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ESMA sees progress in reform of EU credit rating industry
October 2, 2015--The European Securities and Markets Authority (ESMA) has published two sets of Technical Advice (TS) and a Report on the regulation of credit rating agencies (CRAs) in the EU.
These papers provide an overview of competition and insight into the market dynamics of this industry. They also consider measures to provide stronger controls around credit ratings for structured finance instruments and to reduce reliance on credit ratings.
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Source: ESMA
Q&A-Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) (No.14)
October 1, 2015--The 14th update includes guidance on a procedure to be followed by counterparties and TRs in order to update counterparty's identifier in case where a counterparty obtains LEI or its LEI changes due to a merger or acquisition.
view the Q&A-Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) (No.14)
Source: ESMA
Switzerland's GAM shuts active ETF range
September 30, 2015--Swiss asset manager GAM Holding will close its range of actively managed exchange traded funds after admitting that the products are failing to gather assets.
The Zurich-based manager says that following a "thorough analysis" of the costs relating to the ETF format and the "limited prospects to increase their size in the foreseeable future" it will close its range of Julius Baer-branded Smart Equity funds
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Source: FT.com
Turnover at Deutsche Boerse's cash markets at 142.3 billion euros in September
September 30, 2015--Order book turnover on Xetra, Börse Frankfurt and Tradegate Exchange across all asset classes stood at €142.3 billion in September (September 2014: €100.9 billion).
Of the €142.3 billion, €133.9 billion were attributable to Xetra (September 2014: €93.4 billion).
The average daily turnover on Xetra stood at €6.1 billion in September (September 2014: €4.2 billion).
A turnover of €3.3 billion was attributable to Börse Frankfurt (September 2014: €3.8 billion). Order book turnover on Tradegate Exchange* totalled approximately €5.1 billion in September (September 2014: €3.7 billion).
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Source: Deutsche Börse
Eurex expands equity index derivatives segment
Mini DAX Futures contracts available from 28 October onwards
September 30, 2015--Eurex Exchange, the international derivatives market of Deutsche Börse Group, will launch a new equity index contract on 28 October 2015.
The Mini DAX Futures will be offered in addition to the existing DAX Futures (FDAX). Its key distinguishing feature is the significantly lower contract value, at only a fifth of the DAX Futures.
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Source: Eurex
ECB to use STOXX GC Pooling Indices as new euro secured benchmark rate
September 30, 2015--Deutsche Börse Group welcomes that the European Central Bank (ECB) will use the STOXX EUR GC Pooling index family going forward.
According to the central bank, the secured market rate with regard to fixed term deposits in euro will be the STOXX EUR GC Pooling term indices with a comparable maturity, due to the discontinuation of the Eurepo index.
STOXX EUR GC Pooling indices are calculated by STOXX, the global index provider owned by Deutsche Börse Group, and are based on secured euro funding transactions taking place on Eurex Repo's GC Pooling market, Deutsche Börse's pan-European marketplace for international financing in the secured money market.
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Source: STOXX
World Bank-Russia Economic Report 34: Balancing Economic Adjustment and Transformation
September 30, 2015--The continued impact of the lower oil prices in a context of ongoing international sanctions will cause the Russian economy to contract by an estimated 3.8 percent in 2015, the World Bank said today in its latest Russia Economic Report launched in Moscow.
The recession is having a severe impact on households as double-digit inflation erodes real wages and incomes and sharply increasing poverty rates. Medium-term growth prospects depend on how Russia will brave the difficult adjustment to this new economic reality. In the longer term, there is an opportunity for Russia to benefit from a structural transformation of its economy. However, without deep and sustained structural reforms, Russia will remain at risk of falling into a medium-term low-growth trap.
view the Russia Economic Report-Balancing Economic Adjustment and Transformation
view the infographic-Balancing Economic Adjustment and Transformation in Russia
Source: World Bank
EU unveils push for non-bank lending to end slump
September 30, 2015--The EU's financial services chief unveiled a wide array of measures Wednesday to encourage non-bank lending across Europe in a bid to reboot slumping investment that is threatening economic growth.
The so-called Capital Markets Union plan comes as only a about a third of business lending in the EU comes from the non-banking sector, such as stocks and bonds, far short of the 70 percent in the United States.
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Source: EUbusiness
Turkey's Borsa Istanbul says 'may be difficult' to IPO by Q2 2016
September 29, 2015--Turkey's Borsa Istanbul may struggle to launch an initial public offering (IPO) by the second quarter of next year as planned, its chief executive said on Tuesday, citing low market valuations.
Tuncay Dinc told a news conference that the IPO "may be difficult" by that deadline. Borsa Istanbul has markets for stocks, derivatives and gold.
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Source: Reuters
High-Frequency Traders Catch a Break in EU Market-Making Rules
Regulations seek to ensure market making is more stable
Venues aren't required to give incentives for some assets
September 29, 2015--High-frequency traders just caught a break in Europe, where it's now easier to escape stricter rules for market makers.
European Union regulators on Monday revised proposals for overhauling the 28-nation club's financial markets. For traders, there's a change from their previous plans: You're not considered a market maker--and therefore subject to new obligations--until you're supplying bids and offers for a given stock or financial product for half the trading day. Before, the threshold was only 30 percent of the day.
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Source: Bloomberg
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