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ESMA calls for modification of UCITS Directive
May 22, 2015--The European Securities and Markets Authority (ESMA) has published an Opinion to the European Union (EU) institutions on the impact of EMIR on UCITS.
In the opinion, ESMA calls for a modification of the UCITS Directive to take into account the clearing obligations for certain types of over-the-counter (OTC) financial derivative transactions under EMIR.
Indeed, under EMIR, certain OTC financial derivative transactions are subject to the clearing obligation. Therefore, the question arises as to how the limits on counterparty risk in OTC financial derivative transactions that are centrally cleared should be calculated by UCITS and whether UCITS should apply the same rules to both OTC financial derivative transactions that are centrally cleared and exchange-trade derivatives (ETDs).
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Source: ESMA
Eurozone growth falters despite improved employment
May 21, 2015--The eurozone economy showed unexpected signs of fragility in May, a key survey said Thursday, in a blow to hopes of a swift recovery and despite a welcome increase in employment levels.
The closely watched Markit Economics Composite Purchasing Managers Output Index (PMI) fell to 53.4 points in May from a revised 53.9 points in April.
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Source: EUbusiness
UK finance study says harsh rules would crimp EU growth
May 21, 2015--Banning some trading activities and taxing stock and bond transactions would cut the contribution of the European Union's financial sector to jobs and growth significantly, a study published by the City of London said on Thursday.
The 34-page study conducted by consultancy PwC looked at two future scenarios, a "supportive" regulatory environment that allows the sector to grow, and a harsher one that curbs growth.
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Source: Reuters
IMF-Russian Federation: Concluding Statement of the 2015 Article IV Mission
May 21, 2015--The Russian economy is in a recession due to lower oil prices and sanctions. In addition, long-term growth remains low given structural bottlenecks. The authorities' macroeconomic policies have helped stabilize the situation, but there remain significant uncertainties regarding oil prices and geopolitical risks.
Given these risks, the macroeconomic policy stance must be prudent. Thus, monetary policy normalization should continue at a pace commensurate with the decline in underlying inflation and inflation expectations. Fiscal policy rightly allows for a limited stimulus in 2015, but a medium-term consolidation program is necessary to adjust to permanently lower oil prices.
The banking system recapitalization program should be better tailored and targeted to ensure public funds are used efficiently. Finally, re-invigorating the structural reform agenda and avoiding de-integration from the world economy remain crucial to lift potential growth.
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Source: IMF
Two WisdomTree equity index ETFs launched on Xetra
ETFs based on Japanese and European companies with strong dividends-plus a currency hedge
May 21, 2015--Two new exchange-listed index funds issued by WisdomTree have been tradable on Xetra since Thursday. WisdomTree is primarily a Smart Beta ETF provider, using fundamental data to weight companies in the reference index.
The new WisdomTree ETFs weight the stock corporations contained in the reference index on the basis of the annual dividends they pay. Companies with higher dividend yields have a heavier weighting.
Name: WisdomTree Japan Equity UCITS ETF -USD Hedged
Asset class: equity index ETF
ISIN: DE000A14SLH0
Total expense ratio: 0.48 percent
Distribution policy: distributing
Benchmark: WisdomTree Japan Hedged Equity Index
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Source: Xetra
Statistics: Forecasts for the UK economy: May 2015
May 20, 2015--Forecasts for the UK economy is a monthly comparison of independent forecasts.
Please note that Forecasts for the UK economy is a summary of published material reflecting the views of the forecasting organisations themselves and does not in any way provide new information on the Treasury’s own views. It contains only a selection of forecasters, which is subject to review.
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Source: HM Treasury
LSE New trading currency for ETFs
May 20, 2015--As liquidity on our market deepens and investor base expands, demand continues to grow for an even wider range of products and greater trading opportunities for exchange members.
To serve this demand, London Stock Exchange is introducing Swiss Franc (CHF) within Trading Service for ETFs Euroclear Bank Settlement. This allows ETFs to be traded in CHF on our order-book, supported by clearing and settlement. There are now 6 trading currencies permitted on this Service including GBP, USD, EUR, CNY and HKD.
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Source: London Stock Exchange Group
Deutsche Boerse welcomes UniCredit as new ETF issuer on Xetra
World's first ETF on European convertible bonds
May 20, 2015--The first ever European convertible bond ETF, from new issuer Structured Invest S.A. (a wholly-owned subsidiary of UniCredit Bank AG), has been tradable on Xetra since Wednesday.
UniCredit subsidiary HVB sold its Indexchange ETF unit to Barclays in 2007. This new product marks UniCredit's return to the ETF market.
ETF name: UC Thomson Reuters Balanced European Convertible Bond UCITS ETF
Asset class: bond index ETF
ISIN: LU1199448058
Total expense ratio: 0.95 percent
Distribution policy: accumulating
Benchmark: Thomson Reuters Monthly Europe Focus Convertible Index
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Source: Xetra
Accumulating shares now available on most popular PIMCO SOURCE ETFs view more BATS Chi-X Europe Overhauls ETF Trading Tariffs to Promote Deeper Liquidity at Tighter Prices view more If you are looking for a particuliar article and can not find it, please feel free to contact us for assistace.
May 19, 2015--PIMCO and Source are pleased to announce that accumulation shares are now available for two of their most popular fixed income ETFs.
They provide access to the £ 1,915 million PIMCO Euro Short Maturity Source UCITS ETF
Source: Source (ETPs)
Pricing Effective 1st June and will apply to all ETFs traded on BATS Chi-X Europe; Exchange Will Also Offer Free ETF Listings
May 19, 2015--BATS Chi-X Europe (BATS), Europe's largest stock exchange, has announced new trading tariffs to incentivise tighter price formation and promote deeper liquidity as it continues its campaign to improve the European marketplace for exchange-traded funds and products (ETFs/ETPs).
On any given day as much as €1.5bn is traded in ETFs on order books across the continent, with at least twice as much traded over the counter (OTC). The majority of activity is concentrated in around 40 ETFs that predominantly focus on commodities and blue-chip indices.
Source: BATS Chi-X Europe
