. equity market.
The funds track some of iShares most popular and traded global indices offered by MSCI and Standard and Poor’s:
• iShares MSCI Japan Monthly EUR Hedged
iShares MSCI World Monthly EUR Hedged
iShares SP500 Monthly EUR Hedged
iShares MSCI USA
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Source: NYSE Euronext
Sweden economy: recovery on track but long-term unemployment a key challenge
January 19, 2011-- Sweden is expected to continue to recover strongly from the recession as high saving, low interest rates and an improving jobs market encourage consumers to step up spending, according to the OECD’s latest Economic Survey of the country.
Investment is set to expand on the back of export growth and consumer price inflation is expected to be subdued as wage pressures remain moderate. But as a small open market economy, Sweden is still exposed to conditions in external markets.
The OECD says Sweden’s relatively low public debt and sizeable budget surplus helped the authorities tackle the crisis without storing up long-term problems for government finances. Looking ahead, stimulus measures and support to the financial system need to be scaled back as economic recovery unfolds.
view Economic Survey of Sweden 2011
Source: OECD
Europe securities face downgrades
January 18, 2011--Nearly half of all European securitisations could be downgraded following changes in the criteria Standard & Poor’s uses to measure the creditworthiness of deals.
The criteria, which cover how third parties involved in deals are evaluated, are global but the new changes will more heavily affect European deals because of their higher use of counterparties to provide interest rate and currency swaps.
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Source: FT.com
Renewables 'could supply 99.5% of power by 2050'
January 18, 2011--Renewable energies could furnish 99.5 percent of European Union electricity needs by 2050 if nuclear loses its priority access to distribution networks, Greenpeace said in a report released Tuesday.
The environmental campaigners said that windfarms are "often stopped in peak production periods to give priority access" to electricity generated by nuclear reactors and coal-fired power stations.
Greenpeace researchers said that solar energy in Europe's south and wind energy from the north could supply 68 percent of the 27-nation EU's electricity needs in 2030 and 99.5 percent by the middle of the century.
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Source: EUbusiness
ESMA finds diversity across Europe in regulators’ contingency measures for financial crisis situations
January 18, 2011--ESMA publishes today a summary of a pan-European mapping on contingency measures (Ref. ESMA/11-
26). In December 2009, a mapping exercise was launched under CESR in order to provide a better
understanding on how national authorities in the financial sector across Europe, are equipped to deal with
emerging crisis situations and apply contingency measures available to them at national level, in times of
financial crisis. This work will help to ensure better co-ordination in future crisis situations under ESMA.
The mapping carried out by the Review Panel, ESMA’s peer pressure group, contributes to achieving
increased supervisory convergence amongst national authorities.
Jean Guill, Member of the Management Board of ESMA, Chair of the Luxembourg Commission de Surveillance du Secteur Financier (CSSF), and Chair of ESMA’s Review Panel that conducted the mapping, stated:
“Today’s publication shows the importance of creating a common legal basis in order to enable national supervisors to act in a co-ordinated way in times of financial crisis and also in order for ESMA to succeed in effectively facilitating and co-ordinating the response in a crisis situation. To enable both ESMA and national supervisors to effectively fulfil their functions and roles, should a crisis arise, further steps seem to be necessary in order to vest competent authorities with suitable tools to address in a common way future situations that constitute or might lead to a crisis. This work therefore provides a useful foundation for consideration by Member States and EU Institutions.”
read Summary of the report on the mapping of contingency measures
Source: ESMA
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