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ECB forced to act as crisis fears rise
November 8, 2010--The European Central Bank has been forced to intervene in government bond markets for the first time in almost a month, as financial markets fret that the escalating eurozone crisis is moving into a new and more dangerous phase.
The ECB said it spent €711m ($991m) buying government debt last week, reactivating an emergency programme that had lain dormant in the previous three weeks.
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Source: FT.com
Eurozone joins onslaught against US Fed, weak dollar
November 8, 2010--- Europe added its voice Monday to a growing chorus of criticism of the US Federal Reserve's decision to print billions of new dollars to shore up the nation's fragile economy.
In an unusually sharp rebuke of US monetary policy, delivered on the eve of the much-awaited G20 summit, Jean-Claude Juncker, head of the group of eurozone finance ministers, said the dollar was undervalued and the Fed stimulus threatened "risks" for the world at large.
"The dollar in relation to the euro is not at the level it should be," Juncker said at a hearing before a European parliamentary committee.
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Source: EUbusiness
Juncker urges caution on banks' role in rescue fund
November 8, 2010--The head of the eurozone finance ministers voiced scepticism Monday over a proposal backed by France and Germany to make banks absorb losses in any future rescue of a country in trouble.
"I would not want us to chase investors out of the eurozone and so I hope for a wise approach," Jean-Claude Juncker, prime minister of Luxembourg, told a European parliament committee.
EU leaders argued at a two-day summit last month over the role of the private sector in assuming losses under a future permanent fund aimed at preventing a new debt crisis in the single currency area.
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Source: EUbusiness
Green and ethical themed funds recover after poor year of inflows
November 8, 2010--Green themed and norms-based European RI retail funds reversed a largely disappointing year so far for asset inflows with sales of €212.9m during August, according to the latest available figures compiled for Responsible Investor by Lipper FMI, the investment data group. The fund class, labelled by Lipper FMI as ‘RI Extended’, includes those with multiple ethical exclusions, those following a norms-based strategy and themed climate change and microfinance funds. The RI Extended asset sector had mostly recorded outflows for previous months this year.
The best seller during August was that of French fund manager, Ofivalmo, whose cash fund, OFI Trésor ISR, pulled in €174.4m. Second biggest grosser was Swedish fund manager Carnegie’s Luxembourg-domiciled, Carnegie Fund – Worldwide Ethical, with €123.7m. Third was Austria’s Sparkassen Eurobond fund, Espa Bond Euro-Mundelrent, which increased assets by €10.6m. The largest fund in the RI Extended sector is Pictet’s Water fund with assets of €2.3bn.
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Source: Responsible Investor
State Street Global Advisors is New ETF Issuer on Xetra
New SPDR ETFs on Xetra cover MSCI Europe Index sectors/ XTF segment comprises over 750 exchange traded index funds
November 8, 2010-- ETFs issued by State Street Global Advisors (SSgA) have been tradable on Xetra for the first time since Monday. The 12 new SPDR ETFs bring the offering in Deutsche Börse’s XTF segment up to 751 exchange-listed index funds.
“Deutsche Börse continues to expand its offering on Europe’s largest ETF trading platform. Through Xetra, institutional and private investors from Germany and the rest of Europe can now diversify their portfolios with products from State Street Global Advisors, one of the largest ETF providers worldwide,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.
Ten of the twelve new SPDR ETFs on Xetra comprise the following super sectors of the MSCI Europe Index: Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Telecommunication Services and Utilities. Investors can also invest in the MSCI Europe Index, which tracks the performance of the equities markets in the following 16 industrialized nations: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the UK. The SPDR ETF on the MSCI Europe Small Cap Index comprises small and mid-cap companies based in Europe.
view list of new SPDR ETFs tradable on Xetra since 8 November including ISIN and management fee
Source: Deutsche Börse
First Exchange Traded Products (ETPs) listed on SIX Swiss Exchange
Source Ltd and Deutsche Bank db ETC AG list the first products in SIX Swiss Exchange's new ETP segment
November 8, 2010--Exchange Traded Products (ETPs) include collateralized Exchange Traded Commodities (ETCs) and Exchange Traded Notes (ETNs). The collateral comprises mainly securities, precious metals or cash that must at least cover the ETP's outstanding amount and be held in custody by a third party independent of the issuer.
ETPs track the price movement of an underlying asset either with or without leverage. Their payoff profile is symmetrical, i.e. the product's performance mirrors that of the underlying asset. From a regulatory perspective, ETPs are collateralized, non-interest-bearing bearer debt securities. As such, ETPs are not investment funds and are not governed by the Swiss Federal Collective Investment Schemes Act (CISA). They must, however, go through a listing procedure with SIX Exchange Regulation, SIX Group's independent supervisory authority; the rules on their admission and on maintaining their listing were approved by the Swiss Financial Market Supervisory Authority FINMA.
Source Ltd is launching 15 products, of which 14 ETPs replicate various commodities indices and one tracks the price of physical gold. db ETC is launching 14 new ETPs, of which ten also replicate various commodities indices and four reflect the price movements of precious metals.
