Global ETF News Older than One Year
Progress of the FSB's initiative to promote international cooperation and information exchange.
April 29, 2011--Progress report
The Financial Stability Board in March 2010 commenced an initiative to encourage the adherence of all countries and jurisdictions to regulatory and supervisory standards on
international cooperation and information exchange, including by identifying non-cooperative
jurisdictions and assisting them to improve their adherence.1 This initiative is making good
progress. All but a few of the jurisdictions contacted by the FSB either already demonstrate
sufficiently strong adherence to the relevant standards or are implementing reforms to strengthen their adherence.
The initiative was commenced in response to a call by the G20 Leaders at their April 2009 Summit in London for the FSB to develop a toolbox of measures to promote adherence to prudential standards and cooperation with jurisdictions. It complements similar initiatives by the Global Forum on Transparency and Exchange of Information for Tax Purposes to promote adherence to international standards in the tax area, and by the Financial Action Task Force for standards concerning anti-money laundering and combating the financing of terrorism.
Objective of the initiative
The focus of the FSB’s initiative is on adherence to internationally agreed information exchange and cooperation standards in the areas of banking supervision, insurance supervision and securities regulation. Cooperation and information exchange amongst financial supervisors and regulators are essential for effective oversight in an integrated financial system. Financial markets are global in scope and, therefore, weaknesses in international cooperation and information exchange can undermine the efforts of regulatory and supervisory authorities to ensure that laws and regulations are followed and that the global operations of the financial institutions for which they have responsibility are adequately supervised. 1
Source: Financial Stability Board
‘Blow-up’ warning over Ucits rules
April 26, 2011--FT reports, some industry figures believe a blow-up of a Ucits III-compliant “hedge fund-lite” vehicle will take place in the next two years because managers are pushing the boundaries of existing regulation.
. Regulators are not able to keep pace with how managers are executing their strategies, they say.
Source: Albourne Village
NYSE Euronext Announces Strong First Quarter 2011 Financial Results
First Quarter GAAP Diluted EPS of $0.59 vs. $0.50 in the Prior Year Period
Diluted EPS of $0.68 Up 26% Year-over-Year and 48% Sequentially, Excluding Merger Expenses & Exit Costs
Launched Interest Rate Futures on NYSE Liffe U.S./New York Portfolio Clearing
Global Leader for IPOs, Over 90% share of Proceeds in U.S., Increasing Momentum for Franchise
Integration Planning for Proposed Merger with Deutsche Boerse On-Track
April 28, 2011--
Financial and Operating Highlights1, 2
Diluted EPS of $0.68, up 26% vs. 1Q10; up 48% vs. 4Q10
Net revenue of $679 million, up 5% vs. 1Q10; up 11% vs. 4Q10
Fixed operating expenses of $415 million, down 3% vs. 1Q10; down 2% vs. 4Q10
Operating income of $264 million, up 21% vs. 1Q10; up 40% vs. 4Q10
Operating margin of 39% vs. 34% in the prior year; EBITDA margin of 49% vs. 44%
NYSE Liffe U.S. executed 480,000 contracts in new products in first nine trading days after launch
#1 for IPOs globally; Over 90% market share of U.S. proceeds raised
Board declares second quarter 2011 cash dividend of $0.30 per share
Source: NYSE Euronext
IMF Regional Economic Outlook: Strong Recovery in the Caucasus and Central Asia to Continue in 2011
April 28, 2011--Strong post-crisis recovery in the Caucasus and Central Asia (CCA) region is expected to continue in 2011, although at a somewhat slower pace than in 2010, the International Monetary Fund (IMF) said in its Regional Economic Outlook for Caucasus and Central Asia released in Tbilisi today. According to the report, average growth across the region this year is expected to remain strong, at just below 6 percent, compared with 6½ percent last year. Growth will continue to be driven by positive external factors—high commodity prices, the pickup in Russia, and strong growth in China.
The recovery was mainly driven by higher oil and gas exports—helped by favorable prices—and by public investment and fiscal support to sectors affected by the crisis. “To sustain the recovery, policymakers in the Caucasus and Central Asia will need to address rising inflation, respond to social pressures arising from high food prices without threatening fiscal stability, and restore the health of banking systems,” said Middle East and Central Asia Department Deputy Director David Owen.
Looking ahead, a key issue for countries in the region will be to diversify their sources of growth beyond mining, oil, and gas. They can best do this by improving the business environment to increase the role of the private sector and by strengthening regional trade and investment links. Action on these fronts is critical for job creation and poverty reduction.
