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Barclays brings iPath® Exchange Traded Notes to the UK
April 28, 2010-- * Barclays launches first iPath® ETNs on the London Stock Exchange
European exchange traded product (“ETP”) market set to reach $280bn in 2010
Barclays Bank PLC today launched its first iPath® exchange traded notes (“ETNs”) in the UK with 12 new ETNs listed on the London Stock Exchange (LSE), providing investors with exposure to commodities and volatility.
“Barclays Capital has always been at the forefront of delivering innovative, transparent products that help investors diversify their portfolios and access hard-to-reach asset classes. Today’s launch marks a natural extension of the global iPath® ETN platform, which has $6.9bn assets under management,” said Uwe Becker, Managing Director and Head of Investor Solutions Europe, Barclays Capital.
“We see significant demand in the market for products that enable strategies that are not possible in other types of exchange traded products – for example, replicating sectors or accessing volatility,” said Mr Becker. “ETNs provide simplicity and efficiency, cutting down the number of counterparties involved.” Mr Becker said that Barclays chose to launch iPath® ETNs in the UK with equity volatility and commodities products in response to investor demand for diversification. “Volatility and commodities have historically low correlation to other asset classes and, globally, investors have already committed $109.5bn¹ in assets to commodity exchanged traded products as of March 2010,” said Mr Becker.
The iPath® VSTOXX® Short-Term Futures Total Return ETN, launching today, is exclusive to Barclays. It is based on the underlying EURO STOXX 50 Volatility Short-Term Futures Total Return Index – the first of its kind in Europe.
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Source: Barclays Capital
NASDAQ OMX Commodities Introduced Inter Commodity Spread Credit
April 28, 2010--NASDAQ OMX Commodities today successfully introduced Inter Commodity Spread Credit (ICSC). As a result of this, NASDAQ OMX Stockholm's clearing procedures have been updated.
Inter Commodity Spread Credit has been introduced to meet members' growing need for margining efficiencies. The purpose of ICSC is to enable collateral benefits to members by giving credit to off-set positions in products with sustained price correlation when calculating margins.
"The new ICSC methodology aims at reducing the size of margin calls for members pooling their positions in price-correlated instruments with the clearinghouse, says Geir Reigstad, Senior Vice President of NASDAQ OMX Commodities. "Hence, the cost of capital could be significantly reduced for members who decide to maximize the benefit from this innovative solution," he elaborates.
ICSC will offer margin benefits both for products from the same product series (e.g. Nordic power v. German power) and for products from separate product series (e.g. Nordic power v. EUA allowances). ICSC will be implemented within the existing and SPAN®(1) margin model, optimizing the daily margin call for clearing members.
As an example, a member with risk intervals as of April 19, 2010, with offsetting positions in Nordic power e.g. ENOQ3-11 and German power e.g. EDEBLQ3-11, could have had a margin reduction of up to 30 percent, compared to a situation without ICSC.
Source: NASDAQ OMX
AUM of ETF Securities’ Currency ETC platform jumps 72% in one week as investors short AUD and short JPY
April 28, 2010--$41m flows into ETF Securities’ Currency ETC platform last week bringing AUM to $120 million
89% of investors currently short G10 currencies vs. USD, with USD strengthening 9.5% since November
ETFS Short AUD Long USD (SAD) captures 45% of new inflows in April after ETFS Long AUD Short USD (LAUD) rallied 9% in previous 9 weeks
ETFS Short JPY Long USD (SJPY) continues to be the most favoured position with 46% of total ETFS Currency ETC assets
Average weekly trading volume up 177% since the start of 2010 on back of last week record turnover
ETF Securities (ETFS), which launched the world’s largest and Europe’s first platform of Exchange Traded Currencies (ETFS Currency ETCs), has seen assets on the platform grow to around $120 million with average weekly trading volumes continuing to grow, up 177% since the start of 2010 as demand for currency ETCs keeps increasing. We believe growth in the new products further exemplifies investors’ acceptance of the ETC structure.
The fourteen ETFS Currency ETCs, which are short G10 currencies versus USD or EUR, have seen the most interest from investors, making up 89% of assets as of 23rd April 2010. We feel this has occurred as the USD strengthened 9.5% versus the Dollar Index (DXY index) since the recent low on 25th November 2009 to 23rd April 2010.