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Source: SIX Swiss Exchange
Source launches ETC platform on the SIX Swiss Exchange
November 8, 2010--Source is pleased to announce the listing of 15 Exchange Traded Commodities (ETCs) on the SIX Swiss Exchange (SIX). Source is delighted to be one of the first
European ETP providers to list ETCs on SIX. Source has initially listed 14 T-ETCs (Treasury Bill secured
ETCs) that track S&P GSCITM total return commodity indices and one physical gold P-ETC (physically
secured ETC) that tracks the spot gold price and is secured by gold bullion held in J.P. Morgan Chase
Bank’s London vaults.
Ted Hood, CEO of Source, commented, “Listing our market leading ETCs on SIX is an important step
in offering Swiss investors locally traded products and all of our investors the ability to trade these
products on exchange in USD. We have raised US$850 MM in ETCs so our simple message – transparency, unparalleled asset quality, and efficient delivery of commodity exposure – is clearly
resonating with the European institutional investment community. Source T-ETCs’ superior structure is a market leading solution in addressing counterparty risk.”
Alain Picard, Head of ETFs and other Financial Product Sales at SIX Swiss Exchange, added: “Swiss investors have shown significant interest in gaining commodity exposure. We are very happy to welcome Source as a provider in the new ETP segment of SIX Swiss Exchange”.
Source T-ETCs are collateralised with US Treasury Bills and cash held in segregated accounts by a trustee, and commodity index exposure is provided by multiple swap counterparts. All Source ETCs will trade in US dollars on SIX, and the annual fixed fee for all T-ETCs is 0.49% p.a., while the Source Physical Gold P-ETC (SGLD) is significantly less expensive than competing physical gold products at 0.29% p.a.
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Source: Source ETFs
New OMX Stockholm Benchmark Portfolio Selected
New index portfolio will become effective on December 1, 2010
November 8, 2010-- The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) today announces the results of the semi-annual review of the OMX Stockholm Benchmark index, (NASDAQ OMX Stockholm: OMXSB), which will become effective with the market open on Wednesday, December 1, 2010.
Rederi AB TransAtlantic (RABT B) will be added to the index.
Höganäs AB (HOGA B), Millicom International Cellular S.A. (MIC SDB), Investment AB Öresund (ORES) and Proffice AB (PROE B) will be removed from the index.
The OMXSB index is a free float adjusted index designed to act as a transparent and liquid benchmark with low transaction costs for the investors while maintaining a high correlation to the Swedish market. “OMX Stockholm Benchmark index is one of the most widely used portfolio indexes for the Swedish equity market and has approximately SEK 160 Bn. in assets under management,” said NASDAQ OMX Vice President Magdalena Hartman.
OMXSB is sector diversified and major sectors represented are Financials, Industrials, Consumer Discretionary and Information Technology. The securities must also meet other eligibility criteria including a turnover screening. The OMXSB index is evaluated on a semi-annual basis in May and November, and the new index portfolio becomes effective on the first trading day in June and December respectively.
Source: NASDAQ OMX
European ETF activity highlights for October 2010
November 8, 2010--At the end of October, NYSE Euronext had 563 listings of 494 ETFs from 16 issuers. These ETFs cover more than 300 indices exposed to an extended range of assets and strategies (Equity, Fixed Income, Commodities, Short, Leverage, etc…).
The number of ETFs increased by 16% YTD compared to the end of 2009. As of the end of October, 72 new ETFs had been listed in 2010, while 9 ETFs had been the subject of mergers by absorption and 19 ETFs had been delisted.
Despite challenging market conditions in October 2010, both the daily average number of trades and daily average turnover figures were slightly higher compared to October 2009. On average, there were 8 374 trades on a daily basis, representing an increase of 1.14% versus October 2009. Daily average turnover increased from €314.6 million in October 2009 to €328.3 million in October 2010, or 4.36%.
At the end of October, the combined Assets Under Management of all ETFs listed on the NYSE Euronext European markets totaled €123.5 billion, an increase of 25.38% from the €98.5 billion at the end of October 2009.
The combination of the flow of 23 first-class Liquidity Providers, competitive market makers, client orders and our high capacity, low latency technology contributed to a median spread of 25.96 bps of all listed ETFs, down from 32.27 bps in October 2009.
At the end of October 2010, NYSE Euronext’s Liquidity Providers program featured 23 Liquidity Providers that had a total of 1165 liquidity provision agreements, providing firm bid/ask quotes with minimum size and maximum spread requirements for the entire trading session on all ETFs.
visit www.euronext.com/etf for more info.
Source: NYSE Euronext
NYSE Euronext to Host London Investor Day on Friday, November 19, 2010
November 5, 2010---- NYSE Euronext (NYX) will host an investor day for the professional investment community in London on Friday, November 19, 2010. The program will be held in NYSE Euronext’s London office at Cannon Bridge House, 1 Cousin Lane, London EC4R, and will commence with opening remarks at 8:00a.m. and is expected to conclude at approximately 12:30p.m.
Presenters at this conference will include Duncan L. Niederauer, Chief Executive Officer; Dominique Cerutti, President; Larry Leibowitz, Chief Operating Officer; Garry Jones, Group Executive Vice President, Global Derivatives and Michael Geltzeiler, Group Executive Vice President & Chief Financial Officer.
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Source: NYSE Euronext
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