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Scoach Frankfurt Launches Trading with Secured Certificates from Switzerland
Collateral Secured Instruments (COSI) minimize issuer default risk/ COSI in Germany only tradable on Scoach
December 14 2010-- Collateral secured certificates from Switzerland are now also tradable on Scoach, the Frankfurt exchange for structured products. The collateral deposited for these collateral secured instruments (COSI) minimizes counterparty risk for structured products. COSI enables investors to protect themselves against the possibility of issuer insolvency.
The issuer EFG Financial Products is offering COSI for the first time in Germany, exclusively on the Scoach trading platform. A total of 17 COSIs are currently tradable on Scoach in Frankfurt; the volume invested thus far amounts to €61.5 million.
For COSI, the issuer deposits collateral in the form of securities or cash at Swiss custodian SIX SIS. All depository rules of the SIX Swiss Exchange apply. The issuer has to align the value of the collateral to the certificate’s performance during its term. In the event of issuer insolvency, the collateral is sold to the benefit of the investor.
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Source: Scoach:
Government launches consultation on Simple Financial Products
December 14, 2010--The Financial Secretary to the Treasury, Mark Hoban MP, today announced the publication of a consultation document on Simple Financial Products. The consultation sets out proposals for financial products that will help promote personal responsibility, enable consumers to compare products and understand product features more clearly. The proposals will also help to encourage competition between providers.
Today’s consultation proposes:
industry and consumer-led development of a new category of simple financial products, with standardised features; that the first simple products to be developed should be deposit savings and life and income protection insurance products;
that simple products should not be subject to price-caps, and provision should be voluntary.
view the Simple financial products: a consultation
Source: HM Treasury
Christian Index licensed to Deutsche Bank
Faith based index for the European region will underlie exchange-traded fund
December 13, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced that the STOXX Europe Christian Index has been licensed to Deutsche Bank AG to serve as the underlying for an exchange-traded fund (ETF). The db x-trackers STOXX Europe Christian Index ETF is available on Xetra.
“The STOXX Europe Christian Index has been launched to meet market participants’ demand for a benchmark which measures the performance of European companies who act responsibly on an ethical, environmental, social and economical level and therefore according to the values of the Christian religion,” said Hartmut Graf, chief executive officer, STOXX Ltd. “By licensing the STOXX Europe Christian Index, Deutsche Bank offers the first ETF based on this index.”
“By licensing the STOXX Europe Christian Index for the latest addition to our ETF portfolio, we are adding a product which offers exposure to index components selected according to social and moral doctrines,” said Thorsten Michalik, global head of db x-trackers ETFs. “We know that for many investors, ethical aspects are closely linked to capital investment.”
Launched on April 26, 2010 in collaboration with Christian Brothers Investment Services, Inc., trading in Europe as CBIS Global, the STOXX Europe Christian Index is the first Christian equity index for the European region. It is meant to enable investors to participate in the performance of companies which are compliant with Christian moral and social doctrines.
To ensure the quality of the index and the integrity of the underlying index methodology, an independent committee has been established to define, build and implement the screening criteria. It is made up from experts of the Christian community, as well as members of the academic and investment community. To be included in the index, stocks must pass a set of screens for compliance with Christian values and principles. Excluded from the index are companies which do not meet predetermined tolerance levels for certain areas of activity, such as for example pornography, strategic and non-strategic weapons, birth control and gambling.
The index universe for the STOXX Europe Christian Index is defined as all stocks in the STOXX Europe 600 Index. The index is weighted by free-float adjusted market capitalization, and each component's weight is capped at 20% of the index's total free-float market capitalization. It is reviewed semi-annually in June and December. Daily history is available back to December 31, 2004. The STOXX Europe Christian Index is available in price and net return versions, and is calculated in Euro and U.S. Dollar (USD).
Further information on the STOXX Europe Christian Index is available at www.stoxx.com.
Source: STOXX
Two new db X-trackers ETFs Launched on Xetra
December 13, 2010-- Two new db X-trackers index funds from Deutsche Bank’s ETF offering have been tradable on Xetra since Monday.
ETF name: db x-trackers STOXX Europe Christian ETF (DR)
Asset class: equity index ETF
ISIN: IE00B3QWFQ10
Total expense ratio: 0.40 percent
Distribution policy: distributing
Benchmark: STOXX Europe Christian Index
ETF name: db x-trackers Global Fund Supporters ETF (DR)
Asset class: equity index ETF
ISIN: IE00B46F7724
Total expense ratio: 0.25 percent
Distribution policy: distributing
Benchmark: Dow Jones Global Fund 50 Index
The db X-trackers ETF on the STOXX Europe Christian Index enables investors to participate for the first time in the performance of the European equity market taking Christian and social values into consideration. In order for an equity to be accepted into the index, it must be deemed compatible with Christian values and principles by an independent committee. Companies from the weapons, tobacco, alcohol, birth control and gambling sectors are barred.
The db X-trackers ETF on the Dow Jones Global Fund 50 Index enables investors to participate for the first time in the performance of the 50 companies with the largest market capitalisation that support the Global Fund. The Global Fund is the world’s largest multilateral financing institution supporting the prevention and treatment of tuberculosis, malaria and HIV.
