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FSA and SEC hold Strategic Dialogue meeting
November 15, 2010--Financial Services Authority (FSA) chairman, Lord Turner, today met with US Securities and Exchange Commission (SEC) chairman Mary L Schapiro as part of the SEC-FSA Strategic Dialogue sessions established in 2006.
During the meeting, the agencies shared views regarding the oversight of over-the-counter derivatives trading, high-frequency trading, recent regulatory initiatives regarding credit rating agencies, and cross-border enforcement information-sharing between the FSA and SEC.
Lord Turner and Chairman Schapiro also restated their agencies’ commitment to working together to improve regulation and oversight of their securities markets, particularly with regard to globally active regulated firms with a presence in both countries.
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Source: FSA.gov.uk
First Strategy ETC from DB ETC Index plc Launched on Xetra
November 15, 2010--The first ETC (exchange traded commodity) based on the mean reversion principle issued by db ETC Index plc has been tradable on Xetra since Monday.
ETC name: db Mean Reversion Euro Hedged ETC
Asset class: Commodities
ISIN: DE000A1E6XY8
Total expense ratio: 0.45 percent
Benchmark: db Mean Reversion EUR Index
The db Mean Reversion Euro Hedged ETC allows investors to participate for the first time in the performance of a basket of commodities comprising aluminum, gold, heating oil, corn, wheat and WTI crude oil with currency hedging. The weighting of individual commodities is based on the mean reversion principle. Using this approach, commodities that appear inexpensive relative to their mean are overweighted while commodities that appear relatively expensive are underweighted. The weighting of individual commodities in the reference index db Mean Reversion Index is mainly calculated on the basis of their average price over the last 365 days in relation to their five-year mean. The index weighting is adjusted as soon as the 12-month average of a commodity significantly deviates from its five-year mean.
Deutsche Börse’s ETC segment product range currently comprises 179 instruments. The monthly trading volume of ETCs on Xetra averages around €550 million.
Source: Deutsche Börse
ETF Statistics of October 2010-Borsa Italiana
November 12, 2010-The ETF Stat October 2010 Report of the Borsa Italiana is now available.
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Source: Borsa Italiana
Unscheduled Free Float Adjustment in MDAX
Adjustment for Deutsche Postbank AG as of 16 November 2010
Deutsche Börse has announced an unscheduled adjustment to the free float of Deutsche Postbank AG in MDAX.
Following the takeover bid, the free float of this share changed by more than 10 percentage points.
According to the index rules, the free float of Deutsche Postbank AG will be adjusted from the current 30.55 percent to 19.07 percent.
The adjustment will be effective next Tuesday, 16 November 2010.
The next regular review of the Deutsche Börse equity indices is scheduled for 3 December 2010.
Please find more information on our indices at www.dax-indices.com.
Source: Deutsche Börse
German pension fund seeks to invest $150m in US equity
November 12, 2010-- German pension fund is tendering a mandate to invest $150m (€110m) in US equity, using IPE Quest.
The large-cap equity mandate QN1143 should be run using a core, active management style, while any interested parties should hold at least $500m in assets in a US equity mandate, managing $2.5bn in assets overall.
The pension fund asks that the Standard & Poor's 500 Total Return index be used as a benchmark, while no company with fewer than three years of experience will be considered.
Ideally, any asset manager should have five years of experience.
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Source: IP&E
Europe squares up to bonds-bailout conundrum
November 12, 2010--European leaders squared up on Friday to a growing conundrum over how bond markets are reacting to bailout planning for Ireland and other countries classed as bad debtors.
Tensions left Dublin walking a tightrope this week when its yield, or the interest it pays bond buyers, shot up to 8.929 percent, its highest level since the euro's creation in 1999.
Portugal also hit a record 7.117 percent, and although the percentages eased on Friday, Ireland to 7.994 percent and Portugal to 6.588 percent, they remain high and some Italian rates later rose sharply.
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Source: EUbusiness
Eurex to Launch Dividend Futures on Swiss Single Stocks
Introduction scheduled for 30 November 2010/ New listings are extension of successful dividend futures product range
November 11, 2010-- The international derivatives exchange Eurex announced today that it will offer futures contracts based on dividends of leading Swiss companies starting on 30 November 2010.
The new contracts are based on dividends from ABB, Compagnie Financière Richemont, Roche Holding, Credit Suisse Group, Nestle, Novartis, Schweizerische Rückversicherungs-Gesellschaft, Swisscom, UBS and Zurich Financial Services. All underlying firms are part of the Swiss blue-chip index SMI.
