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ETF Landscape: STOXX Europe 600 Sector ETF Net Flows, week ending 08-Oct-10
October 13, 2010--Last week saw US$457.9 Mn net inflows to STOXX Europe 600 sector ETFs. The largest sector ETF net inflows last week were in Automobiles & Parts with US$168.3 Mn and Banks with US$151.4 Mn while Construction & Materials experienced net outflows of US$21.5 Mn.
Year-to-date, STOXX Europe 600 sector ETFs have seen US$736.8 Mn net inflows. Banks sector ETFs have seen the largest net inflows with US$305.6 Mn, followed by Automobiles & Parts with US$171.5 Mn while Food & Beverage has experienced the largest net outflows of US$148.4 Mn YTD.
The US$10.3 Bn AUM invested in the ETFs is greater than the US$4.2 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
ETF Stat September 2010-Borsa Italiana
October 13, 2010--The ETF Stat September 2010 of the Borsa Italiana report is now available.
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Source: Borsa Italiana
CESR completes its review of MiFID by issuing advice on OTC derivatives trading, post-trade transparency standards and client categorisation
October 13, 2010--CESR publishes today its second set of technical advice to the European Commission (Commission) in the context of reviewing MiFID, the Markets in Financial Instruments Directive, which entered into force in November 2007. This covers CESR’s advice on standardisation and organised platform trading of over-the-counter (OTC) derivatives (Ref. CESR/10-1096), post-trade transparency standards (Ref. CESR/10-882) and client categorisation (Ref. CESR/10-1040) as well as the remaining responses by CESR (Ref. CESR/10-1254) to the Commission’s request for additional information in relation to the review of MiFID presented in March 2010.
Bourse reaches historic highs, investors optimistic about future
October 13, 2010--The Istanbul Stock Exchange (IMKB) has been unstoppable in the last couple of weeks, breaking record after record, and benchmark interest rates have reached historic lows, but this rosy picture may soon be marred with a downward spiral, at least in the short term, analysts argue.
The IMKB-100 index has gained more than 10,000 points over the last two-and-a-half months, rising to 70,647 points on Wednesday, an all-time high. What is more, this number also stands as a record in terms of dollars, too.
The bourse had already reached pre-crisis records in lira terms in April, but the recent hike elevated it to an all-time high in dollars terms as well. Turkey is the first country to reach pre-crisis levels when taking the performance of capital markets into consideration.
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Source: Todays Zaman
Sweden raises outlook but sees exports risk
October 12, 2010--Sweden has raised its 2010 growth forecast for the third time in four months, burnishing its status among the best-performing economies in Europe. But the outlook was lowered for next year amid concern that a slowdown in the global recovery could put the brakes on Swedish exports.
Anders Borg, the finance minister, said growth was set to hit 4.8 per cent this year against a 4.5 per cent target as the Nordic economy accelerated away from last year’s deep recession.
The Swedes have been aided by strong public finances that have allowed the government to continue to stimulate the economy as many deficit-laden European countries are facing an era of fiscal austerity.
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Source: FT.com
New Source Equity Index ETF Launched on Xetra
October 12, 2010--An additional exchange-traded index fund issued by Source is tradable on Xetra.
ETF name: MSCI EMU Small Cap Source ETF
Asset class: equity index ETF
ISIN: IE00B68GBJ73
Management fee: 0.40 percent
Distribution policy: non-distributing
Benchmark: MSCI EMU Small Cap (Net TR) Index
The new Source ETF enables investors to participate in the performance of the MSCI EMU Small Cap Index. The reference index comprises 570 euro-zone companies, representing around 85 percent of the market capitalization of the total market. It covers the following countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands and Portugal.
The product offering in Deutsche Börse’s XTF segment currently contains a total of 729 exchange-listed index funds, making it the largest offering of all European stock exchanges. This selection, together with an average monthly trading volume of around €13 billion, makes Xetra Europe’s leading trading venue for ETFs.
Source: Deutsche Börse
Four new ComStage Bond Index ETFs Launched on Xetra
October 12, 2010--Since Tuesday, four new listed bond index funds issued by ComStage have been tradable in Deutsche Börse’s XTF segment.
ETF name: ComStage ETF Commerzbank Bund-Future TR
Asset class: bond index ETF
ISIN: LU0508799334
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie TR Index
ETF name: ComStage ETF Commerzbank Bund-Future Leveraged TR
Asset class: bond index ETF
ISIN: LU0530118024
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie Leveraged TR Index
ETF name: ComStage ETF Commerzbank Bund-Future Short TR
Asset class: bond index ETF
ISIN: LU0530119774
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie Short TR Index
ETF name: ComStage ETF Commerzbank Bund-Future Double Short TR
Asset class: bond index ETF
ISIN: LU0530124006
Total expense ratio: 0.20 percent
Distribution policy: non-distributing
Benchmark: Commerzbank Bund-Future Strategie Double Short TR Index
The four ComStage bond index ETFs offer investors the opportunity to invest for the first time in the Commerzbank Bund-Future Strategy Index. The Commerzbank Bund-Future Strategy Index is linked to the performance of the Euro-Bund Future. This is the most liquid futures contract in the European bond market and serves as a reference for the effective interest rate of 10-year government bonds. The index goes up when the interest rates of 10-year bonds go up, and it goes down when the interest rates of 10-year bonds go down.
