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Goldman Sachs is a new ETF provider on Xetra
New hedge fund replication ETF tradable on Xetra
November 25, 2010--An ETF issued by Goldman Sachs Structured Investments II SICAV has been tradable on Xetra for the first time since Tuesday.
ETF Name: Goldman Sachs Absolute Return Tracker Index ETF Portfolio
Asset class: equity index ETF
ISIN: LU0529341090
Total expense ratio: 1.215 percent
Distribution policy: non-distributing
Benchmark: Goldman Sachs Absolute Return Tracker Index
The new ETF offers investors the opportunity to participate in the performance of the Goldman Sachs Absolute Return Tracker Index. The index reflects the return of a dynamic basket of long and short investable market factors determined by an algorithm to approximate patterns of hedge fund returns as a broad asset class.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 752 exchange-listed index funds, making it the largest offering of all European stock exchanges.
Source: Deutsche Börse
Trading Of 10 New ETFs By Deutsche Bank Begins On The Spanish Stock Exchange
The first ETFs issued by Deutsche Bank’s asset manager
November 25, 2010--The Spanish stock exchange has begun trading 10 new exchange traded funds (ETFs) issued by Deutsche Bank’s asset manager, DB X-Trackers, which will for the first time operate on this market following recent legal changes to allow trading in this investment product.
These issues bring the number of ETFs listed on the Spanish stock exchange to 53, thus significantly increasing the number of underlying assets available, with new European, US, Latin American and Asian equity indices.
It is worth mentioning the following indices as new underlying assets: the German DAX benchmark, the FTSE/Xinhua of China, the MSCI of Brazil and the MSCI Asia as well as the different indices of the DAX and the Euro Stoxx 50 families.
The ETF segment of the Spanish stock exchange started up on 20 July 2006 and since creation has provided both retail and institutional investors with a broad range of investment opportunities. Exchange traded funds (ETFs) are a hybrid investment vehicle between funds and shares that combine the best of both worlds in a single stock exchange trade.
Trading volume in the ETF segment to the end of October was up 107% year-on-year, at € 5.51 billion. The number of trades to October exceeded 56,000, up 33% from the same period in 2009.
Below is a list of the new ETFs listed on the Spanish stock exchange:
db x-trackers DJ STOXX 600 BANKS ETF
db x-trackers DJ EURO STOXX 50 SHORT DAILY ETF
db x-trackers FTSE/XINHUA CHINA 25 ETF
db x-trackers MSCI BRAZIL TRN INDEX ETF
db x-trackers MSCI EM Asia TRN INDEX ETF
db x-trackers MSCI EM LATAM TRN INDEX ETF
db x-trackers MSCI EMERGING MARKETS TRN INDEX ETF db x-trackers DAX ETF
db x-trackers SHORT DAX DAILY
db x-trackers S&P 500 ETF
Source: Bolsa de Madrid
Advances in private wealth management research to be highlighted at the EDHEC-Risk Institutional Days in Monaco on December 8-9
November 25, 2010--The EDHEC-Risk Institutional Days in Monaco on December 8 and 9, 2010, will this year be oriented towards themes that are of particular relevance for wealth management professionals. The Indexation and Passive Investment Conference on the first day of the event will be devoted to passive investment vehicles, which are increasingly used in private wealth management, and the second day will be dedicated to the transfer and adaptation of institutional investment techniques to private wealth management.
A special private wealth management seminar, “When Private Money is Managed like Institutional Money,” will be presented in consecutive sessions on the afternoon of December 9, beginning with a presentation on "State-of-the Art ALM and Risk Management for PWM" and followed by a session on "Sources of Added Value in Private Wealth Management" which draws from the "Private Asset-Liability Management" research chair at EDHEC-Risk Institute in partnership with Ortec Finance.
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Source: EDHEC
Transparency is the basic prerequisite for investor protection
Numerous financial experts at Boerse Stuttgart's 4th MiFID Conference discuss developments and effects of the EU Directive
November 25, 2010--All experts concurred that the harmonisation of the European financial market is inevitable. There was also a consensus that there must be no compromises as regards transparency when it comes to the execution of orders placed by private investors.
On Tuesday, 23 November 2010 Boerse Stuttgart carried out its fourth congress on the EU Markets in Financial Instruments Directive (MiFID).
Almost 70 delegates from the fields of supervision, banking, investment advice and academia discussed the present state of affairs and how the Directive is being put into effect by banks, stock exchanges and public authorities. A further topic on the agenda were the anticipated effects from the revision of the MiFID that is currently taking place. The Directive was implemented into German law on 1 November 2007 and is currently being amended.
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Source: Boerse Stuttgart
EU denies wanting to double size of rescue fund
November 25, 2010-- The European Commission denied reports Thursday that it proposed to double the size of a eurozone financial safety net to 880 billion euros (1.8 billion dollars) following the Irish fiscal crisis.
The German daily Die Welt reported that the European Union's executive arm wanted to pump more money into the 440-billion-euro European Financial Stability Facility, which was created to help any eurozone nation in trouble.
"It's false," European Commission economic affairs spokesman Amadeu Altafaj Tardio told AFP.
