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Northern Trust Monthly Funds Market Review
July 2, 2012--This month's highlights include:
Ireland intending to implement AIFMD by the end of the year
Luxembourg-domiciled funds see assets under management rise to new record
EU publishes draft rules for OTC derivatives market changes
Research shows European financial services M&A activity fell during first quarter
Switzerland and Denmark join European countries looking to make FATCA agreements
EXCHANGE TRADED FUNDS
The majority of fund managers expect their exposure to exchange traded funds and products to rise, according to independent research carried out for Lyxor. More than half (54%) of the 131 UK and Ireland managers surveyed said their exposure to ETFs would increase over the next three years and almost a quarter (23%) anticipated that their exposure to ETFs would grow by 10% or more. Only 1.7% of the respondents said their exposure to ETFs would fall.
The survey also found that 81.3% of those surveyed held less than 10% of their assets in ETFs, underlining that penetration by ETFs remains low and has scope for future growth.
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Source: Northern Trust
Short selling: Commission adopts technical standards
June 29, 2012--The European Commission has today set out the detailed rules aimed at reducing the risk of settlement failures linked to naked short selling, as well as the means by which market participants should disclose significant short positions to the market.
The technical standards adopted today by the Commission are based on the work of the European Securities and Markets Authority (ESMA). They notably specify the details of the so-called "locate rule," which ensures that short sales do not result in a failure to deliver. The new rules also detail how ESMA is to determine the shares which are exempt from the Short Selling Regulation1 by virtue of their principal trading venue being outside the Union. Together with the Short Selling Regulation that they implement, the regulations adopted today will create a more transparent, orderly and stable market by reducing the risks tied to short selling.
Internal Market and Services Commissioner Michel Barnier said: "The new rules give public authorities and market participants legal certainty on the detailed requirements which short sellers must comply with to adequately ensure the settlement of shares or sovereign debt when this is due. The technical requirements on how to disclose significant short positions are also set out, so that market participants can prepare to apply the Short Selling Regulation as of 1 November 2012.
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Source: Europa
Swiss & Global lists four active ETFs on Xetra
New issuer launches with first actively managed equity ETFs
June 29, 2012--Four actively managed equity ETFs from the new issuer Swiss & Global Asset Management have been tradable in the active ETF segment on Xetra(R) since Friday for the first time.
“We welcome Swiss & Global Asset Management as one of the first issuers in the active ETF segment, which offers investors access to actively managed ETFs on Xetra, and are delighted with the primary listing on Europe's leading platform for exchange-traded index funds,” said Rainer Riess, Managing Director of Xetra Market Development at Deutsche Börse.
“The aim of our active strategy is to avoid and at the same time exploit the typical human errors in the investment process,” said Stefan Fröhlich, lead fund manager of the Julius Bär Smart Equity ETFs at Swiss & Global. “In addition, every position is also subject to a qualitative check before it is included in the portfolio. For the first time, we are now able to offer investors access to our expertise in the form of an ETF structure.”
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Source: Xetra
Esma: making time for ETFs
June 29, 2012--The European Securities and Markets Authority (Esma) has a lot of balls to juggle. A September 30 deadline for the completion of technical standards related to the European Market Infrastructure Regulation (Emir) is looming, requiring Esma to draw up guidelines on everything from which
products will be required to clear, to the authorisation of clearing houses.
That’s just one item on the supervisor’s to-do list, though. It is also working on a revised Markets in Financial Instruments Directive (Mifid), the Alternative Investment Fund Managers Directive, the Prospectus Directive, the Transparency Directive and the Market Abuse Directive, among others.
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Source: Risk.net
DB - Equity Research-Weekly European ETF Market Monitor
June 29, 2012--Please find attached the most recent issue of the Weekly European ETF Market Monitor. The report includes key statistics on the European ETF market as well as global ETF market highlights.
For more detailed coverage please refer to our monthly report, issued in the first week following the end of each month.
