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Parliament stakes out its position on MiFID reform
December 14, 2010--Ahead of the Commission's review next year of the MiFID directive, the most wide-ranging EU law regulating trading venues and practices in the financial services sector, MEPs on Tuesday approved a resolution setting out Parliament's priorities on the matter.
The Markets in Financial Instruments Directive (MiFID), comes up for review in spring 2011. The main point of Parliament's resolution today is that both standard and non-standard trading venues should be supervised in a transparent way, with all venue users having access to similar information on the price formation process.
MiFID's success in reducing transaction costs has also resulted in trades slipping out of sight due to a fragmentation of trading among the proliferation of trading venues and the use made of the directive's exemptions, says the resolution authored by Kay Swinburne (ECR, UK).
More broadly, the resolution urges the Commission to give priority to limiting the build-up of risk.
More transparency and rules
When performing activities similar to those of other standard trading venues, broker crossing networks (BCNs), or bilateral trading systems, must be obliged to conform to the same rules as those for the standard venues, says the resolution, in a bid to close up certain loopholes to the MiFID directive. It also calls for all BCNs to be obliged to submit information about their activities to supervisory authorities to enable them to enforce the MiFID rules when this is deemed necessary.
The resolution asks ESMA to study the costs and benefits of high volume, high speed trading (algorithmic trading and high frequency trading (HFT)) on markets, look into the potential abusive manipulation of markets leading to an uneven playing field, and analyse the impact of these trading methods on overall market stability.
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Source: European Parliament
Kingdom of the Netherlands-The Netherlands: Financial Sector Assessment, Preliminary Conclusions by the Staff of the International Monetary Fund
December 14, 2010--Introduction
1. At the request of the Netherlands authorities a Financial Sector Assessment Program (FSAP) team led by the Monetary and Capital Markets Department of the IMF has visited the Netherlands between November 29 and December 14, 2010 in order to conduct an update of the Fund’s 2004 assessment of the soundness and stability of the Netherlands financial sector.
It has been the practice that such assessments are undertaken roughly every seven years.1 The following provides some initial findings from the mission. These findings are subject to further review, and will also serve as background to the Article IV discussions to be held with the IMF’s European Department in spring 2011.
2. The Netherlands has over the past decade introduced a financial sector supervisory model that is being studied closely in many countries. Prudential oversight of all financial institutions—banks, insurance and pension funds, and securities firms—is exercised by a single authority. This reflects the increasing interconnectedness of the various elements of the financial system, with large complex financial institutions (LCFIs) spanning the sector. In the Netherlands, the decision was made to place prudential supervision in the Netherlands Central Bank (DNB), leveraging on the synergies between the macro monitoring and micro supervisory aspects, as well as on its long-standing credibility. With regard to conduct-of-business supervision, the Financial Markets Authority (AFM) has a strong focus on market behavior and consumer/investor protection.
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Source: IMF
Scoach Frankfurt Launches Trading with Secured Certificates from Switzerland
Collateral Secured Instruments (COSI) minimize issuer default risk/ COSI in Germany only tradable on Scoach
December 14 2010-- Collateral secured certificates from Switzerland are now also tradable on Scoach, the Frankfurt exchange for structured products. The collateral deposited for these collateral secured instruments (COSI) minimizes counterparty risk for structured products. COSI enables investors to protect themselves against the possibility of issuer insolvency.
The issuer EFG Financial Products is offering COSI for the first time in Germany, exclusively on the Scoach trading platform. A total of 17 COSIs are currently tradable on Scoach in Frankfurt; the volume invested thus far amounts to €61.5 million.
For COSI, the issuer deposits collateral in the form of securities or cash at Swiss custodian SIX SIS. All depository rules of the SIX Swiss Exchange apply. The issuer has to align the value of the collateral to the certificate’s performance during its term. In the event of issuer insolvency, the collateral is sold to the benefit of the investor.
