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CESR Begins Overhauling MiFID By Consulting On Policy Options
April 13, 2010--CESR publishes today three consultation papers on its technical advice to the Commission. The papers are to be seen in the context of reviewing MiFID, the Markets in Financial Instruments Directive that entered into force in November 2007. The review includes proposed technical advice by CESR on investor protection and intermediaries (Ref. CESR/10-417), equity markets (Ref. CESR/10-394) and transaction reporting (Ref. CESR/10-292). CESR invites stakeholders to comment on all of the three consultation papers by 31 May 2010.
Since MiFID’s entry into force, European financial markets have undergone a fundamental restructuring. For instance, markets have seen greater competition and more pan-European trading, the emergence of dark pools, consolidation between exchanges, improvements in trading technology as well as other innovations, such as smart order routing, algorithmic trading and new clearing arrangements. In its three consultation papers, CESR addresses areas of the MiFID legal framework where it has identified a need for improvement, including quality, cost and consolidation of post-trade transparency data and delays in the publication of such data. Furthermore, with the global financial crisis in the background, regulators have seen a need to focus more on selling practices for certain financial instruments, in order to further improve the protection of investors, in particular retail investors.
CESR Technical Advice to the European Commission in the Context of the MiFID Review - Equity Markets
View the CESR Technical Advice to the European Commission in the context of the MiFID Review – Transaction Reporting
Source: CESR
New IBEX 35® indices to be disseminated from 22 april
From 22 April, Bolsas y Mercados Españoles (BME) will begin to calculate and disseminate, in real time, the following indices: IBEX 35® NET RETURN, IBEX 35® DOUBLE SHORT, IBEX 35® TRIPLE SHORT, IBEX 35® DOUBLE LEVERAGE and IBEX 35® TRIPLE LEVERAGE.
April 13, 2010--The IBEX 35® NET RETURN index incorporates fluctuations in the price of the index constituents as well as the return, net of tax withholdings, resulting from dividend payments and other shareholder remuneration.
The index therefore shows the impact that the net amount of this type of remuneration has on a portfolio that tracks the IBEX35® index.
The IBEX 35® DOUBLE SHORT and IBEX 35® TRIPLE SHORT indices double and triple, respectively, daily fluctuations in the IBEX 35® TOTAL RETURN index in the opposite direction, i.e. if the return on the IBEX 35® TOTAL RETURN index in a single session is negative, the return on the IBEX 35® DOUBLE SHORT and IBEX 35® TRIPLE SHORT indices in that session will be positive by double and triple the amount, respectively.
The IBEX 35® DOUBLE LEVERAGE and IBEX 35® TRIPLE LEVERAGE indices offer double and triple exposure to the daily return on the IBEX35® index, through the investment of initial capital plus an equivalent amount of borrowed capital. A positive daily return on the IBEX35® index also yields a positive return, but double or triple that amount for the IBEX 35® DOUBLE LEVERAGE and IBEX 35® TRIPLE LEVERAGE indices, respectively, and vice versa. The index calculation includes the financing cost at a risk-free rate.
These new indices are intended to serve as underlying assets for financial products, such as certificates or Exchange-Traded Funds (ETFs). BME has started a proposal selection process in order to grant index user licenses for ETFs. These new indices provide investors with a broad range of investment strategies.
Source: BME
Greece sells 1.56 bln euros in Treasury bills
April 13, 2010--Debt-ridden Greece raised 1.56 billion euros in a heavily oversubscribed auction for 26- and 52-week treasury bills Tuesday, in a successful first attempt to borrow since details were announced of a eurozone and International Monetary Fund rescue package over the weekend.
But although investors flocked to buy the issues, the interest rate was punishingly high compared to Greece’s previous short-term debt auction. Greece’s government has said it can’t go on paying high market interest rates as it seeks to roll over debt and avoid default. It is hoping the eurozone rescue package -- which it could tap as a last resort -- will restore market confidence and eventually drive rates down. Athens’ debt crisis has undermined the euro currency and raised fears of a wider government debt crisis affecting other financially troubled governments such as Portugal and Spain.
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Source: Todays Zaman
Clearstream Organizes First Global Securities Financing Conference in Asia
April 13, 2010--Clearstream, the international central securities depository within Deutsche Boerse Group, is holding its first Global Securities Financing (GSF) conference Asia, in Singapore on April 22.
The keynote speaker will be Ng Nam Sin, Assistant Managing Director, Development Group, the Monetary Authority of Singapore (MAS).
The conference is expected to attract fixed income and equities repo (repurchase agreement) dealers, collateral traders, securities lenders and borrowers, treasury managers and money market professionals from central banks, commercial banks and financial institutions.
For Stefan Lepp, Head of GSF services at Clearstream who will chair the meeting, “this first GSF conference Asia will allow participants to discuss the current market conditions and the future trends in the region. It will also serve to present the global liquidity and risk management solutions which Clearstream is bringing to the Asian markets and it illustrates Clearstream’s commitment towards the APAC region. After establishing a full branch in Singapore last November and extending settlement to 21 hours /24, Clearstream is now pleased to bring its GSF expertise and staff to Asia to support the development of a secured local and cross continental market."
The financial crisis and the subsequent freeze on money markets have shed light on securities financing mechanisms which provide much of the liquidity to the world’s capital market. They involve, among others, the temporary exchange of securities, usually for other securities or for cash of an equivalent value (the collateral) with an obligation to redeliver a like quantity of the same securities at a future date.