The following link will be available for 90 days. For more information, please click on the link for the full PDF. If you have any trouble viewing the link, copy and paste the link in a browser.
http://pull.db-gmresearch.com/p/611-EF8C/59153956/ETF_Research.pdf
Source: Christos Costandinides, European Head of ETF Research & Strategy, Deutsche Bank
London Stock Exchange welcomes 1,000th exchange traded product
UBS lists record number of ETFs in single day
Value traded since first London ETF listing exceeds £500bn
June 28, 2012--More than 1,000 Exchange Traded Products (ETPs) are now listed on the Main Market of the London Stock Exchange (LSE).
Since the launch of London’s first ETF in 2000, its range of products has grown to include 643 ETFs, 316 ETCs and 46 ETNs. The 1,005 products are offered by 17 separate issuers.
The milestone was reached today as UBS listed 64 new ETFs on LSE, the largest number ever admitted to trading in a single day.1 The range of products offers investors exposure to a wide range of indices, including those licensed by FTSE, MSCI, Standard&Poor’s, Markit iBoxx and Euro STOXX. The indices track European, American, Asian and emerging market equities; as well as fixed income and commodity markets.
This month, the total value of ETPs traded on LSE since their launch surpassed £500 billion.2 So far this year, 74 ETFs and 14 ETCs have admitted to the London market. Across its markets in London and Milan, LSE Group now sees the highest ETP trading volume of any European exchange.3
Pietro Poletto, Head of ETPs at London Stock Exchange Group, said:
“When we look at Exchange Traded Products over the last twelve years we see a fantastic story of growth and diversification. There are now over a thousand products traded on LSE, offering investors instant, flexible exposure to a vast range of underlyings including benchmark indices, emerging markets, equities, bonds, oil, metals, livestock and currencies.
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Source: London Stock Exchange
Bucharest Stock Exchange Launches BET-BK Index On July 3
June 28, 2012--Bucharest Stock Exchange (BVB) announces that on Tuesday, July 3, 2012, launches BET-BK index (Bucharest Exchange Trading Benchmark Index).
BET-BK index is a benchmark index, a price index weighted with the market capitalization of the most traded companies on BVB.
The need for such an index was identified by the Romanian mutual funds, with the support of Romanian Association of Asset Managers, for using this index as a benchmark.
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Source: WFE
db X-trackers expands sterling hedged range with US and Japanese equity
June 28, 2012--db X-trackers, Deutsche Bank's exchange-traded funds (ETF) platform, has launched ETFs with sterling hedged share classes on the MSCI Japan and S&P 500 indices.
The ETFs have been listed on the London Stock Exchange and are the latest
addition to a growing range of db X-trackers currency hedged products.
“UK investors seeking equity exposure to Japan or the US often simply accept
implicit foreign exchange risk because the indices are listed in US dollars.
With these new ETFs investors get an automatic in-built hedge that aims to minimize the impact of currency movements on their equity investment,” said Manooj Mistry, head of db X-trackers for the UK.
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Source: db X-trackers
ESMA proposes remuneration guidelines for alternative investment fund managers
June 28, 2012--The European Securities and Markets Authority (ESMA) has published today a consultation paper on proposed Guidelines on remuneration of alternative investment fund managers (AIFMs).
ESMA’s future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds. These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.
The Alternative Investment Fund Managers Directive (AIFMD) establishes a set of rules that AIFMs have to comply with when establishing and applying a remuneration policy for certain categories of their staff. The AIFMD also requires ESMA to develop guidelines on sound remuneration policies to further clarify the Directive’s provisions. Overall, the guidelines are aligned with remuneration policies in other financial sectors and deliver against the G20 commitments on sound remuneration as set out in the Financial Stability Forum’s Principles for Sound Compensation Practices.
view the ESMA Consultation paper-Guidelines on sound remuneration policies under the AIFMD
Source: ESMA
Lyxor enters 'smart beta' market
June 28, 2012--Lyxor Asset Management has launched two risk-balanced ETFs on NYSE Euronext Paris, the first of a range the firm is planning that are based on a new generation of "smart indices" which balance their component assets according to risk.
The company said the launch was a new milestone in its innovation in the ETF market and its smart index funds will offer a more efficient and less volatile alternative to traditional market cap-weighted indices.
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Source: International Adviser
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