Domande degli investitori A. GENERALE
Transcript
Domande degli investitori A. GENERALE
Domande degli investitori A. GENERALE ‐ Perché i titoli vengono delistati? ETF Securities rivede regolarmente i prodotti a disposizione degli investitori e, a questo scopo, ha condotto una verifica su tutti i titoli ETFS Commodity Securities Limited quotati su Borsa Italiana, su Deutsche Boerse e su NYSE Euronext Paris. ETF Securities punta a negoziare prodotti laddove si verifichino condizioni sufficienti di liquidità e differenziali ridotti di spread denaro/lettera. Di conseguenza, abbiamo deciso di procedere al delisting di alcuni titoli emessi da ETFS Commodity Securities Limited su Borsa Italiana, su Deutsche Boerse e su NYSE Euronext Paris, per concentrare le liquidità in un numero più limitato di quotazioni e ridurre gli spread. ‐ Dove continueranno a essere negoziati questi titoli? Tutti i titoli continueranno a essere quotati nel London Stock Exchange e almeno in un’altra borsa europea. Maggiori dettagli sono riportati nelle tabelle alla fine di questo documento, dove sono indicate le borse in cui le quotazioni rimarranno presenti, con i relativi ISIN e codici di borsa. ‐ I titoli sono delistati a causa della chiusura dell’emittente o della classe? No, i titoli non sono delistati né per la chiusura di una classe né per la chiusura della società emittente ETFS Commodity Securities Limited. ‐ Quando diventerà definitivo il delisting? Le borse interessate daranno un preavviso di 3 mesi che notificherà l’intenzione ufficiale di procedere al delisting. Il delisting diventerà attivo dal 7 maggio 2013. ‐ Questo significa che non avrete più alcun impegno verso questi particolari mercati? ETF Securities è impegnata nel sostenere tutti i titoli negoziati laddove il mercato ha dimostrato un chiaro supporto ai suoi prodotti, aspetto dimostrato dal volume delle transazioni. I prodotti delistati hanno presentato volumi di transazione molto ridotti. Pertanto l’intenzione di ETF Securities è puntare ad assicurare un aumento della liquidità attraverso un’altra piazza di contrattazione in cui i titoli resteranno quotati. ‐ Avete effettuato il delisting su questi prodotti per la bassa entità del patrimonio gestito? No, il primo criterio decisionale è creare una maggiore liquidità per i clienti. ‐ Significa che in futuro potreste effettuare il delisting di altri prodotti? Il nostro obiettivo è creare centri di liquidità per far sì che, laddove sono negoziati, i nostri prodotti abbiano una liquidità sufficiente. Questo esercizio consiste nella razionalizzazione delle quotazioni a vantaggio degli investitori e non è correlato ad alcuna decisione futura di cancellazione dal listino di altri prodotti. B. IMPATTO SUGLI INVESTITORI ‐ Che impatto avrà questa operazione sugli investitori? Abbiamo studiato con attenzione l’effetto dell’operazione sugli investitori per riuscire ad attenuare qualsiasi potenziale di preoccupazione e riteniamo che il delisting avrà un effetto limitato sugli investitori per le ragioni seguenti: ‐ È stato