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UBS Will Add Exchange-Traded Notes as Investment Demand Rises

October 13, 2009--UBS AG, Switzerland’s biggest bank, plans to add exchange-traded notes linked to stocks, bonds and commodities after assets tied to earlier products more than doubled this year, a company executive said.

“In 2010, we’re planning on launching anywhere from five to 10 new ETNs,” Christopher Yeagley, the head of structured- equity products, said by telephone from New York yesterday. “They won’t necessarily be in commodities, but that is one area we are looking at,” along with stocks and bonds, he said.

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Source: Bloomberg

Istanbul Stock Exchange: Collective Products Market to be activated as from November 13, 2009

November 12, 2009--Collective Products Market, shall be activated as of the date of November 13, 2009, following System software release to be made on November 12, 2009.
Stocks and exchange-traded funds to be included in the Collective Products Market shall start being traded on the basis of continuous auction as of the date of November 13, 2009.

Upon completion of the regulatory framework, the warrants of the financial intermediary institutions shall start being traded in the Collective Products Market under the title of structured products.

The principles related to the other transaction methods planned to be applied in the Collective Products Market (continuous auction with market maker and single price) shall be separately regulated and the principles and enforcement dates of these transaction methods shall be announced to the public.

View Principles of Collective Products Market

Source: IStanbul Stock Exchange (ISE)

Lloyds feels wrath of investors over CoCos

November 13, 2009-Britain’s small investors have worked themselves into a lather over the terms of the bond exchange proposal outlined last week by Lloyds Banking Group, which they said was unfair.

Bondholders are angry that they risk being frozen out of the offer, which involves Lloyds swapping existing bonds, on which it has been barred by the European Commission from paying coupons, for new “enhanced capital notes”, or contingent convertible instruments. These would convert into higher-risk equity in the event that Lloyds’ capital base came under stress.

The contingent convertibles, or CoCos, are part of a £22.5bn ($37.5bn) capital-raising exercise by Lloyds, designed to strengthen its finances and allow it to wriggle free of a government insurance plan.

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Source: FT.com

Dollar Overwhelms Central Banks From Brazil to Korea

November 13, 2009--Brazil, South Korea and Russia are losing the battle among developing nations to reduce gains in their currencies and keep exports competitive as the demand for their financial assets, driven by the slumping dollar, is proving more than central banks can handle.

South Korea Deputy Finance Minister Shin Je Yoon said yesterday the country will leave the level of its currency to market forces after adding about $63 billion to its foreign exchange reserves this year to slow the appreciation of the won. Chile Finance Minister Andres Velasco said the same day that lawmakers approved an increase in local debt sales to finance spending, a move that will allow the government to keep more of its dollar-based savings overseas and slow the peso’s rally.

Data particularly focused on the 16 countries that use the euro currency -- led by France and Germany, already out of the mire between April and June -- is tipped by analysts to show July-September growth of at least 0.5 percent.

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Source: EU Business

Oil ETC innovator ETF Securities extends world’s largest oil ETC platform with launch of ETFS Forward Crude Oil

ETFS Forward Crude Oil (“FCRU”) will track the DJ-UBS Crude Oil 3 Month Forward Sub-Index
The index has historically outperformed other enhanced oil indices over different time periods
ETFS Forward Crude Oil will complement world’s largest oil ETC platform of 14 oil ETCs
ETF Securities’ oil ETC platform hits $10bn of exchange traded volume for 2009 as oil ETC assets reach $1.4bn
November 12, 2009-- ETF Securities (ETFS), the award winning* oil ETC pioneer and global pioneer in Exchange Traded Commodities (Commodity ETCs) and 3rd generation Exchange Traded Funds (ETFs) will expand its oil ETC offering with the listing of ETF Forward Crude Oil (FCRU) later this week on the London Stock Exchange (LSE).

ETFS created the world’s first oil ETC with Shell Trading in July 2005. More than four years later, the ETFS oil ETC platform now enables investors to invest in oil through long, short, forward (from front month to 3 years) and leveraged ETCs, and to choose which part of the oil futures curve they would like exposure to. Investors also have the choice of being exposed to either ICE Futures’ Brent or NYMEX’s WTI, the world’s two most traded oil benchmarks. In addition, investors are able to gain exposure to oil equities through the ETFX Dow Jones STOXX 600 Oil & Gas Fund (OILG). ETFS launched the world’s first Commodity ETC platform in Europe between 2003 and 2006 accumulating over $15.8 billion in assets as of 9th November 2009.

ETFS Forward Crude Oil (FCRU) will track the DJ-UBS Crude Oil 3 Month Forward Sub-IndexSM, completing ETF Securities’ oil ETC platform of 14 oil ETCs. With 14 oil ETCs, ETF Securities has the world’s largest oil ETC platform and with $1.4bn assets and $220m of average weekly trading volume in oil ETCs since the beginning of the year (approx $10bn year-to-date), it provides investors with the largest choice and highest trading liquidity in oil ETCs in Europe. ETFS Crude Oil (CRUD), ETFS Brent 1mth (OILB) and ETFS Leveraged Crude Oil (CRUD) have consistently been in the top 10 traded ETCs/ETFs on the LSE over the past year.

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Source: ETFS Securities

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