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Europe pressures China as currency war bites

October 5, 2010--- Europe pressured China Tuesday to let the yuan rise as fears grew of a global "currency war" while a French call for a new, more stable world monetary order received short shrift from Germany.

A trio of top eurozone officials urged Chinese Premier Wen Jiabao to live up to a June vow to make the yuan more flexible to counter accusations Beijing deliberately undervalues its currency so as to boost exports and growth.

The call came as a two-day Asia-Europe Meeting (ASEM) gathering 46 nations wound up with a consensus for more effective global economic governance.

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Source: AME Info


ISE “Sustainability Index” Project Determines Sustainability Risks For Turkish Companies

Istanbul Stock Exchange (ISE) And Business Council For Sustainable Development Turkey Invited Turkish Companies And Turkish Investors To Assess Current Corporate Risks And Opportunities Associated With Sustainability Issues During A One Day Workshop Of The “ISE Sustainability Index” Project
October 4, 2010--Mrs. Esin Akbulut, Executive Vice Chairman of the Istanbul Stock Exchange opened the event by remarking on the increasing relevance of corporate sustainability programs to investment and the role of the ISE in promoting sustainability leadership amongst its listed companies.

“We believe that there is vast opportunity for the Turkish economy, and Turkish businesses that embrace the international standard for corporate sustainability practices. The development of a Sustainability Index for Turkey will provide investors, in Turkey and internationally, with new opportunities for favourable risk/return investments. The ISE Sustainability Index (ISESI) aims to provide a platform for Turkish companies demonstrating best practice in corporate sustainability to be profiled to investors. ISESI will enable Turkish and international investors to benchmark listed companies for their leadership in the development of sustainable business in Turkey. Turkish and international investors may use the ISESI as a tool to understand the importance of the management of sustainability for the short and long-term health of businesses.”

On the 10th of August 2010, Mr. Hüseyin ERKAN, Istanbul Stock Exchange Chairman & CEO, and Mr. Mehmet GÖÇMEN, Chairman of Business Council for Sustainable Development Turkey, signed a Memorandum of Understanding (MoU) in order to jointly create a new index offering significant opportunities for the capital markets, companies and investors, namely, “ISE Sustainability Index (ISESI)”.

Over 100 listed company members of the Istanbul Stock Exchange, their investors and stakeholders attended a Project Kick-off Workshop for the Sustainability Index Project which explored the state of corporate sustainability in Turkey – and related risks for Turkish companies. International experts involved in the project say that a growing number of investors are now convinced that sustainability is a catalyst for enlightened and disciplined management, and, thus, a crucial success factor for corporations show superior performance and favorable risk/return profiles. The inputs from this workshop will be used to design the ISE Sustainability Index over the next six months. Mr. Bjorn Stigson, President of the World Business Council for Sustainable Development (WBCSD), headquartered in Geneva, Switzerland, reminded the audience of Turkish companies and investors that, “the world is increasingly being defined by sustainability issues”, and “global CEOs are meeting today’s challenges by ensuring that their business models are robust enough to withstand the imminent shocks of a resource constrained world”. Mr. Stigson went on to commend the ISE and TBCSD for initiating the ISE Sustainability Index Project, which will identify corporate leaders in the management of sustainability in Turkey, and will provide an important market incentive that is more aligned with the future goals of sustainable development.

This workshop marks the first in a series of workshops planned for 2010 and 2011 by the Istanbul Stock Exchange Sustainability Index Project. The ISE Sustainability Index will be developed using a unique multi-stakeholder process design that will engage companies, investors and relevant stakeholders from the Turkish market in the development and agreement of the selection criteria for the index. The stakeholder process will be run by international experts Cheryl D. Hicks [Lead advisor on corporate sustainability] and Graham Sinclair [Lead advisor on sustainable investment]. Company assessments will be completed by a third party institution with conceptual input from Sustainable Asset Management (SAM), research provider of the Dow Jones Sustainability Indexes [DJSI].

The ISE Sustainability Index is planning its launch for the last quarter of 2011.