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Source: ETF Securities
Newly Launched Euro STOXX 50 Volatility Short-Term Futures Index Lincensed To Barclays Capital
April 27, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the EURO STOXX 50 Volatility Short-Term Futures Index (VSTOXX Short-Term Futures Index). The new index measures the performance of a hypothetical, rolling portfolio invested into constant maturity implied volatilities on the underlying EURO STOXX 50 Index.
The VSTOXX Short-Term Futures Index – the first of its kind in Europe – has been licensed to Barclays Capital to underlie an exchange-traded note (ETN).
“As the importance of volatility as an asset class of its own grows steadily, STOXX adds the newest index to its strategy index family, thereby reinforcing its commitment to develop innovative and complex index concepts,” said Hartmut Graf, chief executive officer, STOXX Ltd. “The VSTOXX Short-Term Futures Index is a superior tool to measure the return from a rolling long position in the first and second month EUREX VSTOXX futures contracts.”
Dixit Joshi, Managing Director, head of equities EMEA, Barclays Capital commented: "We are delighted to have worked jointly with STOXX towards the launch of this new benchmark index. Volatility has become an essential tool used by many of our clients both for diversifying traditional equity portfolios and for taking outright views on its direction. The VSTOXX Short-Term Futures Index will provide our clients with transparent and liquid access to implied volatility."
EU wants sight of data on OTC trades
April 27, 2010--Michel Barnier, the European Union official driving reform of the bloc’s financial regulation, has told US Treasury secretary Tim Geithner that EU regulators will need “unfettered access” to data on swaps trading held in “trade repositories” as they tighten scrutiny of the over-the-counter derivatives market.
His comment, in a letter to Mr Geithner seen by the Financial Times, is a sign that the issue of such repositories is becoming politically sensitive amid an overhaul of the over-the-counter, or off-exchange, markets for derivatives.
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Source: FT.com
EU opens consultation on double taxation
April 27, 2010--The European Commission launched today an online public consultation to ask individuals, companies and tax advisers for information on double taxation problems that they have encountered when operating across borders within the EU.
“Double taxation can deter cross-border activity in the EU and the functioning of the Internal Market. I am determined to tackle this obstacle. This consultation will help us to assess the real scale and financial impact of double taxation for citizens and businesses. I will then work towards finding the most appropriate and effective solutions," said EU Commissioner for Taxation and Customs Union.
The aim of the public consultation is to clearly identify the nature of the problems that EU taxpayers are facing and the extend to which many individuals and companies are encountering the problem of being taxed on the same income or profits in two or more different Member States.
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Source: EUbusiness
US 'not very helpful' on climate: European Parliament president
April 27, 2010- The United States is "not very helpful" when it comes to fighting climate change, EU parliament president Jerzy Buzek said Tuesday during a visit to the US Capitol.
"In climate issue, Europe is a leader and we would like to save our planet," he said before talks with Democratic House Speaker Nancy Pelosi. "We think it (climate change) is very dangerous. And Americans are not very helpful."
Buzek, a former Polish prime minister, said Washington thinks "Europe is not very supportive" on issues of "global stability, non-proliferation or problems with Afghanistan, Iran, North Korea."
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Source: EUBuisness
ETNs take off on London Stock Exchange
- 28 new products from two separate issuers in one day
April 27, 2010--The London Stock Exchange today welcomes 28 new Exchange Traded Notes (ETNs) to its markets. Société Générale has admitted 16 ETNs to trading while Barclays iPath has admitted 12. The products offer simple, real-time exposure to commodities and futures indices and join one existing ETN, tracking gold, issued by Lyxor in March 2009.
Pietro Poletto, Head of Exchange Traded Products at London Stock Exchange Group, said:
“Today’s listings create a strong base of instruments from a range of issuers for investors accessing the London markets. We look forward to leading further European growth in this product type in the coming months and years.”
