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Bond-Price Disclosure Seen Raising Europe Borrowing Costs
January 19, 2015--Companies in the European Union may face an "alarming" surge in funding costs if the bloc's markets regulator pushes too many trades into the light, a bloc-wide business lobby said.
The European Securities and Markets Authority is fleshing out trading rules, including increasing pre-and post-trade transparency requirements for non-equities such as swaps and bonds. A public consultation on implementation of the law known as MiFID II ends on March 2.
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Source: Bloomberg
ECB compromises with Germany over QE programme: FT
January 17, 2015--The European Central Bank (ECB) will next week announce plans to directly buy government bonds, creating new money to fight off possible deflation despite German objections, according to Saturday's FT.
The ECB holds its first policy meeting of the year on Thursday and is widely expected to announce some sort of programme of sovereign bond purchases --or Quantitive Easing--to try to kick-start the eurozone's sluggish economy.
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Source: EUbusiness
Banks and fund managers plan new European equity venue
December 17, 2014--A consortium of investment banks and fund managers are working on a new not-for-profit equity trading venue in Europe that would also sponsor academic research to improve trading in the region.
Morgan Stanley, JPMorgan, Goldman Sachs, Citigroup, Barclays, Deutsche Bank, Deutsche Asset and Wealth Management and Norges Bank Investment Management are backing the project, known as the Plato Partnership. It aims to increase transparency, protect orders and lower trading costs in Europe for trading of stock and other equity-like assets, such as exchange traded funds.
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Source: FT.com
EU moves toward higher transparency of research payments
January 15, 2015--EU regulators are moving forward with proposals to separate payments for research from dealing commissions via the revised Markets in Financial Instruments Directive.
For major asset managers, commission-sharing agreements could be a way to resolve the issue. "Enhanced CSAs would be a sufficient solution and aligned with [the European Securities and Markets Authority's] advice," said Christian Krohn, a managing director at AFME.
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Source: SmartBrief
ESMA Working Paper-Real-world and risk-neutral probabilities in the regulation on the transparency of structured products
January 15, 2014--Summary
The price of derivatives (and hence of structured products) can be calculated as the discounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying.
However, the probabilities used in the pricing process do not represent "real" probabilities of future events, because they are based on the assumption that market participants are risk-neutral. This paper reviews the relevant mathematical finance literature, and clarifies that the risk-neutrality hypothesis is acceptable for pricing, but not to forecast the future value of an asset.
Unscheduled free float adjustment in SDAX
January 15, 2105--Deutsche Börse AG has announced an unscheduled adjustment to the free float of VTG AG in SDAX.
The company's free float changed by more than 10 percentage points, which was caused by a share increase due to an acquisition of another company as well as a significant change in the shareholder structure.
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Source: Deutsche Börse
Unscheduled component changes SDAX: Hella KGaA Hueck & Co will replace C.A.T. Oil
January 14, 2015--Deutsche Börse has announced that C.A.T. Oil AG will be replaced by Hella KGaA Hueck & Co. in SDAX.
Due to the takeover of C.A.T. Oil AG by Joma Industrial Source Corp, the free float of C.A.T. Oil AG has dropped from 41.31 percent to 1.95 percent. With a free float below 10 percent, the company is ineligible for index inclusion, according to the rulebook.
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Source: Deutsche Börse
iShares MSCI Target US Real Estate UCITS ETF launched on Xetra
ETF provides liquid access to the performance of US real estate
January 14, 2015--A new iShares mixed fund ETF from BlackRock's product offering has been tradable in Deutsche Börse's XTF segment on Xetra since Wednesday.
ETF name: iShares MSCI Target US Real Estate UCITS ETF
Asset class: mixed fund ETF
ISIN: DE000A12HP18
Total expense ratio: 0.40 percent p.a.
Distribution policy: non-distributing
Benchmark: MSCI IMI USA Liquid Real Estate Index
The iShares MSCI Target US Real Estate UCITS ETF provides investors with access to the performance of the MSCI USA Liquid Real Estate Index.
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Source: Xetra
Source offers some of the lowest management fees in Europe ETFs/ETPs
January 14, 2015-Source, an investment firm and a leading provider of Exchange Traded Products (ETPs), offers some of the most competitively priced core ETP exposure including S&P500 and Eurostoxx 50 at 5bps p.a. MSCI Europe at 20bp p.a. and Physical Gold at 29bp p.a.
Today, all of the firm's core beta benchmarks are either the cheapest in Europe or extremely competitive versus their peers.
"While Source is most widely recognised for delivering innovative funds, we also believe it is important for our investors that we provide cost effective exposure to core benchmarks," explains Michael John Lytle, Chief Development Officer.
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Source: Source
Smaller iShares role in BlackRock's Europe sales
January 14, 2015--BlackRock's exchange traded funds are accounting for a smaller proportion of the company's European-domiciled product net sales than they previously did, according to Lipper.
Despite attracting steady inflows over the last four years, BlackRock’s ETF arm only contributed 33.85 per cent to total group sales of European-domiciled products between January and September last year, compared with 82.5 per cent in 2011.
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Source: FT.com
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