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Vanguard closes Brussels office, moves staff to London
April 1, 2011--Vanguard Group has closed its offices in Brussels and will be moving staff and services to its London base, the company has confirmed.
The closure of the Belgian base occurred at the end of last month, after what a spokeswoman called a "large strategic review" of its business outside of the US.
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Source: IP&E
Two new UBS ETFs launched on Xetra
March 31, 2011--Two new ETFs issued by UBS ETFs plc have been tradable since Thursday on the HFRX Global Hedge Fund Index in Deutsche Börse’s XTF segment.
ETF name: UBS ETFs plc – HFRX Global Hedge Fund Index SF – (CHF) A-acc
Asset class: equity index ETF
ISIN: IE00B5280Y01
Total expense ratio: 1.50 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: Swiss francs
ETF name: UBS ETFs plc – HFRX Global Hedge Fund Index SF – (GBP) A-acc
Asset class: equity index ETF
ISIN: IE00B53B4246
Total expense ratio: 1.50 percent
Distribution policy: non-distributing
Benchmark: HFRX Global Hedge Fund Index
Trading currency: British pound
The two new UBS ETFs enable investors to participate in the performance of the HFRX Global Hedge Fund Index in the trading currencies British pound and Swiss franc. The composition of the underlying index represents the entire hedge fund universe, comprising all available hedge fund strategies, including convertible arbitrage (exploiting differences in valuation between convertible bonds and equities), distressed securities (investing in companies in financial or operational difficulty) and equity hedge (simultaneously buying undervalued equities and selling overvalued equities). The different strategies are weighted to reflect the distribution of assets in the hedge fund sector.
The product offering in Deutsche Börse’s XTF segment currently comprises a total of 806 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Turnover on Xetra grows by 37 percent in March
Number of transactions up 54 percent
March 31, 2011--Order book turnover on Xetra and on the trading floor of the Frankfurt Stock Exchange stood at €150.0 billion in March – a rise of 36 percent year-on-year (March 2010: €110.3 billion). Of the €150.0 billion, €141.6 billion was attributable to Xetra which registered growth of 37 percent y-o-y (March 2010: €103.4 billion). €8.4 billion was attributable to floor trading in Frankfurt, an increase of 21 percent y-o-y (March 2010: €7.0 billion).
Order book turnover on Tradegate Exchange totalled €3.3 billion in March, making it 139 percent higher y-o-y (March 2010: €1.4 billion).
In equities, turnover reached €124.6 billion on Deutsche Börse’s cash markets (Xetra: €120.7 billion, Frankfurt trading floor: €3.9 billion). Turnover in bonds was €2.1 billion, and in structured products €2.9 billion (including Scoach). Order book turnover in mutual funds and exchange-traded funds (ETFs) amounted to €20.3 billion.
A total of 23.0 million transactions were executed on Xetra in March, a growth of 54 percent y-o-y (March 2010: 14.9 million).
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Source: Deutsche Börse
Unscheduled free float adjustment in SDAX
March 31, 2011--Deutsche Börse has announced an unscheduled adjustment to the free float factor of Alstria Office Reit AG, which is a current component in the SDAX. Following a capital increase, the company’s free float has increased by more than 10 percentage points.
According to the index rules, the free float factor of Alstria Office Reit AG will be adjusted from the current 44.11 percent to 77.33 percent.
The adjustment will be effective Monday, 4 April 2011.
The next regular review of the Deutsche Börse equity indices is scheduled for 6 June 2010.
More information on the DAX Indices can be found at www.dax-indices.com.
Source: Deutsche Börse
Demography Report 2010 Latest figures on the demographic challenges in the EU
March 31, 2011--The European Union, with a population of half a billion, is facing important demographic changes. While the population is getting older, fertility has begun to increase again, life expectancy keeps growing and the EU continues to attract a large number of immigrants.
