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IOSCO publishes Disclosure Principles for Public Offerings and Listings of Asset Backed Securities
April 8, 2010--The Technical Committee of the International Organization of Securities Commission (IOSCO) has published a final report – Disclosure Principles for Public Offerings and Listings of Asset Backed Securities (ABS Disclosure Principles) – containing principles designed to provide guidance to securities regulators who are developing or reviewing their regulatory disclosure regimes for public offerings and listings of asset-backed securities (ABS).
The objective of the ABS Disclosure Principles is to enhance investor protection by facilitating a better understanding of the issues that should be considered by regulators in developing or reviewing their disclosure regimes for ABS.
The ABS Disclosure Principles provide guidance for listings and public offerings of ABS, defined as those securities that are primarily serviced by the cash flows of a discrete pool of receivables or other financial assets that by their terms convert into cash within a finite period of time, such as RMBS (residential mortgage-backed securities) and CMBS (commercial mortgage-backed securities), among others.
The principles are based on the premise that the issuing entity will prepare a document used for a public offering or listing of ABS that will contain all material information, clearly presented, that is necessary for full and fair disclosure of the character of the securities being offered or listed in order to assist investors in making their investment decision.
view DISCLOSURE PRINCIPLES FOR PUBLIC OFFERINGS AND LISTINGS OF ASSET-BACKED SECURITIES Final Report
Source: IOSCO
MEPs draft a report on cross-border crisis management
April 8, 2010--MEPs drafted yesterday a report with recommendations to the Commission on cross-border crisis management in the banking sector. The Committee on Economic and Monetary Affairs makes recommendations on a common EU crisis management framework, on systemic banks, EU financial stability fund, and on a resolution unit.
EU Framework for Cross-Border Crisis Management
MEPs recommend that the legislative act should create a European crisis management framework with a common minimum set of rules and ultimately a common resolution and insolvency law, applicable to all banking institutions operating in the Union and with the following objectives:
promote stability of the financial system; limit/prevent financial contagion; limit public cost of interventions; optimize position of depositors and guarantee their equal treatment across countries;
preserve provision of core banking services;
avoid moral hazard and charge costs to industry and shareholders;
ensure equal treatment of each class of creditors in the Union;
strengthen the EU financial services internal market and its competitiveness.
Systemic Banks
Systemic Banks, due to their special risk profile, require to be urgently addressed by a new special regime to be known as the European Bank Company Law to be designed until the end of 2011.
Systemic Banks shall adhere to the new special regime which shall overcome legal impediments to effective action across borders while ensuring clear and predictable treatment of shareholders, depositors, creditors and other stakeholders.
EU Financial Stability Fund
MEPs recommend the creation of an EU Financial Stability Fund, under the responsibility of the EBA, to finance interventions (rehabilitation or orderly winding-up) aimed at preserving the system’s stability and limit contagion from failing banks. The Commission shall present to the Parliament, by April 2011, a proposal with details of the Fund’s charter, structure, governance, size, operating model as well as a precise calendar for implementation.
Resolution Unit
The report says that a Resolution Unit shall also be established within the EBA to lead the resolution and insolvency procedures for Systemic Banks. This unit shall:
operate within the strict boundaries defined by the legal framework and the EBA’s competencies;
be a pool of legal and financial expertise specially skilled in bank restructurings, turnarounds and liquidation;
cooperate closely with national authorities on implementation, technical assistance and sharing of staff;
propose the disbursements from the Stability Fund.
view the Draft report-with recommendations to the Commission on Cross-Border Crisis Management
in the Banking Sector
Source: EU Business
EU finance boss insists no discrimination against US funds
April 8, 2010-Europe's financial services overlord Michel Barnier has told US counterpart Timothy Geithner that new EU regulation will avoid protectionist overtones, according to a letter seen by AFP Thursday.
Frenchman Barnier said in the letter, dated March 29, that "discrimination has no place in the emerging regulatory framework" covering hedge fund and alternative investment fund managers which has angered the City of London.
The EU commissioner said the aim was to "create the conditions for fair competition" on both sides of the Atlantic, just weeks after plans for European finance ministers to vote through the new laws were ditched at the last minute.
