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Global Exchange Indices
Global Exchange Indices Country Exchange Index Argentina Buenos MERVAL, BURCAP Aires Stock Exchange Australia Australian S&P/ASX All Ordinaries, S&P/ASX Small Ordinaries, Stock S&P/ASX Small Resources, S&P/ASX Small Exchange Industriials, S&P/ASX 20, S&P/ASX 50, S&P/ASX MIDCAP 50, S&P/ASX MIDCAP 50 Resources, S&P/ASX MIDCAP 50 Industrials, S&P/ASX All Australian 50, S&P/ASX 100, S&P/ASX 100 Resources, S&P/ASX 100 Industrials, S&P/ASX 200, S&P/ASX All Australian 200, S&P/ASX 200 Industrials, S&P/ASX 200 Resources, S&P/ASX 300, S&P/ASX 300 Industrials, S&P/ASX 300 Resources Austria Vienna Stock ATX, ATX Five, ATX Prime, Austrian Traded Index, CECE Exchange Overall Index, CECExt Index, Chinese Traded Index, Czech Traded Index, Hungarian Traded Index, Immobilien ATX, New Europe Blue Chip Index, Polish Traded Index, Romanian Traded Index, Russian Depository Extended Index, Russian Depository Index, Russian Traded Index, SE Europe Traded Index, Serbian Traded Index, Vienna Dynamic Index, Weiner Boerse Index Belgium Euronext Belgium All Share, Belgium BEL20, Belgium Brussels Continuous, Belgium Mid Cap, Belgium Small Cap Brazil Sao Paulo IBOVESPA Stock Exchange Canada Toronto S&P/TSX Capped Equity Index, S&P/TSX Completion Stock Index, S&P/TSX Composite Index, S&P/TSX Equity 60 Exchange Index S&P/TSX 60 Index, S&P/TSX Equity Completion Index, S&P/TSX Equity SmallCap Index, S&P/TSX Global Gold Index, S&P/TSX Global Mining Index, S&P/TSX Income Trust Index, S&P/TSX Preferred Share Index, S&P/TSX SmallCap Index, S&P/TSX Composite GICS Sector Indexes -
Final Report Amending ITS on Main Indices and Recognised Exchanges
Final Report Amendment to Commission Implementing Regulation (EU) 2016/1646 11 December 2019 | ESMA70-156-1535 Table of Contents 1 Executive Summary ....................................................................................................... 4 2 Introduction .................................................................................................................... 5 3 Main indices ................................................................................................................... 6 3.1 General approach ................................................................................................... 6 3.2 Analysis ................................................................................................................... 7 3.3 Conclusions............................................................................................................. 8 4 Recognised exchanges .................................................................................................. 9 4.1 General approach ................................................................................................... 9 4.2 Conclusions............................................................................................................. 9 4.2.1 Treatment of third-country exchanges .............................................................. 9 4.2.2 Impact of Brexit ...............................................................................................10 5 Annexes ........................................................................................................................12 -
Execution Version
Execution Version GUARANTEED SENIOR SECURED NOTES PROGRAMME issued by GOLDMAN SACHS INTERNATIONAL in respect of which the payment and delivery obligations are guaranteed by THE GOLDMAN SACHS GROUP, INC. (the “PROGRAMME”) PRICING SUPPLEMENT DATED 23rd SEPTEMBER 2020 SERIES 2020-12 SENIOR SECURED EXTENDIBLE FIXED RATE NOTES (the “SERIES”) ISIN: XS2233188510 Common Code: 223318851 This document constitutes the Pricing Supplement of the above Series of Secured Notes (the “Secured Notes”) and must be read in conjunction with the Base Listing Particulars dated 25 September 2019, as supplemented from time to time (the “Base Prospectus”), and in particular, the Base Terms and Conditions of the Secured Notes, as set out therein. Full information on the Issuer, The Goldman Sachs Group. Inc. (the “Guarantor”), and the terms and conditions of the Secured Notes, is only available on the basis of the combination of this Pricing Supplement and the Base Listing Particulars as so supplemented. The Base Listing Particulars has been published at www.ise.ie and is available for viewing during normal business hours at the registered office of the Issuer, and copies may be obtained from the specified office of the listing agent in Ireland. The Issuer accepts responsibility for the information contained in this Pricing Supplement. To the best of the knowledge and belief of the Issuer and the Guarantor the information contained in the Base Listing Particulars, as completed by this Pricing Supplement in relation to the Series of Secured Notes referred to above, is true and accurate in all material respects and, in the context of the issue of this Series, there are no other material facts the omission of which would make any statement in such information misleading. -
