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Advisers steer clients away from trackers
November 25, 2011--Independent financial advisers (IFAs) and wealth managers continue to show a marked preference for actively managed funds in the recommendations they send clients – in spite of the cost benefits of using passive trackers – new research has found.
In a survey of 16 major firms carried out by the Financial Times, nine said they did not include conventional tracker funds in their “recommended” fund lists, while eight refused to include exchange traded funds (ETFs) tracking equity indices. Reasons given for excluding trackers ranged from unsuitable market conditions to inferior long-term performance.
Renminbi threat to dollar could be stalling
November 23, 2011--The Chinese renminbi could pose a threat to the international dominance of the US dollar within five to 10 years, the US-China Economic and Security Review Commission warned this month in its annual report to Congress.
But based on the latest data, this prediction may be premature. In contrast to popular perception, evidence from China suggests that the internationalisation of the renminbi is stalling – and in many respects it has barely got off the ground.
ESMA publishes updated list of measures adopted by competent authorities on short selling
November 21, 2011--ESMA today published an update regarding the measures taken by EU competent authoritites regarding short selling.
This update includes measures taken by Austria.
view the Update on measures adopted by competent authorities on short selling
UN-backed report spotlights links between global warming and extreme weather
November 18, 2011-- A United Nations-backed report confirms the link between climate change and current trends in extreme weather such as floods and heat waves, and warns that existing measures, even in developed countries, are not enough to cope with the severity of these events.
The report, whose summary was approved today by the Intergovernmental Panel on Climate Change (IPCC) in Kigali, Uganda, reveals that high and low daily temperatures have risen on a global scale due to the rise of greenhouse gases, causing an increase in floods, heat waves, droughts, and other extremes associated with damage caused by high sea levels and heavy precipitation.
The report also states that extreme weather conditions have become more powerful and dangerous as a result of climate change, increasing the vulnerability of densely-populated regions in coastal zones as well as populations that live in conditions of poverty and have limited ways to cope with natural disasters.
NYSE and D Börse gamble on concessions
November 18, 2011--NYSE Euronext and Deutsche Börse have launched a high-stakes gamble to assuage serious competition concerns in Brussels over the exchanges’ planned merger with a package of concessions offering rivals partial access to their Germany-based clearing house.
After succeeding in overturning some but not all of the concerns expressed by European antitrust authorities, the exchanges have also proposed to sell some single stock equities and futures businesses on both sides of the Atlantic, eliminating an overlap in their businesses.
November 18, 2011--NYSE Euronext (NYSE:NYX) and Deutsche Börse AG (XETRA: DB1) today confirm that they have submitted a remedy proposal to the European Commission’s Directorate-General for Competition (DG Competition). The proposed remedies are designed to address the remaining concerns of DG Competition in derivatives trading and clearing while preserving the compelling industrial logic of the transaction.
The remedy proposal aims at eliminating the existing overlap in European single equity derivatives and ensures continued competition in European interest rate and equity index derivatives.
With respect to European single equity derivatives, the notifying parties have proposed to divest the portions of their respective businesses in which they overlap. NYSE Euronext would divest its pan-European single equity derivatives business, including Bclear, except the options businesses in its home markets, where Deutsche Börse would divest its respective business. This remedy addresses DG Competition’s stated concerns in the area of single equity derivatives.
With respect to European interest rate and equity index derivatives, Deutsche Börse and NYSE Euronext propose to grant unprecedented third-party access to Eurex Clearing for derivatives product innovations taking advantage of the merged entities clearing services. The clearing services would be provided on a fair, reasonable and non-discriminatory basis and include cross margining.
FTSE Teams Up With TOBAM To Maximise Equity Portfolio Diversification
November 17, 2011--FTSE Group (“FTSE”), the award winning global index provider, and Paris-based asset manager, TOBAM, today announce the launch of a new family of 8 indices- the FTSE TOBAM Maximum Diversification Index Series. The index series seeks to maximize a mathematical definition of diversification, the Diversification Ratio, to provide institutional investors with the most diversified portfolio possible in any given stock universe across global and domestic markets.
