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DB Global Equity Index & ETF Research : European Weekly ETP Review: ETF investors return to the European equity market
December 17, 2010--Assets Under Management (AUM)
European ETP assets rose by 1.8% for the week that ended on December 10 2010, reaching €226.8 billion. This represented a rise of €4.0 billion. ETFs added €3.9 billion, representing a rise of 1.9% week over week. ETCs added € 102 million, representing a rise of 0.5% week over week.
Year to date, European ETP AUM rose by 33.7%, adding €57.1 billion. ETFs added €51.0 billion, representing a rise of 32%, while ETCs added 7.1 billion, representing a rise of 60%.
New Launch Calendar: Emerging markets and industrial metals
*The product launch calendar continued strong with eight new ETF and three new ETC launches by four providers. The London Stock Exchange hosted eight out of the eleven new products.
*ETF Securities launched one ETF under its ETFX platform and three ETCs under its ETFS platform. The ETFX AMX® equity ETF is listed on the NYSE Euronext Amsterdam and has a TER of 0.35%. It aims to provide exposure to the equity markets in the Netherlands by replicating the performance of the AMX index.
ETF Securities also launched three industrial metal ETFs on the London Stock Exchange. The three ETCs track the price of copper, nickel and tin and they are physically backed by metal stored at London Metal Exchange. They offer return equivalent to movements in the LME cash settlement respective price less fees of 0.81% for each ETC.
Source launched three ETFs benchmarked to emerging market single country benchmarks. The ETFs are registered on the London Stock Exchange and they track MSCI Brazil, MSCI China and MSCI India and the first two have TERs of 0.65% while the latter has a TER of 0.85%.
Amundi launched two emerging market ETFs, one equity ETF tracking the MSCI Emerging Markets index and one fixed income ETF tracking the Global Emerging Bond Markit index. The ETFs are listed on the NYSE Euronext Paris and they have TERs of 0.30% and 0.45% respectively.
HSBC also launched two new ETFs, one tracking MSCI World and a second tracking MSCI Turkey. Both ETFs were listed on the London Stock Exchange and they have TERs of 0.35% and 0.60% each. Both of these ETFs have been cross listed on the London Stock Exchange.
On-exchange turnover: Declined across the board
Average rolling 22-day on-exchange ETP turnover fell by 3.2% to €2.36 billion. The decrease was reflected in trading patterns governing all three major asset classes. Equity ETF turnover fell by 3.5%, to €1.76 billion. Fixed Income ETF turnover was down by 3.3%, to €232 million. Commodity ETP turnover fell by 1.9%, to €356 million.
Investment Outlook: Very strong European equity inflows define the week
It was a very good week overall for equities, with all of the major European indices finishing with sharp gains. The ETF market reflected the bullish conditions with very strong equity inflows. The Euro Stoxx 50 index: rose by 2.1%, the CAC 40 index rose by 2.9%, the DAX index rose by 0.8% and the FTSE 100: was up by 1.2%. Gold’s upward price trajectory was reversed with the US dollar/oz price falling by 2.0%.
Cash flow patterns showed strong directionality and a very different mood from the week that ended on December 3 2010. Total inflows for the week that finished on December 10 2010 totaled €2.1 billion (vs. €1.3 billion inflow in the previous week), signaling one of the strongest weeks of the year. Equity ETFs led the way with €1.7 billion (vs. €780 million inflow last week), fixed Income netted inflows of €106 million (vs. €408 million inflow last week) and commodities gathered new flows of €258 million (vs. €75 million inflow during previous week.)
European major equity index ETF investors left the strongest mark for the week, with over €1 billion flowing into European equity indices. Emerging markets continued to attract attention at levels comparable to recent weeks, netting a total of €365 million of inflows.
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Source: DB Global Equity Index & ETF Research
Risk control indices an attractive tool in uncertain markets, says S&P
December 17, 2010--S&P Indices says its risk control index family can be an attractive new tool for European investors, given uncertain and volatile investment conditions.
