Global ETF News Older than One Year
Major study reveals that private equity’s center of gravity is shifting toward emerging markets as returns in these markets accelerate
November 3, 2010--Emerging markets’ share of private-equity deals has increased from 5 percent to 30 percent over the last decade, rivaling the proportion of deals in the United States and Europe—and it is expected to increase.
Returns from emerging markets have more than tripled since the 1990s to more than 17 percent today.
The most attractive markets combine economic scale and favorable socioeconomic conditions, such as Brazil, Turkey, and Malaysia. Other high-profile markets such as Russia and Argentina appear to offer less potential.
Western investors will have to rethink their business models to succeed, including accepting minority rather than majority stakes in businesses, and generating value via operational improvements rather than leverage.
Local private-equity firms in emerging markets could be tomorrow’s giants.
Emerging markets are generating increasingly attractive returns for private-equity investors and could soon account for the lion’s share of deals, according to research from BCG and IESE Business School. But which markets offer the greatest potential for investors? And what are the key success factors? In New Markets, New Rules: Will Emerging Markets Reshape Private Equity?, BCG and IESE address these questions by analyzing the largest data set of its kind and applying a novel framework for assessing the attractiveness of markets.
view New Markets, New Rules: Will Emerging Markets Reshape Private Equity? report
Source: The Boston Consulting Group
Sugar soars to 30-year high as supply fears grow
November 2, 2010--The price of sugar has jumped to a 30-year high as the Brazilian harvest has tailed off sharply, hardening expectations of a shortage.
Traders believe that prices could soar over the coming months as the market faces a supply shortfall driven by smaller-than-forecast crops in important growing countries from Brazil to Russia and western Europe.
Source: FT.com
Dow Jones Indexes Named Best Islamic Index Provider In IFN Award Poll
November 1, 2010--Dow Jones Indexes, a leading global index provider, today announced that it has been named “Best Islamic Index Provider” in the Islamic Finance News (IFN) award poll for the 4th consecutive year.
The Best Service Providers award poll is conducted annually by the Malaysia-based weekly e-newsletter Islamic Finance News. For this 2010 edition, more than 1,900 votes from Islamic finance institutions, issuers, investors and government bodies from around the world determined the leaders in 13 categories.
“We are honored to receive this prestigious award for the fourth year in a row. The Dow Jones Islamic Market index series is one of our finest achievements in terms of innovation, design and market acceptance,” said Michael A. Petronella, president, Dow Jones Indexes. “As Islamic finance grows and evolves worldwide, we are committed to continue providing meaningful, new Islamic indexes.”
Launched in 1999, the Dow Jones Islamic Market Indexes were the first indexes intended to measure the global universe of investable equities that pass screens for Shari’ah compliance. With more than 100 indexes, the series is the most comprehensive family of Islamic market measures and includes regional, country, and industry indexes, all of which are subsets of the Dow Jones Islamic Market Index. An independent Shari’ah Supervisory Board counsels Dow Jones Indexes on matters related to the compliance of index-eligible companies.
In the past 6 years, the Dow Jones Islamic Market index series has won 21 industry awards by organizations, research institutions and magazines around the world; amongst them are the International Islamic Finance Forum, the Kuala Lumpur Islamic Finance Forum, the Islamic Center of Southern California, Global Finance Magazine, Islamic Business & Finance Magazine and Incisive Media.
There are currently more than 150 licensees with more than US$7 billion in assets benchmarked to the Dow Jones Islamic Market Indexes. For more information on the Dow Jones Islamic Market Indexes, please visit www.djindexes.com.
Source: Dow Jones Indexes
Average Daily Volume of 9.2 Million Contracts at Eurex and ISE in October
November 1, 2010--At the international derivatives markets of Eurex, an average daily volume of 9.2 million contracts was traded in October (October 2009: 10.4 million). Thereof, 6.3 million contracts were traded at Eurex (October 2009: 6.4 million) and 2.9 million contracts were traded at the International Securities Exchange (October 2009: 4.0 million). In total, 193.7 million contracts were traded on both exchanges (October 2009: 228.8 million); thereof, 132.0 million contracts at Eurex and 61.7 million contracts at ISE.
At Eurex, the equity index derivatives segment was the most active segment, totaling 57.7 million contracts (October 2009: 67.4 million). Futures on the EURO STOXX 50 reached 24.6 million contracts and options on this index recorded another 22.5 million contracts. The futures on the DAX index reached a turnover of 2.9 million contracts, the DAX option recorded another 5.7 million contracts.
The Eurex segment of equity-based derivatives (equity options and single stock futures) recorded 28.0 million contracts (October 2009: 29.9 million). Thereof, equity options totaled 24.2 million contracts, single stock futures 3.8 million contracts.
Eurex’s interest rate derivatives segment grew by 4 percent and reached 45.7 million contracts, compared with 44.0 million in October 2009. Approximately 18.7 million contracts were traded in the Euro-Bund-Future, 10.0 million contracts in the Euro-Bobl-Future, 10.4 million contracts in the Euro-Schatz Future and around 78,400 contracts in the Euro-BTP-Future. The Short Term Euro-BTP-Future recorded more than 21,000 contracts.
