Friday 3rd July 2015
NEWS TICKER: THURSDAY, JULY 2nd 2015: Deutsche Börse says a new iShares ETF from BlackRock's product offering has been launched on Xetra and Börse Frankfurt today. The iShares MSCI EMU USD Hedged UCITS ETF launched on Xetra ETF provides access to euro-zone equities with currency hedging against US dollar. The exchange organisation says the ETF enables investors to participate in the performance of stock corporations in the euro zone while also benefiting from currency hedging against the US dollar. This protects investors against an appreciation of the US dollar against the euro. - The Straits Times Index (STI) ended 3.3 points or 0.1% lower to 3327.84, taking the year-to-date performance to -1.11%. The top active stocks today were UOB, which gained 0.82%, DBS, which closed unchanged, Singtel, which declined 0.24%, CapitaLand, which declined 1.13% and Global Logistic, with a 0.78% fall. The FTSE ST Mid Cap Index declined 0.06%, while the FTSE ST Small Cap Index rose 0.02%. The outperforming sectors today were represented by the FTSE ST Basic Materials Index, which rose 0.82%. The two biggest stocks of the Index - Midas Holdings and NSL- ended 1.59% higher and 0.67% lower respectively. The underperforming sector was the FTSE ST Real Estate Investment Trusts Index, which slipped 0.67%. CapitaLand Mall Trust shares declined 2.30% and Ascendas REIT declined 2.41% - According to Flightglobal, China’s state aviation supplier has tentatively signed for up to 75 Airbus A330s in an agreement which will help bridge a production gap to the re-engined A330neo. General terms of the agreement inlcude an order for 45 jets plus a memorandum of understanding for another 30 options. The deal took place during an official visit to France by Chinese premier Li Keqiang. Airbus has long been negotiating the landmark agreement following a preliminary deal to establish an A330 completion centre in Tianjin. The pact with China Aviation Supplies Holding, which is likely to include several aircraft configured in the lower-weight regional version. Meanwhile, Airbus CEO Fabrice Bregier says the package is a “new vote of confidence” in the twinjet. “China is today the most important market for aviation in the world,” he adds - Morningstar has upgraded the Royal London UK Equity Income fund to a Morningstar Analyst Rating of Silver. The fund was previously rated Bronze. Experienced manager Martin Cholwill has, over his decade-long tenure on the fund, consistently applied his proven investment process to good effect. His strategy is sensible for delivering yield and competitive total returns for investors, with a focus on free cash flows and valuations. The fund also enjoys a cost advantage over its rivals, with ongoing charges lower than the category norm. These factors have led to a strong and consistent performance profile over a number of years - The amount of outstanding Euro commercial paper (CP) and certificates of deposit (CD) declined significantly in the week ending July 1st, according to CMDPortal data. Outstandings dropped by $11.80bn to $861.59bn during the week. Sovereign, supranational and agency CP outstandings dropped by $2.80bn to $219.44bn. Corporate CP outstandings declined the most during the week by $5.56bn to $89.83bn. Meanwhile financial CP outstandings declined by $3.04bn to $503.37bn - SWIFT says that BTG Pactual, one of Latin America’s largest financial services firms, has joined the Know Your Customer (KYC) Registry, a centralised repository that maintains a standardised set of information about correspondent banks required for KYC compliance. For the KYC Registry, banks contribute an agreed ‘baseline' set of data and documentation for validation by SWIFT, which the contributors can then share with their counterparties. Each bank retains ownership of its own information, as well as control over which other institutions can view it - Laurel Powers-Freeling is to join the board of Atom, the UK’s newest bank, as its senior independent non-executive director. The appointment comes hot on the heels of Atom’s announcement that the Prudential Regulation Authority and the Financial Conduct Authority have approved its digital business model. Powers-Freeling was recently appointed as Chairman of Sumitomo-Mitsui Banking Corporation Europe - China has guaranteed that 100% foreign-owned firms (typically known as WFOEs – Wholly Foreign-Owned Entities) will be able to manufacture and market their own products for sale to mainland clients, operating under exactly the same rules as local private funds. The announcement comes at the end of the US-China Strategic and Economic Dialogue, which appears to have resulted in unprecedented rights for foreign firms participating in China’s financial markets. Greater access to China’s Interbank Bond (IBB) market has also been granted, with the elimination of firm-level ownership quotas in addition to improved access and operating rights for foreign banks. Finally, Shanghai’s Free Trade Zone (FTZ) has been specified as the testing ground where foreign owners can establish wholly-owned futures companies with access rights to domestic exchanges. China’s opening-up to foreign asset managers is now moving faster than our most optimistic predictions. With that speed in mind, we predict that all of the above opportunities will be available to foreign owners by the end of 2015.