Ned Davis Research Group
Ned Davis Research Group THE OUTLooK FOR StoCKS, CoMMODITIES, AND GLOBAL THEMES: SECULAR AND CYCLICAL INFLUENCES Atlanta MTA & CFA Society of Atlanta | September 24, 2008 Tim Hayes, CMT, Chief Investment Strategist The NDR Approach • Identify investment themes and stay with them until a sentiment extreme is reached. • We say… » "Go with the flow until it reaches an extreme and then reverses." » "The big money is made on the big moves." » "Let your profits run, cut your losses short." • We develop reliable indicators and models based on… » "The Tape" – Trend, momentum, confirmation & divergence. » Investor psychology – Sentiment and valuation extremes. » Liquidity – Monetary and economic conditions, supply & demand. • In summary, NDR approach is… » Objective » Disciplined » Risk-Averse » Flexible 1 Ned Davis Research Group Please see important disclosures at the end of this document. CURRENT POSITIONS Global Allocation: Overweight/Bullish: Underweight/Bearish: Stocks » Bonds (by 10%) » Stocks (by 15%) Cash 40% » Cash (by 5%) 15% Bonds 45% » Pacific ex. Japan » U.K. » U.S. » Japan U.S. Allocation: Stocks 40% Cash 20% » Cash (by 10%) » Stocks (by 15%) » Bonds (by 5%) Bonds 40% Styles: » Growth » Value Sectors: » Energy » Consumer Discretionary » Basic Resources » Financials » Consumer Staples » Utilities Commodities: » Correction within secular uptrend Bonds: » 105% of benchmark duration Neutral Positions: » Large-caps vs. Small-caps » Yield curve 2 Ned Davis Research Group Please see important disclosures at the end of this document. We've -
Cointegration of International Stock Markets: an Investigation of Diversification Opportunities
Cointegration of International Stock Markets: An Investigation of Diversification Opportunities Taimur Ali Khan February 2011 Comprehensive Exercise in Economics Carleton College Advisor: Pavel Kapinos Abstract: This paper examines the long-run convergence of the United States and 22 other developed and developing countries. I use daily data and run the Johansen (1988) and the Gregory and Hansen (1996) test to show that stock markets of most countries have become cointegrated by 2010. I also look at short- run diversification opportunities across the countries by comparing their daily returns to the daily returns of the global index (S&P 1200). China, Malaysia and Austria stand out as countries with highly favorable diversification opportunities as they are not cointegrated about with the US and are insensitive to the global index. Finally, I use the relative risk of each country (obtained from the CAPM model) to measure performance of each country over the great recession of the 2000s. I find that the relative risk of a country is a good predictor of country performance in a recession. JEL Categories: C-22, F-36, G-15 Keywords: Stock market integration, Long‐run convergence, Cointegration, Portfolio diversification, Capital Asset Pricing Model 1 1. Introduction One of the fundamental tenants of investing is holding a diversified portfolio of securities and reducing one’s exposure to risk. Consequently, fund managers are always on the look-out for securities that do not correlate together and hence provide for better opportunities to hedge risk. In recent years that has meant moving beyond the confines of one’s borders and investing in other countries as well. -
Is the COVID-19 Crisis an Opportunity to Boost the Euro As a Global Currency?
Policy Contribution Issue n˚11 | June 2020 Is the COVID-19 crisis an opportunity to boost the euro as a global currency? Grégory Claeys and Guntram B. Wolff Executive summary Grégory Claeys (gregory. • The euro became an international currency when it was created two decades ago. [email protected]) is a However, the euro's internationalisation peaked as early as 2005 and it was never Senior Fellow at Bruegel comparable to the US dollar. Its international status declined with the euro crisis. Faced with a US administration willing to use its hegemonic currency to extend its domestic policies beyond its borders, Europe is reflecting on how to promote actively Guntram B. WOLFF the internationalisation of the euro, to help ensure its autonomy. But promoting a more (guntram.wolff@bruegel. prominent role for the euro is difficult and would involve far-reaching changes to the org) is the Director of fabric