Today’s admissions further expand the Exchange’s extensive range of Exchange Traded Products (ETPs). As of today there are:
o 243 Exchange Traded Funds (ETFs), offering exposure to major indices such as the FTSE 100, as well as those tracking companies in emerging markets, cleantech businesses and Shariah compliant firms.
o 200 Exchange Traded Commodities (ETCs), offering exposure to commodities including natural resources and agriculture.
o 18 Exchange Traded Currencies (Currency ETCs), offering long and short exposure to G10 currencies against the US Dollar.
o 29 ETNs, offering exposure to commodities such as precious metals and short term futures indices.
Trading activity in ETPs has seen consistent growth since their launch ten years ago this week. In the first quarter of 2010, there was £10.4 billion worth of trading in the products on the London Stock Exchange, a 13.4 per cent increase on the same period last year.
The full list of products admitted to trading today is as follows:
Issuer Name |
Description |
|
|
Société Générale |
ETN on SPGS Crude Oil ER |
Société Générale |
ETN on SPGS NatGas ER |
Société Générale |
ETN on SPGS Aluminium ER |
Société Générale |
ETN on SPGS Zinc ER |
Société Générale |
ETN on SPGS Nickel ER |
Société Générale |
ETN on SPGS Copper ER |
Société Générale |
ETN on SPGS Corn ER |
Société Générale |
ETN on SPGS Wheat ER |
Société Générale |
ETN on SPGS Soybeans ER |
Société Générale |
ETN on SPGS Agricultural ER |
Société Générale |
ETN on Platinum Spot |
Société Générale |
ETN on Silver Spot |
Société Générale |
ETN on Gold Spot |
Société Générale |
ETN on DJ EUROSTOXX50 Total Return Index |
Société Générale |
ETN on MSCI JAPAN Total Return Index |
Société Générale |
ETN on S&P 500 Total Return Index |
Barclays Bank PLC |
iPath S&P 500 VIX Short-Term Futures ETN |
Barclays Bank PLC |
iPath S&P 500 VIX Mid-Term Futures ETN |
Barclays Bank PLC |
iPath DJ-UBS Commodity IndexSM TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Index TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Agriculture Index TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Energy Index TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Grains Index TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Softs Index TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Ind Metals Idx TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Prec Metals Idx TR ETN |
Barclays Bank PLC |
iPath S&P GSCI Livestock Index TR ETN |
Barclays Bank PLC |
iPath VSTOXX Short Term Futures ETN |
Source: London Stock Exchange
FTSE names new director of responsible investment
David Harris steps up to top RI spot at the index group.
April 27, 2010--FTSE, the global index company, has named David Harris as its new director of responsible investment (RI), replacing departing director, Will Oulton.
Responsible-Investor.com revealed last week that Oulton was leaving FTSE to join Mercer, the global investment consultant, as its new European head of responsible investment. Harris will step up from his current position as head of responsible investment at FTSE to the top RI spot at the end of May when Oulton moves across to Mercer.
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Source: Responsible Investor
Deutsche Börse launches new products with historical data for Eurex and Xetra
April 27, 2010--Un-netted market data for the optimization of algorithmic trading
strategies Deutsche Börse’s Market Data & Analytics segment has launched the new data products “EnBSol Historical Data Eurex” and “EnBSol Historical Data Xetra”.
These products deliver historical order book information from the Eurex and
Xetra trading platforms to market participants. Un-netted market data
serves as
an input to develop algorithms and verify and optimize existing strategies.
The historical data comprises complete order book information up to an order book depth of 20 in the original format of the Enhanced Broadcast Solution (EnBSol) of the respective trading platform. The Enhanced Broadcast Solution is a high-performance, market information broadcast interface available to trading members. Thus, the integration of the historical data into their own models is particularly easy for participants of both trading platforms.
“The EnBSol Historical Data products are tailored to the needs of algorithmic traders. Comprehensive market data of the highest quality is a key input needed for the development and optimization of automated trading strategies”, said Georg Gross, Head of Front Office Data & Analytics at Deutsche Börse.
All trades and quotes are marked with original time stamps in milliseconds. Complete order book situations can be efficiently generated with the unnetted EnBSol Historical Data. The historical data is available for the period starting 1 January 2010 and can be subscribed to on a monthly or calendar year basis. The data is delivered on hard disk.
Additional information is available at deutsche-boerse.com/mda_e.
Source: Deutsche Börse
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