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  • Thursday, 02 July 2015 ESMA proposes inclusion of ETDs in EMIR interoperability arrangements
    The European Securities and Markets Authority (ESMA) has issued its final report on interoperability arrangements between EU-based clearing houses (CCPs) required under the European Markets infrastructure Regulation (EMIR) and related guidelines and recommendations. In its report, ESMA says it wants to extend the EMIR provisions related to interoperability arrangements to exchange-traded derivatives (ETDs). A further extension to OTC derivatives will be assessed at a later stage. Read more...
  • Thursday, 02 July 2015 BNP Paribas launches China 'A' shares index fund
    BNP Paribas Investment Partners (‘BNPP IP’) has launched the BNP Paribas Flexi 1 CSI 300 Index Fund. The fund makes use of BNPP IP’s RMB Qualified Foreign Institutional Investor (RQFII) status to access Chinese ‘A’ shares. BNPP IP was among the first asset managers in the Eurozone to be granted RQFII status by the China Securities Regulatory Commission, in September 2014. Read more...
  • Thursday, 02 July 2015 Mercer’s survey: FTSE350 pension scheme deficits improve in June
    Mercer’s pensions risk survey data shows that the accounting deficit of defined benefit pension schemes for the UK’s largest 350 listed companies fell from £93bn at the end of May this year to £81bn on June 30th, despite the fall in asset values. Read more...
  • Thursday, 02 July 2015 CME Group volume up 15% from June 2014
    CME Group, the derivatives marketplace, has announced that June 2015 volume averaged 14.6m contracts per day, up 15% from June 2014. The total volume for June 2015 was more than 320m contracts, of which 88% was traded electronically. Options volume in June averaged 2.9m contracts per day, up 28% versus June 2014, with electronic options growing 48% over the same period. Read more...
  • Thursday, 02 July 2015 Moody's appoints Myriam Durand as new country manager for France
    Moody's Investors Service has announced the appointment of Myriam Durand as its country manager for France. Durand will lead Moody's operations in France and work closely with French issuers, investors and intermediaries in the international debt capital markets. Read more...
  • Thursday, 02 July 2015 AXA IM wins €600m in leveraged loans mandates
    AXA Investment Managers (AXA IM) today announces that it has been awarded a total of €600m across four new mandates for its leveraged loans platform. These mandate wins are in addition to the launch of two Collateralised Loan Obligations (CLOs) earlier this year Allegro 2 and Allegro 3, and the growth of the firm’s pooled fund business. The four mandate wins come from a range of European and Asian investors. Read more...
  • Thursday, 02 July 2015 Will Iran coming out of the cold change the oil price dynamic?
    There’s a strong possibility that after many years in the sanctions freezebox, Iran could be coming out of the cold and add 800,000 barrels a day of oil into the global supply mix. Can the oil sector cope with additional supply? Who will be the winners and the losers in the next round of inevitable market constriction that must accompany sustained over-supply? Also, what’s the long term impact on oil prices? Read more...
  • Thursday, 02 July 2015 CACEIS launches paying agent service in Italy
    CACEIS has been selected as paying agent by Cariparma Crédit Agricole Group. This project concerns investment flows from around 20 foreign asset management companies distributing their products through branches of Cariparma Crédit Agricole Group. Transactions will total around 100,000 per year. Read more...
  • Thursday, 02 July 2015 Rate cut fails to boost India consumer sentiment
    The MNI India Consumer Sentiment Indicator remained stable at 119.5 in June compared with 119.6 in the previous month, with the Reserve Bank of India’s latest rate cut failing to provide a boost to consumer confidence. Read more...
  • Thursday, 02 July 2015 ICAP appoints Jenny Knott as CEO for post trade risk and information services
    ICAP plc says it has appointed Jenny Knott as CEO Post Trade Risk and Information Services. Knott joins ICAP from African financial services group Standard Bank Group where she was CEO of Standard Bank Plc and CIB International, and most recently Strategic Advisor to the Group CEOs. Read more...
  • Thursday, 02 July 2015 NEWS IN BRIEF/NEWS TICKER: WEDNESDAY JULY 2nd
    A round-up of today's news ticker stories and corporate and investment news from around the world. It will be updated through the day. Read more...
  • Thursday, 02 July 2015 Mint Asset Management to manage active NZ equities for NZ Super Fund
    Mint Asset Management has been appointed to a $150m active New Zealand equities mandate for the New Zealand Superannuation Fund. The appointment was effective July 1st and transition of the mandate to Mint is now complete. Read more...
  • Thursday, 02 July 2015 FTC closes case after Sysco abandons US Food merger
    Following a June 23rd ruling by the US District Court for the District of Columbia granting the Federal Trade Commission request for a preliminary injunction, Sysco and US Foods have now abandoned their proposed merger, and the Commission has now dismissed its administrative complaint. Read more...
  • Thursday, 02 July 2015 Moody's downgrades Greece's government bond rating to Caa3
    Moody's Investors Service has today downgraded Greece's government bond rating to Caa3 from Caa2 and placed the rating on review for further downgrade. The short-term rating is unaffected by this rating action and remains Not Prime (NP). Moody's government bond rating applies to privately-held debt only. Read more...
  • Wednesday, 01 July 2015 Venture capital investment grows to $34bn in Q2 2015
    Preqin says the venture capital industry has had a very strong start to 2015. The amount of capital invested in entrepreneurial companies by the venture capital industry hit a record $34bn in Q2, up from $29bn in Q1 2015. Read more...
  • Wednesday, 01 July 2015 Mercer new appointments in North America, European and Pacific regions
    Mercer, a consulting firm in health, wealth and careers and a subsidiary of Marsh & McLennan Companies (NYSE: MMC), has announced the appointment of Simon O’Regan as president in North America. Previously president of the Mercer EuroPac, region which includes Europe as well as Australia and New Zealand, he is succeeded by Martine Ferland, previously senior partner and leader of the retirement business for EuroPac. Pat Milligan will assume a newly created role focused on growth of the firm’s multinational clients. Read more...