There has been significant growth in structured product issuance since the launch of the S&P Risk Control Series in early 2010.
The risk control concept seeks to provide a visible and straightforward control which can be reflected in cost effective investment products.
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Source: ETF Express
BME Supports The Conclusions Of The Report About The Reform Of Clearing And Settlement In Spain
December 17, 2010--BME has actively participated in the Comité de Seguimiento (Steering Committee), which has analysed certain aspects of post-trading
The Spanish clearing, settlement and registration model has proved its renowned robustness
Interesting business opportunities open up for BME
BME supports the clearing and settlement reform in Spain, whose basic aspects have been announced today by the Comisión Nacional del Mercado de Valores (CNMV), Spain’s stock market regulator. BME has been a member of the Steering Committee, created to examine the reform, and has actively participated in the work it has carried out in 2010.
Over the almost 20 years it has operated, the Spanish clearing, settlement and registration model has proved its security, and it boasts a renowned robustness
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Source: Mondovisione
NASDAQ OMX Launches Finnish Sustainability Index - New Finnish Index With Top 40 Companies In Terms Of Environmental, Social And Governance Responsibility
New Finnish index with top 40 companies in terms of environmental, social and governance responsibility
December 17, 2010-- NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces it will launch a Finnish Sustainability Index, OMX GES Finland Sustainability Index. It is a benchmark index which comprises the 40 leading Finnish listed companies in terms of sustainability. The index criteria are based upon international guidelines for environmental, social and governance (ESG) issues and supports investor considerations to the UN Principles for Responsible Investment (PRI).
The assessment is conducted by GES Investment Services, Northern Europe's leading research and service provider for Responsible Investment. The most traded companies are rated by GES Investment Services on their preparedness in ESG issues.
The OMX GES Finland Sustainability Index is designed to provide investors with a liquid, objective and reliable benchmark for responsible investments. It also ensures that investor portfolios are up to date to meet the globally recognized sustainability criteria as these evolve.
"We have seen continuously growing demand for sustainability investments in the Nordic region, and we are therefore very pleased to add Finland to our existing Nordic Sustainability Index Family", said Magdalena Hartman, Vice President, NASDAQ OMX Index Group. "NASDAQ OMX is committed to provide these investors with an independent and reliable benchmark for the Nordic sustainability portfolios", she said.
"There is a very active debate on Responsible Investment in Finland and an increasing number of investors have signed the UNPRI. In order to help them find tools to comply with the principles, NASDAQ OMX and GES have created this index upon direct client demand", said Fredric Nyström, Key Account Manager, GES Investment Services.
NASDAQ OMX and GES already provide two sustainability indexes based on the Nordic and the Swedish markets, respectively, as well as six ethical indexes. The OMX GES Sustainability Index Series now consists of:
OMX GES Sustainability Nordic Index
OMX GES Sustainability Sweden Index
OMX GES Sustainability Finland Index
For more information about OMX GES Sustainability Indexes visit: https://indexes.nasdaqomx.com/Data.aspx?IndexSymbol=OMXSUSTAINFIGI -
Source: NASDAQ OMX
Turkey's largest pension scheme launches BRIC investment fund
December 17, 2010--Anadolu Hayat ve Emeklilik, Turkey's largest pension fund in terms of assets under management, has launched a fund investing in companies active in BRIC countries.
The fund is the first of its kind in the Turkish private pensions industry, where the majority of the over 130 investment funds are still invested in domestic bonds.
Mete Ugurlu, general manager of Anadolu Hayat ve Emeklilik, which currently manages total assets of TRY2.57bn (€1.27bn), said the new fund will contribute to the maturation of the local private pension landscape.
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Source: IP&E
Borsa Italiana ETF Stat November 2010
December 16, 2010--The Borsa Italiana ETF Stat report for November 2010 is now available.