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Source: EUbusiness
HSBC launches FTSE 250 exchange-traded fund
April 8, 2010--HSBC has launched a FTSE 250 exchange traded fund (ETF) today (8 April), which will initially be listed on the London Stock Exchange with further registrations in Europe planned in the coming months.
The total expense ratio (TER) of the HSBC FTSE 250 ETF is 0.35 per cent.
The HSBC FTSE 250 ETF is part of a range of ETFs that HSBC plans to launch across Europe.
HSBC announced its entry into the European ETF market in August 2009 with the launch of the HSBC FTSE 100 ETF, providing exposure to the largest UK-listed companies.
Since then, HSBC has added ETFs linked to the Euro Stoxx 50, CAC 40 and MSCI Japan indices.
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Source: FT Adviser
20 new Amundi ETFs Launched on Xetra
5 ETFs denominated in euros and 5 in dollars newly listed in Deutsche Börse’s XTF segment
April 7, 2010--A further ten equity index ETFs, six bond index ETFs and four commodity index ETFs issued by Amundi ETF have been tradable on Xetra® since Wednesday.
Six of the ten new Amundi equity index ETFs track the performance of companies from the following countries and regions of the MSCI index family: Brazil, eastern Europe ex Russia, non-EMU Europe, Scandinavia, Switzerland and the UK. The Amundi ETF MSCI Brazil is tradable in US dollars.
Investors can invest in the performance of the following markets on Xetra for the first time: The Amundi ETF MSCI Nordic tracks the performance of the around 80 largest and best-performing companies from the Scandinavian equity market (Denmark, Finland, Norway and Sweden). The Amundi ETF MSCI Eastern Europe ex Russia participates in the performance of the most important companies in the eastern European equity markets excluding Russia. The Amundi ETF MSCI Europe ex EMU provides access to equities from the developed economies in Europe outside of the European Monetary Union (EMU). The Amundi ETF MSCI Switzerland tracks the MSCI Switzerland index and thus the performance of around 40 of the largest and best-performing companies in the Swiss equity market.
Investors can also participate in the performance of the 600 largest and best-performing companies from 18 European countries with the Amundi ETF Dow Jones STOXX 600.
Three further Amundi ETFs provide investors with access to the finance, energy and real estate sectors. For the first time, investors can participate in the performance of the MSCI World Financials and MSCI World Energy indices on Xetra. The MSCI World Energy contains the world’s largest energy companies, of which the most important for the index are petroleum companies such as BP, Repsol, Royal Dutch and Exxon Mobil. The MSCI World Financials contains approximately 300 financial sector companies from all over the world. The Amundi ETF Real Estate REIT IEIF allows investors to participate for the first time on Xetra in the performance of the strategy index Euronext IEIF REIT Europe, and thus also in the performance of around 25 real estate companies listed in Europe.
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Source: Deutsche Börse
World Bank: Turkey region’s leader in energy investments
April 7, 2010--Turkey is a leader in the region for its efforts to find renewable sources of energy and has taken important steps in developing its vital energy sector, World Bank Country Director Ulrich Zachau has said.
Speaking in Ankara yesterday presenting a report titled “Are the Lights Turning Off?” Zachau said if $3 trillion in investments in the energy sector in Eastern Europe and Central Asia are not made within the next 20 years, then the region will be faced with a severe energy bottleneck.
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Source: Todays Zaman
Gov't foresees higher growth in economy following latest data
April 7, 2010--Following the latest indices which heralded a strong recovery in the economy after the global financial crisis of 2009, the government plans to revise its 3.5 percent economic growth estimate, as foreseen in the mid-term economic program for 2010, to a higher level by the end of the first half.
Economy Minister Ali Babacan signaled on Wednesday in Ankara that the government would announce a higher estimated growth for this year in a medium-term program to be released on June 15.
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Source: Todays Zaman
Second estimates for the fourth quarter of 2009 -Euro area GDP stable and EU27 GDP up by 0.1%
-2.2% and -2.3% respectively compared with the fourth quarter of 2008
April 7, 2010--Euro area1 (EA16) GDP was stable and EU271 GDP increased by 0.1% during the fourth quarter of 2009, compared with the previous quarter, according to second estimates from Eurostat, the statistical office of the European Union. In the third quarter of 2009, growth rates were +0.4% in the euro area and +0.3% in the EU27.