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Source: Scoach:
Government launches consultation on Simple Financial Products
December 14, 2010--The Financial Secretary to the Treasury, Mark Hoban MP, today announced the publication of a consultation document on Simple Financial Products. The consultation sets out proposals for financial products that will help promote personal responsibility, enable consumers to compare products and understand product features more clearly. The proposals will also help to encourage competition between providers.
Today’s consultation proposes:
industry and consumer-led development of a new category of simple financial products, with standardised features; that the first simple products to be developed should be deposit savings and life and income protection insurance products;
that simple products should not be subject to price-caps, and provision should be voluntary.
view the Simple financial products: a consultation
Source: HM Treasury
Christian Index licensed to Deutsche Bank
Faith based index for the European region will underlie exchange-traded fund
December 13, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced that the STOXX Europe Christian Index has been licensed to Deutsche Bank AG to serve as the underlying for an exchange-traded fund (ETF). The db x-trackers STOXX Europe Christian Index ETF is available on Xetra.
“The STOXX Europe Christian Index has been launched to meet market participants’ demand for a benchmark which measures the performance of European companies who act responsibly on an ethical, environmental, social and economical level and therefore according to the values of the Christian religion,” said Hartmut Graf, chief executive officer, STOXX Ltd. “By licensing the STOXX Europe Christian Index, Deutsche Bank offers the first ETF based on this index.”
“By licensing the STOXX Europe Christian Index for the latest addition to our ETF portfolio, we are adding a product which offers exposure to index components selected according to social and moral doctrines,” said Thorsten Michalik, global head of db x-trackers ETFs. “We know that for many investors, ethical aspects are closely linked to capital investment.”
Launched on April 26, 2010 in collaboration with Christian Brothers Investment Services, Inc., trading in Europe as CBIS Global, the STOXX Europe Christian Index is the first Christian equity index for the European region. It is meant to enable investors to participate in the performance of companies which are compliant with Christian moral and social doctrines.
To ensure the quality of the index and the integrity of the underlying index methodology, an independent committee has been established to define, build and implement the screening criteria. It is made up from experts of the Christian community, as well as members of the academic and investment community. To be included in the index, stocks must pass a set of screens for compliance with Christian values and principles. Excluded from the index are companies which do not meet predetermined tolerance levels for certain areas of activity, such as for example pornography, strategic and non-strategic weapons, birth control and gambling.
The index universe for the STOXX Europe Christian Index is defined as all stocks in the STOXX Europe 600 Index. The index is weighted by free-float adjusted market capitalization, and each component's weight is capped at 20% of the index's total free-float market capitalization. It is reviewed semi-annually in June and December. Daily history is available back to December 31, 2004. The STOXX Europe Christian Index is available in price and net return versions, and is calculated in Euro and U.S. Dollar (USD).
Further information on the STOXX Europe Christian Index is available at www.stoxx.com.
Source: STOXX
Two new db X-trackers ETFs Launched on Xetra
December 13, 2010-- Two new db X-trackers index funds from Deutsche Bank’s ETF offering have been tradable on Xetra since Monday.
ETF name: db x-trackers STOXX Europe Christian ETF (DR)
Asset class: equity index ETF
ISIN: IE00B3QWFQ10
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: STOXX Europe Christian Index
ETF name: db x-trackers Global Fund Supporters ETF (DR)
Asset class: equity index ETF
ISIN: IE00B46F7724
Total expense ratio: 0.25 percent
Distribution policy: distributing
Benchmark: Dow Jones Global Fund 50 Index
The db X-trackers ETF on the STOXX Europe Christian Index enables investors to participate for the first time in the performance of the European equity market taking Christian and social values into consideration. In order for an equity to be accepted into the index, it must be deemed compatible with Christian values and principles by an independent committee. Companies from the weapons, tobacco, alcohol, birth control and gambling sectors are barred.