Source: Eurex
BlackRock ETF Landscape Industry Review, End Q3 2010
October 29, 2010--This report provides an overview of the Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) industry through the end of Q3 2010.
At the end of Q3 2010 the global ETF industry had 2,379 ETFs with 5,204 listings, assets of US$1,181.3 Bn from 129 providers on 45 exchanges around the world.
Additionally, there were 878 other Exchange Traded Products (ETPs) with 1,445 listings and assets of US$146.9 Bn from 49 providers on 20 exchanges.
Combined, there were 3,257 products with 6,649 listings, assets of US$1,328.2 Bn from 158 providers on 48 exchanges around the world at the end of Q3 2010.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
IOSCO Publishes Comments Received in Response to Consultation Reports on Issues Pertaining to the Audit of Publicly Listed Companies
October 29, 2010--IOSCO has published the Comments Received in Response to Consultation Reports on Issues Pertaining to the Audit of Publicly Listed Companies.
Source: IOSCO
Post-Crisis, Emerging Market Debt Managers Plan for Challenges Ahead
Despite the success of emerging market debt managers in navigating the financial crisis, challenges remain in the post-crisis environment.
Debt managers from emerging markets cite renewed focus on portfolio risks and importance of appropriate levels of cash reserves as key lessons from the crisis.
In addition to providing additional financing to emerging markets, the World Bank is collaborating with emerging market debt managers and other partners to evaluate lessons learned and sustain progress
October 29, 2010--Debt managers and international financial institutions are in agreement that improved macroeconomic policies and public debt management helped many emerging market countries avoid sovereign debt distress during the recent global financial crisis.
Now that the most acute phase of the crisis has passed, debt managers are taking stock of lessons learned, re-evaluating the landscape for debt management in the post-crisis environment, and ensuring that gains made by emerging markets are sustained.
More than 180 debt managers and representatives from international financial institutions gathered at the World Bank’s Sovereign Debt Management Forum in Washington, D.C., this week to share their experiences and evaluate critical risk management issues going forward.
Source: World Bank
Readout of Meeting Between Treasury Secretary Geithner and European Commissioner Barnier
They reiterated the fact that the United States and the European Union, as the world's two largest economies and financial systems, have a special responsibility to promote and implement stronger global financial standards, reduce further the scope for regulatory arbitrage and work toward greater regulatory convergence and consistency.
They reviewed the progress in implementing the G-20 financial regulatory commitments. In particular, they noted the significant achievements reached on both sides of the Atlantic - in the United States with the enactment of a vast set of financial reforms in the Dodd-Frank Act and in Europe with the approval of several legislative measures and an extensive on-going legislative agenda. They look forward to a productive trans-Atlantic dialogue among their new supervisory structures.
Source: U.S. Department of the Treasury
Washington warns against dependence on China for rare earths
But she welcomed a statement by Beijing on Thursday that it would not use its sway over the market as a bargaining tool with other economies.
China made that announcement after Mrs Clinton decided to visit the country on her prolonged Asian tour. She is due to meet Dai Bingguo, state counsellor for foreign policy, in Hainan Island on Saturday.
Source: FT.com
IMF Regional Outlook Sees Recovery Taking Hold in Caucasus and Central Asia
“The outlook for the region is broadly positive, although in some countries it will take time for per capita disposable income to return to pre-2009 levels,” said Middle East and Central Asia Department Deputy Director David Owen. Sustained growth for energy exporters According to the report, growth in 2010 is expected to be strongest among the region’s oil and gas exporters, with projections ranging from 4½ percent in Azerbaijan to 9½ percent in Turkmenistan. With oil prices expected to remain near $80 per barrel in 2011, these countries should grow at similar rates in 2011. Russia’s upturn helps energy importers Among the oil and gas importers, Armenia and Georgia are forecast to grow at 4 percent and 5½ percent, respectively, in 2010, compared with negative growth in 2009. In Tajikistan, growth is estimated at 5½ percent for 2010—about 2 percentage points higher than in 2009. Buoyed by Russia’s recovery, all three countries are projected to grow at 4–5 percent in 2011. view the report-Regional Economic Outlook-Middle East and Central Asia
Source: IMF
October 29, 2010--U.S. Treasury Secretary Tim Geithner and European Commissioner Michel Barnier met today and reaffirmed their strong determination to continue cooperating closely in strengthening the global financial system and in promoting and putting in place the G-20 financial reform agenda.
October 28, 2010--Hillary Clinton, US secretary of state, has called for the US and its partners to reduce their dependence on China’s production of so-called rare earths, in some of the most forthright comments on the topic by a senior American official.
October 28, 2010--The economic upturn in the Caucasus and Central Asia is gathering momentum, with growth for the region projected to increase to 5¾ percent in 2010, up from 3½ percent in 2009, the International Monetary Fund (IMF) said in its Regional Economic Outlook for Caucasus and Central Asia (CCA) released in Almaty today. According to the report, fiscal stimuli applied by many governments in the region—together with a favorable external environment—have helped spur the recovery from the global crisis. The report notes that the upturn in Russia’s economy has benefited the region as well, mainly through trade and remittance channels (see chart), as has the rise in hydrocarbon prices
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