Source: Istanbul Stock Exchange (ISE)


db x-trackers hat zwei neue ETFs

October 4, 2010--db x-trackers hat zwei neue ETFs im Segment europäische Staatsanleihen an der Deutschen Börse gelistet:
den db x-trackers II iBoxx® € Sovereigns EUROZONE Yield Plus Index ETF, und
den db x-trackers II iBoxx® € Sovereigns EUROZONE AAA Total Return Index ETF
Die beiden Produkte erweitern die bestehende Palette an db x-trackers EURStaatsanleihen- ETFs auf nunmehr zwölf Produkte, die verschiedene Marktsegmente abbilden.

Beide ETFs haben eine Pauschalgebühr von 0,15 Prozent p.a. und sind an der Frankfurter Börse auf Xetra handelbar. Die jeweils abgebildeten Indizes werden von der International Index Company Limited berechnet und veröffentlicht.

Der unterliegende Index für den ersten ETF, der iBoxx® € Sovereigns EUROZONE Yield Plus Index, bildet die Wertentwicklung eines Portfolios aus auf Euro lautende Staatsanleihen ab. Dabei handelt es sich um Staatsanleihen von den fünf Mitgliedstaaten der Eurozone mit der höchsten 5-jährigen Anleiherendite. Die Länder mit der höchsten Anleiherendite werden durch Berechnung der Rendite einer hypothetischen Anleihe mit einer Laufzeit von genau fünf Jahren ermittelt. Die Rendite der hypothetischen Anleihe wird anhand der Jahresrendite zweier Anleihen mit einer Laufzeit von ungefähr fünf Jahren berechnet. Die derzeitige Indexrendite beträgt 3,98 Prozent bei einer Duration von 6,31 Jahren. Derzeit bildet der Index Staatsanleihen der Länder Italien, Spanien, Belgien, Portugal und Irland ab. 1

Der zweite ETF ist an den iBoxx® € Sovereigns EUROZONE AAA Total Return Index gekoppelt. Dieser Index bildet die Wertentwicklung aller EUR-Staatsanleihen ab, die von Regierungen der Eurozone begeben werden und die über ein durchschnittliches Rating von „AAA“ verfügen. Die derzeitige Indexrendite beträgt 2,41 Prozent bei einer Duration von 6,62 Jahren. Die derzeit im Index enthaltenen Anleihen sind deutsche, französische, niederländische, österreichische, finnische und luxemburgische Staatsanleihen.2

Für beide Indizes müssen die jeweils abgebildeten Anleihen an den monatlichen Neugewichtungstagen eine Restlaufzeit von mindestens einem Jahr aufweisen, um in den jeweiligen Index aufgenommen werden zu können. Für alle Anleihen ist ein ausstehendes Volumen von mindestens zwei Milliarden Euro erforderlich.

„Diese beiden ETFs ergänzen unsere bereits breit gefächerte Produktpalette auf den Markt für europäische Staatsanleihen um zwei interessante Bausteine. Sie erlauben Investoren auf eine effiziente und einfache Weise in verschiedenen Segmenten des zunehmend heterogenen Markts europäischer Staatsanleihen aktiv zu sein und ihre Allokation gemäß dem jeweils gewünschten Risiko/Rendite-Profil anzupassen“, sagt Thorsten Michalik, verantwortlich für db x-trackers.

Wie bei allen ETFs der db x-trackers Palette wird auch bei den beiden neuen die Indexrendite synthetisch repliziert, mit dem Ziel, die Abweichung zum zugrunde liegenden Index (Tracking Error) auf ein Minimum zu reduzieren. Es ist geplant, mit Hilfe der Deutschen Bank als Market Maker die ETFs mit einem Maximum an Liquidität im Sekundärmarkt zu versehen. Im Rahmen des Market Makings wird darauf abgezielt, die Preisquotierungen grundsätzlich zuverlässig am fairen Wert des ETFs auszurichten.

Überblick über die neuen db x-trackers ETF
Name:db x-trackers II IBOXX € SOVEREIGNS EUROZONE YIELD PLUS INDEX ETF
Währung:EUR
Bloomberg Ticker:XY4P
ISIN: LU0524480265
Jährliche Pauschalgebühr:0.15%
Index Bloomberg Ticker:IBOXEYP0

ETF
Name:db x-trackers II IBOXX € SOVEREIGNS EUROZONE AAA TOTAL RETURN INDEX ETF
Währung: EUR
Bloomberg Ticker:XBAT
ISIN:LU0484969463
Jährliche Pauschalgebühr:0.15%
Index Bloomberg Ticker: I8KW<

1 Quelle: Markit, Stand: 30. September 2010. (Wert-)Entwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die künftige (Wert-)Entwicklung.
2 Quelle: Markit, Stand: 30. September 2010. (Wert-)Entwicklungen in der Vergangenheit sind kein verlässlicher Indikator für die künftige (Wert-)Entwicklung.

