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EU to rein in commodity speculation
September 20, 2010--Reforming commodities markets to curb speculation activity will be a key aim for Brussels officials as they overhaul the rules for trading in Europe during the coming months.
EU internal market commissioner Michel Barnier said on Monday he planned to use the review of the Markets in Financial Instruments directive and the Market Abuse directive to tackle what officials view as dangerous price volatility.
iShares launches its first swap-based ETFs
September 20, 2010--iShares has launched its first swap-based ETFs offering exposure to multiple counterparties in a bid to minimise counterparty risk.
The iShares MSCI Russia Swap ETF will track the MSCI Russia Capped Index, while the iShares S&P CNX Nifty India Swap ETF will track the S&P CNX Nifty India Index.
RBS, UBS and Credit Suisse are all counterparties to the products, which aim to provide exposure to indices that physical-based ETFs cannot.
Axel Lomholt, head of product development at iShares EMEA, said the new swap-based ETFs would allow investors to avoid the liquidity constraints which exist in certain markets.
Barclays Wealth unveils risk-rated fund range
September 20, 2010--Barclays Wealth has unveiled the full details of its new global markets proposition, saying the multi-asset range will consist of five risk-rated funds that will invest only in exchange-traded funds.
The group says the UK-domiciled Oeics will offer ultra-low fees and tap into the trend in the IFA market towards outsourcing asset allocation work ahead of the Retail Distribution Review.
First Source hedge fund ETF launched on Xetra
September 17, 2010-- A new exchange-traded index fund issued by Source has been tradable in Deutsche Börse’s XTF segment since Friday.
ETF name: BofAML Hedge Fund Factor Euro Source ETF
Asset class: equity index ETF
ISIN: IE00B3NY0D27
Management fee: 0.70 percent
Distribution policy: non-distributing
Benchmark: ML Factor Model (EUR Adjusted) Index
The BofAML Hedge Fund Factor Euro Source ETF tracks the performance of the Merrill Lynch Factor Model Index with currency hedging. The index measures the performance of a hypothetical investment portfolio that comprises renowned and liquid equities from the following indices: S&P 500, Russell 2000, MSCI EAFE and MSCI Emerging Markets. The investment portfolio can enter both long and short positions and is adjusted every month. The composition of the portfolio is based on the algorithms of Merrill Lynch International with the objective of tracking the Hedge Fund Research Inc. Weighted Composite Index.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 703 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €14 billion, makes Xetra Europe’s leading trading venue for ETFs.
DB Global Equity Index & ETF Research : European Weekly ETP Review: ETFs in all Flavors- 38 New Listings Across Europe
September 17, 2010--Net Cash flows
The market temperature remained on positive figures for second week in a row after a series of weeks in the downside. The Euro Stoxx 50 index was up 1.2%, the CAC 40 index was up by 1.5%, the DAX index rose by 1.3% and the FTSE 100 did alike, up by 1.4%. The Euro was down against the US Dollar by 1.7% while the price of gold (USD/oz) remained flat on the week ending on September 10th 2010
Weekly total European ETP inflows totaled €759 million (vs. €1.0 billion inflow in previous week). Flows remain moderate with more than €2.0 billion pouring into European ETPs during the last three weeks.
Equity ETPs experienced inflows of €626 million (vs. €560 million inflow last week). Fixed Income saw almost-flat inflows of €14 million (vs. €418 million inflow last week). Commodity ETPs registered inflows of €103 million inflow (vs. €139 million inflow during the previous week).
Equity ETF inflows were driven by investment in Emerging Markets Regional equity indices (€199 million), while Leveraged Long ETFs (€87 million) and Other Thematic ETFs (€42 million) experienced outflows.
Fixed income flows were very timid with no major significant flows overall. Sovereign ETPs received the largest inflows (€66 million) and Money Market ETPs experienced the largest outflows (€85 million).
Commodity ETP inflows were driven by Broad Benchmarked Commodity (€58 million) and Natural Gas (€57 million) products, while Copper (€11 million) and Gold (€10 million) related ETPs ranked among the largest outflows.
New Listings
The listing calendar was back in full with 6 new products and 32 new cross listings, across four different trading venues. These new alternatives, brought to the market by four issuers, range from equity products tracking developed and emerging markets at a country and regional level both inside and outside Europe to fixed income ETPs tracking the returns of Euro-Country Government debt and Cash. The new offering also includes a handful of Strategy products as well.
Turnover
On-exchange daily average ETP turnover for this week declined by 2.2%, to €1.70 billion.
Average daily equity ETF turnover declined by 2.7%, reaching €1.24 billion. Fixed Income ETF turnover decreased by 2.3%, reaching €208 million. Commodity turnover was up by 0.7%, to €238 million.
Assets Under Management (AUM)
European ETP assets were up 1.6% in line with the European equity markets performance, finishing the week at €205.9 billion. Year to date, European ETP AUM are up by 21.0%.
