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CESR to take a coordinated effort to respond to the recent market turmoil
May 7, 2010--Following the recent exceptional volatility in the securities and derivatives markets, Members of the Committee of European Securities Regulators (CESR) have decided in their regular meeting today in Barcelona, to intensify their close monitoring of these markets. In particular, they will pay attention to potential breaches of conduct of business rules and cases of market abuse with a view to coordinating the actions of national supervisors.
Due to the global characteristics of these developments, CESR and its Members will also closely liaise with non-European securities regulators, in particular both the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC), to ensure global co-ordination.
CESR-Pol, CESR’s Standing Committee which is responsible for ensuring market integrity and enhancing cooperation and exchange of information between CESR Members, will coordinate any cross-border investigations.
These actions are taken in line with CESR’s key tasks, i.e promoting the transparency, integrity and orderly functioning of EU securities and derivatives markets.
Source: CESR
NASDAQ OMX Starts Trading in Ten New ETFs from Deutsche Bank
May 7, 2010--NASDAQ OMX today starts trading in ten new Exchange Traded Funds (EFTs) from Deutsche Bank's db x-trackers ETF platform. The ETFs from Deutsche Bank that are available for trading on NASDAQ OMX Stockholm as of today are:
•DJ STOXX 600 OIL & GAS ETF
•DJ STOXX 600 OIL & GAS SHORT DAILY ETF
•EURO STOXX 50 LEVERAGED DAILY ETF
•EURO STOXX 50 DOUBLE SHORT DAILY ETF
•LEVDAX DAILY ETF
•MSCI ASIA ex JAPAN TRN INDEX ETF
•MSCI PACIFIC ex JAPAN TRN INDEX ETF
•SHORTDAX X2 DAILY ETF
•S&P 500 2X INVERSE DAILY ETF
•S&P 500 2X LEVERAGED DAILY ETF
Deutsche Bank today has 31 ETFs listed at NASDAQ OMX Stockholm making them the largest issuer of ETF products in the Nordics.
Jenny Rosberg, Senior Vice President at NASDAQ OMX said, "We are pleased to further expand on our ETF offering with these new products from Deutsche Bank. The ETFs available for trading as of today make it possible for our investor-base to easily and cost-efficiently trade internationally recognized stock and commodities indexes in local currency."
Source: NASDAQ OMX
CESR launches a consultation on its technical advice to the European Commission in the context of the MiFID Review: Non-equity markets transparency
May 7, 2010--CESR publishes today a consultation paper which should be seen in the context of reviewing MiFID, the Markets in Financial Instruments Directive that entered into force in November 2007.
The paper published today covers the field of Non-equity markets transparency.
view the Consultation on CESR's advice in the context of the MiFID Review: Non-equity markets transparency
Source: CESR
New OMX Stockholm Benchmark Portfolio Selected-The new portfolio of the OMX Stockholm Benchmark index will become effective on June 1, 2010
May 7, 2010--The NASDAQ OMX Group, Inc. (NASDAQ:NDAQ) announces today the results of the semi-annual review of the OMX Stockholm Benchmark index, (NASDAQ OMX Stockholm: OMXSB), which will become effective with the market open on Tuesday, June 1, 2010.
Active Biotech AB (ACTI), Arise Windpower (AWP), Biovitrum AB (BVT), Gunnebo AB (GUNN), Höganäs AB ser. B (HOGA B), Klövern AB (KLOV), Lundin Mining Corporation SDB (LUMI SDB) and Proact IT Group AB (PACT) will be added to the index.
AarhusKarlshamn AB (AAK), Hexagon AB ser. B (HEXA B), PA Resources (PAR SEK) and Transcom WorldWide S.A SDB ser. B (TWW SDB) will be removed from the index.
The OMXSB index is a free float adjusted index designed to act as a transparent and liquid benchmark with low transaction costs for the investors while maintaining a high correlation to the Swedish market.
OMXSB is sector diversified and major sectors represented are Financials, Industrials, Consumer Discretionary and Information Technology. The securities must also meet other eligibility criteria including a turnover screening. The OMXSB index is evaluated on a semi-annual basis in May and November, and the new index portfolio becomes effective on the first trading day in June and December respectively.