Source: db x-trackers


Boerse Stuttgart has a turnover of more than EUR 7.55 billion

Turnover up by more than seven percent overall/ Strong growth in equities trading
October 4, 2010--In September 2010 Boerse Stuttgart, according to its order book statistics, had a turnover of almost EUR 7.6 billion. The total trading volume was up by 7.2 percent in comparison with the previous month's figures. In total trading volume at the Stuttgart Stock Exchange amounted to almost EUR 70 billion between January and September.

At Europe's biggest marketplace for securitised derivatives this asset class accounted for a substantial proportion of turnover. In total Boerse Stuttgart's turnover in leverage and investment products amounted to more than EUR 4.1 billion in September. It is noticeable that investors are strongly favouring discount and bonus certificates. Trading volumes in these certificates were up by 30 and 33 percent respectively in a year-on-year comparison.

In bond trading last month's volumes amounted to more than EUR 2.1 billion. The bulk of this turnover was generated by corporate bonds. In this area the Stuttgart Stock Exchange had a trading volume of more than EUR 1.3 billion. Furthermore, Boerse Stuttgart also increased its turnover in federal government bonds (bunds), bonds issued by the German federal states and bonds of other European countries.

Boerse Stuttgart saw significant growth in equities trading in September. Trading volumes in this area amounted to almost EUR 841 million. The reasons for the strong growth of more than 23 percent include some recent capital increases and the issue of subscription rights for equities that go hand in hand with such increases. In September a number of large companies, among them Deutsche Bank, decided to increase their capital.

Source: Boerse Stuttgart


Trading firms sign up for cash equities protocol

September 4, 2010--Some of the largest banking firms in Europe have signed up to a protocol that covers banks and investment firms bilaterally trading cash equities if one firm fails.

The Association for Financial Markets in Europe, a trade lobby group, on Monday said it had agreed a legal framework that allows a signatory to strike a cash balance for open trades with a signatory that defaults.

Bank of America Merrill Lynch, Barclays, Deutsche Bank, Goldman Sachs, JPMorgan Securities, Morgan Stanley, Nomura and UBS have all signed up to the protocol.

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Source: FT.com


iShares launches the first currency hedged equity ETFs in Europe

Products launched as investor demand for currency hedged equity exposure grows
October 4, 2010--iShares, the Exchange Traded Funds (ETF) platform of BlackRock, Inc. (NYSE: BLK) today announces a new development in its European product set with the launch of Europe’s first currency hedged equity ETFs. The new products enable investors to invest internationally and hedge currency exposure in one trade, without having to monitor and maintain a currency hedge.

The five new physically-backed funds, which complement the iShares existing range of equity ETFs, have been launched on the London Stock Exchange (LSE) as a result of significant client demand for currency hedged equity exposure. The launch takes the total number of iShares ETFs listed on the London Stock Exchange (LSE) to 94, the highest number of any provider in the market.

The funds track some of iShares most popular and traded global indices offered by MSCI and Standard and Poor’s:

1. iShares MSCI Japan Monthly EUR Hedged
2. IShares MSCI World Monthly EUR Hedged
3. iShares MSCI World Monthly GBP Hedged
4. iShares S&P500 Monthly GBP Hedged
5. iShares S&P500 Monthly EUR Hedged

In line with market best practice, the indices incorporate a monthly currency hedge, with currency exposure hedged using one month forward FX contracts. The hedge is not adjusted during the month for price movements of securities, corporate actions or index changes, and reduces, rather than eliminates, currency exposure.

State Street Global Markets’ currency management team has been appointed to manage the currency hedge.

Axel Lomholt, head of product development, iShares EMEA, said: “These latest products – the first of their kind in Europe - provide investors with the opportunity to hedge against unintended and often undesirable currency risk, a consideration which is particularly important during periods of volatile currency fluctuations.

“All five funds act as the perfect complement to our existing range of equity products, and are in line with our strategy of offering investors the most compelling and diverse range of products with which to invest.

