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German pension system falls short on sustainability, integrity
October 25, 2010--The German pension system is particularly lacking in the areas of sustainability and member communication, according to Mercer Germany.
The consultancy's German division has drawn its conclusion from the 2010 Melbourne Mercer Global Pension index, in which Germany made it in the C category, with an index value of 54, slightly better than in 2009 when it achieved 48.2.
Peter Doetsch, chief executive at Mercer Germany, said: "The comparatively bad ranking for Germany is down to the fact international systems are not directly comparable because of their particularities."
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Source: IP&E
db x-trackers list 24 ETFs on SWX The market maker is Deutsche Bank, London Branch.
Deutsche Bank Lists First Fixed-Income Db X-Trackers In ETF Emissions trading: Questions and Answers concerning the second Commission Decision on the EU ETS cap for 2013 Which new sectors and gases are covered under the extended scope? The EU ETS covers installations performing specific activities. Since its launch in 2005 the system has covered, above certain capacity thresholds, power stations and other combustion plants, oil refineries, coke ovens, iron and steel plants and installations producing cement, glass, lime, bricks, ceramics, pulp, paper and board. As for greenhouse gases, it currently covers only carbon dioxide emissions, with the exception of the Netherlands and Austria, which have opted to include emissions from nitrous oxide ( N2O) emissions from some specific installations. As from 2013, the scope of the ETS will be extended to include other sectors and greenhouse gases. Inter alia, more CO2 emissions from installations producing bulk organic chemicals, hydrogen, ammonia and aluminium will be included, as will N2O emissions from the production of nitric, adipic and glyocalic acid production and perfluorocarbons from the aluminium sector. Installations performing activities which result in these emissions will be included in the EU ETS as from 2013. read more Feedback Statement - CESR Technical Advice To The European Commission In The Context Of The MiFID Review – Client Categorisation (Ref: CESR/10-1045) Bank reforms 'will boost covered bonds' read more ETF-based mutual fund launched in Europe The investment universe, limited to 50 widely traded ETFs from managers such as iShares and db x-trackers, covers a wide variety of asset classes on a global basis, including fixed income, equities and alternative assets like commodities and hedge funds. read more
State Street Global Advisors to acquire Bank of Ireland AM for €57m
Scott Powers, president and chief executive at SSgA, said the deal would allow his company – known chiefly for its passive index-linked funds – to expand its range to include active fundamental management.
"As our clients look for more solutions-driven investment management strategies that span the risk spectrum, the addition of this team and capabilities will enhance our ability to deliver on these needs," he added. read more UK Key Spending Review announcements view the Spending Review 2010 UK Government publishes draft legislation on the Bank Levy Secondly, the final scheme design incentivises banks to make greater use of more stable financial sources, such as long term debt and equity, working with the grain of our wider reform programme."
view BANK LEVY: DRAFT LEGISLATION Investors drawn to Turkey’s banking sector Turkish banks, radically restructured after a severe crisis in 2001, continued growing throughout last year’s recession thanks to solid capital cushions, a lack of exposure to toxic assets and the lowest interest rates the country has ever experienced.
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October 22, 2010--Deutsche Bank’s db x-trackers launched its first ETFs on fixed-income indices on the SIX Swiss Exchange. Some 24 new products have been listed, as a result of which the segment now comprises a total of 555 ETFs.
The new products are:
db x-trackers II iBoxx € Germany 1-3 Total Return Index ETF
db x-trackers II IBOXX EUR Liquid Corporate 100 Total Return Index ETF
db x-trackers II IBOXX € SOVEREIGNS EUROZONE TOTAL RETURN INDEX ETF
db x-trackers II IBOXX GLOBAL INFLATION-LINKED TOTAL RETURN INDEX HEDGED ETF
db x-trackers II IBOXX EURO INFLATION-LINKED TOTAL RETURN INDEX ETF
db x-trackers II EONIA TOTAL RETURN INDEX ETF
db x-trackers II ITRAXX® EUROPE 5-YEAR TOTAL RETURN INDEX ETF
db x-trackers II ITRAXX® HIVOL 5-YEAR TOTAL RETURN INDEX ETF
db x-trackers II ITRAXX® CROSSOVER 5-YEAR TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe 5-Year Short DAILY TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® HiVol 5-Year Short DAILY TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Crossover 5-Year Short DAILY TOTAL RETURN INDEX ETF
db x-trackers II Emerging Markets Liquid Eurobond Index ETF
db x-trackers II Short IBOXX € SOVEREIGNS EUROZONE DAILY TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Senior Financials 5-year TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Subordinated Financials 5-year TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Senior Financials 5-year Short Daily TOTAL RETURN INDEX ETF
db x-trackers II iTraxx® Europe Subordinated Financials 5-year Short Daily TOTAL RETURN INDEX ETF
db x-trackers II EURO INFLATION SWAP 5 YEAR TOTAL RETURN INDEX ETF
db x-trackers II IBOXX $ TREASURIES TOTAL RETURN INDEX ETF
db x-trackers II IBOXX $ TREASURIES 1-3 TOTAL RETURN INDEX ETF
db x-trackers II USD IG INFLATION LINKED TREASURIES TOTAL RETURN INDEX ETF
Source: SWX Swiss Exchange
October 22, 2010--Emissions trading: Questions and Answers concerning the second Commission Decision on the EU ETS cap for 2013
What is the EU ETS cap and why are two steps needed to set it?