divulgato sul mercato un annuncio del piano di delisting e della data in cui entrerà in vigore. Tale annuncio dà agli investitori un preavviso di 3 mesi, periodo durante il quale gli investitori potranno scambiare le loro posizioni con la liquidità normalmente fornita dai market maker. La maggior parte degli investitori sono in grado di negoziare questi prodotti tramite il loro broker o in un’altra borsa. Cosa devo fare prima che il delisting sia attivo? Nel periodo di preavviso di 3 mesi, chi possiede questi titoli può continuare a detenerli e negoziarli come di consueto. Gli investitori dovrebbero consultare il loro broker/consulente per decidere se a seguito del delisting possono avere accesso alle borse in cui i titoli continueranno ad essere scambiati e per conoscere i probabili costi associati all’operazione. In alternativa, possono optare per la vendita dei titoli in loro possesso sulla borsa locale durante il periodo di preavviso di 3 mesi, per evitare di dover sostenere eventuali costi aggiuntivi legati al possesso e alla negoziazione dei titoli su un’altra borsa in un momento successivo. ‐ Come faccio a vendere i miei titoli una volta che il delisting è diventato attivo? I possessori dei titoli potranno ancora continuare a detenerli, ma dovranno venderli su una delle borse in cui i titoli restano quotati. Non potranno più vendere i titoli delistati in loro possesso sulla loro borsa locale. Di conseguenza, i costi legati al possesso e alla vendita di tali titoli potrebbero aumentare, ma gli investitori non sono comunque obbligati a vendere entro una data precisa. Gli investitori che attualmente negoziano i loro titoli sulla Deutsche Boerse mediante la negoziazione di certificati con codici ISIN tedeschi dovranno riconvertirli negli iniziali titoli ISIN Jersey per poterli trasferire e vendere su altre borse una volta delistati; l’operazione comporterà costi supplementari. Per 2 mesi dopo la data di entrata in vigore del delisting (dal 7 maggio 2013 al 5 luglio 2013), ETFS Commodity Securities Limited sosterrà i normali costi di passaggio a favore dei possessori di titoli che desiderano riportare i loro certificati ISIN tedeschi agli iniziali titoli ISIN Jersey. Trascorsi questi due mesi, gli investitori possono ancora negoziare i loro titoli, ma dovranno personalmente sostenere tutti i costi associati con il ritorno al titolo ISIN iniziale. ‐ Come faranno gli investitori a entrare in possesso di questi prodotti? Ci saranno costi aggiuntivi? Gli investitori possono negoziare i prodotti al di fuori del loro mercato nazionale chiedendo al proprio broker di eseguire l’ordine a loro nome. ETF Securities non può commentare la struttura tariffaria di ogni singolo servizio di broker ma, a livello generale, riteniamo che non dovrebbero esserci aumenti significativi dei costi, sempre se ve ne saranno. Maggiori informazioni sono disponibili sul sito web di ETFS Commodity Securities Limited all’indirizzo www.etfsecurities.com o via e-mail scrivendo a [email protected] TITOLI DA DELISTARE E ANCORA IN LISTINO