The db X-trackers ETF on the Dow Jones Global Fund 50 Index enables investors to participate for the first time in the performance of the 50 companies with the largest market capitalisation that support the Global Fund. The Global Fund is the world’s largest multilateral financing institution supporting the prevention and treatment of tuberculosis, malaria and HIV.
Source: Deutsche Börse
UK's Financial Services Authority Chief Executive Outlines Progress In Reforming Supervisory Practices
December 13, 2010--In a speech today at Reuters in London, Financial Services Authority (FSA) CEO, Hector Sants, outlined the progress made on the design of the supervisory approach and internal preparation for the transition, in 2012, to the new regulatory structure and how the regulator is mitigating the risks a change programme of this scale undoubtedly creates.
In June 2010, the Chancellor announced the Government’s intention to create three new regulatory entities; the Prudential Regulation Authority (PRA), the Financial Policy Committee (FPC) and the Consumer Protection and Markets Authority (CPMA). Today’s speech outlined the regulatory philosophies that Sants expects the new entities to adopt.
In respect of the PRA, Sants outlined that the PRA will be more focused on reducing the impact of firm failure than the FSA has been and relatively less on reducing the probability of failure. This will require supervisors to make judgements on, among other things, the gross impact of firm failure, business plans, systems, controls, culture and governance, capital, liquidity and asset quality and, crucially, on resolution planning.
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Source: FSA.gov.uk
Poland makes headway on factoring pension costs in deficit
December 13, 2010--Poland has wrested significant concessions from the European Commission on factoring in pension costs in its public debt and deficit.
European Commission president Jose Manuel Barroso informed Poland's prime minister Donald Tusk on 10 December that his country would be able to offset the cost of its pensions reforms - the creation of a privately managed second-pillar pension system funded by a portion of wage contributions that would have otherwise gone to the state pay-as-you-go account - against its government budget deficit and public debt calculations.
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Source: All business
db X-trackers legt ETF auf zur Unterstützung der Behandlung von Aids, Tuberkulose und Malaria
December 13, 2010--db X-trackers, die Plattform der Deutschen Bank für
börsennotierte Indexfonds, hat einen sozial verantwortungsvollen ETF aufgelegt, der als erstes Produkt dieser Art in der Fondsbranche den Kampf gegen Aids, Tuberkulose und Malaria finanziell unterstützt.
Der db x-trackers Global Fund Supporters ETF (DR), der die Wertenwicklung des Dow Jones Global Fund 50 Index to Fight AIDS, Tuberculosis and Malaria™ abbildet, wurde heute an der Deutschen Börse gelistet. Der Index verfolgt die
Wertentwicklung der größten börsennotierten Unternehmen, die die Ziele des Global Fund unterstützen.
Die Einnahmen von db X-trackers aus der Managementvergütung, nach Abzug der Kosten für die Verwaltung des Fonds, fließen an den Global Fund. Der Global Fund ist eine einzigartige Partnerschaft von privaten und öffentlich-rechtlichen Institutionen, die sich dazu verpflichtet haben, finanzielle Mittel zu sammeln und weiterzuleiten, um Vorsorge und Behandlung von Aids, Tuberkulose und Malaria zu unterstützen. Bis heute hat Global Fund 19,3 Milliarden US-Dollar in 144 Ländern bereitgestellt, um Vorsorge- und Behandlungsprojekte in großem Maßstab zu unterstützen.
„Indem wir den Dow Jones Global Fund 50 Index als ETF verfügbar machen, wird er für jeden investierbar. Wir unterstützen den Global Fund und sein Bemühen voll und ganz, diese Krankheiten zu bekämpfen. Daher freuen wir uns, mit den direkten Einnahmen aus dem ETF einen Beitrag dazu leisten zu können“, sagt Thorsten Michalik, verantwortlich für db X-trackers. „Wir haben hohe Zuflüsse in unsere ETFs gesehen, seit wir 2007 gestartet sind. Angesichts der steigenden Zahl an Investoren in unsere Produkte und der steigenden Zahl an Investoren, die sich nach sozial verantwortungsvollen Kriterien richten, sind wir überzeugt, dass der db x-trackers Global Fund Supporters ETF ein Erfolg sein wird.“
Der Dow Jones Global Fund 50 Index ist aus einer Zusammenarbeit zwischen dem Indexanbieter Dow Jones und dem Global Fund entstanden. Da der Dow Jones Global 50 Index stark mit anderen weltweiten Bluechip-Aktienindizes korreliert ist, eignet er sich als Alternative für Investoren, die ihre Anlagestrategie beibehalten und gleichzeitig einen guten Zweck unterstützen wollen.
