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DB Global Equity Index & ETF Research : European Weekly ETP Review: Markets back to positive figures
September 10, 2010--Net Cash flows
After some weeks of downward pressure, markets found some relief and end up the week with significant gains over most of the European equity indices. The Euro Stoxx 50 index was up 4.3%, the CAC 40 index was up by 4.7%, the DAX index rose by 3.1% and the FTSE 100 did alike increasing by 4.4%. The Euro was up against the US Dollar by 1% while the price of gold (USD/oz) continued to rise, up 0.7% for the week that finished on September 3rd 2010.
Weekly total European ETP inflows totaled €989 million (vs. €356 million inflow in previous week). The almost three-fold increase in weekly flows was mainly driven by last week’s bullish market, which for a while brought back investors to the European equity markets.
Equity ETPs experienced inflows of €451 million (vs. €352 million inflows last week). Fixed Income saw inflows of €419 million (vs. €299 million outflows last week). Commodity ETPs registered inflows of €130 million (vs. €321 million inflow during previous week).
Equity ETF inflows were driven by investment in European developed country equity indices (€252 million), while Global regional ETFs (€104 million) and Leveraged Short ETFs (€80 million) experienced outflows.
Fixed income inflows were very concentrated in terms of exposure. Sovereign funds recorded the largest inflows (€308 million). While none of the debt-related sub segments experienced outflows.
The majority of commodity inflows were received by ETPs tracking the price of gold (€195 million this week vs. €300 million last week). On the other hand, ETPs tracking broad agriculture benchmarks experienced the largest outflows (€ 75 million).
New Listings
The launch calendar was marked by the listing of two new physical commodity ETCs. The new products were listed by Deutsche Bank on the Deutsche Borse, the ETCs aim to replicate the performance of physical Gold and Silver, respectively.
Turnover
On-exchange daily average ETP turnover for this week rose by 0.6%, to €1.74 billion. This shy rise is the third in as many weeks and is consistent with the cash flow and market performance patterns.
Average daily equity ETF turnover rose by 2.0%, reaching €1.28 billion. Fixed Income ETF turnover decreased by 2.2%, reaching €213 million. Commodity turnover was down by 4.2%, to €236 million.
Assets Under Management (AUM)
European ETP assets were up 2.4%, finishing the week at €202.7 billion. Most of the AUM increase came in the form of capital appreciation within Equity ETPs. Year to date, European ETP AUM are up by 19.1%.
Four new ComStage equity index ETFs launched on Xetra
September 10, 2010--: Four new exchange-listed equity index funds issued by ComStage have been tradable in Deutsche Börse’s XTF segment since Friday.
ETF name: ComStage ETF FTSE 100 Short Strategy TR
Asset class: equity index ETF
ISIN: LU0488316562
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: FTSE 100 Short Strategy Index
ETF name: ComStage ETF FTSE 100 Leveraged TR
Asset class: equity index ETF
ISIN: LU0488316646
Total expense ratio: 0.45 percent
Distribution policy: non-distributing
Benchmark: FTSE 100 Leveraged Index
ETF name: ComStage ETF FTSE 250 TR
Asset class: equity index ETF
ISIN: LU0488316307
Total expense ratio: 0.30 percent
Distribution policy: non-distributing
Benchmark: FTSE 250 Total Return Index
ETF Name: ComStage ETF FTSE All-Share TR
Asset class: equity index ETF
ISIN: LU0488316489
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: FTSE All-Share Total Return Index
The four new ComStage ETFs enable investors to participate in the performance of companies based in the UK. While the ComStage ETF FTSE 100 Short Strategy TR tracks the inverse performance of the 100 largest companies by market capitalization based in the UK, ComStage ETF FTSE 100 Leveraged TR tracks the performance of the same companies with double leverage.
ComStage ETF FTSE 250 TR allows investors to participate in the performance of the 250 largest mid-cap companies based in the UK and which are not included in the FTSE 100 Index. ComStage ETF FTSE All-Share ETF TR tracks the performance of all companies based in the UK that are admitted to the London Stock Exchange's Main Market. The underlying FTSE All-Share Index comprises all companies on the FTSE 100, FTSE 250 and FTSE Small Cap indices.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 697 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.
BBA publishes new code for financial disclosures
September 10, 2010--The BBA has today published a new code for financial reporting disclosure which combines the best international practices with the needs of the UK’s largest lenders’ investors and regulators.
The British Bankers' Association's new Code for Financial Reporting Disclosure sets out the best principles for clear and transparent information about the UK's largest lending institutions. In complying with the Code, the banks will undertake not only to provide high quality disclosures in their annual and interim reports, but also to re-evaluate the disclosures given to ensure that they continue to be relevant and of high quality.