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Source: Borsa Italiana
Aluminum Inventories Are Growing Off London Metal Exchange, Trafigura Says
December 16, 2010--Aluminum traders may be storing more metal outside warehouses monitored by the London Metal Exchange “so it’s not as apparent as it could be” before the introduction of an exchange-traded fund in the metal, according to Simon Collins, head of refined metals at Trafigura Beheer BV in Lucerne, Switzerland.
Aluminum was considered the most likely industrial metal used to back an exchange-traded product, partly because more of it is produced than other non-ferrous metals combined, a Bloomberg survey in October showed. Global inventories of the metal are at least 10 million metric tons, with about 4.3 million tons in LME-monitored warehouses, Collins said.
“You have more and more inventory, and more financing costs for that inventory, effectively because of the delay in the ETF,” Collins said...
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Source: Bloomberg
European Systemic Risk Board Established
December 16, 2010--The legislation establishing the European Systemic Risk Board (ESRB) came into force today. The seat of the ESRB is in Frankfurt am Main and its Secretariat is ensured by the European Central Bank (ECB).
The ESRB is an independent EU body responsible for the macro-prudential oversight of the financial system within the Union. It shall contribute to the prevention or mitigation of systemic risks to financial stability in the Union that arise from developments within the financial system. The ESRB shall also contribute to the smooth functioning of the internal market and thereby ensure a sustainable contribution of the financial sector to economic growth.
As foreseen in the legislation, the Chair of the ESRB is the President of the European Central Bank, Mr Jean-Claude Trichet. Mr Mervyn King, Governor of the Bank of England, was elected today as first Vice-Chair of the ESRB by the members of the General Council of the ECB.
The General Board of the ESRB will have its inaugural meeting on 20 January 2011.
Source: ECB
Turkey to reduce withholding on bonds sold abroad to zero
December 16, 2010--Turkey’s finance minister said on Thursday that Turkey would cut the withholding rate on Turkish bonds sold abroad with maturities of five years or greater.
Finance Minister Mehmet ?im?ek told an Anatolia news agency correspondent on Thursday that Turkish companies and banks have plans -- which some have already implemented -- to issue bonds in Turkey and foreign countries to raise funds to finance their investments and other activities.
The finance minister said his ministry has prepared a draft regulation to reduce the withholding rate of five-year and longer bonds sold abroad from 10 percent down to zero percent. “The government is also planning to reduce the banking and insurance transactions tax [BSMV] on Turkish Lira denominated bonds issued in Turkey from 5 percent to 1 percent,” ?im?ek said.
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Source: Todays Zaman
New Markets and New Arrangements in the ISE Bonds and Bills Market and ISE Foreign Securities Market
December 16, 2010--Istanbul Stock Exchange (ISE) has announced the launch of new sub-markets and a series of new arrangements for the ISE Bonds and Bills Market and the ISE Foreign Securities Market, effective from today.
Within the framework of these new arrangements;
A new repo market called “Repo Market for Specified Securities” opens today, in addition to the Repo/Reverse Repo Market that has been in operation for seventeen years.
In addition to government debt securities, ISE-listed private sector borrowing instruments are subject to repo transactions on the Repo Market for Specified Securities. On the Market, repo transactions will be based on the specific securities agreed upon by the buying and selling parties, while such securities will not be blocked following the trade and therefore, will be available for use of the buying party during the maturity term of the repo. At maturity, the buying party will deliver the corresponding amount of the securities subject to trade to the ISE Settlement and Custody Bank (Takasbank), to be transferred to the selling party.
Radical changes are going into force in the ISE Bonds and Bills Market risk management system today. The risk management system that has so far been used in the ISE Bonds and Bills Market sub-markets based on fixed rate collateralization is converted into a dynamic risk management system based on daily evaluation. This new structure allows trading at lower cost for same value date transactions which are subject to a lower risk of price change, and therefore require less collateral, while permitting dynamic risk monitoring through daily evaluations for future date transactions which carry a higher risk of price change. Consequently, different amounts of collateral will be required for securities that are subject to different price change risks.
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Source: Istanbul Stock Exchange (ISE)
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