“The listing of our new Swiss single stock dividend futures reflects the growing demand by investors for exchange-traded and centrally cleared products. Based on the success of our listed dividend futures, our customers have expressed further interest in Swiss-based contracts. Our new offering enables investors to participate in the performance linked to the dividend element of major Swiss companies”, said Michael Peters, member of the Eurex Executive Board.
The specifications for the new contracts will be similar to the existing dividend products. In order to offer continuous quoting and thus support trading, a designated market making scheme will be offered from day one for the Swiss single stock dividend futures. Eurex will list annual contracts in Swiss franc in each name from December 2010 out to December 2014.
Introduced in June 2008, Eurex’s dividend derivatives product suite trades more than 18,000 contracts daily. Almost 3.8 million contracts have been traded in 2010 so far. Open interest stands at 1.3 million contracts currently, representing more than 8.2 billion euro of notional dividend value.
Source: Eurex
Governments refuse fresh budget leeway for EU Parliament
November 11, 2010-- European Union governments lined up Thursday to dismiss an EU parliament bid to re-negotiate future spending in exchange for cutting next year's planned budget increase in half.
Britain, France and Germany led a firm refusal to budge from a red line offering a 2.91 percent or 3.5-billion-euro increase from the 2010 budget which totalled 123 billion euros (170 billion dollars).
They also rejected the parliament's call to bring forward talks on a range of future changes to funding, possibly including the creation of new direct EU taxes on citizens and businesses.
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Source: EUbusiness
DB Global Equity Index & ETF Research : European Weekly ETP Review: Healthy equity ETF inflows continue
November 11, 2010--Weekly European ETP Market Roundup
Investment Outlook: Healthy developed market equity inflows continue
November started well with all of the major European equity indices finishing the week with healthy gains. The Euro Stoxx 50 index rose by 0.8%, the CAC 40 index was up by 2.2%, the DAX index rose by 2.3% and the FTSE 100 index was up by 3.5%. The price of gold (USD/oz) also rose by 2.5%.
The European ETP industry received total new Inflows of €1.1 billion (vs. €996 million inflow in the previous week). Equity received the majority of the new flow, €909 million, vs. €778 million of inflow last week. Fixed Income and commodities also registered inflows of €47 million (vs. €103 million outflow last week) and €155 million (vs. €108 million inflow during previous week) respectively.
Major developed country indexed ETFs continued to gain ground and received just over 45% of the week’s equity inflows, totaling €425 million. Following equity market gains, leveraged long products had a particularly good week, gathering close to €250 million, amounting to 30% of the week’s equity inflows. Investment in emerging market benchmarked equity ETFs continued but at a slower pace, netting just over €100 million of inflows.
Gold inflows continued to stall, totaling just €5 million, despite the significant rise in the price (to $1,393.7 per oz) of gold for the week that finished on November 5th. Most of the week’s commodity ETP inflows went into ETFs tracking diversified commodity benchmarks (€60 million).
New Launch Calendar: A quiet week
Overall, this was a fairly quiet week when it comes to new product launches. Only one new product was launched by NBGAM. The new ETF was listed on the Athens stock exchange and is benchmarked to the Greek and Turkish equity markets.
Three broad equity market ETFs were cross listed on the NYSE Euronext Paris by HSBC.
On-exchange ETP turnover: Equity driven decline
Average rolling 22 day on-exchange ETP turnover for the week declined by 2%, to €1.85 billion. The decline was led by equity ETF turnover (down 3.2%, to €1.35 billion) and fixed Income (down 3.9%, to €187 million). Commodity turnover rose by 4.6%, to €301 million.
Assets Under Management (AUM)
The European AUM continued to rise swiftly, consistent with the healthy inflows and advances of the equity markets. AUM were up by 2.6%, totaling €218.9 billion. Year to date, European ETP AUM are up by 28.7%.
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Source: DB Global Equity Index & ETF Research
Lyxor global head of ETFs parts company with the firm
November 11, 2010--
Isabelle Bourcier is leaving Lyxor Asset Management after nearly ten years as global head of ETFs, a source close to the situation says.
Bourcier's departure precedes the imminent arrival of former iShares Europe head of sales strategy Nizam Hamid, who is set to join Lyxor on 22 November.
Hamid will join as deputy global head and was due to be reporting to Bourcier, although her replacement has not yet been announced.
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Source: IFA online
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