Titoli che saranno delistati da Borsa Italiana Name of Security JERSEY ISIN Remaining listings Exchange codes for remaining listings ISIN on remaining exchanges ETFS LONGER DATED AGRICULTURE JE00B24DMK23 London Stock Exchange FAGR JE00B24DMK23 Deutsche Boerse 9GAL DE000A0SVX83 London Stock Exchange Deutsche Boerse FAIG JE00B24DMC49 9GAF DE000A0SVX34 London Stock Exchange ENEF JE00B24DMD55 Deutsche Boerse 9GAG DE000A0SVX42 London Stock Exchange EXEF JE00B24DMG86 Deutsche Boerse 9GAJ DE000A0SVX67 London Stock Exchange GRAF JE00B24DMN53 Deutsche Boerse 9GAP DE000A0SVYB4 London Stock Exchange FIND JE00B24DMJ18 Deutsche Boerse 9GAK DE000A0SVX75 London Stock Exchange FLIV JE00B24DMM47 Deutsche Boerse 9GAN DE000A0SVYA6 London Stock Exchange NGAF JE00B24DM351 Deutsche Boerse 9GAQ DE000A0SVYC2 London Stock Exchange FPET JE00B24DMF79 Deutsche Boerse 9GAH DE000A0SVX59 London Stock Exchange Deutsche Boerse SOFF JE00B24DML30 9GAM DE000A0SVX91 ETFS LONGER DATED ALL COMMODITIES JE00B24DMC49 ETFS LONGER DATED ENERGY JE00B24DMD55 ETFS LONGER DATED EX-ENERGY ETFS LONGER DATED GRAINS ETFS LONGER DATED INDUSTRIAL METALS ETFS LONGER DATED LIVESTOCK ETFS DATED GAS LONGER NATURAL ETFS LONGER DATED PETROLEUM ETFS LONGER DATED SOFTS JE00B24DMG86 JE00B24DMN53 JE00B24DMJ18 JE00B24DMM47 JE00B24DM351 JE00B24DMF79 JE00B24DML30 ETFS HEATING OIL GB00B15KXY63 London Stock Exchange HEAT GB00B15KXY63 Deutsche Boerse OD7I DE000A0KRJ02 Titoli che saranno delistati da NYSE Euronext Paris Name of Security JERSEY ISIN Remaining listings LSE Code ETFS ALUMINIUM GB00B15KXN58 London Stock Exchange Deutsche Boerse Borsa Italiana ALUM ISIN on remaining exchanges GB00B15KXN58 OD7A ALUM DE000A0KRJS4 GB00B15KXN58 London Stock Exchange Deutsche Boerse Borsa Italiana COFF GB00B15KXP72 OD7B COFF DE000A0KRJT2 GB00B15KXP72 London Stock Exchange CORN GB00B15KXS04 Borsa Italiana CORN GB00B15KXS04 London Stock Exchange Borsa Italiana COTN GB00B15KXT11 COTN GB00B15KXT11 London Stock Exchange Deutsche Boerse Borsa Italiana London Stock Exchange Borsa Italiana AIGE GB00B15KYB02 OD7W AIGE AIGX DE000A0KRKD4 GB00B15KYB02 GB00B15KYD26 AIGX GB00B15KYD26 London Stock Exchange Deutsche Boerse FAGR JE00B24DMK23 9GAL DE000A0SVX83 FAIG JE00B24DMC49 9GAF DE000A0SVX34 ENEF JE00B24DMD55 9GAG DE000A0SVX42 GRAF JE00B24DMN53 9GAP DE000A0SVYB4 NGAF JE00B24DM351 9GAQ DE000A0SVYC2 ETFS COFFEE ETFS CORN ETFS COTTON ETFS ENERGY DJSM UBSCI ETFS EX-ENERGY SM DJ-UBSCI GB00B15KXP72 GB00B15KXS04 GB00B15KXT11 GB00B15KYB02 GB00B15KYD26 ETFS LONGER DATED AGRICULTURE JE00B24DMK23 ETFS LONGER DATED ALL COMMODITIES JE00B24DMC49 ETFS LONGER DATED ENERGY JE00B24DMD55 ETFS LONGER DATED GRAINS ETFS DATED GAS LONGER NATURAL JE00B24DMN53 JE00B24DM351 London Stock Exchange Deutsche Boerse London Stock Exchange Deutsche Boerse London Stock Exchange Deutsche Boerse London Stock Exchange Deutsche Boerse ETFS GASOLINE GB00B15KXW40 ETFS GRAINS DJSM UBSCI ETFS HEATING OIL GB00B15KYL00 GB00B15KXY63 ETFS INDUSTRIAL METALS DJSM UBSCI GB00B15KYG56 ETFS LEAN HOGS GB00B15KXZ70 ETFS LIVE CATTLE ETFS LIVESTOCK