Clearstream offers a wide range of collateral management services together with a suite of securities lending products under the name of Global Securities Financing (GSF) services. In 2009, GSF services monthly average outstanding broke the €500 billion mark illustrating the growing importance of secured financing
Source: Clearstream
Pension schemes turn small surplus ECB and European Commission hold joint conference on “Financial integration and stability: the legacy of the crisis”
In his introduction, Jean-Claude Trichet, President of the ECB, said, “This joint conference illustrates the long-standing cooperation between the ECB and the Commission in the area of financial integration. Cooperation has recently included also the preparation for the launch of the European Systemic Risk Board. In the years ahead, preserving financial stability and promoting further integration of European financial markets will require consistent action by all policymakers, at European and national level. ”
read more STOXX Further Expands Strategy Index Series “The STOXX Europe 600 Daily Short and STOXX Europe 600 Daily Double Short Supersector Indices complement our existing range of short and double short index strategies on the STOXX Europe 600 Index and its supersectors,” said Hartmut Graf, chief executive officer, STOXX Ltd. “The new indices are based on a unique and innovative methodology which is aimed at market participants who seek leveraged upside exposure during bearish market environments.” The STOXX Europe 600 Daily Short Index is linked to the daily performance of the STOXX Europe 600 Gross Return Index in an inverse way – a negative performance of the STOXX Europe 600 Gross Return Index results in a positive performance of the STOXX Europe 600 Daily Short Index, and vice versa. The STOXX Europe 600 Supersector Daily Double Short Indices replicate a double short investment strategy that is inversely linked to twice the performance of the STOXX Europe 600 Gross Return Supersector Indices. A negative performance of a STOXX Europe 600 Supersector Index results in twice the positive change in its respective STOXX Europe 600 Supersector Daily Double Short Index, and vice versa. The new indices are calculated in Euro. Daily historical index values are available back to December 31, 1999. The cost of dividends, cost of borrowing and the benefit of earning interest are also taken into account in the calculation of the new indices. The STOXX Europe 600 Daily Short and STOXX Europe 600 Supersector Daily Double Short indices are part of the STOXX Strategy Index family. Further information on the STOXX Strategy Indices is available at read morewww.stoxx.com. ETF Landscape: Celebrating 10 Years of ETFs in Europe to request report Survey reveals better alignment in emerging market private equity read more Germany insists Greece bailout deal is hypothetical
"The fact that a fire extinguisher has been mounted on the wall does not mean that it will be used."
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April 13, 2010--UK private sector pension schemes saw their fortunes improve over the month of March, with the aggregate funding position of all schemes moving to show a small surplus for the first time since June 2008, according to the latest figures from the Pension Protection Fund, the insurance fund for underfunded schemes of insolvent employers.
The PPF's 7800 Index - which tracks the assets of schemes relative to the liabilities that are insured by the fund - showed that overall, schemes are running a surplus of £300m.
Source: FT.com
April 12, 2010--Today, the European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main.
The conference provides an opportunity for a number of top-level financial market participants, policy-makers and academics to discuss the implications of the financial crisis for the integration and stability of European and international financial markets.
Source: European Central Bank
April 12, 2010--STOXX Limited, a global index provider and creator of the leading European equity indices, today announced the launch of the STOXX Europe 600 Daily Short Index, as well as 19 new sector indices that will replicate a daily double short investment strategy. The new sector indices are based on the STOXX Europe 600 Supersector Indices, which represent the largest European companies in each of the 19 supersectors as defined by the Industry Classification Benchmark (ICB).
The STOXX Europe 600 Daily Short Index and the STOXX Europe 600 Supersector Daily Double Short Indices are designed to underlie financial products such as exchange-traded funds (ETFs) and structured products.
Source: STOXX
April 12, 2010--Ten years ago in April 2000 the first ETFs to be launched in Europe were the iShares DJ STOXX 50 (EUN1 GY) and iShares DJ Euro STOXX 50 (EUN2 GY) listed on 11 April 2000 on the Deutsche Boerse, followed by the iShares FTSE 100 (ISF LN) on the London Stock Exchange extraMARK segment on 28 April 2000.
The first two ETFs were originally branded as 'LDRS', sponsored by Merrill Lynch International and later acquired by iShares in September 2003.
Source: Global ETF Research & Implementation Strategy Team, BlackRock
April 12, 2010--At least 84% of private equity limited partners (LPs) feel their general partners (GPs) for emerging market funds are at least as well-aligned with them as their GPs for developed market funds, according to the latest EMPEA/Coller Capital Emerging Markets Private Equity Survey, published today.
Twenty-three per cent of respondents reported better alignment with emerging market fund GPs, while only 16% felt their interests were less well-aligned. The findings are significant for an industry that has been plagued by accusations suggesting compensation structures are stacked against investors.
Source: IP&E
April 12, 2010--A bailout for debt-laden Greece remains a "last resort" and an agreement by eurozone finance ministers on the modalities of possible assistance is hypothetical, Germany said on Monday.
"Greece has itself clearly let it be known that the time for an 'ultima ratio' has not yet been reached," Chancellor Angela Merkel's spokesman Christoph Steegmans told a regular briefing in Berlin.
Source: EUbusiness