“We are particularly pleased to be able to offer these ETFs in a physically-backed structure which remains our preferred means with which to develop product.”

Source: BlackRock


Two New db x-trackers II Bond Index ETFs Launched on Xetra

October 4, 2010-- Since Monday, two additional db x-trackers II bond index funds from Deutsche Bank’s ETF offering have been tradable on Xetra.
ETF name: db x-trackers II iBoxx EUR Sovereigns Eurozone AAA TRI ETF
Asset class: bond index ETF
ISIN: LU0484969463
Total expense ratio: 0.15 percent

Distribution policy: non-distributing
Benchmark: iBoxx EUR Sovereigns Eurozone AAA Index

ETF name: db x-trackers II iBoxx EUR Sovereigns Eurozone Yield Plus Index ETF
Asset class: bond index ETF
ISIN: LU0524480265
Total expense ratio: 0.15 percent
Distribution policy: non-distributing
Benchmark: Markit iBoxx EUR Sovereigns Eurozone Yield Plus Index

These two new ETFs are an additional way for investors to participate in the performance of euro-area government bonds. The iBoxx EUR Sovereigns Eurozone AAA Index tracks the performance of euro-denominated government bonds that are issued by euro-area governments and have an average rating of AAA. The Markit iBoxx EUR Sovereigns Eurozone Yield Plus Index comprises euro-denominated government bonds that are issued by the five euro-area member states with the highest bond yields.

The product offering in Deutsche Börse’s XTF segment currently contains a total of 719 exchange-listed index funds, making it the largest offering of all European stock exchanges

Source: Deutsche Börse


FSA chief addresses the role that culture and ethics play in shaping behaviour and judgements

October 4, 2010--The chief executive of the Financial Services Authority (FSA), Hector Sants, provided the keynote address at a Mansion House conference on values and trust today. Exploring the role for regulators in facilitating the right culture within firms Sants said that it is crucial to address the role that culture and ethics play in shaping behaviours and judgements.

Sants said that until this issue is addressed, “we will not be able to prevent another crisis of this magnitude from occurring again, and will never fully restore the trust of society in the financial system.”

As there is no set of economic rules or supervisory architecture that can ensure failures are eradicated, until behaviours and judgements are addressed, regulators and firms will not achieve the goal of restoring trust.

Addressing how regulators and firms can work together, he said:

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Source: FSA.gov.uk


Insurance-linked securities-Eine dynamische Nische des Kapitalmarkts

October 4, 2010--Eine aktuelle Studie von Deutsche Bank Research nimmt den Markt für verbriefte Versicherungsrisiken genauer unter die Lupe. Dieses relativ junge Marktsegment ist in den vergangenen Jahren stark gewachsen. Die Deutsche Bank schätzt, dass sich das Marktvolumen weltweit in den letzten 5 Jahren verdoppelt hat. „Aktuell liegt das ausstehende Volumen verbriefter Versicherungsrisiken bei etwa 50 Mrd. USD – wovon ca. 30 Mrd. auf Lebens- sowie 20 Mrd. auf Sach- und Haftpflichtrisiken fallen“, erläutert Christian Weistroffer, Autor der Studie. Entsprechend dem zugrundeliegenden Versicherungsgeschäft ist der Markt für verbriefte Versicherungsrisiken klar geteilt in einen Lebens- und einen Nicht-Lebens-Bereich.

Insurance-linked securities (ILS) bieten für Versicherungsunternehmen und Investoren eine Reihe von Chancen: Mit Hilfe von ILS kann die Risikotragfähigkeit der Kapitalmärkte besser zur Abdeckung von Versicherungsrisiken genutzt werden, wodurch sich die potenziellen Versicherungskapazitäten erweitern. Anders gesagt eröffnen sich durch die Verbriefung von Versicherungsrisiken für Versicherer und Rückversicherer neue Möglichkeiten der Finanzierung und Absicherung jenseits klassischer Rückversicherungslösungen. Für Investoren bieten sich attraktive Anlagemöglichkeiten. Sie können direkt in Versicherungsrisiken investieren, welche weitgehend unkorreliert zu anderen Finanzmarktrisiken sind. „Insgesamt kann eine engere Verzahnung von Kapital- und Versicherungsmärkten zu einer effizienteren Bewertung der Risiken führen und – die richtigen Rahmenbedingungen vorausgesetzt – helfen, die Verteilung von Risiken im Finanzmarkt zu optimieren“, zeigt sich der Chefvolkswirt der Deutschen Bank, Dr. Thomas Mayer überzeugt.