Source: NASDAQ OMX
Eurex führt Optionen auf drei ETFs von db x-trackers ein
May 7, 2010--Die internationale Terminbörse Eurex hat bekannt gegeben, dass sie am 17. Mai
2010 den Handel von drei neuen Optionen auf die von der Deutschen Bank
aufgelegten Exchange Traded Funds (ETFs) db x-trackers MSCI Emerging Markets
TRN, MSCI World TRN und MSCI Europe TRN startet. Im Jahresverlauf will Eurex
weitere ETF-Optionen zum Handel zulassen.
„Mit dem Relaunch unseres ETF-Derivatesegments unterstützen wir die Expansion
des ETF-Marktes, indem wir maßgeschneiderte Absicherungsmöglichkeiten für
Anleger und ETF-Emittenten bieten“, sagt Eurex-Vorstandsmitglied Peter Reitz. „In
den vergangenen zehn Jahren ist der europäische ETF-Markt in allen Kategorien
stark gewachsen, ETF-Derivate werden zum weiteren Wachstum des Marktes
beitragen.“
„Optionen auf ausgewählte ETFs sind ein weiterer Beweis für das Wachstum dieser Assetklasse. ETF-Investoren sind so in der Lage, ihre Handels- und Absicherungskosten für Benchmark-Indizes mit diesen MSCI-Optionen zu reduzieren, da diese einfach handelbar sind und einfaches Risikomanagement gestatten. Dies ist vorteilhaft aus Absicherungs- und Fondsmanagementperspektive und ermöglicht Investoren von Kursanstiegen zu partizipieren, ergänzt Thomas Strenge, European Head of Synthetic Equity Sales, Deutsche Bank.
Bei den neuen ETF-Optionen handelt es sich um europäische Optionen mit Laufzeiten von bis zu 24 Monaten. Sie werden in Euro gehandelt, und es ist eine Lieferung in effektiven Stücken vorgesehen. Die Kontraktgröße beträgt 100 Fondsanteile. Die Deutsche Bank wird als Market Maker fungieren und somit zur Liquidität des Orderbuchs beitragen.
Die Basiswerte der Optionen, das heißt die drei db x-trackers ETFs, sind in XTF,
dem Handelssegment für ETFs der Deutschen Börse, gelistet. Das im April 2000
eingeführte XTF-Segment hat sich mit 651 notierten Fonds und einem Anteil von
rund 38 Prozent am europäischen ETF-Handelsumsatz mittlerweile als führender
Handelsplatz für börsengehandelte Fonds in Europa etabliert.
Source: db-x-trackers
ETF Securities Launches Three New Equity Index ETFs and a New Commodity ETF on Xetra
May 6, 2010--Since Thursday, three new equity index funds and a new commodity index fund launched by ETF Securities have been tradable in Deutsche Börse’s XTF segment.
The three new equity index ETFs offer investors the opportunity to participate for the first time in the performance of the DAXglobal Coal, Shipping, and Steel (TR) USD indices.
Deutsche Börse’s DAXglobal index family tracks not only international equity markets, but also global subject areas and sectors, with each of the indices tailored to a specific investment area. In November 2009, Deutsche Börse extended its DAXglobal international index family further with indices such as DAXglobal Coal, DAXglobal Shipping and DAXglobal Steel.
These indices contain between 20 and 35 companies that generate at least 50 percent of their revenues in their given sector. The market capitalization of the index members must be at least US$500 million, and their average daily exchange turnover over the last three months must amount to US$2 million. The stocks have a maximum weighting of 15 percent in the index. The index composition is reviewed twice a year.
The DAXglobal Coal index tracks the largest companies in the coal sector and offers easy access to the international coal industry. The DAXglobal Shipping index is comprised of global companies that operate in the freight and shipbuilding sectors. The DAXglobal Steel index tracks the largest companies in the steel sector that generate at least 50 percent of their business from metal ore mines or steel production.
