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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
EURO STOXX Banks Daily Short 3 and Daily Leverage 3 indices licensed to Boost view more Euronext licenses AEX and CAC 40 to Goldman Sachs read more ESMA report looks into extent of HFT activity in EU equity markets
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
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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
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.
Source: STOXX
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.
Source: Euronext
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.
Source: ESMA