DJ-UBSCISM ETFS NICKEL DJ- ETFS SOYBEANS ETFS SOYBEAN OIL ETFS SUGAR ETFS ZINC GB00B15KYK92 GB00B15KY211 ETFS PETROLEUM DJ-UBSCISM ETFS SOFTS UBSCISM GB00B15KY096 GB00B15KYC19 GB00B15KYJ87 GB00B15KY542 GB00B15KY435 GB00B15KY658 GB00B15KY872 London Stock Exchange Borsa Italiana UGAS GB00B15KXW40 UGAS GB00B15KXW40 London Stock Exchange Deutsche Boerse Borsa Italiana AIGG GB00B15KYL00 OD7Y AIGG DE000A0KRKF9 GB00B15KYL00 London Stock Exchange Deutsche Boerse HEAT GB00B15KXY63 OD7I DE000A0KRJ02 London Stock Exchange, AIGI GB00B15KYG56 Deutsche Boerse Borsa Italiana London Stock Exchange Borsa Italiana OD7Z AIGI HOGS DE000A0KRKG7 GB00B15KYG56 GB00B15KXZ70 HOGS DE000A0KRJ10 London Stock Exchange Deutsche Boerse CATL GB00B15KY096 OD7K DE000A0KRJ28 London Stock Exchange Borsa Italiana AIGL GB00B15KYK92 AIGL GB00B15KYK92 London Stock Exchange Deutsche Boerse Borsa Italiana London Stock Exchange Borsa Italiana NICK GB00B15KY211 OD7M NICK AIGO DE000A0KRJ44 GB00B15KY211 GB00B15KYC19 AIGO GB00B15KYC19 London Stock Exchange Borsa Italiana AIGS GB00B15KYJ87 AIGS GB00B15KYJ87 London Stock Exchange Deutsche Boerse Borsa Italiana SOYB GB00B15KY542 OD7Q SOYB DE000A0KRJ77 GB00B15KY542 London Stock Exchange Borsa Italiana SOYO GB00B15KY435 SOYO GB00B15KY435 London Stock Exchange Borsa Italiana SUGA GB00B15KY658 SUGA GB00B15KY658 ZINC GB00B15KY872 OD7T ZINC DE000A0KRKA0 GB00B15KY872 London Stock Exchange Deutsche Boerse Borsa Italiana Titoli che saranno delistati da Deutsche Boerse Name of Security GERMAN ISIN Remaining listings Exchange codes for remaining listings ISIN remaining exchanges ETFS DAILY SHORT EX-ENERGY DJSM UBSCI DE000A0V9XL9 London Exchange SNEY JE00B24DKX12 SNEY JE00B24DKX12 SSFT JE00B24DL163 SSFT JE00B24DL163 SALU JE00B24DK421 Borsa Italiana SALU JE00B24DK421 London Stock Exchange SHEA JE00B24DKD16 Borsa Italiana SHEA JE00B24DKD16 London Stock Exchange SZIC JE00B24DKS68 Borsa Italiana SZIC JE00B24DKS68 London Stock Exchange LNRG JE00B2NFT534 Borsa Italiana LNRG JE00B2NFT534 London Stock Exchange LSYO JE00B2NFTT71 Borsa Italiana LSYO JE00B2NFTT71 London Stock Exchange LLST JE00B2NFT864 Borsa Italiana LLST JE00B2NFT864 London Stock Exchange LNEY JE00B2NFT641 Borsa Italiana LNEY JE00B2NFT641 London Stock Exchange LPET JE00B2NFT971 Borsa Italiana LPET JE00B2NFT971 Stock Borsa Italiana ETFS DAILY SHORT SM SOFTS DJ-UBSCI DE000A0V9XS4 London Exchange Stock Borsa Italiana ETFS DAILY SHORT ALUMINIUM ETFS DAILY SHORT HEATING OIL ETFS DAILY SHORT ZINC DE000A0V9XT2 DE000A0V9X17 DE000A0V9YB8 ETFS DAILY LEVERAGED ENERGY DJUBSCISM DE000A0V9YJ1 ETFS DAILY LEVERAGED SOYBEAN OIL DE000A0V9Y65 ETFS DAILY LEVERAGED LIVESTOCK DJUBSCISM DE000A0V9YN3 ETFS DAILY LEVERAGED EXENERGY DJSM UBSCI DE000A0V9YK9 ETFS DAILY LEVERAGED PETROLEUM DJUBSCISM DE000A0V9YP8 London Exchange Stock on Important Information General This communication has been provided by ETF Securities (UK) Limited ("ETFS UK") which is authorised and regulated by the United Kingdom Financial Services Authority (“FSA”). 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