BBA chief executive Angela Knight said:
"The highest quality financial information is essential to building market confidence and ensuring financial stability. The BBA Code for Financial Reporting Disclosure is an excellent example of the industry working together to enhance market practice. It surpasses all of the current international and local reporting requirements and fits with the call of from the G20 and others to identify the types of risk disclosure that are relevant and useful to investors."
The lenders voluntarily adopted the Code in their 2009 accounts and received very favourable feedback from the market. They will now meet before key accounting periods to share views on emerging and topical market issues and to discuss ways of enhancing the comparability of their disclosures. They will also meet with the Financial Services Authority to report on the development of the Code.
view the The BBA Disclosure Code
First estimate for the second quarter of 2010-EU27 current account deficit 50.8 bn euro
18.6 bn euro surplus on trade in services
September 10, 2010--The EU271 external current account2 recorded a deficit of 50.8 billion euro in the second quarter of 2010, compared with a deficit of 44.7 bn in the second quarter of 2009 and a deficit of 34.8 bn in the first quarter of 2010.
In the second quarter of 2010, the EU27 external balance of trade in services recorded a surplus of 18.6 bn euro, compared with a surplus of 16.4 bn in the second quarter of 2009 and a surplus of 10.8 bn in the first quarter of 2010.
These provisional data3, issued by Eurostat, the statistical office of the European Union, will be subject to revision.
Quote MTF Extends Trading Platform Support for Comprehensive Set of Pan-European Equities and ETFs
Newest independent MTF caps fees until 2012 to demonstrate investment
opportunities in active market participation
September 10, 2010-2010—Quote MTF, a new breed of trading venue for Pan-European
equities, today announced that it will be extending its product coverage at the end of September to more than 1,350 of the most liquid securities and ETFs (exchange traded funds)
across 21 indices and 15 major European markets.
To coincide with the second and final launch phase of this new breed of MTF, Quote MTF also announced its intention to cap commission
fees at €14,000 from now until 2012. With this new offering retail brokers, trading arcades and institutional investment banks can offer a low, fixed all-in price for their clients while reaping the benefits once the cap is reached.
425 years of the Frankfurt Stock Exchange
September 10, 2010--The year 1585 marked the birth of stock exchange trading in Frankfurt, when merchants met for the first time at the Römer to set binding exchange rates for the Frankfurt Trade Fair.
Deutsche Börse AG CEO Reto Francioni said that the stock exchange had had a strong connection with Frankfurt as a financial center for 425 years. This anniversary would be an apt occasion to honor those who have helped building the exchange, among them city fathers, traders, legislators and banks, said Francioni at the morning’s anniversary celebration held in the Trading Hall.
During the recent financial crisis, Deutsche Börse provided a reliable trading venue as operator of the Frankfurt Stock Exchange. “Everyone was able to trade at all times, reliably and on a stable foundation, even in the most turbulent of market phases,” said Francioni. "The markets operated by our systems ran smoothly, despite being placed under extreme pressure during these phases." The problems that had occurred were attributable to non-transparent, unregulated OTC markets, which now needed some regulatory fine-tuning in terms of security and integrity. "Efficiency is also important, but it must not be pursued at the expense of security and integrity.” Regulated markets would serve as the basis for this and Deutsche Börse would do its part to protect investors.
Francioni rang the opening trading bell together with the Frankfurt City Councilor responsible for Economic Affairs, Human Resources and Sport Markus Frank. Guests at the celebration included representatives from both the financial and political arena. After trading commenced, guests were invited to an open day on the stock exchange premises.
13 New Credit Suisse Equity Index ETFs Launched on Xetra
The CS ETF (IE) on CSI 300 offers first ever exposure to A-class Chinese equities
September 9, 2010--13 new exchange-listed equity index funds issued by CS ETF (IE) plc have been tradable in Deutsche Börse’s XTF segment since Thursday. Most of the new ETFs track emerging market indices.
The CS ETF (IE) on CSI 300 offers investors the first ever exposure to A-class Chinese equities via a listed ETF in the XTF segment. A-class equities are shares in Chinese companies that are traded in Chinese currency (renminbi) in Shanghai and Shenzhen. These equities used to be reserved exclusively for domestic investors in China.
Since 2006, however, this restriction has been lifted for international investors and trading contingents have now been put in place to allow foreign investors to trade in these securities. The CSI 300 Index comprises the equities of 300 Chinese companies with the highest market capitalization and greatest liquidity.
The CS ETF (IE) on MSCI Chile likewise offers investors the first ever opportunity to participate in the performance of the Chilean equity market. The equities contained in the index represent around 85 percent of the market capitalization of Chilean equities available for investment.