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Source: AME Info
Ireland's four-year austerity plan: main points
November 24, 2010-- Heavily-indebted Ireland published a four-year austerity roadmap on Wednesday in a key step towards receiving an international bailout of at least 85 billion euros (114 billion dollars).
Under-fire Prime Minister Brian Cowen has delivered a series of measures to slash a huge deficit and save 15 billion euros (20 billion dollars) by 2014.
Wednesday's austerity package comprised 10 billion euros of spending cuts and 5.0 billion euros in taxation hikes.
A budget will follow on December 7, which Cowen says must be passed by parliament before he will call a general election in the crisis-hit eurozone nation.
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Source: EUbusiness
Source Physical Gold P-ETC granted UK reporting status
November 24, 2010--Source has received confirmation from HM Revenue & Customs that the Source Physical Gold P-ETC has been granted UK reporting status with effect from 30 June 2009, allowing the product to achieve capital gains status for UK tax purposes.
In December 2009, a new set of rules came into effect in the UK. Under these rules, offshore funds now avoid disadvantageous treatment by qualifying for reporting status instead of distributor status.
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Source: ETF Express
NYSE Euronext to launch six strategy indices
November 24, 2010--NYSE Euronext today announced the expansion of its range of strategy indices with the launch of six new products based on the CAC 40 index.
Three new Leverage indices track the performance of a strategy that trebles to quintuples exposure to the CAC 40 index with the support of short-term financing. In a rising market, they thus enable investors to earn a daily return that amplifies that of the underlying index, minus the financing cost embedded in the strategy.
Three new Short indices track the performance of a strategy that combines a treble to quintuple inverse exposure to the underlying index with the exposure to a risk-free money-market instrument. In a falling market, they thus enable investors to earn a positive daily return that is the inverse of the underlying index.
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Source: NYSE Euronext
EU launches non-financial reporting consultation: UK MPs call to bolster OFR
EU appears minded to seek greater ESG disclosure by companies as UK MPs aim to toughen director reporting duties.
November 24, 2010--The European Commission (EC), the executive body of the European Union (EU), has launched an online public consultation on non-financial disclosure by companies, which observers believe could herald a shift to greater ESG disclosure in corporate reporting. The deadline for replies to the consultation is 24 January, 2011.
Speaking recently at RI’s ESG Europe 2010 conference in Amsterdam, Thomas Dodd, CSR co-ordinator at the Enterprise and Industry DG of the European Commission, said ESG disclosure rules were increasingly likely to be taken on board by the Commission. The EC is currently involved in a number of major investment and CSR reviews in the wake of the financial crisis, including a highly anticipated green paper on corporate governance, expected to be finalised early next year.
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Soiurce: Responsible Investor
Eurex Clearing, Eurex Repo and Clearstream to Optimize Use of Collateral
Effective 26 November, Eurex Clearing customers can re-use GC Pooling collateral for margining // Joint initiative of Eurex Clearing, Eurex Repo and Clearstream for more efficient use of collateral // Eurex Repo GC Pooling average outstanding volume reached more than € 100 billion
November 24, 2010-- Eurex Clearing, Eurex Repo and Clearstream announced today that as of 26 November Eurex Clearing customers participating in the GC Pooling trading at Eurex Repo will be in a position to re-use GC Pooling collateral to fulfil their overall Eurex Clearing margin obligations.
Eurex Clearing members can make use of the new offering via their existing infrastructure. The Eurex Clearing member only has to set an exposure amount while the allocation of the individual collateral securities will be managed by Clearstream’s collateral management system Xemac up to the defined exposure amount.
Thomas Book, member of the Executive Board of Eurex, said: “Eurex Clearing members now have an additional option to fulfil their margin obligations by accessing and re-using the multi-billion euros repo collateral pool created by trading on Eurex Repo. With this new offering we continue to meet the demand of our customers for an efficient use of collateral, reducing the operational costs and operational effort of our clearing members while maintaining the integrity of the clearinghouse.”
Marcel Naas, Managing Director of Eurex Repo, said: “We continue to observe a growing need for secured money market transactions in an environment where collateral is scarce. Eurex Repo now expands the re-use possibility of collateral: cash providers can allocate collateral they received from cash takers to Eurex Clearing in the scope of the GC Pooling® ECB basket consisting of high-grade ECB-eligible instruments.”
Stefan Lepp, member of the Clearstream Executive Board, said: “This initiative is another step to grow and improve our Global Risk Management and Liquidity Hub. As the leading service provider in the area of integrated and international collateral and liquidity management, Clearstream continues to follow its global securities financing strategy to provide its customers the service to cover their global exposure through a consolidated and optimized collateral pool.”
Overall, Eurex Repo markets have all seen tremendous growth in 2010 and reached in September a new average outstanding volume record of a total of € 255.3 billion. The fastest growing market is GC Pooling®, which achieved an average outstanding volume of € 93 billion in October 2010 compared to € 75 billion in October 2009. The current record was on 28 September 2010 with a daily outstanding volume of € 109 billion. Simultaneously, the number of users has increased from 35 in January 2010 to currently 49. GC Pooling consists of a Euro and a US Dollar segment.
Source: Eurex
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