of the monetary union. Bruegel • Historically, countries issuing dominant currencies have been characterised by: a large and growing economy, free movement of capital, a willingness to play an international role, stability, an ability to provide a large and elastic supply of safe assets, This note was prepared developed financial markets, and significant geopolitical and/or military power. The at the request and with monetary union does not meet all these criteria. the financial support of • The only way for the euro to play a major international role is to improve the the Croatian Presidency institutional setup of the monetary union. First, the supply of euro-denominated safe of the Council of the assets from the monetary union should be increased. -
AUSTRIA.EU.NFRD.2019.10.01.Pdf
Copyright © Development International e.V., 2019 ISBN: 978-3-9820398-3-1 Authors: Chris N. Bayer, PhD Juan Ignacio Ibañez, LL.M. Jiahua (Java) Xu, PhD Title: A New Responsibility for Sustainability: Corporate Non-Financial Reporting in Austria Date published: October 1, 2019 Funded by: iPoint-systems gmbh www.ipoint-systems.com Executive Summary The EU Non-Financial Reporting Directive (NFRD) is a new regulation that seeks to “increase the relevance, consistency and comparability of information disclosed by certain large undertakings and groups across the Union.”1 Large undertakings in EU member states are not only required to report on their financial basics, now they are also required by Article 1 of the Directive to disclose their non-financial performance relevant to their business impact. This would include adverse consequences they have notably on the environment, labor rights, human rights, and how they handle diversity matters and the risk of corruption, whether as a function of their own business or actors in their supply chains. “You manage what you measure.” In accordance with the Directive, the Austrian transposition stipulates that the non-financial declaration must state which reporting framework was used to create it, as well as apply non-financial key performance indicators relevant to the particular business. These requirements are the impetus behind this study and our point of departure: We systematically assess the degree of non-financial transparency and performance reporting for 2018, applying an ex-post assessment framework premised on reporting frameworks as per the Global Reporting Initiative (GRI) and the United Nations Global Compact (UNGC). By benchmarking all Austrian companies subject to the EU NFRD-transposed law on the topics required to be disclosed – environmental, human rights, employee, social (gender), and anti-corruption matters – this study reveals which companies make an effort to show their degree of responsibility, and to what degree. -
A Primer on Social Trading Networks – Institutional Aspects and Empirical Evidence
A Primer on Social Trading Networks – Institutional Aspects and Empirical Evidence Philipp Doering, B.Sc. Doctoral Student at the Chair of Banking & Finance, University of Bochum University of Bochum, Universitaetsstrasse 150, D-44801, Bochum, Germany telephone: +49 234 32 21739, e-mail: [email protected] Sascha Neumann, Doctor of Economics Risk Analyst at LBBW Asset Management, Stuttgart, Germany. LBBW Asset Management, Fritz-Elsas-Strasse 31, D-70174, Stuttgart, Germany telephone: +49 151 41803187, e-mail: [email protected] Stephan Paul, Professor Full Professor for Banking & Finance at the University of Bochum University of Bochum, Universitaetsstrasse 150, D-44801, Bochum, Germany telephone: +49 234 32 24508, e-mail: [email protected] 5th May 2015 Abstract Social trading networks provide access to an innovative type of delegated portfolio management. We discuss institutional aspects of these platforms and point out that, as an intermediary, they are able to reduce information asymmetries between investors and portfolio managers. Using a unique dataset comprising transactions from the four major network providers, we show that the users on these platforms yield non-normal returns and exhibit a relatively high tail risk. We then apply return-based style analysis and find that they deploy dynamic trading strategies and follow directional approaches. Hence, they bear substantial systematic risk within any short-term period. Throughout the article, we illustrate that social trading networks provide access to hedge funds-like returns, but in contrast offer a high transparency, liquidity and accessibility. Keywords: social trading networks, delegated portfolio management, dynamic trading, style analysis, hedge funds, CFD trading JEL Classification Numbers: G11, G23, G24, G28. -
The Eurozone Crisis: Was the Euro Itself a Primary Cause?