Investors can choose whether they want to track this index with a single or double long position. They can also choose to track the inverse performance of the index with a single or double position.
Source: Deutsche Börse
Source launches its new MSCI EMU Small Cap ETF
October 12, 2010--Building on the significant and growing success of its platform and client demand, Source today announces the launch of its new MSCI EMU Small Cap ETF. The new fund tracks the MSCI EMU Small Cap Total Return (Net) index and has a management fee of 0.40% p.a.
In the current market environment, demand for exposure to the different sections of the European equities market is high. This new addition to Source’s equity product suite provides investors with a complete range of products that runs from small to large cap across both European and US equity markets. Source’s equity product offering currently includes the following size products: the STOXX® Europe Small 200 Source ETF, the STOXX® Europe Mid 200 Source ETF and the Russell 2000® Source ETF in addition to the new MSCI EMU Small Cap Source ETF.
The MSCI EMU Small Cap Total Return (Net) index is currently comprised of 568 stocks with a market capitalisation ranging from €3.5 BN to €32 MM and listed on the local exchanges of countries within the European Economic and Monetary Union (EMU). Launched since 1998, this benchmark is widely used to gain exposure to the performance of the small cap European equities market.
Commenting on the new launch, Ted Hood, CEO of Source said: “We are delighted to add the MSCI EMU Small Cap Source ETF to our range of European equity products. Many European portfolio managers are benchmarked to the broad MSCI EMU index. The new MSCI EMU small cap Source ETF will allow them to enhance their returns through exposure to the small cap segment of Euro zone equities.”
The new MSCI EMU Small Cap Source ETF is UCITs III compliant and domiciled in Ireland. It is listed on XETRA and trades in EUR.
PRODUCT SUMMARY
Product Name: MSCI EMU Small Cap Source ETF
Bloomberg Ticker: EMSC GR
Fund and Trading Currency: EUR
Management Fee: 0.40% per annum
Listing: Deutsche Börse (Xetra)
Index Name: MSCI EMU Small Cap TR (Net)
Index Ticker: NCLDEMU
Dividends: Continuously reinvested Domicile: Ireland
The addition of this new ETF brings Source’s product range to 80 across equity and commodity segments of the market. Source has now over US$7.5 BN in assets and has seen turnover of over US$95 BN since launch in April 2009. Source continues to focus on delivering incremental value to European ETF investors through a combination of enhanced indices, improved structuring and active trading and committed to delivering ETFs and ETCs with unparalleled liquidity, increased transparency and reduced counterparty risk.
Source UK Services Limited is regulated by the UK Financial Services Authority.
Source: Source ETF
TFX and Deutsche Börse Sign a License Agreement for the DAX Index
October 12, 2010--Tokyo Financial Exchange Inc. (TFX) and Deutsche Börse AG have signed an agreement which allows TFX to list a DAX® derivatives contract on TFX. The German equity index DAX comprises the 30 largest blue chip companies listed at Deutsche Börse’s cash market (Xetra) and represents around 80 percent of the market capital that is authorized in Germany.
The derivative product planned to be listed on TFX is an exchange-traded equity index margin contract to be called “Click Kabu 365” in Japan. The DAX margin contract will be a yen denominated product targeted at retail investors. By listing this product on an exchange in Japan, Japanese investors will be able to become more familiar with one of Europe’s benchmark equity indices.
“We are pleased to cooperate with Tokyo Financial Exchange to offer Asian investors access to the performance of the major German blue chips. By licensing the DAX index to TFX, we are making the leading German index directly available to market participants in Asia; while at the same time we are strengthening our global presence,” added Hartmut Graf, chief executive officer, STOXX Ltd., which is the marketing agent for the indices of Deutsche Börse AG and SIX Group, amongst them the DAX and SMI indices.
Source: Deutsche Börse
German institutional investors to double equity allocations
October 12, 2010-- German institutional investors are aiming to increase their equity exposure by 6.8 percentage points in the first half of next year, nearly doubling the current allocation, according to a survey by SEB Asset Management.
This summer, the average equity allocation in the portfolios of the 458 institutional investors surveyed stood at approximately 7%.
At the same time, survey respondents said they intended to decrease their overall bond exposure – currently around 76% – by 4.1 percentage points. SEB said mainly Pensionskassen and other pension vehicles would take this step.
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Source: IP&E
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