These trends come from the third Demography Report1 published jointly by Eurostat, the statistical office of the European Union and the Directorate General Employment, Social Affairs and
Inclusion of the European Commission. The aim of this third report is to provide the latest facts and figures needed for an informed debate on the demographic challenges. This News Release concentrates on the first part of the publication, which looks at historical and recent trends in fertility, life expectancy and migration, which are the three drivers of population change. A review of the population structure by age and family composition is also provided. The report also includes a second part on the increasing number of EU citizens who look across national borders for study, work and life experiences.
view the Demography Report 2010
Source: Eurostat
Ireland to outline plans to nationalise financial system
March 30, 2011--THE Irish government is poised to reveal moves to effectively nationalise its crippled financial system.
Dublin will outline plans for a "credible banking structure" tonight when it publishes the results of stress tests that are expected to signal the effective nationalisation of the entire financial system.
Finance minister Michael Noonan is due to address parliament after the results of the tests are announced.
Enda Kenny, the Taoiseach, told parliament that Mr Noonan would "outline decisions that are being taken by government in respect of preparing for the results of the stress tests and in taking definitive steps to ensure that we have a strong, working, credible banking structure".
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Source: Wall Street Journal
BlackRock ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending 25-Mar-2011
March 30, 2011--For the week ending 25 March 2011, there were US$155.5 Mn net outflows from STOXX Europe 600 sector ETFs. The largest sector ETF net outflows last week were in utilities with US$55.1 Mn followed by telecommunications with US$54.9 Mn net outflows while oil and gas experienced net inflows of US$30.6 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$655.3 Mn net inflows. Banks has seen the largest net inflows with US$515.1 Mn, followed by oil and gas with US$502.3 Mn net inflows while automobiles and parts experienced the largest net outflows with US$125.2 Mn.
As of 25 March 2011, there is US$10.8 Bn AUM invested in the STOXX sector ETFs which is more than double the US$5.1 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in all 19 sectors.
to request report
Source: Global ETF Research & Implementation Strategy Team, BlackRock
iShares brings out first short-dated sterling bond ETF
Fund will track Markit iBoxx GBP Corporate 1-5 index, providing exposure to short-dated corporate bonds denominated in Sterling.
March 30, 2011--iShares has bolstered its fixed income range with the launch of the Markit iBoxx £ Corporate Bond 1-5, a new ETF that is the first in the world to provide exposure to short-dated corporate bonds denominated in sterling.
The fund, which is listed on the London Stock Exchange as of today (30 March), is physically backed in structure, meaning it directly invests in and replicates the index on which it is based.
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Source: FT Advisor
iShares launches world first short-dated sterling denominated corporate bond ETF
March 30, 2011--iShares, the Exchange Traded Funds (ETF) platform of BlackRock, Inc. (NYSE: BLK) has expanded its fixed income range with the launch of the iShares Markit
iBoxx £ Corporate Bond 1-5. Listing on the LSE today, it is the first ETF to provide specific exposure to short-dated corporate bonds which are denominated in Sterling.
Physically backed in structure, the iShares Markit iBoxx £ Corporate Bond 1-5 aims to track the Markit iBoxx GBP Corporate 1-5 Index. It provides investors with cost-effective access to
investment grade, sterling denominated corporate bonds with an expected remaining time to maturity of between one and five years. The fund is optimised, ensuring liquidity and efficiency of trading. As with all iShares ETFs, this product provides investors with full transparency into the underlying fund holdings and investors are able to take advantage of continuous pricing by visiting www.iShares.com.
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Source: BlackRock
Government publishes response to carbon price floor consultation
March 30, 2011--The Government has today published its response to the carbon price floor consultation. The consultation set out the Government’s proposal to provide greater support and certainty to the price of carbon in the power sector, to encourage investment in low-carbon electricity generation. :
In line with the rates set out at Budget last week, the Government confirms that
The target carbon price for 2013-14 will be around £16 per tonne of carbon dioxide (tCO2), which is £19.16 in 2013-14 prices.
Taking this rate and subtracting the forecast Emissions Trading Scheme (ETS) rate for 2013-14 (£14.21/tCO2), the support rate for 2013-14 will be £4.94/tCO2.
Prospective support rates for 2014-15 and 2015-16 are £7.28/tCO2 and £9.86/tCO2 respectively. Budget 2012 will confirm the carbon price support rates for 2014-15, and set out indicative rates for the subsequent two years.
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Source: HM Treasury
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