db x-trackers Global Fund Supporters ETF (DR) : Auf einen Blick
Name:db x-trackers Global Fund Supporters ETF
(DR)
Fondswährung:EUR
Bloomberg
Ticker: XGED GY
ISIN: IE00B46F7724
Jährliche Pauschalgebühr: 0,25%
Index Bloomberg Ticker: DJGF50
Source: db X-trackers
db X-trackers listet erste ETFs mit physischer Abbildung des unterliegenden Index
November 13, 2010--db X-trackers, die Plattform der Deutschen Bank für
börsennotierte Indexfonds, hat auf Kundenwunsch erstmals zwei Exchange Traded Funds (ETFs) aufgelegt, die den jeweiligen unterliegenden Index direkt abbilden. Die ETFs zielen darauf ab, die Wertentwicklung des Index vor Gebühren und Aufwendungen abzubilden, indem sie in ein Portfolio liquider Wertpapiere investieren, das alle im Index enthaltenen Wertpapiere oder eine repräsentative Auswahl davon umfasst.
Die ersten beiden Exchange Traded Funds der Deutschen Bank mit direkter
Indexabbildung werden heute an der Deutschen Börse auf Xetra gelistet. Der db xtrackers Global Fund Supporters ETF (DR) bildet die Wertentwicklung des Dow
Jones Global Fund 50 Index to Fight AIDS, Tuberculosis and MalariaSM ab. Der db x-trackers STOXX® Europe Christian Index ETF (DR) bildet die Wertentwicklung des STOXX® Europe Christian Index ab.
Wir werden in Einzelfällen bei entsprechender Kundennachfrage voll replizierende ETFs anbieten, jedoch steht db X-trackers weiterhin ohne Einschränkungen hinter der synthetischen Replikation“, sagt Thorsten Michalik, verantwortlich für db Xtrackers. Beispielsweise werden voll replizierende ETFs nachgefragt, da durch Investments in bestehende Produkte die internen Anlagegrenzen des Investors bereits ausgeschöpft sein könnten. Voll replizierende ETFs können für bestimmte Anlegergruppen unter Umständen steuerliche Vorteile besitzen. Zudem gibt es einzelne Anlegergruppen, deren Anlagerichtlinien den Einsatz von Derivaten in Fonds nicht zulassen. ETFs von db X-trackers mit physischer Indexabbildung tragen die Abkürzung „DR“ für „Direct Replication“ im Namen.
Bei allen bisherigen 160 ETFs wendet db X-trackers die Methode der synthetischenReplikation an. Die Wertentwicklung des Index wird auf der Seite des Swap-Partners Deutsche Bank generiert. Über eine Swap-Vereinbarung wird die Indexrendite getauscht mit der Performance der Wertpapiere im ETF, so dass sich der ETF fast identisch zum unterliegenden Index entwickelt. Das mit dem Swap verbundene Kontrahentenrisiko wird minimiert, indem die Deutsche Bank deutlich unter dem maximalen Kontrahentenrisko von zehn Prozent bleibt oder bei einer Depotbank Wertpapiere als Sicherheit hinterlegt. Nach einer Analyse von Deutsche Bank Index Research, London, wenden rund zwei Drittel aller seit 2009neu aufgelegten ETFs die Methode des synthetischen Indexreplikation an.
Source: db X-trackers
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