In addition, the new commodity ETF allows investors to participate for the first time in the performance of the Dow Jones-UBS Commodity 3 Month Forward Total Return Index. This index tracks the performance of 3-month futures and encompasses all commodity classes.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 655 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
The new products with the corresponding ISIN, investment focus and total expense ratio are listed in the table attached to this message.
view list
Source: Deutsche Börse
Eurex to Introduce Options on Three Benchmark ETFs
May 6, 2010--Eurex, the international derivatives exchange, announced today that it will list three new options on 17 May 2010, based on the Deutsche Bank ETFs db x-trackers MSCI Emerging Markets TRN, MSCI World TRN and MSCI Europe TRN. Additional ETF options are expected to be listed at Eurex later this year.
“With the relaunch of our ETF derivatives segment, we support the expansion of the ETF market by offering custom-made hedging opportunities for investors and ETF issuers”, said Peter Reitz, member of the Eurex Executive Board. “The European ETF market has grown tremendously in every category over the last ten years, ETF derivatives will contribute to the growth of this market.”
“Options on selected ETFs are a further demonstration of the growth of this asset class. ETF investors will now be able to reduce the costs of trading and hedging against benchmark indices through MSCI option products that are easy to trade and risk manage. This has value for hedging and overlay management purposes, as well as for investors looking for upside participation”, added Thomas Strenge, European Head of Synthetic Equity Sales, Deutsche Bank.
The new ETF options will be traded in euro, physically settled (European-style) and have maturities of up to 24 months. The contract size will be 100 units. Deutsche Bank will act as market maker to support liquidity in the order book.
The three underlying Deutsche Bank ETFs are listed at XTF, Deutsche Börse’s ETF trading segment. Since its launch in April 2000, the XTF segment has established its position as the leading trading venue for exchange-traded funds in Europe, with 651 listed funds and a market share of approximately 38 percent by European ETF turnover.
Source: Eurex
Eurex Group: New Daily Trading Volume Record of 24.1 Million Contracts on 5 May
May 6, 2010--Eurex set a new daily trading volume record yesterday with 19.5 million contracts, surpassing the previous record of 19.2 million contracts (on 14 May 2008).
ISE trading volume was 4.6 million contracts.
Eurex’s equity based derivatives (equity options and single stock futures) was the largest segment with 9.9 million contracts.
Eurex’s equity index derivatives segment totaled at 5.3 million contracts.
Eurex’s interest rate derivatives segment reached almost 4.3 million contracts.
Source: Eurex
CESR publishes an update to the Questions and answers on MiFID: Common positions agreed by CESR Members
May 6, 2010--Following the new organisation of CESR's work in the field of MiFID, the Q&A has been split into two documents, each dealing with a specific field. The majority of the Q&A have been published previously, however, there are two updates in the field of Investor Protection and Intermediaries.
view the Questions and answers on MiFID:Common positions agreed by CESR Members of the Investor Protection and Intermediaries Standing Committee
EESC for comprehensive financial regulation
May 6, 2010--The EESC tabled its opinion on the regulation of alternative investment funds, such as hedge funds and private funds. Although endorsing the much debated proposal of the European Commission, the EESC calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
"Within the European economy, the impact of hedge funds and private equity funds is more serious in social and employment terms than in the economic and financial sense," stated rapporteur Mr. Angelo Grasso (Various Interests Group, Italy). He nevertheless stressed that alternative investment funds have contributed to the increase of the leverage of and the inherent risk within the financial system, a fact lately illustrated by the downgrading of Greek sovereign debt which is pushing the Eurozone country to the brink of default.
The EESC therefore endorses efforts to regulate the industry and its recommendations to a corresponding Commission proposal was passed with a clear majority at the April session of the body.
At the April plenary, the EESC tabled a series of concrete recommendations to the Commission proposal aiming to create an appropriate and efficient regulatory and supervisory framework for the European alternative funds industry.
It believes that both the alternative investment fund managers and their products should urgently be regulated by the proposal, even if many aspects of the managers' regulation already impact the operation and features of the products.
As for hedge funds' and private equity funds' future obligations to hand over systemic risk data about their operations, the EESC recommends taking over the internationally supported principles worked out by the International Organisation of Security Commissions (IOSCO), specifying eleven kinds of data including much needed information from large leveraged funds.
In order to ensure transparency and to protect investors, the EESC insists that all alternative investment fund managers should be covered by the rules of the new directive, and therefore be required to record and submit key information. However, the data to be given and the rules to be complied by have to be scaled to the funds' sizes and the risks they run.
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