Global ETF News Older than One Year
FSB publishes a progress report on the oversight and governance framework for financial benchmark reform
August 29, 2013--The FSB has established an Official Sector Steering Group of regulators and central banks to coordinate reviews of existing interest rate benchmarks and to guide the work of a Market Participants Group which will examine the feasiblity and viability of adopting additional reference rates and potential transition issues.
The report describes the initial progress and outlines the future work programme.
Source: FSB (Financial Stability Board)
Update on financial regulatory factors affecting the supply of long-term
Report to G20 Finance Ministers and Central Bank Governors
August 29, 2013--Introduction
G20 Finance Ministers and Central Bank Governors have recently emphasised the importance of long-term financing for investment, including in infrastructure, in enhancing economic
growth and job creation.
At the meeting of the Ministers and Governors in November 2012, the FSB was asked to undertake diagnostic work, together with other relevant international organisations (IOs), to assess factors affecting long-term (LT) investment financing. In February 2013, the FSB reported1 initial findings to the G20 on the financial regulatory factors affecting the availability of LT investment finance, as part of broader diagnostic work undertaken by IOs.
Source: FSB (Financial Stability Board)
Investors Favored More Dynamic, Value-Oriented Stocks In An Emerging European Market According To Russell Indexes
August 29, 2013--As Europe appears to turn a corner economically, experts at Russell Investments believe European equities may provide better value versus other non-U.S. developed markets.
In addition, dynamic and deep value-oriented investors may have found more investment opportunity in Europe in recent months, according to the Russell Indexes.
Since the beginning of the third quarter as of August 26, the Russell Developed Europe Dynamic Index has outperformed the Russell Developed Europe Defensive Index by more than 6% and has outperformed the Russell Developed Europe Index by more than 3.5%.
And for the same time period, the Russell Developed Europe Value Index has outperformed the Russell Developed Europe Growth Index by more than 3% and has outperformed the Russell Developed Europe Index by more than 1.5%.
Source: Russell Investments
In Defence of Short and Leveraged ETFs
August 29, 2013--Boost response in defence of Short and Leveraged ETFs following the paper published by the Fed's Mr Tuzun.
Short and Leveraged ETFs are market access tools and do not drive the market
Circa $50bn of global assets under management in Short and Leveraged ETFs is inconsequential compared to $2 trillion in ETFs which is less than around 10% of global mutual fund assets
Investors who use Short and Leverage ETFs often use them to hedge their portfolios, therefore helping prevent short term sell offs
Other research finds no evidence to back Mr Tuzun's conclusions
Short and Leveraged ETFs have significant benefits compared to other forms of leveraged trading
Boost ETP, the award winning and independent exchange traded product ("ETP") provider, which specialises in Short and Leveraged ("S&L") ETPs, feels compelled to enter the debate started by Tugkan Tuzun's Fed paper published in July 2013. Boost feels that there is need for more clarity and reasoned debate around the conclusions of Mr. Tuzun's analysis.
Source: BOOST
ISE and Moscow Exchange Sign Memorandum of Understanding to Facilitate Information Sharing
ISE is the First U.S. Options Exchange to Sign an MOU with Moscow Exchange's
expanding on Moscow Exchange's partnership with Deutsche Börse Group
August 28, 2013--The International Securities Exchange (ISE) and Moscow Exchange announced today that they have signed a Memorandum of Understanding (MOU), in which the two exchanges agreed to share information relating to various financial instruments traded through their respective facilities.
This agreement expands on Moscow Exchange and Deutsche Börse Group's strategic partnership as ISE becomes the first U.S. options exchange to sign such an agreement. Today, ISE began listing options on the Market Vectors(R) Russia ETF Trust (NYSEArca: RSX(R)), offering customers exposure to the most liquid direct investment in actively traded Russian equities.
Source: International Securities Exchange (ISE)
SSgA-Quarterly ETF Industry Guide. is now available
Report covers 1,490 funds across 5 asset classes and multiple categories
August 28, 2013--The SSgA ETF Industry Guide is now available. This popular piece now includes more specific and intuitive fund classifications.
The guide still offers the full lineup of virtually every ETF provider, with key facts about each fund, updated quarterly:
Fund name, Fund category, Ticker, Expense ratio, Net assets
and Inception date
view the
Source: SSgA
FSB-Consultative Document: Assessment Methodology for the Key Atttributes of Effective Resolution Regimes for Financial Institutions
As an international standard, G20 jurisdictions have publicly committed to implement them.
A set of criteria to assess jurisdictions' compliance with the Key Attributes
Compliance with the international standard will be monitored and assessed, supported by a set of assessment criteria. The Financial Stability Board (FSB) is therefore today launching a public consultation on an Assessment Methodology for the Key Attributes. The FSB developed the draft methodology with the involvement of the IMF and the World Bank and the standard-setting bodies. As well as facilitating objective and consistent assessments of jurisdictions' compliance with the new international standard, the methodology can also assist jurisdictions in their legislative reforms to implement the Key Attributes. The methodology consists of a set of assessment criteria for each Key Attribute and also includes examples and explanations to guide the interpretation of the Key Attributes.
Source: FSB (Financial Stability Board)
IMF Working paper-Collateral and Monetary Policy
Some central banks are now a major player in the collateral markets. Analogous to a coiled spring, the larger the quantitative easing (QE) efforts, the longer the central banks will impact the collateral market and associated repo rate. This may have monetary policy and financial stability implications since the repo rates map the financial landscape that straddles the bank/nonbank nexus. view the IMF Working paper-Collateral and Monetary Policy
Source: IMF
STOXX Changes Composition Of Benchmark Indices
As announced previously, the index universe for the STOXX Global 1800 Index and all related sub and sector indices will be changed to cover those countries which are classified as developed markets as defined by the STOXX Emerging and Developed Markets Country Classification. As a result companies listed in the Czech Republic will become eligible for inclusion in these indices, while Chinese Red Chips and companies listed in Iceland will be excluded from the universe from this review on. Furthermore, Croatia is being added to the index universe of the STOXX EU Enlarged Index, since the country joined the European Union on July 1, 2013.
Source: STOXX
STOXX Changes Composition Of Benchmark Indices
As announced previously, the index universe for the STOXX Global 1800 Index and all related sub and
sector indices will be changed to cover
those countries which are classified as developed markets as defined by the
STOXX Emerging and Developed Markets Country Classification. As a result companies listed in the Czech Republic will become eligible for inclusion in these indices, while Chinese Red Chips
and companies listed in Iceland
will be excluded from the universe
from this review on.
Furthermore, Croatia is being added to the index universe of the STOXX EU Enlarged Index, since the country joined the European Union on July 1, 2013.
Source: STOXX
August 28, 2013--Solving the "too big to fail" problem requires effective and credible resolution regimes. The Key Attributes of Effective Resolution Regimes for Financial Institutions ("Key Attributes"), which were endorsed by the G20 in November 2011, set out the responsibilities, instruments and powers that resolution regimes should have for all parts of the financial sector that could cause systemic problems.
August 28, 2013-Summary: Financial lubrication in markets is indifferent to margin posting via money or collateral; the relative price(s) of money and collateral matter.
Results of the Third Regular Quarterly Review to be Effective on September 23, 2013
August 27, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the new composition of the STOXX Benchmark and their sub- and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index.
Regular Annual Review To Be Effective On September 23, 2013
August 27, 2013--STOXX Limited,
the market-moving provider of innovative, tradable and global index concepts, today announced
the new composition of the STOXX Benchmark and their sub-and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index
and STOXX Asia/Pacific 600 Index.
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