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EU Retreats on Prop-Trading Ban; Nations Back Separation
December 23, 2014--The European Union's biggest banks may be spared a ban on proprietary trading, with a majority of the bloc's member states preferring for such activities to be split off into separately capitalized units.
A narrowly defined ban aimed at banks' dedicated proprietary trading desks proposed this year by the European Commission, the EU's executive arm, has failed to win support, according to a report prepared by Italy, which holds the EU’s rotating presidency. The measure is part of a broader proposal on managing risks at the bloc's systemically important banks.
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Source: Bloomberg Business Week
ESMA consults on different share classes of UCITS
December 23, 2014--The European Securities and Markets Authority (ESMA) has published a discussion paper on different share classes of UCITS.
The UCITS Directive recognises the possibility for UCITS to offer different share classes to investors but it does not prescribe whether, and to what extent, share classes of a given UCITS can differ from each other.
ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple share classes e.g. with different levels of fees, to much more sophisticated share classes e.g. with potentially different investment strategies.
view the ESMA Discussion Paper-Share classes of UCITS
Source: ESMA
World Bank Lowers 2014 GDP Growth Estimate for Turkey to 3.1 Percent, Maintains 2015 Forecast
December 23, 2014--A weak Q3 GDP print means end-year growth is likely to come in just above 3 percent. However the disappointing headline number is mainly due to a reduction in inventories with other components of domestic demand signaling improvements, according to the World Bank's Turkey Regular Economic Brief[i] No: 5-issued today in Ankara.
Moreover, the outlook for inflation and the current account has improved substantially due to a sharp decline in oil prices. The World Bank's 2015 growth projection remains unchanged at 3.5 percent.
view the Turkey Regular Economic Note
Source: World Bank
UPDATE 1-UK to extend Libor manipulation laws to cover gold, oil, silver
December 22, 2014--Britain will widen the scope of laws which make the manipulation of market benchmarks a criminal offence to include seven more rates covering the currency, gold, oil and silver markets by April 1, the government said on Monday.
The move is the latest by the Conservative-led government to clamp down on malpractice in the City of London whose reputation has been tarnished by an interest rate-rigging scandal and claims that traders colluded to manipulate currency rates.
ESAs tackle cross-selling practices in the financial sector
The draft Guidelines are aimed at EU competent authorities and develop further how EU firms engaging in cross-selling practices in the financial sector should comply with the general conduct of business standards expected toward customers. In particular, the Guidelines provide an approach for supervising firms valid across the EU and give more scope for EU customers to take better informed purchasing decisions. view the Joint Committee Consultation Paper
on guidelines for cross-selling practices
Istanbul exchange trades Sarajevo SASX-10 index futures for first time view more Production At Lowest Level On Record view more First ETF in Europe exposed to Floating Rate Notes view more Fund Managers Must Be Clearer on Research Charges: ESMA view more ESMA provides implementing rules for MiFID II view more
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Source: Reuters
December 22, 2014--The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) published today a consultation paper on draft Guidelines for regulating cross-selling practices in the financial sector across the EU.
These guidelines establish a coherent and effective approach in supervising firms that offer cross-selling options, so as to enhancing protection of EU customers. The consultation will run until 22 March 2015.
Source: ESMA
December 22, 2014--First transactions of SASX-10 on Borsa already conducted
Sarajevo, Istanbul to tie up via order-routing
Two exchanges plan to introduce dual listings next year
December 22, 2014--Turkey's state-run stock exchange Borsa Istanbul has started trading index futures of 10 companies from the Sarajevo Stock Exchange as part of expansion plans ahead of an initial public offering expected in the first half of 2016.
Borsa Istanbul is trying to increase links with other exchanges in the region such as those in Sarajevo and Montenegro as it prepares for the listing.
Source: Reuters
MNI Russia Business Sentiment Indicator Rises To 47.3 In December From 46.8 In November
December 22, 2014--Sentiment at Russian companies improved moderately but remained weak, as firms cut production and reported a worsening in labour market conditions.
The MNI Russia Business Sentiment Indicator increased marginally to 47.3 in December from 46.8 in November, remaining below the 50 level that
separates expansion from contraction.
Source: MNI Indicators | Deutsche Börse Group
December 20, 2014--The first ETF in Europe to be exposed to Floating Rate Notes has been launched by Amundi.
The Amundi ETF Floating Rate Euro Corporate 1-3 UCITS ETF was listed by Amundi in September 2014 on Euronext Paris, and has been registered with the UK Financial Conduct Authority on 2 December 2014.
Source: The Hedge Fund Journal
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.
Source: Bloomberg Businessweek
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.
Source: ESMA