Source: Deutsche Börse
UK's Financial Services Authority Chief Executive Outlines Progress In Reforming Supervisory Practices
December 13, 2010--In a speech today at Reuters in London, Financial Services Authority (FSA) CEO, Hector Sants, outlined the progress made on the design of the supervisory approach and internal preparation for the transition, in 2012, to the new regulatory structure and how the regulator is mitigating the risks a change programme of this scale undoubtedly creates.
In June 2010, the Chancellor announced the Government’s intention to create three new regulatory entities; the Prudential Regulation Authority (PRA), the Financial Policy Committee (FPC) and the Consumer Protection and Markets Authority (CPMA). Today’s speech outlined the regulatory philosophies that Sants expects the new entities to adopt.
In respect of the PRA, Sants outlined that the PRA will be more focused on reducing the impact of firm failure than the FSA has been and relatively less on reducing the probability of failure. This will require supervisors to make judgements on, among other things, the gross impact of firm failure, business plans, systems, controls, culture and governance, capital, liquidity and asset quality and, crucially, on resolution planning.
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Source: FSA.gov.uk
Poland makes headway on factoring pension costs in deficit
December 13, 2010--Poland has wrested significant concessions from the European Commission on factoring in pension costs in its public debt and deficit.
European Commission president Jose Manuel Barroso informed Poland's prime minister Donald Tusk on 10 December that his country would be able to offset the cost of its pensions reforms - the creation of a privately managed second-pillar pension system funded by a portion of wage contributions that would have otherwise gone to the state pay-as-you-go account - against its government budget deficit and public debt calculations.
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Source: All business
db X-trackers legt ETF auf zur Unterstützung der Behandlung von Aids, Tuberkulose und Malaria
December 13, 2010--db X-trackers, die Plattform der Deutschen Bank für
börsennotierte Indexfonds, hat einen sozial verantwortungsvollen ETF aufgelegt, der als erstes Produkt dieser Art in der Fondsbranche den Kampf gegen Aids, Tuberkulose und Malaria finanziell unterstützt.
Der db x-trackers Global Fund Supporters ETF (DR), der die Wertenwicklung des Dow Jones Global Fund 50 Index to Fight AIDS, Tuberculosis and Malaria™ abbildet, wurde heute an der Deutschen Börse gelistet. Der Index verfolgt die
Wertentwicklung der größten börsennotierten Unternehmen, die die Ziele des Global Fund unterstützen.
Die Einnahmen von db X-trackers aus der Managementvergütung, nach Abzug der Kosten für die Verwaltung des Fonds, fließen an den Global Fund. Der Global Fund ist eine einzigartige Partnerschaft von privaten und öffentlich-rechtlichen Institutionen, die sich dazu verpflichtet haben, finanzielle Mittel zu sammeln und weiterzuleiten, um Vorsorge und Behandlung von Aids, Tuberkulose und Malaria zu unterstützen. Bis heute hat Global Fund 19,3 Milliarden US-Dollar in 144 Ländern bereitgestellt, um Vorsorge- und Behandlungsprojekte in großem Maßstab zu unterstützen.
„Indem wir den Dow Jones Global Fund 50 Index als ETF verfügbar machen, wird er für jeden investierbar. Wir unterstützen den Global Fund und sein Bemühen voll und ganz, diese Krankheiten zu bekämpfen. Daher freuen wir uns, mit den direkten Einnahmen aus dem ETF einen Beitrag dazu leisten zu können“, sagt Thorsten Michalik, verantwortlich für db X-trackers. „Wir haben hohe Zuflüsse in unsere ETFs gesehen, seit wir 2007 gestartet sind. Angesichts der steigenden Zahl an Investoren in unsere Produkte und der steigenden Zahl an Investoren, die sich nach sozial verantwortungsvollen Kriterien richten, sind wir überzeugt, dass der db x-trackers Global Fund Supporters ETF ein Erfolg sein wird.“
Der Dow Jones Global Fund 50 Index ist aus einer Zusammenarbeit zwischen dem Indexanbieter Dow Jones und dem Global Fund entstanden. Da der Dow Jones Global 50 Index stark mit anderen weltweiten Bluechip-Aktienindizes korreliert ist, eignet er sich als Alternative für Investoren, die ihre Anlagestrategie beibehalten und gleichzeitig einen guten Zweck unterstützen wollen.
db x-trackers Global Fund Supporters ETF (DR) : Auf einen Blick
Name:db x-trackers Global Fund Supporters ETF
(DR)
Fondswährung:EUR
Bloomberg
Ticker: XGED GY
ISIN: IE00B46F7724
Jährliche Pauschalgebühr: 0,25%
Index Bloomberg Ticker: DJGF50
Source: db X-trackers
db X-trackers listet erste ETFs mit physischer Abbildung des unterliegenden Index
November 13, 2010--db X-trackers, die Plattform der Deutschen Bank für
börsennotierte Indexfonds, hat auf Kundenwunsch erstmals zwei Exchange Traded Funds (ETFs) aufgelegt, die den jeweiligen unterliegenden Index direkt abbilden. Die ETFs zielen darauf ab, die Wertentwicklung des Index vor Gebühren und Aufwendungen abzubilden, indem sie in ein Portfolio liquider Wertpapiere investieren, das alle im Index enthaltenen Wertpapiere oder eine repräsentative Auswahl davon umfasst.
