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Clean funds "more expensive" in two-thirds of cases
February 25, 2013--Two-thirds of clean share classes are more expensive than their bundled equivalents, according to research by consultancy firm Adviser Asset.
The firm has written to the Financial Services Authority (FSA) to warn that the practice of providing a single clean fee to all platforms is "anti-competitive".
Of the 1,317 clean share class funds analysed 66.4 % could be obtained at a lower cost via another class of the same fund after the application of rebates.
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Source: IFA Online
db X-trackers Nikkei 225 launched on Xetra
ETF offers access to the Nikkei Stock Average Index
February 25, 2013--A new equity index ETF issued by db X-trackers has been tradable in Deutsche Boerse's XTF segment since Monday.
ETF name: db X-trackers Nikkei 225 UCITS ETF (DR)
Asset class: equity index ETF
ISIN: LU0839027447
Total expense ratio: 0.50 percent
Distribution policy: distributing
Benchmark: Nikkei Stock Average Index
The db X-trackers Nikkei 225 UCITS ETF (DR) allows investors to participate in the performance of the Nikkei Stock Average Index. The reference index comprises the 225 largest stock corporations on the Tokyo Stock Exchange, which are checked at regular intervals with regard to market liquidity factors and sector weighting.
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Source: Xetra/FWB:
FinEx launches Russian Corporate Bond ETF in UK
February 25, 2013--FinEx Group has entered the European exchange traded fund (ETF) market with the launch of a Russian Corporate Bond ETF on the London Stock Exchange.
The fund tracks the Barclays EM Tradable Russian Corporate Bond index, which focuses on shorter maturity liquid Eurobonds issues by Russian non-sovereign issuers.
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Source: CityWire
EU sees recession, record dole queues right through 2013
February 24, 2013-- The eurozone is staring at another full year of recession in 2013 with unemployment likely to surge above the 20-million mark and France in particular overshooting key fiscal targets, the EU warned on Friday.
Economic output across the 17-state currency area -- home to about 340 million people and a global rival to the United States, Japan and emerging giants -- will shrink by 0.3 percent this year after a 0.6-percent contraction last year, the European Commission said.
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Source: EUbusiness
AMF applies ESMA guidelines on ETFs and other UCITS issues
February 22, 2013--The Autorité des Marchés Financiers (AMF) has adopted in Position No. 2013-06 the guidelines1 issued by the European Securities and Markets Authority (ESMA) on exchange-traded funds (ETFs) and other issues related to Undertakings for Collective Investment in Transferable Securities (UCITS).
Based on the UCITS Directive (2009/65/EC), the ESMA guidelines explain how European legislation is to be
applied in particular to the management of UCITS compliant with Directive 2009/65/EC.
The guidelines have been incorporated into the AMF's position and give details concerning:
the information to be supplied to investors about index funds and ETFs;
the special rules that UCITS have to apply if they use over-the-counter derivatives and efficient portfolio management techniques;
the criteria for financial indices in which UCITS invest;
implementation deadlines, particularly for existing UCITS. 1 ESMA/
view position paper-Position No. 2013-06
Source: Autorité des Marchés Financiers (AMF)
Boerse Stuttgart extends its trading hours
February 22, 2013--Boerse Stuttgart extends its trading hours. From 1 March 2013, all German and international equities and participation certificates can be traded up to 22.00 hours CET.
Christoph Lammersdorf, CEO of Boerse Stuttgart Holding GmbH, commented: “We are pleased to be able to offer a further innovative service to private investors in the form of extended trading hours. This will give them the opportunity to respond to developments in the leading US markets in the late evening. This is a particular advantage for trading in the increasingly popular ETPs, in addition to international equities.”
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Source: New Europe
EC-Winter forecast 2013-The EU economy: gradually overcoming headwinds
February 22, 2013--On 22 February, the Commission published its first winter economic forecast for the euro area and the European Union as a whole. The forecast covers a wide range of indicators including gross domestic product (GDP), inflation, employment and public finances for 2012-14.
Gross domestic product
Financial market conditions in the EU have improved substantially since last summer. But economic activity has been disappointing in the second half of last year. However, leading indicators suggest that GDP in the EU is now bottoming out and economic activity is expected to gradually accelerate. The pick-up in growth will initially be driven by increasing external demand. Domestic investment and consumption are projected to recover later in the year, and by 2014 domestic demand is expected to take over as the main driver of strengthening GDP growth.
view the European Commision-European Economic and
Financial Affairs Winter 2013
Source: European Commisiion
MSCI index futures to trade in Europe
February 21, 2013--Institutional investors will be able to trade some of their key MSCI benchmark indices as futures in Europe after the index provider announced plans to list them on the region's main derivatives exchanges.
On Thursday the US-based group said that in the coming weeks it will launch futures and options of popular benchmark indices on NYSE Liffe, part of NYSE Euronext, and Eurex, owned by Deutsche Börse
MSCI indices are frequently used by pension funds and asset managers to provide the framework for their investments.
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Source: FT.com
Amundi shuts commodity ETFs amid "hunger speculation" charge
February 21, 2013--Amundi, Europe's second-largest asset, is in the process of closing three of its commodities exchange traded funds amid criticism that such funds are "speculating on hunger".
The Amundi ETF Commodities S&P GSCI Agriculture, the Amundi ETF All Commodities S&P GSCI Light Energy and the Amundi S&P GCSI Non Energy ETF will be closed “within the next few weeks”, the French fund house says.
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Source: FT.com
MTS Licences Lyxor For MTS Spain Government Bond Index
February 21, 2013--Lyxor listed new ETF tracking the index this week
First MTS index to measure the performance of Spanish government bonds
Transparency of methodology and accuracy of index calculation meet highest industry standards
MTS, Europe’s premier facilitator for the European fixed income market, today announced that it has granted a licence to Lyxor to launch ETFs based on its MTS Spain Government Bond Index.
The Lyxor ETF MTS Spain tracks the all-maturity MTS index composed of government bonds issued by the Spanish government with an outstanding volume of at least EUR 2 billion.
Francois Millet, Product Line Manager ETF & Indexing at Lyxor said: “The MTS Spain Government Bond Index is the most accurate and representative benchmark for Spanish sovereign debt. By tracking it with our new ETF, investors now have plain and direct access to this market”.
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Source: London Stock Exchange
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