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Britain to abolish ETF transaction tax to lure funds
December 5, 2013--Britain's government is abolishing a transaction tax on shares purchased in exchange traded funds (ETFs) in an attempt to lure financial services activity from rival European centres.
While Britain is an established hub for fund management, most of the European ETF industry is domiciled in Ireland and Luxembourg for tax efficiency.
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Source: Reuters
November trading volume rises to around EUR 7.7 billion at Boerse Stuttgart
December 5, 2013--Growth in trading of debt instruments and equities// Strong demand for derivative investment products
Boerse Stuttgart generated turnover of around EUR 7.7 billion in November 2013, according to its order book statistics. This represents an increase of roughly 1.5 percent by comparison with October.
With a trading volume of around EUR 3.5 billion, slightly up on the previous month, securitised derivatives accounted for the largest share of total turnover. Trading in investment products was more than 2 percent higher at over EUR 2.2 billion. Driven by particularly strong demand, turnover in reverse convertibles rose by approximately 21 percent to around EUR 414 million. Leverage products ended the month at around EUR 1.2 billion, just below the October figure.
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Source: Boerse Stuttgart
FinEx Chooses Curex FX Benchmarks for ETF Best Execution
December 4, 2013--Curex Group, a provider of next generation foreign exchange ("FX") management capabilities that enable new standards of transparency and accountability for OTC FX fixings and execution, announced today an agreement with FinEx Group to embed patented Curex FX systems and FX execution audit technologies into FinEx currency-hedged share class ETFs.
Curex has created the world's only real-time streaming, executable FX fixing data designed to be integrated into financial market indices as an alternative to legacy FX benchmarks. Data is generated from the Curex FX electronic matching engine platform where a majority of the largest global FX dealers provide unprecedented executable liquidity and price transparency to market participants in an anonymous, competitive "exchange-like" FX marketplace.
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Source: Curex Group
BATS Global Markets In November: European Trade Reporting Service Becomes Market Leader
1Q14 Close Projected For Direct Edge Merger
U.S. Equities Market Share Totals 10%, BATS Chi-X Europe Posts Another New Record in Spain
December 4, 2013--BATS Global Markets (BATS) today reports that its pan-European trade reporting service, BXTR, became the industry leader in its first month of operation while BATS Chi-X Europe remained Europe's largest stock market in November.
BATS also continues progress towards approval and closing of the merger with Direct Edge Holdings, with completion of the transaction now expected in the first quarter of 2014. The company received clearance from the U.S. Department of Justice in late October and its primary focus now is on receiving approval from the Securities and Exchange Commission.
"November marked another month of tremendous growth for Europe as the team continues to build upon the Recognised Investment Exchange status earned in May, with the launch of BXTR and our European listings business," said BATS Global Markets CEO Joe Ratterman. "In the U.S., as we move towards closing the Direct Edge transaction, we continue to focus on delivering quality markets to our customers."
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Source: BATS
SHW AG to be included in SDAX
Deutsche Börse reviews index composition/ Changes to be effective on 23 December 2013
December 4, 2013--Deutsche Börse today decided on changes in its selection indices that will become effective on 23 December 2013.
The following changes will be made to SDAX: The shares of SHW AG will be included in the index. The shares of MVV Energie AG will be deleted from the index.
The compositions of DAX, MDAX and TecDAX remain unchanged.
Source: Deutsche Börse
Council Of The European Union: Permanent Representatives Committee Agrees On Directive Improving Rules For Collective Investment Funds
December 4, 2013--EU Permanent Representative Committee (COREPER II) on December 4 in Brussels has confirmed the Member States agreement on the Directive amending the current legislation on the harmonised functioning of collective investment funds and aiming at strengthening investors confidence.
The agreement on the Directive to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (UCITS V) enables the Council to start negotiations with European Parliament, with a view to have a final agreement on this directive by the end of current legislative cycle.
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Source: Ministry of Foreign Affairs of the Republic of Lithuania.
Second estimate for the third quarter of 2013-Euro area GDP up by 0.1% and EU28 up by 0.2%
-0.4% and +0.1% respectively compared with the third quarter of 2012
December 4, 2013--GDP rose by 0.1% in the euro area1 (EA17) and by 0.2% in the EU281 during the third quarter of 2013, compared
with the previous quarter, according to second estimates2 published by Eurostat, the statistical office of the
European Union.
In the second quarter of 2013, growth rates were +0.3% and +0.4% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.4% in the euro area and rose by 0.1% in the EU28 in the third quarter of 2013, after -0.6% and -0.1% respectively in the previous quarter.
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Source: Eurostat
Boost Trade Idea of the Week-Sterling strength is bearish for FTSE 100, bullish for FTSE 250
December 3, 2013--Summary
The profit outlook is weakening for UK large-cap equities. Accordingly, consensus is downgrading the outlook for FTSE 100, while keeping it robust for the FTSE 250.
Overhanging the gloomy sentiment in UK's large-cap equity market is the appreciating sterling and the threat of higher interest rates as the BoE prepares to tighten monetary policy. As large-cap earnings come under pressure, the outlook is bearish for the FTSE 100.
In preserving the Funding for Lending Scheme for SME (while ending it for households), the BoE’s careful rebalancing act is a signal of calibrating monetary policy toward supporting UK’s domestic focused businesses. The outlook is bullish for domestic secular growth stories captured in the FTSE 250.
Investors who share this sentiment may consider, amongst the Boost equity ETPs product platform (www.boostetp.com/products), the following positions in UK equities:
Long positioning UK mid-cap equities:
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Source: Boost
ESG STRATEGIES OF EUROPEAN ASSET OWNERS-From theory to practice 2013 Survey
December 3, 2013--Novethic has questioned more than one hundred European asset owners, each
year since 2008, on the integration of Environmental, Social and Governance (ESG) criteria into their asset management.
his survey, the only one of its kind, allows us to follow the evolution over time of their perception of responsible investment. How do they define it? What motivates them to put the corresponding policies in place? Are they primarily hoping to use their assets to fuel the shift to a more sustainable economy? Or are they mainly protecting their reputation? As long-term investors, do they necessarily take account of these ESG issues, especially those with an already patent impact on their portfolios?
These questions, asked routinely every year, make it possible to observe that although answers may differ from one country to the next, real trends are apparent that clearly demonstrate the emerging role of ESG analysis in risk management.
view the ESG STRATEGIES OF EUROPEAN ASSET OWNERS-From theory to practice 2013 Survey
Source: Novethic
UK platform price war looming
December 3, 2013--Midsize asset managers that lack stellar funds are likely to be "profoundly" affected by next year's platform rebate ban in the UK, according to experts.
Jeremy Oakley, director at KPMG, says only the best-performing asset managers will be able to charge high fees for their funds when platform retrocessions are scrapped under the Retail Distribution Review in April 2014.
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Source: FT.com
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