Die ersten beiden Exchange Traded Funds der Deutschen Bank mit direkter
Indexabbildung werden heute an der Deutschen Börse auf Xetra gelistet. Der db xtrackers Global Fund Supporters ETF (DR) bildet die Wertentwicklung des Dow
Jones Global Fund 50 Index to Fight AIDS, Tuberculosis and MalariaSM ab. Der db x-trackers STOXX® Europe Christian Index ETF (DR) bildet die Wertentwicklung des STOXX® Europe Christian Index ab.
Wir werden in Einzelfällen bei entsprechender Kundennachfrage voll replizierende ETFs anbieten, jedoch steht db X-trackers weiterhin ohne Einschränkungen hinter der synthetischen Replikation“, sagt Thorsten Michalik, verantwortlich für db Xtrackers. Beispielsweise werden voll replizierende ETFs nachgefragt, da durch Investments in bestehende Produkte die internen Anlagegrenzen des Investors bereits ausgeschöpft sein könnten. Voll replizierende ETFs können für bestimmte Anlegergruppen unter Umständen steuerliche Vorteile besitzen. Zudem gibt es einzelne Anlegergruppen, deren Anlagerichtlinien den Einsatz von Derivaten in Fonds nicht zulassen. ETFs von db X-trackers mit physischer Indexabbildung tragen die Abkürzung „DR“ für „Direct Replication“ im Namen.
Bei allen bisherigen 160 ETFs wendet db X-trackers die Methode der synthetischenReplikation an. Die Wertentwicklung des Index wird auf der Seite des Swap-Partners Deutsche Bank generiert. Über eine Swap-Vereinbarung wird die Indexrendite getauscht mit der Performance der Wertpapiere im ETF, so dass sich der ETF fast identisch zum unterliegenden Index entwickelt. Das mit dem Swap verbundene Kontrahentenrisiko wird minimiert, indem die Deutsche Bank deutlich unter dem maximalen Kontrahentenrisko von zehn Prozent bleibt oder bei einer Depotbank Wertpapiere als Sicherheit hinterlegt. Nach einer Analyse von Deutsche Bank Index Research, London, wenden rund zwei Drittel aller seit 2009neu aufgelegten ETFs die Methode des synthetischen Indexreplikation an.
Source: db X-trackers
First ETF Covering The Iberian Region Listed On NYSE Euronext Lisbon
December 13, 2010-NYSE Euronext is pleased to announce the listing of the ESAF ETF (Exchange Traded Fund) on the NYSE Euronext Iberian index™.
As a result of its listing and trading on NYSE Euronext Lisbon regulated market, the ESAF NYSE Euronext Iberian ETF offers both retail and institutional investors an economical, flexible, secured and transparent exposure to the returns of 30 Portuguese and Spanish Blue Chip companies.
“The launch of an ETF on the NYSE Euronext Iberian Index™ is proof of the value of this benchmark, while incrementing its quality as a measurer of the performance of the Iberian market”, said Miguel Geraldes, Head of Cash Market & Listing, NYSE Euronext Lisbon. “As a leading Iberian institution, ESAF will play a key role in the expected growth of ETF use in the region,” he added.
“With this new initiative, the ETFs listed on NYSE Euronext now offer access to the Iberian region, providing new investment opportunities to the growing number of users,” said Pedro Fernandes, European Head of ETFs, at NYSE Euronext.
“The launch of this ETF is the recognition of the growing importance that this segment is gaining with the investors. It’s an additional challenge that just confirms innovation as being one of ESAF’s most important growth strategies”, referred Pedro Arbués, Investments Manager at ESAF – Espírito Santo Activos Financeiros.
Source: Euronext
Eurex to Introduce New Pricing Model Effective 1 February 2011
New pricing model shall enhance market quality and encourage volume growth/ Fee reductions in index and equity derivatives will benefit end customers
December 13, 2010-- The international derivatives exchange Eurex will introduce a new pricing model, effective 1 February 2011. The overarching goal is to further increase the attractiveness of the Eurex marketplace by offering incentives for market quality and volume contribution as well as fee reductions in a number of key products.
“The new pricing model is designed to further encourage volumes, enhance order book quality and attract new customers. Our new model will help fuel growth in trading volumes across key product segments,” said Andreas Preuss, CEO of Eurex.
The enhancement of order book trading shall support market transparency and price discovery. To achieve this goal, the highest proportion of incentives will be given to market makers in exchange for providing value to the order book. Additionally, the two current market making schemes will be further differentiated to reward market makers according to their market quality contributions.
Members who provide significant trading volume will benefit from modified rebate schemes for both futures and options products.
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Source: Eurex
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