Credit Suisse also offer investors the possibility of tracking the performance of companies from the following countries in the MSCI index family: Australia, Brazil, China, India, Mexico, Russia, South Africa, South Korea, and Taiwan.
Another three regionally-focused CS ETFs are available to investors. The CS ETF (IE) on MSCI EM EMEA comprises companies from emerging markets in Europe, Africa and the Middle East: Czech Republic, Egypt, Hungary, Morocco, Poland, Russia, South Africa, and Turkey. The CS ETF (IE) on MSCI EM Latin America is comprised of companies from emerging markets in Latin America: Brazil, Chile, Columbia, Mexico, and Peru. The CS ETF (IE) on MSCI EM Asia consists of companies from emerging markets in Asia: China, India, Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand.
The reference indices for the MSCI index family are indices weighted according to market capitalization and free float. These are net total return indices, i.e. net dividends are reinvested after deduction of incurred taxes.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 693 exchange-listed ETFs, 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 ETC listet Gold & Silber ETCs mit physischer
September 9, 2010--db ETC, die ETC Plattform der Deutschen Bank, hat mit ihren beiden neuen Wertpapieren db Physical Gold ETC (EUR) und db Physical Silver ETC (EUR) zwei neue Exchange Traded Commodities (ETC) auf Xetra notiert. Die Wertpapiere sind
durch Hinterlegung mit ihrem jeweiligen Edelmetall besichert.
Im Vergleich zu den bereits auf Xetra® notierten physischen Gold und Silber ETCs der Deutschen Bank
weisen die beiden in Euro notierenden Produkte (WKN: A1E0HR u WKN: A1E0HS)
keine Währungssicherung zwischen USD und Euro auf. Die Hauptmerkmale der db
Physical Gold ETC (EUR) und db Physical Silber ETC (EUR):
Anleger profitieren von der Entwicklung der Gold- und Silber-Kassakurse: Die Wertpapiere sind an den jeweiligen Edelmetall-Kassakurs gekoppelt.
Physische Hinterlegung: die Wertpapiere sind durch Hinterlegung der jeweiligen Edelmetallbarren besichert.
Getrenntes Konto: Das zugrunde liegende Metall wird auf separaten Sicherungskonten gehalten.
Keine Geld-/Briefspanne: Für Handelspartner der Deutschen Bank AG ist Direkthandel mit der Deutschen Bank AG möglich, vergleichbar mit dem NAV bei Fonds.
db ETC ist die Plattform der Deutschen Bank für Börsengehandelte Rohstoffprodukte (Exchange Traded Commodities – ETC), die die Wertpapiere (ETCs) begibt und den jeweiligen ausstehenden Wert mit dem jeweiligen Metall in allozierter Form hinterlegt.
Bis zum heutigen Zeitpunkt sind bereits 29 db ETC aufgelegt, die die Entwicklung einzelner Rohstoffe oder definierter Rohstoffkörbe abbilden. „Wir möchten unseren Kunden die größtmögliche Vielfalt im Bereich Rohstoffprodukte bieten. Anleger sollen selber entscheiden können, ob sie mit oder ohne Minimierung des EUR/USD Wechselkursrisikos am jeweiligen Edelmetallpreis partizipieren möchten. Daher bieten wir auf Xetra® ab sofort im Bereich Gold und Silber ETCs sowohl mit als auch ohne Währungsabsicherung an“, sagt Thorsten Michalik, Global Head of ETFs & ETCs der Deutschen Bank.
Für weitere Informationen stehen wir Ihnen gerne zur Verfügung.
Philip Knüppel 069/910 90990
Basle III fears temper sentiment
September 9, 2010--European indices advanced,reaching a level last seen in May as fears about the capital positions of banks tempered the mood ahead of the Basel III conference on banking regulation.
Market sentiment was lifted by the weekly US jobless claims data reporting a sharp decline in jobless claims – against market expectations – followed by news that Germany’s Commerzbank, the country’s second-biggest lender which received a significant bail-out during the financial crisis, planned to repay state-aid by 2012.
Borsa Italiana acquires Pro Mac
September 9, 2010-- Borsa Italiana S.p.A., a subsidiary of London Stock Exchange Group, today acquired 94.4 per cent of Pro Mac S.p.A., the company responsible for the promotion of MAC (Mercato Alternativo Del Capitale), for a cash consideration of €5.147 million from 22 existing shareholders of the company, including a number of leading Italian banks and associations. Borsa Italiana will own 99.6 per cent of Pro Mac S.p.A. following the transaction.
MAC is one of the markets dedicated to Italian small and mid-cap companies which is currently managed by Borsa Italiana. The largest Italian banking groups will continue to operate as Sponsors for MAC companies. MAC will maintain its current regulatory framework.
