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Stoxx and DAX Strategy Indices Licensed to RBS
Monthly Leverage and Short indices to underlie exchange-traded funds
February 16, 2011--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced that the EURO STOXX 50 Monthly Leverage and EURO STOXX 50 Monthly Double Short indices, and the LevDAX x2 (monthly) and ShortDAX x2 (monthly) indices have been licensed to RBS Global Banking & Markets to serve as an underlying for four new exchange-traded funds.
The RBS MARKET ACCESS Euro Stoxx 50® Monthly Leverage Index ETF, RBS MARKET ACCESS Euro Stoxx 50® Monthly Double Short Index ETF, RBS MARKET ACCESS LevDAX® X2 Monthly Index ETF, RBS MARKET ACCESS ShortDAX® X2 Monthly Index ETF will be available on Deutsche Boerse’s trading platform Xetra today. It is the first time that these four indices are being used as the basis for an ETF.
“The EURO STOXX 50 Monthly Leverage and Monthly Double Short indices, and LevDAX and ShortDAX x2 monthly indices offer market participants a way to bypass daily market fluctuations and to take a more long-term approach on bullish and bearish sentiments on European and German equities,” said Hartmut Graf, chief executive officer, STOXX Limited. “We are happy to have licensed these indices to RBS, as this is the first time that they will be used as underlying for ETFs.”
“RBS is proud to introduce long and short monthly leveraged index funds to the European market for the first time,” David Moroney, RBS global head of structured funds said. “Prior to this, only ETFs with daily leveraged indices were available in Europe. Thanks to monthly rebalancing, investors will now have access to a leveraged performance that is consistent for longer than one day.”
The EURO STOXX 50 Monthly Leverage Index is linked to the monthly performance of the EURO STOXX 50 Net Return Index – measured as of the third Friday of the month - in a leveraged way: A positive performance of the EURO STOXX 50 Index results in twice the positive performance of the EURO STOXX 50 Monthly Leverage Index, and vice versa. The EURO STOXX 50 Monthly Double Short Index replicates a short investment strategy that is inversely linked to the monthly performance of the EURO STOXX 50 Gross Return Index, also as of the third Friday of the month. A negative performance of the blue-chip index results in a positive change of twice the performance the EURO STOXX 50 Monthly Double Short Index, and vice versa.
The LevDAX x2 (monthly) also rises and falls twice as much as the performance of the DAX index, thus providing an effective and innovative strategy for magnifying participation in market movements. The leverage factor is adjusted on a monthly basis to ensure that LevDAX x2 (monthly) always achieves twice the performance of the underlying index based on the closing level on the third Friday of the previous month. However, if an investment is made between the monthly adjustment dates the leverage generally deviates from the factor 2.The ShortDAX x2 (monthly) measures double the negative monthly performance of the DAX index. Its performance is positive when the DAX falls.
The four STOXX and DAX strategy indices are calculated in euro. Daily historical index values are available back to December 31, 1991 for the EURO STOXX 50 Monthly Leverage and Short indices and back to December 30, 1987 for the LevDAX x2 (monthly) and ShortDAX x2 (monthly) indices. The cost of borrowing and the benefit of earning interest are also taken into account in the calculation of the new indices.
The EURO STOXX 50 Monthly Leverage and EURO STOXX 50 Monthly Double Short indices are part of the STOXX Strategy Index family. Further information on the new indices is available at www.stoxx.com.
The LevDAX x2 (monthly) and ShortDAX x2 (monthly) indices are part of the DAXplus family. Further information is available at www.dax-indices.com.
Source: STOXX
ETF Landscape: European STOXX 600 Sector ETF Net Flows for Week Ending Week Ending 11-Feb-2011
February 16, 2011--For the week ending 11 February 2011, there were US$150.4 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in banks with US$106.2 Mn followed by telecommunications with US$92.5 Mn net inflows while chemicals experienced net outflows of US$50.8 Mn.