In comparison with the same quarter of the previous year, seasonally adjusted GDP declined in the fourth quarter of 2009 by 2.2% in the euro area and by 2.3% in the EU27, after -4.1% and -4.3% respectively in the previous quarter.
In the fourth quarter of 2009, among Member States for which seasonally adjusted GDP data are available, Estonia (+2.5%) recorded the highest growth rate compared with the previous quarter, followed by Slovakia (+2.0%) and Poland (+1.2%). Variation in components of GDP
In the fourth quarter of 2009, household2 final consumption expenditure was stable in both the euro area and the EU27 (after -0.1% in both zones in the previous quarter). Investments fell by 1.3% in the euro area and by 1.6% in the EU27 (after -0.9% and -0.6%). Exports increased by 1.9% in both zones (after +2.9% and +2.7%). Imports increased by 1.3% in the euro area and by 1.6% in the EU27 (after +2.9% in both zones).
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Source: Eurostat
Macquarie Completes Acquisition Of Sal. Oppenheim’s Equity Derivatives And Cash Equities Businesses
Acquisition broadens Macquarie’s European equities business
Sal. Oppenheim clients to benefit from Macquarie’s global research capability, financial strength and growing advisory platform
April 7, 2010--Macquarie Group (“Macquarie”) (ASX: MQG) today announced it has entered into an agreement to acquire the cash equities sales and research business of German private bank Sal. Oppenheim jr. & Cie. KGaA. The acquisition will broaden Macquarie’s pan-European business, bolstering its presence in key European markets and complementing Macquarie’s existing operations.
Sal. Oppenheim’s cash equities business comprises equities research, sales and trading and execution functions focused on continental Europe. The business is particularly strong in Germany, one of Europe’s leading markets, and is highly regarded by institutional investors. Under the agreement more than 50 staff will join Macquarie on completion of the transaction. This is in addition to more than 90 staff from Sal. Oppenheim’s equity derivatives and structured products business, which, as announced on 23 December 2009, Macquarie has agreed to acquire in a separate transaction.
Alan Watson, Executive Director and Head of Macquarie’s cash equities business in Europe, said: “This transaction is a logical step in the evolution of Macquarie’s equities business as it expands our coverage into continental Europe, giving us a particularly strong presence in Germany. Sal. Oppenheim’s leading research product in German equities and the quality of its relationships with clients investing in these markets is highly complementary with Macquarie’s existing cash equities business. The resulting combination will provide research coverage of over 400 companies in Europe, representing about 80 per cent of the EuroStoxx 600 Index. The result is a platform that is well placed across all major European markets.” Amundi lists 13 sector ETFs on Borsa Italiana
2 world sector-based ETFs, wich have the purpose to replicate sector-based indices on the MSCI World: AMUNDI ETF MSCI WORLD ENERGY, AMUNDI ETF MSCI WORLD FINANCIALS; If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
Source: Macquarie
March 7, 2010--On April 1, 2010 Borsa Italiana welcomed on the ETFplus market 13 new ETFs managed by Amundi Investment Solution, the new offer is composed as follow:
13 European sector-based ETFs, wich have the purpose to replicate sector-based indices on the MSCI Europe: AMUNDI ETF MSCI EUROPE BANKS, AMUNDI ETF MSCI EUROPE CONSUM DISCRETION, AMUNDI ETF MSCI EUROPE CONSUMER STAPLES, AMUNDI ETF MSCI EUROPE HEALTHCARE, AMUNDI ETF MSCI EUROPE INDUSTRIALS,
AMUNDI ETF MSCI EUROPE INSURANCE, AMUNDI ETF MSCI EUROPE IT, AMUNDI ETF MSCI EUROPE MATERIALS, AMUNDI ETF MSCI EUROPE TELECOM SERVICES, AMUNDI ETF MSCI EUROPE UTILITIES;
Source: Borsa Italiana