Trotz hoher Wachstumsraten ist der Markt für ILS nach wie vor ein Nischenanlagesegment. Im Vergleich zum Markt für verbriefte Kreditrisiken – mit mehreren hundert Milliarden USD jährlichem Verbriefungsvolumen – fällt der Markt für verbriefte Versicherungsrisiken aus Anlegersicht kaum ins Gewicht. Dementsprechend beteiligt sich bisher auch nur eine Handvoll von spezialisierten Investoren. Traten vor 10 Jahren vornehmlich die Rückversicherer als Käufer auf, sind es heutzutage vor allem Anleger außerhalb der Versicherungsindustrie, wie spezialisierte Fonds, Hedge Fonds und andere Vermögensverwalter. Retailinvestoren partizipieren bisher kaum.

Die internationale Finanzmarktkrise hat auch am Markt für ILS ihre Spuren hinterlassen. Während der Krise kam die Emissionstätigkeit teilweise zum Erliegen, hat sich jedoch – zumindest im Bereich der Nicht-Lebens-Risiken – wieder vollständig erholt. In einzelnen Fällen offenbarten sich Schwächen der eingesetzten Instrumente, welche sich insbesondere auf die Werthaltigkeit von Sicherheiten und Garantien durch Dritte erstreckten. Vor allem der Markt für Verbriefungen im Bereich Leben litt unter den Auswirkungen der Finanzmarktkrise auf Monolineversicherer. Die Erfahrungen der Krise haben dazu geführt, dass Strukturen überdacht wurden und zukünftig robuster gestaltet werden.

Mittelfristig wird sich das Marktwachstum fortsetzen. Dafür sprechen – neben den Vorteilen, welche sich aus ILS für Versicherer und Investoren ergeben – eine Reihe weiterer Faktoren: So werden bisher lediglich etwa 10-15% der gesamten Rückversicherungskapazität durch die Finanzmärkte bereitgestellt; Einkommen und versicherbares Vermögen steigen-insbesondere in den Emerging Markets – und damit auch die Nachfrage nach Versicherungsschutz. Im Bereich Nicht-Leben ergibt sich ein erhöhter Versicherungsbedarf aus gestiegenen Naturkatastrophenrisiken. Im Lebens-Bereich trägt die Steigerung der durchschnittlichen Lebenserwartung in Verbindung mit einer Verlagerung des Langlebigkeitsrisikos vom öffentlichen auf den privaten Sektor zu einem steigenden Absicherungsbedarf bei.

Herausforderungen bestehen nach wie vor im Ausgleich der Interessen von Investoren und Sponsoren. Bisher werden neue Emissionen meist ad hoc gestaltet und je nach Marktlage an die spezifischen Interessen der Sponsoren angepasst. Dies erfordert auf Seiten der Investoren ein hohes Maß an Flexibilität und Bewertungs-Knowhow und verhindert eine Verbreiterung der Investorenbasis.

Source: DB Research, Deutsche Bank


Iceland: Selected Issues Paper-IMF

October 4, 2010--I. EXECUTIVE SUMMARY
1. Iceland faces a significant debt sustainability challenge. The 2008 financial crisis saw Iceland’s public debt soar from under 30 to over 100 percent of GDP, and while underlying external debt came down sharply (as heavily indebted banks collapsed into bankruptcy), it remains elevated at close to 300 percent of GDP. Standard debt dynamics identities link the evolution of debt to the level of interest rates and the exchange rate and the pace of economic growth. Given these macro parameters, the primary fiscal position drives public debt dynamics, while the primary current account surplus drives external debt dynamics.

A key complication is that the macro parameters depend on the pace of policy adjustment. The Selected Issues Papers in this volume examine this nexus in more depth.

2. The first chapter looks more closely at external debt sustainability. A closer look at sectoral balance sheets helps illuminate the nature of interest and exchange rate risks. For the corporate sector much of the external debt is FDI related, and many corporations have natural hedges through assets or fx income, suggesting that even long-lived shocks to the exchange rate may not greatly damage external debt sustainability.

view the Iceland: Selected Issues Paper

Source: IMF


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