Year to date, STOXX Europe 600 sector ETFs have seen US$1,327.3 Mn net inflows. Banks has seen the largest net inflows with US$491.6 Mn, followed by insurance with US$222.2 Mn net inflows while chemicals experienced the largest net outflows with US$76.8 Mn.
As of 11 February 2011, there is US$11.5 Bn AUM invested in the STOXX sector ETFs which is almost double the US$6.4 Bn open interest in the sector futures. The ETF AUM is greater than the open interest in the corresponding futures contract in 18 out of 19 sectors.
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Source: Global ETF Research & Implementation Strategy Team, BlackRock
London Strengthens European Lead in Emerging Market Etfs
HSBC launches new South Africa ETF
London Stock Exchange is top European exchange for EM ETFs with 75 products
February 16, 2011--The London Stock Exchange today welcomes a new MSCI South Africa Exchange Traded Fund (ETF) from HSBC Global Asset Management to its Main Market. The new issue brings the total number of London-listed ETFs based on emerging market indices to 75, more than any other exchange in Europe.
Pietro Poletto, Head of ETFs and ETPs at London Stock Exchange Group, said:
"The London Stock Exchange has the largest range of emerging markets ETFs in Europe, which continues to grow at an encouraging pace. We are delighted to welcome this new product from HSBC today, which will further diversify the choice of investment instruments available to investors accessing our London markets."
There are currently 715 ETFs and other exchange traded products (ETPs) listed on the London Stock Exchange, offering exposure to a range of underlying markets including developing and emerging market economies, commodities, currencies, cleantech and Shariah-compliant indices. During 2010, £106 billion worth of trading took place in London-listed ETFs and ETPs, a 46 per cent increase on 2009.
Source: London Stock Exchange
HSBC ETFs is launching a new sub-fund - the HSBC MSCI South Africa ETF
February 16, 2011--The new ETF is designed to replicate the performance of the MSCI South Africa Index (total return).
The index is a market-capitalisation weighted index designed to measure the performance of the largest companies in South Africa, as defined by the index provider.
The total expense ratio (TER) of the fund is up to 0.60%.
Source: Stock market wire
FESE European Equity Market Report
February 16, 2011--FESE has published the ‘European Equity Market Report’ which gathers data from all the market segments operated by FESE members (including Regulated Markets and Multilateral Trading Facilities) as well as from the major MTFs operated by investment firms in the European market. The FESE Statistics Methodology used in the Report has been agreed by all the trading venues involved, both RM and MTFs.
Since the start of MiFID, this Report allows for an accurate comparison of trading statistics across trading venues.
view report-•European Equity Market Report - Year 2011 (updated with January figures)
Source: FESE
Deutsche Börse AG releases preliminary results for 2010
Sales revenue up by 2 percent to €2.1 billion Costs significantly below the original cost guidance for 2010 EBIT up by 5 percent to €1.1 billion before ISE impairment and costs of efficiency program Strong cash flow from operating activities of €5.07 per share Stable dividend of €2.10 per share proposed for 2010
February 15, 2011--Deutsche Börse released preliminary figures for 2010 on Tuesday. Sales revenue increased 2 percent year-on-year to €2,106.3 million. After adjustment for the ISE impairment and the costs of efficiency program, total costs fell by 8 percent to €1,147.1 million. The adjusted earnings before interest and taxes (EBIT) grew year-on-year by 5 percent to €1,091.0 million. The Group’s adjusted net income for 2010 was €721.5 million, up 5 percent year-on-year.
The Executive Board of Deutsche Börse AG is proposing a stable dividend of €2.10 per share for 2010 in line with that for the previous year.
Reto Francioni, Chief Executive Officer of Deutsche Börse AG, said: “2010 saw a modest rise in the Group’s sales revenue. At the same time, we created the basis for future growth by focusing even more on growth initiatives and measures aimed at improving our operating efficiency. For 2011 we are expecting growth in all business areas and are therefore optimistic about the year ahead.”
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Source: Deutsche Börse
UK government proposes new social investment “asset class”
Call to pension investors to step up to “Big Society”
February 15, 2011--The UK government has fleshed out its ideas for social investment as part of its controversial “Big Society” programme.
