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Fund Managers Must Be Clearer on Research Charges: ESMA
December 19, 2014--Fund managers in the European Union must disclose more information about how they pass on the costs of investment research to consumers, as part of an overhaul of investor protection rules.
Clients should be "informed about the budgeted amount for research and the amount of the expected research charge," the European Securities and Markets Authority said in technical guidance provided to the European Commission today.
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Source: Bloomberg Businessweek
ESMA provides implementing rules for MiFID II
December 19, 2014--The European Securities and Markets Authority (ESMA) has published today its final technical advice (TA) and launches a consultation on its draft regulatory technical and implementing standards (RTS/ ITS) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
Both ESMA's TA and draft RTS translate the MiFID II/MiFIR requirements into practically applicable rules for market participants and national supervisors. The new regulatory framework aims at ensuring that secondary markets are fair, transparent and safe and that investors' interests are safeguarded when being sold investment products.
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Source: ESMA
EURO STOXX Banks Daily Short 3 and Daily Leverage 3 indices licensed to Boost
December 19, 2014--STOXX Limited, a leading provider of innovative, tradable and global index concepts, has licensed the EURO STOXX Banks Daily Short 3 and Daily Leverage 3 indices to Boost, A WisdomTree Company, to serve as the basis for exchange-traded products (ETPs) available on Borsa Italiana.
"As part of our innovative strategy index family, the EURO STOXX Daily Short 3 and Daily Leverage 3 indices provide sophisticated market participants leveraged exposure to the euro zone banks sector during bullish or bearish markets," said Hartmut Graf, chief executive officer, STOXX Limited.
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Source: STOXX
Euronext licenses AEX and CAC 40 to Goldman Sachs
December 19, 2014--Euronext, the leading exchange in the Eurozone, today announced that it has licensed several Euronext indices, including the successful AEX(R)and CAC 40(R), to Goldman Sachs for the creation of structured products
The AEX and CAC 40 are the most widely used indicators of the Amsterdam and Paris stock markets and include the largest and most actively traded shares.
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Source: Euronext
ESMA report looks into extent of HFT activity in EU equity markets
December 17, 2014--The European Securities and Markets Authority (ESMA) has published today an economic report looking into the extent of high=frequency trading (HFT) activity in the European Union's equity markets.
This is the first study into HFT across major venues in the EU. Based on a sample of 100 stocks from nine EU countries in May 2013, the report finds that HFT activity ranges from 24% to 43% of equity value traded, using alternative methodologies.
ESMA's approach provides a lower bound of HFT activity (based on the primary business of firms-24% of equity value traded) and an upper bound of HFT activity (based on the lifetime of orders-43% of equity value traded). ESMA’s report also shows that the level of HFT activity varies widely between the estimation approach, trading venues and stocks
view the ESMA High-frequency trading
activity in EU equity markets
Source: ESMA
Banks Won't Stop EU Push on Prop-Trading, Firewall Rules
December 17, 2014-The European Union's new financial-services chief, Jonathan Hill, said he'll press on with plans criticized by the financial industry on curbing some proprietary trading and erecting firewalls between consumer and investment banks.
Hill, who became EU commissioner for financial services and stability on Nov. 1, said the bloc's existing regulations don't go far enough to tame the threat posed by the collapse of a systemic lender.
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Souce: Bloomberg BusinessWeek
State Street Ups Ante In European ETF Price Wars With Another Round Of Price Cuts
December 17, 2014--Earlier this week, State Street announced plans to slash the expense ratios for two of its popular European exchange-traded funds (ETFs) by roughly 20%.
This move follows a much larger round of price cuts announced by State Street in late September, when the global custody banking and asset management giant lowered the expense ratios of 15 of its core equity and fixed income ETFs.
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Source: Forbes
Statistics-Forecasts for the UK economy: December 2014
December 17, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
Russia's 'Massive' Rate Rise Seen Halting Ruble Tumble
December 16, 2014--The Russian central bank took a big enough step to halt the ruble's record decline by unexpectedly raising the benchmark interest rate to 17 percent, according to Alliance Bernstein LP and Stone Harbor Investment Partners.
Policy makers lifted the rate 6.5 percentage points from 10.5 percent, the biggest increase since the nation's 1998 default, at an unscheduled meeting after the ruble fell to an all-time low.
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Source: Bloomberg
Russian cenbank moves to limit pricing manipulation in futures market
December 15, 2014--The Russian central bank said on Monday it had sent an order to the Moscow Exchange to halt trading in certain instruments in order to prevent possible manipulation of the equity futures market.
"In order to prevent possible pricing manipulation during the expiration of futures contracts on the RTS index... the Central Bank of Russia sent an order to MICEX (index) to suspend trading of financial instruments," the bank said in a statement.
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Source: Reuters
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