MORE NEWS...
Key Stories from FTSE Global Markets

There’s a new paradigm in investor services. FTSE Global Markets spoke to Daron Pearce, Global Head, Investment Managers segment for Asset Servicing at BNY Mellon, about the evolution of the investment services business set and what is means, long term, for the bank’s clients. Backed by innovations in technology the company now mines a rich seam in ground-breaking client services based on sophisticated analytics that help its clients better understand the world in which they operate, and allows BNY Mellon to develop new tools and models that leverage their expertise to better service their own customers.

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High valuations and the prospect of a gradual rise in US interest rates look to be the main concern of investors right now. Given the oversubscription of even measly priced UK gilts and other sovereign bonds, it is clear that sovereign debt will remain the asset class of choice for pension funds. Given that understanding and failing a grand rotation back into equities, the issue is then whether rate rises reinforce the drift into developed market sovereign bonds at the expense of emerging markets.  Relative to equities flows government bonds remain at historic highs. Just how soon the US Federal Reserve will begin to raise rates now the question du jour. We look at some of the fallout once it happens

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Wednesday, 24 June 2015

A fix for fixed income?

With the corporate bond market still dealing with a pronounced demand-supply imbalance, newer protocols capable of connecting multiple sources of liquidity continue to grow in popularity—among them open or all-to-all trading solutions, designed to provide investors, dealers and other market participants with greater efficiency around fixed-income trades. Dave Simons reports from Boston.

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According to the latest survey from data provider Preqin, some 51 investors have increased their allocation to the hedge funds to over the $1bn benchmark, while 27 investors have seen their allocation fall below that level. There are now a total of 227 investors around the globe that have $1bn or more in assets invested in hedge funds, and collectively these investors have $735bn invested in the asset class, representing almost a quarter of the total capital invested in the industry (up 13%) on a year ago. Most of these were in America. What’s going on?

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Wednesday, 24 June 2015

Find me a prime

Will the current climate continue to favor the various small-time prime models that have emerged in the wake of the recent PB purge? Are these specialty firms capable of handling the ever-expanding field of small funds in need of a home? Dave Simons reports.

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  • Wednesday, 01 July 2015 12:05 Insurers struggling to find returns
    Global financial markets were relatively benign last year with low volatility as equities and bonds delivered strong returns. 2015 started with higher volatility as headlines…
  • Tuesday, 26 May 2015 16:11 The obstacles to job creation in France
    Despite a growth recovery and newly-implemented business friendly economic policies, unemployment continues to rise in France. This stagnation in job creation has left many policymakers…
  • Tuesday, 23 June 2015 09:57 The outlook for emerging markets
    Richard Titherington, Chief Investment Officer for emerging market equities at J.P. Morgan Asset Management Performance so far this year across the emerging market (EM) equity…

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