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Source launches its new MSCI EMU Small Cap ETF
October 12, 2010--Building on the significant and growing success of its platform and client demand, Source today announces the launch of its new MSCI EMU Small Cap ETF. The new fund tracks the MSCI EMU Small Cap Total Return (Net) index and has a management fee of 0.40% p.a.
In the current market environment, demand for exposure to the different sections of the European equities market is high. This new addition to Source’s equity product suite provides investors with a complete range of products that runs from small to large cap across both European and US equity markets. Source’s equity product offering currently includes the following size products: the STOXX® Europe Small 200 Source ETF, the STOXX® Europe Mid 200 Source ETF and the Russell 2000® Source ETF in addition to the new MSCI EMU Small Cap Source ETF.
The MSCI EMU Small Cap Total Return (Net) index is currently comprised of 568 stocks with a market capitalisation ranging from €3.5 BN to €32 MM and listed on the local exchanges of countries within the European Economic and Monetary Union (EMU). Launched since 1998, this benchmark is widely used to gain exposure to the performance of the small cap European equities market.
Commenting on the new launch, Ted Hood, CEO of Source said: “We are delighted to add the MSCI EMU Small Cap Source ETF to our range of European equity products. Many European portfolio managers are benchmarked to the broad MSCI EMU index. The new MSCI EMU small cap Source ETF will allow them to enhance their returns through exposure to the small cap segment of Euro zone equities.”
The new MSCI EMU Small Cap Source ETF is UCITs III compliant and domiciled in Ireland. It is listed on XETRA and trades in EUR.
PRODUCT SUMMARY
Product Name: MSCI EMU Small Cap Source ETF
Bloomberg Ticker: EMSC GR
Fund and Trading Currency: EUR
Management Fee: 0.40% per annum
Listing: Deutsche Börse (Xetra)
Index Name: MSCI EMU Small Cap TR (Net)
Index Ticker: NCLDEMU
Dividends: Continuously reinvested Domicile: Ireland
The addition of this new ETF brings Source’s product range to 80 across equity and commodity segments of the market. Source has now over US$7.5 BN in assets and has seen turnover of over US$95 BN since launch in April 2009. Source continues to focus on delivering incremental value to European ETF investors through a combination of enhanced indices, improved structuring and active trading and committed to delivering ETFs and ETCs with unparalleled liquidity, increased transparency and reduced counterparty risk.
Source UK Services Limited is regulated by the UK Financial Services Authority.
Source: Source ETF
TFX and Deutsche Börse Sign a License Agreement for the DAX Index
October 12, 2010--Tokyo Financial Exchange Inc. (TFX) and Deutsche Börse AG have signed an agreement which allows TFX to list a DAX® derivatives contract on TFX. The German equity index DAX comprises the 30 largest blue chip companies listed at Deutsche Börse’s cash market (Xetra) and represents around 80 percent of the market capital that is authorized in Germany.
The derivative product planned to be listed on TFX is an exchange-traded equity index margin contract to be called “Click Kabu 365” in Japan. The DAX margin contract will be a yen denominated product targeted at retail investors. By listing this product on an exchange in Japan, Japanese investors will be able to become more familiar with one of Europe’s benchmark equity indices.
“We are pleased to cooperate with Tokyo Financial Exchange to offer Asian investors access to the performance of the major German blue chips. By licensing the DAX index to TFX, we are making the leading German index directly available to market participants in Asia; while at the same time we are strengthening our global presence,” added Hartmut Graf, chief executive officer, STOXX Ltd., which is the marketing agent for the indices of Deutsche Börse AG and SIX Group, amongst them the DAX and SMI indices.
Source: Deutsche Börse
German institutional investors to double equity allocations
October 12, 2010-- German institutional investors are aiming to increase their equity exposure by 6.8 percentage points in the first half of next year, nearly doubling the current allocation, according to a survey by SEB Asset Management.
This summer, the average equity allocation in the portfolios of the 458 institutional investors surveyed stood at approximately 7%.
At the same time, survey respondents said they intended to decrease their overall bond exposure – currently around 76% – by 4.1 percentage points. SEB said mainly Pensionskassen and other pension vehicles would take this step.
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Source: IP&E
The Istanbul Stock Exchange breaks another record
October 12, 2010--The Istanbul Stock Exchange (IMKB) reached an all-time record of 69,163.38 points during the first half of trading on Tuesday.
However, the IMKB did not stop with this record. In the first half the day, stocks appreciated by 0.24 percent, while the IMKB-100 index reached 69,163.38 points after gaining 163.42 points over Monday, an all-time high. The trading volume on Tuesday was limited to TL 971 million.
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Source: Todays Zaman
XACT launches commodity ETF on Stockholm Stock Exchange
October 11, 2010--XACT Fonder will list a new ETF tomorrow that tracks the price of 15
commodities, including oil, electricity, pulp, and gold.
"In recent years the popularity of both commodities and ETFs has increased
sharply, so it is only logical for us to offer a commodity ETF," says Henrik
Norén, Managing Director of XACT Fonder, the world's largest provider of ETFs
with a Nordic focus.
"Our new commodity ETF offers investors a unique opportunity to invest in a
product that combines the traditional fund's risk sharing with the stock trading opportunities for a low fee," Henrik Norén continues.
XACT Råvaror is the first exchange-traded fund that combines global exposure with a clear Nordic focus, offering electricity and paper pulp in the commodity mix.
"For those who believe in yet another cold winter, XACT Råvaror offers an interesting investment opportunity. The price of electricity rises with the cold, which will also be reflected in fund performance," says Henrik Norén.
