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Interview: Dutch regulator on leveraged ETF review
Following clampdown on leveraged ETFs in 2013, Autoriteit Financiële Markten launches second review of sector
December 15, 2015--The Netherlands is home to a turbo-charged structured products market-and in more ways than one. Exchange turnover is almost exclusively in leveraged products, known as turbos,
with €2.3 billion ($2.4 billion) recorded in the second quarter of this year according to data gathered by the European Structured Investments Products Association...
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Source: Risk.net
Tradeweb Exchange-Traded Funds Update-November 2015
December 15, 2015--The following data is derived from trading activity on the Tradeweb European-listed ETF platform.
ETF total traded volume
Total traded volume on the Tradeweb European-listed ETF platform reached €9.64 billion in November. In line with previous months, activity in fixed income ETFs surpassed 30 per cent, as a proportion of the overall traded volume.
November also saw the addition of the sixth liquidity provider posting ETF axes to the platform. Axes functionality provides an indication of whether a dealer is a buyer or seller of a specific ETF.
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Source: Tradeweb
ESMA updates its Q&A document on prospectus related issues
December 15, 20915--The European Securities and Markets Authority (ESMA) has updated its Questions and Answers document (Q&A) on prospectus related issues.
The purpose of the Q&A document is to promote common supervisory approaches and practices in the application of the Prospectus Directive and its implementing measures. In this 23rd version of the Q&A, a new question 96 has been added regarding the level of disclosure which should be included in a prospectus related to securities which may be subject to write-down or conversion powers under the Bank Recovery and Resolution Directive (BRRD). Furthermore, the existing question 26 on calculation of the €5 million threshold in Article 1(2)(h) of the Prospectus Directive has been extended to cover also calculation of the €75 million threshold in Article 1(2)(j).
view the Q&A Prospectuses
23rd updated version-December 2015
Source: ESMA
ESMA publishes updated AIFMD Q&A
December 15, 2015--The European Securities and Markets Authority (ESMA) has published an updated questions and answers on the application of the Alternative Investment Fund Managers Directive (AIFMD).
The Q&A include a new questions and answers on the depositary liability regime.
view the Q&A AIFMD
Source: ESMA
ESMA consults on margin period of risk for CCPs' client accounts
December 14, 2015--The European Securities and Markets Authority (ESMA) has published a Consultation Paper on the Review of Article 26 of RTS No 153/2013 regarding the European Market Infrastructure Regulation (EMIR).
In relation to the relevant Regulatory Technical Standard (RTS) ESMA is seeking feedback on deals with the length of the margin period of risk (MPOR) for CCPs' client accounts.
view the Consultation Paper on the Review of Article 26 of RTS No 153/2013
Source: ESMA
EU eyes more flexibility on asset manager payments for research: document
December 14, 2015--Asset managers in the European Union can continue paying for research and broking under an existing and widely-used arrangement, subject to conditions, a European Commission document showed on Monday.
More and more asset managers in countries like Germany, France, Britain, Sweden and Denmark have begun using commission sharing agreements or CSAs.
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Source: Reuters
Monday Morning Memo: Review of the European ETF Market, November 2015
December 14, 2015-- The assets under management in the European exchange-traded fund (ETF) industry increased from €444.3 bn to €457.4 bn during November. This increase of €13.1 bn was driven mainly by the performance of the underlying markets (+€10.0 bn), while net sales contributed €3.1 bn to the overall assets under management in the ETF segment.
With regard to the overall number of products, it was not surprising that equity funds (€334.8 bn) held the majority of the assets, followed by bond funds (€105.6 bn), commodity products (€13.1 bn), "other" funds (€6.4 bn), alternative UCITS products (€0.6 bn), mixed-asset products (€0.4 bn), and real estate funds (€0.03 bn).
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Source: Thomson Reuters Lipper
EBA issues recommendations for sound prudential regime for investment firms
December 14, 2015--The European Banking Authority (EBA) published today its report in response to the European Commission's call for advice on the suitability of certain aspects of the prudential regime for investment firms.
This report, done in consultation with the European Securities Market Authority (ESMA), presents the EBA's findings and lists a series of recommendations aiming to provide a more proportionate and less complex prudential regime for investment firms, based on appropriate risk sensitivity parameters.
view Report on Investment firms-response to the Commission's call for advice as of December 2014
Source: European Banking Authority (EBA)
EU rules demand transparent research fees
December 14, 2015--Asset managers will be forced to be transparent about how much of a client's money goes on buying broker research, under tough new European Union standards aimed at tackling conflicts of interest.
Draft plans from Brussels, seen by the Financial Times, would require asset managers to separate out how much they spend on research into companies from their fees for executing share trades.
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Source: FT.com
ESMA-Report on investment firms
December 14, 2015--The European Securities and Market Authority (ESMA) has cooperated with the European Banking Authority (EBA) in the development of an EBA report on investment firms.
This report is issued in response to a call for advice by the European Commission on the prudential requirements applicable to investment firms addressed to EBA in December 2014.
view the Report on investment firms
Source: ESMA
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