Private equity faces EU curbs on asset stripping
EU president says more talks on new rules this month
Britain concerned with EU compromise so far
UK regulator watching hedge funds for systemic risks
September 17, 2010--Private equity groups face curbs on asset stripping as part of efforts to end a logjam over new European Union rules to regulate alternative funds, EU president Belgium said on Thursday.
The alternative investment fund managers directive (AIFM) has been bogged down for months as EU governments and the European Parliament fail to agree on a common text.
Didier Reynders, finance minister for EU presidency Belgium, said there will more talks later this month in a bid to reach a deal before parliament votes in early October. The EU is already trailing the United States in implementing global pledges to crack down on hedge funds.
SIX Swiss Exchange celebrates tenth anniversary of its ETF segment
Impressive growth ever since the start – best conditions for the success story to continue.
September 17, 2010--As one of the first European exchanges to do so, SIX Swiss Exchange launched an ETF trading segment on 18 September 2000. Over the past ten years, through good markets and bad, this segment has recorded impressive growth in all respects and in practically all market situations.
Year after year, trading turnover in the ETF segment of SIX Swiss Exchange has registered new highs. In 2009, it totaled more than CHF 50 billion, and a new record can be expected yet again this year. The number of available products has also increased continually. In recent years, this growth has even accelerated: alone in 2010, more than 200 new ETFs have been listed thus far, thereby exceeding the collective total for the years 2000 through 2008.
During the course of their successful growth, ETFs have moved on from just covering stock indices to now include other asset classes such as government and corporate bonds, the money market, commodities and real estate investment companies. And an ever-increasing array of regions and countries, corporate sectors, investment strategies as well as investment segments and themes are being addressed by an expanding number of issuers.
In step with the market growth of the ETF segment on SIX Swiss Exchange, liquidity has also increased steadily. The broadening circle of market makers has led to narrower spreads between bid and ask prices, even as competition between the ever-growing number of issuers has had a favorable influence on cost developments as well as spurred product innovation and diversity.
United Kingdom Country Analysis Brief-U.S. Energy Information Administration
September 17, 2010--Background
The United Kingdom (UK) is the largest producer of oil and second-largest producer of natural gas in the European Union (EU). After years of being a net exporter of both fuels, the UK became a net importer of natural gas and crude oil in 2004 and 2005, respectively. Production from UK oil and natural gas fields peaked in the late 1990s and has declined steadily over the past several years, as the discovery of new reserves has not kept pace with the maturation of existing fields.
In response, the government has begun a three-pronged approach to address the predicted domestic shortfalls: 1) increasing domestic production; 2) establishing necessary import infrastructure, such as liquefied natural gas (LNG) receiving terminals and transnational pipelines; and 3) investing in energy conservation and renewables.
Oil
According to Oil and Gas Journal (OGJ), the UK had 3.1 billion barrels of proven crude oil reserves in 2010, the most of any EU member country. In 2009, the UK produced 1.5 million barrels per day (bbl/d) and consumed 1.7 million bbl/d of oil.
Exploration and Production
The UK Continental Shelf (UKCS), located in the North Sea off the eastern coast of the UK, contains the bulk of the country's oil reserves. There are also sizable reserves in the North Sea north and west of the Shetland Islands. Besides these offshore assets, the UK also has the Wytch Farm field located in the Wessex Basin, the largest onshore oil field in Europe, which has produced more than 400 million barrels of oil over its 35-year life.
Turkey to engineer drought-resistant grain
September 17, 2010--Turkey will engage in research to produce a drought-resistant strain of grain at an agricultural research and development unit to be established in the central province of Konya next month.
The Ministry of Agriculture and Rural Affairs will launch the Drought Test Center in Konya where research on the water utilization capacity of various kinds of wheat and barley will be conducted to isolate the most drought-resistant strain, whose ability to withstand water shortages will be genetically enhanced.
Stocks to be included in ISE Stock Indices between 10/1/2010 – 12/31/2010
September 16, 2010--ISE 100, ISE 50, ISE 30 and ISE Banks 10 indices will be revised as shown in the table, for the fourth quarter of 2010 (10/1/2010 – 12/31/2010):
| Stocks to be included in ISE 100 Index | Stocks to excluded from ISE 100 Index | Substitute stocks for ISE 100 Index | ||||
| KENT GIDA KEREV?TA? GIDA MARSHALL BE??KTA? FUTBOL YATIRIMLARI | TAT KONSERVE ANADOLU HAYAT EMEKL?L?K COCA COLA ?ÇECEK GOLDA? KUYUMCULUK | BOYNER MA?AZACILIK TRABZONSPOR SPORT?F BOSCH FREN S?STEMLER? BR?SA Y ve Y GMYO | ||||
| Stocks to be included in ISE 50 Index |