Based on original research from TOBAM, the FTSE TOBAM Maximum Diversification Index Series helps investors to avoid portfolio concentration. Constituents are sourced from the FTSE All-World Index and are weighted so that each effective risk factor contributes equally to the risk of the portfolio, as opposed to a market capitalization weighted basis. The portfolio construction methodology used in the construction of the index series has already been adopted by major asset owners including CalPERS.
Quarterly National Accounts - GDP Growth - Third Quarter 2011, OECD
November 17, 2011--Provisional figures show that gross domestic product (GDP) in the OECD area rose by 0.6% in the third quarter of 2011, against 0.3% in the previous quarter. The key reason for the increase in the OECD growth rate, as compared to the second quarter, was the strong growth in Japan (1.5%) in the third quarter, partly due to a technical rebound after the earthquake disaster. This strong growth in Japan followed three consecutive quarters of contraction.
Growth in the Euro area and the European Union remained at 0.2%, despite the higher growth in Germany (0.5%), the United Kingdom (0.5%) and France (0.4%). GDP growth in the United States also picked up slightly at 0.6%.
Relative to a year earlier, GDP increased by 1.8% in the third quarter of 2011 in the OECD area, the same as in the previous quarter. Among the Major Seven* economies, Germany recorded the highest year-on-year growth rate (2.6%) and Japan the lowest (minus 0.2%).
Global Experts Poll: Crisis of Confidence in the State of the Global Economy Continues
2nd quarterly Global Confidence Index polls 1,200 experts from business, government, international organizations and academia who are Members of the Forum’s Network of Global Agenda Councils
70% of those polled remain pessimistic about the global economic outlook, but confidence in global cooperation has increased
November 16, 2011--The confidence deficit continues worldwide with international experts remaining pessimistic about the state of the global economy and global governance over the next year, according to the results of the World Economic Forum’s second quarterly Global Confidence Index.
However, the Index shows that there is higher optimism for global cooperation to address these risks.
Over 1,000 global experts from the public and private sectors were sent the survey for the Global Confidence Index – a joint initiative of the World Economic Forum’s Risk Response Network and Global Agenda Councils. Among the respondents, 70% remain pessimistic about the global economic outlook, the same number as last quarter. Confidence in global governance also remains low this quarter, with a consistent 60% of respondents signalling little trust in political leadership to deal with global risks.
One-third of the respondents expressed confidence in the state of global cooperation, compared with one-fifth three months ago. However, concern about a major societal disruption being likely or very likely to occur over the next 12 months has grown from 50% to 60% this quarter.
view full analysis and results-Global Confidence Index
Corporate Leaders Forecast Business Expansion and New Jobs in 2012 Despite Rising Concerns, According to New NYSE Euronext CEO Report
Cross-generational survey of public and private company CEOs and MBA students
Views on the global economy, job creation, innovation, social media, brand reputation
Economic and political stability, regulation, tax policy, protectionism, trade among top concerns
November 16, 2011--According to a newly released report by NYSE Euronext (NYX), 62% of public companies and 71% of private firms are likely to expand and add jobs in 2012 despite rising concerns over economic uncertainty and political instability, regulatory and tax policies, protectionism and international trade.
The 2011 NYSE Euronext Report represents the views of CEOs of publicly held companies and, for the first time, CEOs of private or emerging companies including private equity and venture-backed firms as well as MBA students, dubbed “aspiring corporate leaders”.
The 2011 NYSE Euronext CEO Report, now in its 7th year, is an expansive cross-generational survey that provides leadership insights on the economy and growth, the workforce and job creation, reputation and brand management, the CEO of the future, and social media. Respondents include 317 CEOs of NYSE-listed companies from more the 25 countries, 119 CEOs of emerging private companies in the U.S., and more than 200 U.S-based MBA students. Global market research firm ORC International conducted the survey on behalf of NYSE Euronext. To view the results of the 2011 NYSE Euronext CEO Report click here