Different commodity-based investments are attracting increasing numbers of investors and have become an integral part of the diversification of risk in many portfolios. "In a medium risk portfolio with a 10-year investment horizon, we currently recommend up to 20% commodities," says Torbjorn Iwarson, commodity manager at Handelsbanken.
Commodities have performed well, both over the past decade as well as the previous 40 years. They also offer risk diversification and security for long- term savings. "The commodities included in the index are largely those that the investor will consume in the future, which, in a way, makes an investment in the ETF a simple way to save for future consumption, " says Torbjorn Iwarson.
XACT Råvaror follows the index "SHB Commodity Index Excess Return", which this year rose by 41.6% (September) as the global economic recovered. The new ETF will be listed on the OMX Stockholm on Tuesday, October 12th. Exchange-traded funds (ETF) are currently the fastest growing financial product, and XACT Råvaror is the ninth new ETF listed by XACT Fonder during the fall of 2010.
ETF Råvaror follows a total of 15 commodities (percentage of fund total):
Gasoline (13%), Gasoil (diesel) (13%), Crude oil (13%), Electricity (12%),
Copper (11%), Aluminium (9%), Gold (7%), Soybeans (5%), Zinc (4%), Wheat (3%),
Cattle (3%), Silver (2%), Pulp (2%), Pork (2% ) and Nickel (1%), all of great
importance to the Nordic economies. The ETF is registered in Luxembourg.
Source: XACT
ETF Securities Preparing to Market Funds in London in Industrial Metals
October 11, 2010--ETF Securities Ltd., manager of $22 billion in assets, said it’s preparing to start exchange-traded commodities funds backed by six industrial metals.
Deutsche Bank AG’s London branch will provide trading, administrative and custody services for the funds -- aluminum, copper, lead, nickel, tin and zinc, ETF Securities said in an e- mailed statement today. A date hasn’t been set for the start of the funds, which need the approval of regulators and the London Stock Exchange, according to spokeswoman Noreen Shah.
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Source: Bloomberg Business Week
ETF Securities launches base metals funds
Says to launch ETPs for all six major base metals
No launch date set yet
Deutsche says copper fund could hold 300,000-400,000t
October 11, 2010--UK-based ETF Securities said on Monday it would launch exchange-traded products for base metals, as it seeks to tap into a global market worth nearly $120 billion that has been dominated by investment in gold.
The new products will include copper, aluminium, zinc, nickel, lead and tin as well as a basket of all six major base metals, although no launch date has yet been set.
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Source: Reuters
London Stock Exchange claims fastest trading speed
October 11, 2010--The race to have the fastest trading speed passed a new milestone on Monday after the London Stock Exchange said it was using the quickest share trading system in the world to drive one of its share dealing platforms.
Xavier Rolet, chief executive, said that trades in pan-European equities on its Turquoise trading platform were taking place in 124 microseconds, since the system went live last week. That is faster than Nasdaq OMX and double the average of the fastest speeds on platforms operated by BATS Global Markets.
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Source: FT.com
Financial services: simplified rules on prospectuses for securities
October 11, 2010--The Council adopted today a directive aimed at simplifying rules on prospectuses for securities and on information about the issuers of transferable securities on financial markets, whilst at the same time upgrading investor protection (doc. 29/10).
The text, which amends directives 2003/71/EC and 2004/109/EC, is part of a legislative simplification plan agreed by the European Council in March 2007 with the aim of boosting the competitiveness of European companies by reducing administrative burdens that generate costs and inefficiencies.
The existing rules allow for a prospectus approved by the competent authority in one member state to be valid for public offers and the admission to trading of the relevant security within the entire EU. They have had a favourable impact on the quality of information made available to investors, and the Commission's assessment, five years after entry into force of those rules, is positive.
However, the Commission's review also revealed some deficiencies, and the new directive sets out to improve legal clarity and reduce the burdens imposed on issuers and intermediaries.
In particular, cost savings are expected to be generated by:
reducing disclosure requirements for companies with reduced market capitalisation;
the removal of rules leading to double transparency obligations;
exemption of employee shares schemes from the obligation to publish a prospectus;
reducing disclosure requirements for raising capital through rights issues;
excluding detailed information on the financial situation of the guarantor in the case of government guarantee schemes.
view doc. 29/10
Source: Council of the European Union
BNY Mellon Asset Servicing goes live on Calastone to offer mutual fund STP choice.
October 11, 2010--Calastone, the independent cross-border transaction network for the mutual funds industry, has today announced that BNY Mellon Asset Servicing, the global leader in securities servicing, has gone live with its connection to the network to offer full mutual fund processing STP for its UTAS mutual fund clients.
BNY Mellon provides a comprehensive range of services for its mutual fund clients. In recognition of the market appetite for greater automation and mutual fund processing efficiency, connecting to Calastone’s transaction network will enable the end clients to reap STP efficiencies and benefit from connectivity to Calastone’s fast growing global mutual fund community in addition to the efficiencies that will be provided by their settlement offering.
Calastone’s independent cross-border transaction network services provides electronic message automation to help clients improve their account opening, re-registration, creation and liquidation, switching, settlement, reconciliation, cash reporting or any associated funds messaging processes. Calastone is the only protocol and message neutral transaction network where the global fund industry can meet to electronically transact their mutual funds with its growing community of fund providers, distributors, wrap platforms, wealth managers, stockbrokers, transfer agents, hedge funds and pension funds.
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Source: Calastone
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