The ideas include a “Big Society Bank”, a social stock exchange, social bonds – and far greater involvement of pension fund investors in the emerging social investment “asset class”.
“We want to see new social finance intermediaries enter the market, not least mainstream financial institutions that can see the potential to develop a new ‘asset class’,” the government said. “Investment advisers such as wealth and pension fund managers must seriously consider social investment products as and when they emerge.”
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Source: Responsible Investor
First estimate for 2010: Euro area external trade surplus 0.7 bn euro
143.3 bn euro deficit for EU27
February 15, 2011--The first estimate for the euro area1 (EA16) trade balance with the rest of the world in December 2010 gave a 0.5 bn euro deficit, compared with +3.2 bn in December 2009. The November 20102 balance was -1.5 bn, compared with +2.7 bn in November 2009. In December 2010 compared with November 2010, seasonally adjusted exports fell by 0.4% and imports by 1.1%
The first estimate for the December 2010 extra-EU271 trade balance was a 10.5 bn euro deficit, compared with -2.9 bn in December 2009. In November 20102 the balance was -15.4 bn, compared with -7.7 bn in November 2009. In December 2010 compared with November 2010, seasonally adjusted exports fell by 0.3% and imports by 0.4%.
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Source: Eurostat
ETF Stat January 2011 -Borsa Italiana
February 15, 2011--The ETF Statistics of the ETF Plus Market are now available.
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Source: Borsa Italiana
Four new Credit Suisse ETFs launched on Xetra
February 15, 2011--Four new listed equity index funds issued by CS ETF (IE) plc have been tradable in Deutsche Börse’s XTF segment since Tuesday. The new ETFs track the European and US money markets, the global equities market and the alternative energies sector
ETF name: CS ETF (IE) on EONIA
Asset class: money market ETF
ISIN: IE00B42SXC22
Total expense ratio: 0.04 percent p.a.
Distribution policy: non-distributing
Benchmark: Credit Suisse EONIA Total Return Index
ETF name: CS ETF (IE) on Fed Funds Effective Rate
Asset class: money market ETF
ISIN: IE00B3XDJG53
Total expense ratio: 0.04 percent p.a.
Distribution policy: non-distributing
Benchmark: Credit Suisse Fed Funds Effective Rate Total Return Index
ETF name: CS ETF (IE) on MSCI World
Asset class: equity index ETF
ISIN: IE00B3NBFN86
Total expense ratio: 0.21 percent p.a.
Distribution policy: non-distributing
Benchmark: MSCI World
ETF name: CS ETF (IE) on Credit Suisse Global Alternative Energy
Asset class: equity index ETF
ISIN: IE00B3YKW880
Total expense ratio: 0.57 percent p.a.
Distribution policy: non-distributing
Benchmark: Credit Suisse Global Alternative Energy Index Net USD
The Credit Suisse EONIA Total Return Index reflects a daily rolled deposit earning EONIA (the Euro Over Night Index Average), an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market determined by the European Central Bank.
The Fed Funds Effective Rate Total Return Index reflects a daily rolled deposit earning the federal funds effective rate. The effective federal funds rate represents the weighted average interbank interest rate that federal funds actually trade at in a day. The CS ETF (IE) on Fed Funds Effective Rate is traded on Xetra in euros. Thus both EUR/USD exchange rate fluctuations and the US dollar money market rate impact performance for euro investors.
The MSCI World Index currently comprises around 1,700 international securities from 24 industrialised nations. The equities are selected on the basis of market capitalisation. Securities from the US, Europe (including UK) and Japan account for approximately 50 percent, 34 percent and 10 percent of the MSCI World Index respectively. The remaining equities are mainly from Canada and Australia.
The Credit Suisse Global Alternative Energy Index Net USD reflects the performance of alternative energy markets worldwide. It comprises 30 major companies in the five sectors natural gas, wind, solar, bioenergy/biomass and geothermal power/hydropower/fuel cells/batteries, with the weighting of each sector limited to 20 percent.
Source: Deutsche Börse
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