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European investors pay higher costs for ETFs
September 27, 2011--European investors pay substantially higher transaction costs to use exchange-traded funds than their US counterparts, analysis of comparable US and European ETFs shows.
ETFs, which allow investors to track a broad basket of securities, for example an equity index, have gained popularity in recent years because they can be traded on exchanges and have low management fees.
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Source: FT.com
Five new RBS ETFs launched on Xetra
Two ETFs track MSCI indices on Brazil and Latin America with currency hedge for the first time
September 26, 2011-- Five additional ETFs issued by RBS Market Access have been tradable on Xetra® since Monday.
ETF name: RBS Market Access MSCI Brazil (ADR) EUR Hedged Index ETF
Asset class: equity index ETF
ISIN: LU0667622541
Total expense ratio: 0.60 percent
Distribution policy: non-distributing
Benchmark: MSCI Brazil (ADR) EUR Hedged Index
ETF name: RBS Market Access MSCI EM LatAm (Brazil ADR) EUR Hedged Index ETF
Asset class: equity index ETF
ISIN: LU0667622467
Total expense ratio: 0.65 percent
Distribution policy: non-distributing
Benchmark: MSCI EM Latin America (Brazil ADR) EUR Hedged Index
The MSCI Brazil (ADR) EUR Hedged Index, which is weighted according to free float market capitalisation, tracks the performance of Brazilian companies in the form of ADRs; the index is hedged against exchange rate fluctuations between the euro and the US dollar. The index currently comprises 28 of Brazil’s leading companies.
The MSCI EM Latin America (Brazil ADR) EUR Hedged Index currently represents the performance of 81 companies from Brazil, Chile, Columbia, Mexico and Peru. The index is weighted according to free float market capitalisation and is hedged against exchange rate fluctuations between the euro and the US dollar.
ETF name: RBS Market Access MSCI Frontier Markets Index ETF
Asset class: equity index ETF
ISIN: LU0667622202
Total expense ratio: 0.90 percent
Distribution policy: non-distributing
Benchmark: MSCI Frontier Markets Index
ETF name: RBS Market Access MSCI Emerging and Frontier Africa ex South Africa Index ETF
Asset class: equity index ETF
ISIN: LU0667622384
Total expense ratio: 0.85 percent
Distribution policy: non-distributing
Benchmark: MSCI EFM Africa ex South Africa Index
ETF name: RBS Market Access MSCI GCC Countries ex Saudi Arabia Top 50 Capped Index ETF
Asset class: equity index ETF
ISIN: LU0667622111
Total expense ratio: 0.70 percent
Distribution policy: non-distributing
Benchmark: MSCI GCC Countries ex Saudi Arabia Top 50 Capped Index
The MSCI Frontier Markets Index, which is weighted according to free float market capitalisation, currently comprises161 companies from 25 countries: Argentina, Bahrain, Bangladesh, Bulgaria, Croatia, Estonia, Jordan, Kazakhstan, Kenya, Kuwait, Lebanon, Lithuania, Mauritius, Nigeria, Oman, Pakistan, Qatar, Romania, Serbia, Slovenia, Sri Lanka, Tunisia, Ukraine, United Arab Emirates and Vietnam.
The MSCI EFM Africa ex South Africa Index, which is weighted according to free float market capitalisation, currently comprises 32 companies from the following six African countries and excludes South Africa: Egypt, Kenya, Mauritius, Morocco, Nigeria and Tunisia.
The MSCI GCC Countries ex Saudi Arabia Top 50 Capped Index, which is weighted according to free float market capitalisation, currently tracks the leading 50 companies from the following Gulf State regions and excludes Saudi Arabia: Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates. The weighting of each country is limited to 30% and an equity may only be represented in the index by a maximum of 5%.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 874 exchange-listed index funds, while average monthly trading volume stands at €14 billion.
Source: Deutsche Börse
ETF Opportunity Partners - Launch Announcement
LEE KRANEFUSS AND RORY TOBIN TO ESTABLISH ETF OPPORTUNITY PARTNERS
September 26, 2011-Lee Kranefuss and Rory Tobin announced
today the formation of ETF Opportunity Partners, a new firm that is
focused on driving transformational opportunities in the rapidly
expanding global Exchange-Traded Fund (ETF) industry.
The founding partners of the firm bring a wealth of ETF, asset
management and capital markets experience to the venture. Both were
instrumental in the development of iShares, the world's largest ETF
provider. Lee Kranefuss is the former Global CEO of iShares, while Rory
Tobin is the former CEO of the International iShares business.
During their time at iShares, assets under management grew from $2bn in 2000 to $470bn, accounting for nearly 50% of the global ETF marketplace. Kranefuss and Tobin were instrumental in the development of critical mass in the ETF product category in North America, Europe, Asia and Latin America.
