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ESMA publishes new Q&A on CFDs and other speculative products
April 8, 2016--The European Securities and Markets Authority (ESMA) has published today a new question and answer document(Q&A) on the application of the Markets in Financial Instruments Directive (MiFID) to the marketing and sale of financial contracts for difference (CFDs) and other speculative products to retail clients (such as binary options and rolling spot forex).
These are complex products and although it may be difficult for the majority of retail investors to understand the risks involved, they are widely advertised to the retail mass market by a number of firms, often via online platforms. There is also a considerable degree of cross-border activity across Europe in these products.
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Source: ESMA
Growth Recovery in South East Europe Underpinned by Investment, Says Latest World Bank Economic Report
April 8, 2016--The countries of South East Europe (SEE6[1]) are projected to have grown at 2.1 percent on average in 2015. This growth is significantly higher than the 0.3 percent growth in 2014, when the region was severely impacted by record-breaking floods.
All six countries in the region are now projected to see real GDP growth, with Kosovo and the Former Yugoslav Republic of Macedonia projected to expand at 3.6 and 3.7 percent, respectively. Serbia, the country most impacted by the 2014 floods, is estimated to have grown by 0.8 percent, which is higher than initially predicted.
view the South East Europe Regular Economic Report
Source: World Bank
STOXX Launches Bond Version of EURO STOXX 50 Index
April 7, 2016--STOXX Ltd., the operator of Deutsche Böerse Group's index business, and a global provider of innovative and tradable index concepts, today introduced the EURO STOXX 50 Corporate Bond Index which is the only of its kind, tracking the corporate debt of the EURO STOXX 50 companies.
As such, the EURO STOXX 50 Corporate Bond Index is the fixed income equivalent of the EURO STOXX 50 including the bonds of the top-flight blue-chip companies in the Eurozone.
ESMA finds room for improvement in national supervision of investment advice to retail clients
April 7, 2016--The European Securities and Markets Authority (ESMA) has today published a peer review on how national regulators assess compliance with MiFID's suitability requirements when firms provide investment advice to retail clients.
These requirements are designed to ensure that firms only recommend suitable investment products, based on the investor's profile.
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Source: ESMA
ESAs finalise Key Information Documents for retail investors in the EU
April 7, 2016--The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA-ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs).
The proposed KIDs provide retail investors for the first time across the EU with simple and comparable information on investment products in the banking, insurance and securities sectors
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Source: ESMA
FCA-TR16/3: Meeting investors' expectations
April 7, 2016--We are reporting the findings of our thematic review that considered how firms ensure they manage funds and segregated mandates as they say they will. We also considered how firms monitor the appropriate distribution of their funds.
In our Business Plan 2015/16, we said we would be conducting a thematic review to assess whether UK authorised investment funds and segregated mandates are operated in line with investors' expectations as set by marketing and disclosure material, and investment mandates. Investors make decisions on whether to invest in authorised investment funds based on marketing material, disclosure material and investment mandates so it is important that they are accurate and clear.
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Source: FCA.org.uk
World Bank-Russia Economic Report 35: The Long Journey to Recovery
April 6, 2016--Russia's anticipated economic recovery has been delayed, and the country continues to adjust to an adverse external environment of lower oil prices and international sanctions.
In 2015, the consequences of these twin shocks caused real GDP to contract 3.7 percent, the World Bank said in its latest Russia Economic Report launched in Moscow today.
view the Russia Monthly Economic Developments
Source: World Bank
Benchmarks: restoring confidence in the financial markets
April 6, 2016--Benchmarks are widely used to track market developments. As many financial transactions are linked to them, they can determine who benefits from investing in a particular financial product.
However, financial scandals involving benchmarks such as Libor and Eurobibor have shown that they are susceptible to manipulation.On 7 April the economic affairs committee votes on new rules to ensure the full transparency of all benchmarks used in the EU.
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Source: European Parliament
National Statistics: UK official holdings of international reserves: March 2016
April 6, 2016--This monthly release shows details of movements in the UK's official holdings of international reserves, or assets.
These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: HM Treasury
ESMA publishes Discussion Paper on UCITS share classes
April 6, 2016--The European Securities and Markets Authority (ESMA) has today published a discussion paper on UCITS share classes (the DP).
The Undertakings for Collective Investment in Transferable Securities (UCITS) Directive recognises the possibility for UCITS to offer different share classes to investors but it does not prescribe whether, and to what extent, share classes of a given UCITS can differ from one another. ESMA has identified diverging national practices in Europe regarding the types of share class that are permitted and therefore proposes establishing a common regulatory framework for share classes in the EU.
view the ESMA Discussion Paper on UCITS share classes
Source: ESMA
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