The EU ETS cap is the total amount of emission allowances to be issued for a given year under the EU Emissions Trading System (EU ETS). Since each allowance represents the right to emit one tonne of CO2 - or an amount of another greenhouse gas giving the same contribution to global warming as one tonne of CO2 - the total number of allowances, i.e. the “cap”, determines the maximum amount of emissions possible under the EU ETS.
In July 2010, the Commission adopted a decision that determined the cap for 2013 based on the current scope of the EU ETS, ie the installations covered in the 2008-2012 period. The second decision, adopted today, takes into account the extended scope of the EU ETS as from 2013.
Source: Europa
October 22, 2010--In the context of its review of the Markets in Financial Instruments Directive (MiFID), the European Commission (EC) posed a series of questions to CESR. The purpose of this consultation is to gather stakeholders' views on client categorisation issues to assist CESR in its responses to the Commission’s questions on these issues.
view Feedback statement-CESR Technical Advice to the European Commission in the context of the MiFID Review – Client categorisation
Source: CESR
October 22, 2010--German regulators say global banking reforms will strengthen the market for high quality corporate bonds because they can be used to meet a large part of worldwide liquidity requirements that take effect in 2015.
The Basel Committee on Banking Supervision, which sets international standards,announced earlier this week that it had worked out “key details” of the new “liquidity coverage ratio” which will force banks to hold enough easy-to-sell assets to survive a 30-day crisis.
Source: FT.com
October 22, 2010--Adepa Asset Management has launched Global ETF Fund (Euro), an independent mutual fund in Europe that exclusively invests in exchange-traded funds.
The fund follows a global tactical asset allocation investment approach, with the aim of providing positive and stable returns over the medium term (three to five years) via tactical asset allocation.
Source: ETF Express
October 22, 2010- – Boston-based State Street Global Advisors (SSgA) is set to acquire Bank of Ireland Asset Management (BIAM) for approximately €57m in cash
BIAM, which has approximately €26bn in assets under management for more than 500 clients, offers a range of global equity, fixed income, cash, asset allocation, property and balanced funds.
Source: IP&E
Otober 21, 2010--Supporting growth, reforming public services and building a fairer society
The Chancellor, George Osborne, has presented the Government’s Spending Review, which fixes spending budgets for each Government department up to 2014-15.
The Spending Review comes at a time when the State is spending significantly more money than it raises in taxation, and is having to meet the gap – called the deficit – by borrowing at record levels. Last year, the Government borrowed one pound in every four that it spent and the UK currently spends £43 billion on debt interest, which is more than it spends on schools in England. >
Source: HM Treasury
October 21, 2010--Financial Secretary to the Treasury, Mark Hoban MP, announced today the publication by the Government of draft legislation on the Bank Levy, which was announced in the June Budget.
Following consultation with industry over the summer, the draft legislation and accompanying consultation response sets out the details of how the levy will work ahead of final legislation, which will be published before the end of the year.
The Government has carefully considered the responses from all interested parties during the consultation to help ensure the successful introduction of the Bank Levy, which is intended to encourage banks to move to less risky funding profiles. The levy is expected to generate around £2.5 billion of annual revenues by 2012-13. The levy will be permanent.
Mark Hoban said:
"We have consulted on the design of the scheme so that it achieves two objectives: firstly, ensuring that banks make a fair contribution in respect of the potential risks they pose to the UK financial system and wider economy.
Source: HM Treasury
October 21, 2010--International groups paid high prices to enter Turkey’s banking sector in the boom years between 2005 and 2007 – but for many, it has proved to be worth the money.
The National Bank of Greece’s acquisition of Finansbank in 2006, near the peak of the market, has been a lifeline. Growth at the Turkish subsidiary allowed NBG to report a net profit at group level in the first half of 2010 in spite losses in its home market; it is now floating a stake in Finansbank as it rebuilds its balance sheet.
Source: FT.com