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Source: Powerscourt LLP
PIMCO Source ETF offers innovative exposure to emerging economies local government debt markets
September 26, 2011--PIMCO, a leading global investment management firm and
Source, a specialist provider of exchange traded products, have launched the PIMCO Emerging Markets Advantage Local Bond Index Source ETF (“EMLB”). The fund offers high quality, diversified exposure that is representative of the countries driving emerging markets growth. Unlike many existing emerging market (EM) local debt indices, EMLB’s underlying index bases country allocation on national income (GDP) and a country’s capacity
to service its debt.
This results in significant allocation to key global economies, including China and India.
According to Chris Getter, Senior Vice President and Emerging Markets Product Manager at PIMCO, GDP weighting is particularly appropriate for global bond investing: “Unlike traditional debt market capitalisation indices, which reflect past patterns of issuance, PIMCO’s GDP weighting is forward‐looking. It emphasises growing economies with strong fundamentals where there may be new opportunities.”
Many emerging market economies have stronger growth prospects and face fewer concerns about debt sustainability than their developed market counterparts, while at the same time offering higher yields. Additionally, local currency bond markets are now larger and more liquid than external debt markets and offer potential for currency appreciation.
Commenting on the launch, Source CEO Ted Hood said: “An emerging market benchmark without exposure to India or China is no longer a credible proposition. Through our partnership with PIMCO, we can deliver a product that marks a significant improvement on existing benchmarks for EM local debt”.
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Source: PIMCO Source ETFs
ETF industry braces itself for transparency push
September 26, 2011--Top heavyweights from the $1.3 trillion exchange-traded fund (ETF) industry are bracing themselves for a shift in how their fast-growing but relatively opaque products are marketed, distributed and regulated.leading industry and sector ETF offering, which now includes 44 SPDRs with $58 billion in assets.
uring a three-hour hearing in Paris on Monday, executives from ETF providers like BlackRock , Societe Generale unit Lyxor and Natixis unit Ossiam picked apart the European Securities and Markets Authority's (ESMA) recent proposals to make ETFs more transparent and ultimately less risky for investors.
But despite some pushback on details such as how ETFs should be labeled, what information should be disclosed and how their risk levels might be controlled, some executives acknowledged the broad push toward more transparency was inevitable.
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Source: Reuters
Turquoise Derivatives Launches FTSE Index Options - FTSE Index Options Join FTSE Futures On New Platform
FTSE Index Options join FTSE Futures on new platform
New product meets market appetite for choice in derivatives trading
Competitive trading, clearing and market making fees from day one
Three market makers committed to provide liquidity in new products
September 26, 2011--Turquoise announced today that it has introduced FTSE Index Options on to its Turquoise Derivatives platform.
The new products represent the next stage of the platform’s development as it moves towards offering a full suite of competitive pan-European derivatives.
Three market makers have committed to provide liquidity from today, including Citigroup and securities trading firm, Tibra Trading Europe Limited. Turquoise Derivatives is dedicated to providing improved on-screen liquidity with tighter spreads, enhanced order-size availability and a more attractive fee structure.
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Source: Turquoise Global Holdings Limited
Leveraged & inverse: Short-term trading vehicles face criticism
September 23, 2011--Db x-trackers, the second-largest ETF player in Europe, is more at ease with the asset class.
It says it offers leveraged and inverse ETFs, but only to financially sophisticated investors, adding that it refers to the products as “daily leveraged” and
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Source: FT.com
ESMA publishes the responses received to the Discussion paper on ESMA’s policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS
September 23, 2011--ESMA has published the responses received to the Discussion paper on ESMA’s policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS.
view responses
Source: ESMA
EU hints at 2014 target for financial transactions tax
September 23, 2011--The European Commission hinted on Friday that it may propose a tax on financial transactions across the European Union that could come into force as soon as 2014, earlier than anticipated.
Asked during a news briefing about a planned introduction of the tax in three years, taxation afffairs spokesman David Boublil said it was a "reasonable estimate" of the preferred date, whereas 2018 had previously been floated as realistic.
The European Union's executive will table legislative proposals in the coming weeks, he said.
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Source: EUbusiness
German bond yield falls to new record low level
September 23, 2011--- The yield on German government bonds, the eurozone benchmark, fell on Friday to a record low level only a day after reaching the previous record.
In afternoon trading, the yield on German 10-year bonds dropped to 1.640 percent and then rose slightly. On Thursday, the yield reached 1.665 percent.
The yield on US benchmark bonds also hit a record low level on Friday of 1.707 percent, also breaking a record set on Thursday.
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Source: EUbusiness
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