THE EUROZONE CRISIS: WAS THE EURO ITSELF A PRIMARY CAUSE? Compiled by Diarmuid O’Flynn #BallyheaSaysKnow i 1 Table of Contents 1 CHAPTER 1. INTRODUCTION .................................................................................................... 1 1.1 THE EUROZONE CRISIS – WAS THE EURO ITSELF A PRIMARY CAUSE? ............................. 1 1.1.1 CENTRE FOR EUROPEAN POLICY (cep) ...................................................................... 1 1.1.2 WALL STREET ............................................................................................................. 1 1.1.3 NEOLIBERALISM ........................................................................................................ 2 1.1.4 RATINGS AGENCIES, FINANCIAL MARKETS ............................................................... 2 2 CHAPTER 2. EXECUTIVE SUMMARY ......................................................................................... 4 2.1 THE EURO – WOLF IN SHEEP’S CLOTHING ........................................................................ 4 2.2 EXPERT OPINION ............................................................................................................... 4 2.3 DESIGN .............................................................................................................................. 4 2.4 EU RESPONSE TO THE CRISIS ............................................................................................ 5 2.5 BALLYHEA SAYS KNOW .................................................................................................... -
Volume 37, Issue 3
Volume 37, Issue 3 A fractal analysis of world stock markets Taro Ikeda Graduate School of Economics, Kobe University Abstract This paper provides a fractal analysis of world stock prices. We find that the majority of stock prices are fractal. Citation: Taro Ikeda, (2017) ''A fractal analysis of world stock markets'', Economics Bulletin, Volume 37, Issue 3, pages 1514-1532 Contact: Taro Ikeda - [email protected]. Submitted: December 22, 2016. Published: July 02, 2017. 1 Introduction The recent financial crisis suggests the failure of the rational expectations of economic agents. Rational expectations are a key concept for the efficient market hypothesis (i.e., the random walk model), where rational agents process all available information to form- ing stock price forecasts, and therefore prices only change in response to new shocks, and are not correlated with past shocks. This paper contributes to the macroeconomics literature using the fractal geome- try established by Benoit, B., Mandelbrot.1 The important difference between fractal geometry and the random walk is the assumption surrounding the distribution. A bell- shaped distribution for the random walk cannot account for the risk associated with very large deviations of stock prices from their mean values, and therefore the efficient mar- ket hypothesis fails to consider the big-break-down of the stock markets. However, the power-law distribution used in fractal geometry gives large deviations higher probabilities and can capture black swan events more easily than can the random walk model. This paper provides a fractal analysis of world stock markets to test the efficient market hypothesis empirically. -
How Have Global Shocks Impacted the Real Effective Exchange Rates of Individual Euro Area Countries Since the Euro’S Creation?*
Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper No. 102 http://www.dallasfed.org/assets/documents/institute/wpapers/2011/0102.pdf How have Global Shocks Impacted the Real Effective Exchange Rates of Individual Euro Area Countries since the Euro’s Creation?* Matthieu Bussière Banque de France Alexander Chudik Federal Reserve Bank of Dallas Arnaud Mehl European Central Bank December 2011 Abstract This paper uncovers the response pattern to global shocks of euro area countries’ real effective exchange rates before and after the start of Economic and Monetary Union (EMU), a largely open ended question when the euro was created. We apply to that end a newly developed methodology based on high dimensional VAR theory. This approach features a dominant unit to a large set of over 60 countries’ real effective exchange rates and is based on the comparison of two estimated systems: one before and one after EMU. We find strong evidence that the pattern of responses depends crucially on the nature of global shocks. In particular, post-EMU responses to global US dollar shocks have become similar to Germany’s response before EMU, i.e. to that of the economy that used to issue Europe’s most credible legacy currency. By contrast, post-EMU responses of euro area countries to global risk aversion shocks have become similar to those of Italy, Portugal or Spain before EMU, i.e. of economies of the euro area’s periphery. Our findings also suggest that the divergence in external competitiveness among euro area countries over the last decade, which is at the core of today’s debate on the future of the euro area, is more likely due to country-specific shocks than to global shocks. -
3. ETF Performances
FOR MARKETING PURPOSE Lyxor ETF Monthly Report - Important information on risk factors, please refer to page 2 30th December 2020 Lyxor ATX (DR) UCITS ETF 1. FUND INFORMATION Ticker: CBATX SW Investment objective Main Fund Characteristics The Lyxor ATX (DR) UCITS ETF is a UCITS compliant exchange traded fund that aims to track the benchmark index ATX Total Return. Ticker CBATX SW The ATX Total Return (Austrian Traded index) is a capitalisation-weighted price index and currently consists of the 20 Fund Type SICAV Austrian blue-chip stocks with the highest turnover. Each shares weight is capped at 20%. The index is published by the Domiciliation Luxembourg Vienna Stock Exchange real time in EUR. The ATX® is designed as a tradeable index and is used as the underlying UCITS compliant Yes security for futures, options and structured products. The starting level of the ATX® was set at 1,000 index points on 2 ISIN LU0392496690 January 1991. The ATX® is calculated as a price index. Swiss Tax Yes Replication method Direct (physical) Trading Information Sampling No Securities Lending No Opening Hours Distri- Place Currency Ticker Bloomberg (GMT) bution Share Class Currency EUR Inception Date 01/12/2008 SIX Swiss Exchange 08:00 / 16:20 CHF CBATX SW Yes Nav per share at inception (EUR) 18.011 Deutsche Boerse (Xetra)* 08:00 / 19:00 EUR CBATX GY Yes SIX Swiss Exchange 08:00 / 16:20 EUR CBATXEU SW Yes Total Expense Ratio p.a 0.25% * First Listing Place of this share class Currency risk Yes NAV per Share ( EUR ) 32.39 Share AUM ( M EUR) 11.47 Total Fund Assets ( M EUR ) 11.47 Umbrella ( M EUR ) 6,752.67 Minimum Investment (Share) 1 Income treatment Distribution Last Amount (EUR) 0.59 Source: Lyxor AM, 30th December 2020 2.