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Eurex Margin Call Said to Be Behind DuessHyp's Collapse
March 31, 2015--The near-collapse of Duesseldorfer Hypothekenbank AG, the German lender hit by Heta Asset Resolution AG's debt moratorium, was prompted in part by a margin call from Eurex, people familiar with the matter said.
Eurex, Europe's largest derivatives market, asked DuessHyp to post additional collateral as the German bank faced writing down its 348 million euros ($375 million) of bonds issued by Austria's Heta, said the people.
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Source: Bloomberg
S&P Dow Jones Indices-Europe Index Dashboard
March 31, 2015--The European equity markets have been enjoying their stimulus: the S&P Europe 350(R) added a further 1.8% during March, bringing the quarter's total gain to a whopping 16.8%.
Germany and Switzerland, as well as a finally performing France, contributed the most to the S&P Europe 350's gains.
Meanwhile, mounting uncertainty over the U.K. election-as well as poor contributions from the large energy companies based there-meant that British stocks registered a significant underperformance versus their continental equivalents.
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Source: S&P Dow Jones Indices
Europe's proposed commodity position limits prompt concern
March 31, 2015--Major commodity traders in Europe are increasingly concerned about a regulatory proposal to put position limits on about 1,900 commodity
derivatives, according to calculations by a British regulator.
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Source: Smart Brief
ESMA publishes updated EMIR Q&A-No 12
March 31, 2015--The European Securities and Markets Authority (ESMA) has today issued the 12th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR).
The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR.
This update includes further guidance on the authorisation of CCP services, the clearing obligation and the Regulatory Technical Standards (RTS) on direct, substantial and foreseeable effect of contracts within the Union.
view the Updated EMIR Q&A -No 12
Source: ESMA
Benchmarks: restoring confidence in the financial markets
March 30, 2015--Benchmarks are widely used to track market developments, however financial scandals involving benchmarks such as Libor and Eurobibor have shown that they are susceptible to manipulation.
The EP's economic committee votes on 31 March on new rules to ensure the full transparency of all benchmarks used in the EU. Dutch Alde member Cora van Nieuwenhuizen, who wrote the report with recommendations, said: "It is a major step forward in ensuring the future robustness and accuracy of benchmarks."
What benchmarks are
Benchmarks are indices that measure the performance of something, from interest rates at the interbank market in London (Libor) or in the euro zone (Euribor), to commodities such as gold or crude oil and foreign exchange rates (euro against dollar or British pound against dollar). They are often used as references in financial and commercial contracts, for example a mortgage interest rate may be determined as the Euribor rate plus a certain premium.
Manipulation of benchmarks
For benchmarks to serve their purpose, they have to be seen as reliable and neutral. However, their daily value are often determined by the actions of a few big market players.
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Source: European Parliament
First products on the IBEX 35 X10 leverage net & IBEX 35 X10 short indices listed on BME
March 30, 2015--Offering bullish and bearish exposure that is 10 times as much as the daily performance of the IBEX 35(R) NET RETURN
The Spanish stock exchange today started trading on the Warrants, Certificates and other products segment the first MULTI, which offer exposure to the IBEX 35(R) X10 LEVERAGE NET and IBEX 35(R) x10 SHORT. The MULTI are exchange-traded products that track the performance of daily leverage indices as well as daily leverage short indices.
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Source: BME
OECD-Swedish economy resilient but needs to focus on productivity and human capital to keep its edge
March 30, 2015--The Swedish economy has been among the most resilient in Europe, despite the slow global recovery and high uncertainty, but challenges remain if it is to maintain high growth and well-being and extend prosperity to all, according to the latest OECD Economic Survey of Sweden.
The Survey was presented in Stockholm by OECD Secretary-General Angel Gurría, with Sweden's Finance Minister Magdalena Andersson, Minister for Enterprise and Innovation Mikael Damberg and Minister for Financial Markets and Consumer Affairs Per Bolund. It points out that while Sweden is among the few countries where output is now above its level before the 2008 global financial and economic crisis, GDP per capita has not grown over the period. Reforms are needed to address emerging challenges regarding Sweden’s export performance, skills gap, educational results, youth unemployment and persistent difficulties integrating new immigrants.
view the OECD-Overview of the Economic Survey of Sweden
Source: OECD
Pimco drops out of top-10 asset management brands in Europe
March 29, 2015--Pimco has dropped out of a coveted list of the top 10 asset management brands in Europe.
This comes after a difficult 2014 for the world's largest bond house during which its founder, Bill Gross, departed and €236bn of net assets flowed out of the company.
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Source: FT.com
Source announces changes to management team
March 27, 2-15--Source, an investment firm and one of the market-leading European providers of Exchange Traded Products (ETPs), announces two significant changes to its management team.
Jim Polisson has been appointed as its new Chief Marketing Officer. Jim is a seasoned veteran of the ETF business with a wealth of experience built up in his roles as Global Head of Marketing for iShares from 2000 to 2009 and most recently as CEO of Russell ETFs.
CEO Ted Hood who launched the company together with Peter Thompson in 2009 will be leaving the company at the end of March as the company accelerates its growth programme.
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Source: Source ETFs
ESMA-Draft technical standards under Article 10a(8) of MiFID on the assessment of acquisitions and increases in qualifying holdings in investment firms
March 27, 2015--Summary
Article 10b(4) of the Markets in Financial Instruments Directive (MiFID ) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm.
This information must be provided by the proposed acquirer at the time of the initial notification. This information is aimed at ensuring that competent authorities are provided with adequate and proportionate information in order to assess the acquisition.
Article 10a of MiFID, as amended by Article 6(4) of the Omnibus Directive, requires ESMA to draft:
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