Source: IMF
Shareholders Urge NYSE to Consider Nasdaq Bid
April 28, 2011--Top executives of NYSE Euronext Inc., parent company of the New York Stock Exchange, deflected angry questions about its rejection of a rival takeover bid at the company's annual shareholder meeting Thursday.
Last week NYSE Euronext's board again turned down an unsolicited $11.3 billion bid from Nasdaq OMX Group Inc. and IntercontinentalExchange Inc. that would carve the company in half. NYSE Euronext says it favors a deal it already has in place to combine with Deutsche Boerse, owner of the Frankfurt stock exchange.
Source: ABC News
April 2011 “Islamic Market’s Measure” Preliminary Report - Monthly Report On The Performance Of The Dow Jones Islamic Market Indexes
April 28, 2011-- Based on the close of trading on April 26, the global Dow Jones Islamic Market Titans 100 Index, which measures the performance of 100 of the leading Shari’ah compliant stocks globally, gained 2.99% month-to-date, closing at 2397.07. In comparison, the Dow Jones Global Titans 50 Index, which measures the 50 biggest companies worldwide, posted a gain of 2.46%, closing at 189.49.
The Dow Jones Islamic Market Asia/Pacific Titans 25 Index, which measures the performance of 25 of the leading Shari’ah compliant stocks in the Asia/Pacific region, increased 2.26%, closing at 2212.68. The Dow Jones Asian Titans 50 Index, in comparison, posted a gain of 0.57%, closing at 142.81.
Measuring Europe, the Dow Jones Islamic Market Europe Titans 25 Index, which measures the performance of the 25 of the leading Shari’ah compliant stocks in Europe, closed at 2366.93, a gain of 4.92%, while the conventional Dow Jones Europe Index gained 5.06%, closing at 300.77.
Source: Dow Jones Indexes
Financial Conditions Indexes for the United States and Euro Area -IMF Working Paper
April 27, 2011--Summary: Financial conditions indexes are developed for the United States and euro area using a wide range of financial indicators and a dynamic factor model.
The financial conditions indexes are shown to be useful for forecasting economic activity and have good revision properties.
view IMF Working paper-Financial Conditions Indexes for the United States and Euro Area
Source: IMF
IMF Working paper-International Mutual Funds, Capital Flow Volatility, and Contagion-A Survey
April 27, 2011--Summary: Gaining a better understanding of the behavior of international investors is key for informing the debate about the optimal response to capital flows and about reforms to the international financial architecture. In this context, recent research on the behavior of international mutual funds at the micro level has expanded our knowledge about the drivers of portfolio flows and the mechanisms behind the transmission of financial shocks across countries.
This paper provides a brief survey of this literature, with a focus on the empirical evidence for emerging markets. Overall, the behavior of international mutual funds is complex and overly simplistic characterizations are misleading. However, there is broad-based evidence for momentum trading among funds. Moreover, funds tend to avoid opaque markets and assets, and this behavior becomes more pronounced during volatile times. Portfolio rebalancing mechanisms are clearly important in explaining contagion patterns, even in the absence of common macroeconomic fundamentals. From a surveillance point of view, this implies that monitoring the exposures of large investors at a micro level is crucial to assess vulnerabilities.
Source: IMF
IMF Working paper-How to Deal with Real Estate Booms: Lessons from Country Experiences
April 27, 2011--The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified.
Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes.
view the IMF Working paper-How to Deal with Real Estate Booms: Lessons from Country Experiences
Source: IMF
IMF Sees Long-Term Opportunities for the Middle East and North Africa Despite Short-Term Challenges Amid Unrest
April 27, 2011--Changes taking place in the Middle East and North Africa provide an opportunity for the region to lay the foundation for a socially inclusive and more dynamic growth model, but in the near term, countries face multiple pressures stemming from higher commodity prices and disruptions to economic activity, the IMF said in its April 2011 Regional Economic Outlook for the Middle East, North Africa, Afghanistan and Pakistan (MENAP), released today.
“In the long run, the uprisings could give a boost to the economies in the region by setting a more inclusive growth agenda, improving governance, and providing greater and more equal opportunity for its young and growing population. However, the near-term outlook is challenging, and there is a pressing need to address unemployment and improve social safety nets,” Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, said at the launch conference of the report in Dubai. “The immediate challenge facing oil-importing countries in the Middle East is to maintain social cohesion and macroeconomic stability in the face of multiple pressures,” he added.
view the Regional Economic Outlook: Middle East and Central Asia report
Source: IMF
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