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WFE Focus April 2011
New products

BM&FBOVESPA launches eight new currency derivatives

BM&FBOVESPA will launch eight new currency futures contracts on 15 August 2011. They are six futures contracts and two mini futures contracts. The regular futures contracts are for the Brazilian Real against the South African Rand (ZAR), Turkish Lira (TRY), New Zealand Dollar (NZD), Chilean Peso (CLP), Chinese Yuan (CNY) and Swiss Franc (CHF). The foreign exchange rates that are the underlying assets of these contracts are calculated by a combination of the foreign exchange rate for Brazilian Reals per US Dollar and by the exchange rate of the underlying foreign currency per US Dollar.

Deutsche Börse launches ETF on MSCI BRIC index and other MSCI family index

Deutsche Börse has recently introduced a new db x-trackers MSCI BRIC TRN index ETF that enables investors to participate in the performance of companies with high and mid-range market capitalization from Brazil, Russia, India and China. The underlying index is weighted according to free-float market capitalization. In addition, the Exchange has also launched on Xetra eight new ETFs issued by db X-trackers. Six of them track the performance of companies from the following countries and regions in the MSCI index family: Chile, China, EFM Africa, EM Eastern Europe, India, Malaysia and Thailand. Also, the Russell Midcap Index ETF was introduced to enable investors to participate in the performance of SMEs headquartered in the US. With 800 securities, the MSCI Russell Midcap index covers approximately 27% of the total market capitalization of the companies in the Russell 1000.

Eurex introduces derivatives on two commodity ETPs

From 29 July 2011, Eurex is offering futures and options on two commodity exchange traded products launched by ETF Securities: “Physical Gold” and “Crude Oil”. The Physical Gold ETP is one of the world’s largest with assets under management of over EUR 4 billion. The new futures and options have a contract size of 100 units, they are traded in US dollars and delivery is planned in physical certificates. The options are European options with terms of up to 60 months. Eurex offers order book trading, whereas bilaterally agreed transactions can be cleared via the OTC Trade Entry facilities for each product

ICE launches new energy contracts

On 1 August 2011, the IntercontinentalExchange launched 18 new cleared OTC energy contracts for North American power, natural gas liquids, natural gas and global oil, and refined petroleum products.

ISE launches Horizon Kinetics ISE Wealth index

The International Securities Exchange has partnered with Horizon Kinetics, an independently-owned and operated investment company, to launch the Horizon Kinetics ISE Wealth Index. It includes companies whose senior management has demonstrated a track record of skill and specific industry knowledge that has translated into high levels of long term shareholder value creation. In many cases, these individuals have also used their respective companies as the primary means for accumulating substantial personal wealth, such as with index components Berkshire Hathaway and Microsoft.

Johannesburg Stock Exchange studies the possibility of introducing trade in carbon credits

The Johannesburg Stock Exchange is in the early stages of developing a concept framework for the voluntary trade of carbon credits, based on a research project into climate change and carbon markets conducted by the exchange. The framework includes the identification of prospective market participants and gaining their support particularly on the demand side, for such credits. Once the framework is complete, the exchange will then share its recommendations with all relevant parties. Should there be sufficient support once the framework for voluntary trade is finalised, the JSE could rely on its existing systems to provide a platform for the trading and clearing of voluntary carbon credits.

NYSE Euronext Paris lists Thailand SET50 ETF

On 18 July 2011, NYSE Euronext Paris listed its Thailand-based exchange traded fund, issued by Lyxor Asset Management. This marks the first listing of the SET50-based ETF in Europe and outside Asia. The new ETF is designed to track the performance of the SET50 net total return index, a widely recognized Thai stock index calculated by the Stock Exchange of Thailand.

NYSE Liffe to launch equity options

NYSE Liffe, the Europe-based derivatives business of NYSE Euronext, announces that it will add options on the shares in UNIT4 N.V. to its range of equity option classes. Trading in options on UNIT4 will start on 24 August 2011. The new option class will be introduced on the Amsterdam derivatives market of NYSE Liffe.

Stock Exchange of Thailand lists first gold-based ETF

On 8 August 2011, the Stock Exchange of Thailand listed KTAM Gold ETF Tracker, managed by Krung Thai Asset Management on its main board. It is an open-end ETF and Thailand’s first ETF tracking the price of gold. The fund’s policy is to invest in the units of SPDR Gold Trust, the world’s largest gold ETF.

Taiwan Stock Exchange launches in-the-money knock-out warrant

On 1 July 2011, the Taiwan Stock Exchange launched in-the-money knock-out warrant. The price movement of in-the-money knock-out warrant closely tracks the price of underlying assets with eligibility that includes selected liquid stocks listed on TWSE, TAIEX index, TAIEX electronics sub-index, and TAIEX finance sub-index.

TMX Group launches S&P/TSX Venture Select index

Providing Canadian investors with a new and innovative approach to tracking the performance of smaller-cap Canadian stocks trading on TSX Venture Exchange, TMX Group in cooperation with S&P, launched the S&P/TSX Venture Select Index. It measures the performance of constituents in the S&P/TSX Venture Composite index that meet specific market capitalization and liquidity criteria. An ETF based on the new index was also launched.

Tokyo Stock Exchange lists new exchange traded notes

The Tokyo Stock Exchange approved the listing of the following trust beneficiary certificates (Japanese Depositary Receipts) whose trust assets are Exchange Traded Notes (ETNs) managed by Barclays Bank. These ETNs will be the first of its kind to be listed in Japan, and also the first foreign securities listed in Japan using the JDR scheme.

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