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EU wants to open up audit market
October 13, 2010--After banks, rating agencies and hedge funds, the European Union set its sights Wednesday on opening up the company audit market, the accounting business tightly controlled by just a handful of giants.
"Seventy percent of the industry is in the hands of the big four in Europe," said EU financial services commissioner Michel Barnier as he announced a seven-week consultation.
"Ninety-nine percent in Britain is in the hands of the big four. We think that such a concentration can provoke systemic risks" to Europe's economy, he said.
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Source: EUbusiness
August 2010 compared with July 2010-Industrial production up by 1.0% in euro area
Up by 0.8% in EU27
October 13, 2010-In August 2010 compared with July 2010, seasonally adjusted industrial production1 grew by 1.0% in the euro
area2 (EA16) and by 0.8% in the EU272. In July3 production rose by 0.1% in both zones.-
In August 2010 compared with August 2009, industrial production increased by 7.9% in the euro area and by 7.5%
in the EU27.
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Source: Eurostat
Eurosif's 2010 European SRI Study is now published
October 13, 2010--Despite the slowdown in economic growth during the past two years, Eurosif’s 2010 European SRI Study reveals the expansion of the European SRI market, now totaling approximately €5 trillion assets under management (AuM).
Created with the support of IDEAM (Amundi Group), BNP Paribas Investment Partners, Crédit Agricole Cheuvreux and Edmond de Rothschild Asset Management, the study highlights the scale of the European SRI Market as well as European and National Trends across nineteen countries, including for the first time the Baltic States, Poland, Greece and Cyprus
Some of the Study's most important findings include, among others:
The total SRI assets under management (AuM) have increased from €2.7 trillion to €5 trillion, as of December 31, 2009. This represents a spectacular growth of about 87% since the data was previously collected two years before.
As in the previous editions of the study (2008, 2006, 2003), Eurosif continues to utilise Core SRI and Broad SRI as a means to segment the SRI market. Core SRI (estimated at €1.2 trillion) consists of norms- and values- based exclusions and different types of positive screens while Broad SRI (estimated at €3.8 trillion) encompasses simple exclusion, engagement and integration approaches.
The SRI market remains driven by institutional investors (representing 66% of the total AuM). However, the share of retail investors has increased in almost all the countries covered in the study. Bonds are now the favoured asset class among SRI investors, representing 53% of total SRI assets, while equities have dropped down to 33%.
view the 2010 European SRI Study
Source: Eurosif
ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 08-Oct-10
October 13, 2010--Last week saw US$457.9 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in Automobiles & Parts with US$168.3 Mn and Banks with US$151.4 Mn while Construction & Materials experienced net outflows of US$21.5 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$736.8 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$305.6 Mn, followed by Automobiles & Parts with US$171.5 Mn while Food & Beverage has experienced the largest net outflows of US$148.4 Mn YTD.
The US$10.3 Bn AUM invested in the ETFs is greater than the US$4.2 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
ETF Stat September 2010-Borsa Italiana
October 13, 2010--The ETF Stat September 2010 of the Borsa Italiana report is now available.
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Source: Borsa Italiana
CESR completes its review of MiFID by issuing advice on OTC derivatives trading, post-trade transparency standards and client categorisation
October 13, 2010--CESR publishes today its second set of technical advice to the European Commission (Commission) in the context of reviewing MiFID, the Markets in Financial Instruments Directive, which entered into force in November 2007. This covers CESR’s advice on standardisation and organised platform trading of over-the-counter (OTC) derivatives (Ref. CESR/10-1096), post-trade transparency standards (Ref. CESR/10-882) and client categorisation (Ref. CESR/10-1040) as well as the remaining responses by CESR (Ref. CESR/10-1254) to the Commission’s request for additional information in relation to the review of MiFID presented in March 2010.
Bourse reaches historic highs, investors optimistic about future
October 13, 2010--The Istanbul Stock Exchange (IMKB) has been unstoppable in the last couple of weeks, breaking record after record, and benchmark interest rates have reached historic lows, but this rosy picture may soon be marred with a downward spiral, at least in the short term, analysts argue.
The IMKB-100 index has gained more than 10,000 points over the last two-and-a-half months, rising to 70,647 points on Wednesday, an all-time high. What is more, this number also stands as a record in terms of dollars, too.
The bourse had already reached pre-crisis records in lira terms in April, but the recent hike elevated it to an all-time high in dollars terms as well. Turkey is the first country to reach pre-crisis levels when taking the performance of capital markets into consideration.
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Source: Todays Zaman
Sweden raises outlook but sees exports risk
October 12, 2010--Sweden has raised its 2010 growth forecast for the third time in four months, burnishing its status among the best-performing economies in Europe. But the outlook was lowered for next year amid concern that a slowdown in the global recovery could put the brakes on Swedish exports.
Anders Borg, the finance minister, said growth was set to hit 4.8 per cent this year against a 4.5 per cent target as the Nordic economy accelerated away from last year’s deep recession.
The Swedes have been aided by strong public finances that have allowed the government to continue to stimulate the economy as many deficit-laden European countries are facing an era of fiscal austerity.
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Source: FT.com
New Source Equity Index ETF Launched on Xetra
October 12, 2010--An additional exchange-traded index fund issued by Source is tradable on Xetra.
ETF name: MSCI EMU Small Cap Source ETF
Asset class: equity index ETF
ISIN: IE00B68GBJ73
Management fee: 0.40 percent
Distribution policy: non-distributing
Benchmark: MSCI EMU Small Cap (Net TR) Index
The new Source ETF enables investors to participate in the performance of the MSCI EMU Small Cap Index. The reference index comprises 570 euro-zone companies, representing around 85 percent of the market capitalization of the total market. It covers the following countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands and Portugal.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 729 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Four new ComStage Bond Index ETFs Launched on Xetra
October 12, 2010--Since Tuesday, four new listed bond index funds issued by ComStage have been tradable in Deutsche Börse’s XTF segment.
ETF name: ComStage ETF Commerzbank Bund-Future TR
Asset class: bond index ETF
ISIN: LU0508799334
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie TR Index
ETF name: ComStage ETF Commerzbank Bund-Future Leveraged TR
Asset class: bond index ETF
ISIN: LU0530118024
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie Leveraged TR Index
ETF name: ComStage ETF Commerzbank Bund-Future Short TR
Asset class: bond index ETF
ISIN: LU0530119774
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie Short TR Index
ETF name: ComStage ETF Commerzbank Bund-Future Double Short TR
Asset class: bond index ETF
ISIN: LU0530124006
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie Double Short TR Index
The four ComStage bond index ETFs offer investors the opportunity to invest for the first time in the Commerzbank Bund-Future Strategy Index. The Commerzbank Bund-Future Strategy Index is linked to the performance of the Euro-Bund Future. This is the most liquid futures contract in the European bond market and serves as a reference for the effective interest rate of 10-year government bonds. The index goes up when the interest rates of 10-year bonds go up, and it goes down when the interest rates of 10-year bonds go down.
Investors can choose whether they want to track this index with a single or double long position. They can also choose to track the inverse performance of the index with a single or double position.
Source: Deutsche Börse
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