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Banks Seek Easing of 'Draconian' EU Equity Research Plan
February 19, 2015--Investment banks want the European Union to scale back potentially "draconian" draft rules that would rein in asset managers using clients' money to pay for equities research.
The European Commission, the EU's executive arm, is weighing how far to go in forcing asset managers to separate payments for research from those they make to banks and other brokers to execute trades. These costs are commonly lumped together, a practice known as bundling.
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Source: Bloomberg
Deutsche Börse to make unscheduled adjustment in MDAX: Bertrandt AG to replace Gagfah S.A. (tendered)
February 19, 2015--Due to its anticipated merger with Deutsche Annington SE, the tendered share class of Gagfah S.A. (ISIN LU1152862774), which is currently listed in MDAX, will be delisted from stock trading as of 24 February 2015 upon request of the company.
In line with the index guidebook, Gagfah will leave the index and will be replaced by Bertrandt AG. The shares of TLG Immobilien AG will now be included in SDAX and will replace the shares of Bertrandt in that index.
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Source: Deutsche Börse
Four new SPDR Smart Beta ETFs launched on Xetra
ETFs use value-weighted based strategy with a focus on Europe and the USA
February 19, 2015--Four new equity index funds from the ETF offering issued by SPDR (State Street Global Advisors) have been tradable in Deutsche Börse's XTF segment on Xetra since Thursday.
ETF name: SPDR MSCI Europe Value Weighted UCITS ETF
Asset class: equity index ETF
ISIN: IE00BSPLC306
Total expense ratio: 0.25 percent
Distribution policy: accumulating
Benchmark: MSCI Europe Value Weighted Index
ETF name: SPDR MSCI Europe Small Cap Value Weighted UCITS ETF
Asset class: equity index ETF
ISIN: IE00BSPLC298
Total expense ratio: 0.30 percent
Distribution policy: accumulating
Benchmark: MSCI Europe Small Cap Value Weighted Index
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Source: Xetra
SSGA launches four value-weighted smart beta ETFs
February 19, 2015--State Street Global Advisors (SSGA), the asset manager behind the SPDR brand of exchange-traded funds, has announced the launch of four smart beta ETFs linked to the MSCI Value Weighted Index family.
The four funds, all of which have been listed on the Deutsche Börse, aim to capture the value premium across European and US broad-market and small-cap equity market segments.
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Source: etfstratefgy.co.uk
Statistics: Forecasts for the UK economy: February 2015
February 18, 2015--The Statistics: Forecasts for the UK economy: February 2015 are now available.
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Source: HM Treasury
ESMA publishes Addendum Consultation Paper to implementing rules for MiFID II/MiFIR
February 18, 2015--The European Securities and Markets Authority (ESMA) has published today a consultation paper (CP) which complements the transparency section of the CP on MiFID II/MiFIR published on 19 December 2014.
This CP covers the following non-equity asset classes: (1) foreign exchange derivatives; (2) credit derivatives; (3) other derivatives; and (4) contracts for difference (CFDs).
For each asset class two sections are provided
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Addendum Consultation Paper MiFID II/MiFIR
Source: ESMA
STOXX Ltd. Expands Smart-Beta Offering With STOXX Sharpe Ratio Index Family - STOXX Europe Sharpe Ratio 50 Index Licensed To JP Morgan
February 18, 2015--STOXX Limited, a leading provider of innovative, tradable and global index concepts, today released a first-of-its-kind index family that selects components based on their Sharpe ratios.
The STOXX Sharpe Ratio indices include stocks from the respective benchmarks that have the highest Sharpe ratios, while excluding those with low dividend yields and low liquidity. JP Morgan has licensed the STOXX Europe Sharpe Ratio 50 Index for a structured product.
"Sharpe ratio takes into account both risk and return, and this index family offers an effective and transparent tool to target those companies that offer some of the most attractive risk-adjusted returns," said Hartmut Graf, chief executive officer, STOXX Limited. "The STOXX Sharpe Ratio index family is an important addition to our smart-beta offering, which includes several other indices, such as Minimum Variance, Strong Quality, Strong Balance Sheet, among others."
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Source: STOXX
Q & A on the Green Paper on building a Capital Markets Union
February 18, 2015--General Questions
What does the term 'Capital Markets Union' mean?
The free movement of capital is a long-standing objective of the European Union-a fundamental freedom which should be at the heart of the single market.
Despite the progress that has been made, Europe's capital markets remain fragmented along national lines and European economies remain heavily reliant on banks for their funding needs. This makes them more vulnerable in bad times to a tightening of bank lending, as happened during the financial crisis.
The Capital Markets Union (CMU) is a flagship initiative of this Commission and will contribute to the ambition to boost jobs and growth in the EU in the context of the Investment Plan for Europe.
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Source:European Commission
Ossiam launches Shiller Barclays CAPE Sector Value Europe ETF
February 17, 2015--Ossiam, a leading provider of smart beta investment solutions, has teamed up with Barclays to launch the Ossiam Shiller Barclays CAPE Europe Sector Value TR UCITS ETF 1C (EUR).
The fund, which has been listed on the London Stock Exchange, is the first ETF globally to be based on the Shiller Barclays CAPE Sector Indices.
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Source: etfstrategy.co.uk
SocGen buys stake in trading platform
February 17, 2015--Société Générale has bought a minority stake in a UK start-up trading platform in a move that underlines how banks are exploring hybrid fixed income derivatives to ease their capital requirements.
The French bank has followed Deutsche Börse in buying an undisclosed stake in Global Markets Exchange Group and will provide execution and clearing services for its clients when the London-based venue goes live in the second quarter.
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Source: FT.com
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