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ESMA details new market abuse regime
July 15, 2014-The European Securities and Markets Authority (ESMA) has launched a consultation on the new Market Abuse Regulation (MAR) which entered into force on 2 July 2014.
It is issuing two consultation papers seeking stakeholders' views on the draft regulatory and implementing technical standards (RTS/ITS) and Technical Advice (TA), ESMA has to develop for the implementation of the new MAR framework which will become applicable in July 2016.
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Source: ESMA
Bats Chi-X gets green light for extending clearing house choice
July 14, 2014--Europe's largest equities platform has extended the choice of clearing houses through which it allows trades in exchange-traded funds to be cleared.
From Monday, July 21, ETFs and ETPs traded on Bats Chi-X Europe may be cleared not only on EuroCCP, but also on LCH.Clearnet or Six x-clear
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Source: Financial News
Five new ETNs from ETF Securities launched on Xetra
ETNs offer access to foreign currency markets via currency baskets
July 14, 2014--Five ETNs on currency baskets from the ETF Securities product offering have been tradable on Xetra since Monday. The new ETNs track the performance of four tactical and one strategic currency basket.
The first tactical currency basket offered as either long or short, is a Morgan Stanley index which tracks the performance of the euro against G10 currencies.
ETFS Bullish EUR vs G10 Currency Basket Securities (DE000A12Z3R4)
ETFS Bearish EUR vs G10 Currency Basket Securities (DE000A12Z3Q6)
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Source: Xetra
IMF Report-Euro Area Policies: Selected Issues
July 14, 2014--This Selected Issues paper on the euro area was prepared by a staff team of the International
Monetary Fund as background documentation for the periodic consultation with the member
countries forming the euro area.
It is based on the information available at the time it was
completed on June 26, 2014.
view the IMF Report-Euro Area Policies: Selected Issues
Source: IMF
IMF-Euro Area Policies: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director
July 14, 2014--Summary: KEY ISSUES Context. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. But the recovery is weak and uneven. Inflation has been too low for too long, financial markets are still fragmented, and structural gaps persist: these hinder rebalancing and substantial reductions in debt and unemployment.
Policies. The economic expansion is grounded in complementary policy actions at both the national and euro area levels, but more is needed to strengthen the recovery: Supporting Demand. Recent ECB actions-including a rate cut, negative deposit rates and policy support for new bank lending to companies-should help address low inflation and financial fragmentation. But if inflation remains too low the ECB should consider a substantial balance sheet expansion, including through asset purchases. The broadly neutral overall fiscal stance is appropriate but any negative growth surprises should not trigger additional consolidation efforts as this would be self-defeating. Mending balance sheets and completing the banking union. Successfully executing the ongoing asset quality review and stress tests should spur balance sheet repair and help reverse fragmentation. Agreement on a single resolution mechanism and bail-in rules comprise important milestones towards banking union, but a common fiscal backstop is still needed. Advancing structural reforms. Alternative sources of funding through securitization, especially to credit-constrained SME's, should be promoted. A comprehensive strategy, which boosts demand and removes country-specific structural impediments, is needed to tackle high youth unemployment. Competitiveness-enhancing reforms in debtor countries and higher public investment in creditor countries would promote needed rebalancing.
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Source: IMF
Source and PIMCO expand listings on SIX
July 14, 2014-- Source, a leading European provider of Exchange Traded Products (ETPs), and PIMCO, a leading global investment management firm, are pleased to announce that two of their most popular ETFs are now being listed on the SIX Swiss Exchange.
The PIMCO Euro Short Maturity Source UCITS ETF and the PIMCO US Dollar Short Maturity Source UCITS ETF were launched in 2011, initially on Xetra and the London Stock Exchange, and since then have gathered assets of €1.3 billion and US$1.8 billion respectively.
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Source: Source
EU ban on IFA rebates could restrict choice
July 13, 2014--Édouard Carmignac, founder and chairman of the eponymous French asset manager, has warned that a planned EU ban on rebates to independent financial advisers would put the so-called open architecture distribution model "in serious jeopardy".
In a scathing letter to Steven Maijoor, chairman of the European Securities and Markets Authority, Mr Carmignac said the introduction of a fee-based remuneration model for IFAs across Europe-as opposed to a commission-based model where IFAs receive rebates from fund companies for selling their products-could have a detrimental impact on third-party fund distribution.
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Source: FT.com
EU ban on IFA rebates could restrict choice
July 13, 2014--Édouard Carmignac, founder and chairman of the eponymous French asset manager, has warned that a planned EU ban on rebates to independent financial advisers would put the so-called open architecture distribution model "in serious jeopardy".
In a scathing letter to Steven Maijoor, chairman of the European Securities and Markets Authority, Mr Carmignac said the introduction of a fee-based remuneration model for IFAs across Europe-as opposed to a commission-based model where IFAs receive rebates from fund companies for selling their products-could have a detrimental impact on third-party fund distribution.
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Source: FT.com
Regulators turn aim on broker research
Analysis is expensive to produce and the FCA must tread carefully
July 11, 2014--The annual report from the Financial Conduct Authority struggles to avoid sounding smug, but in vain. "Our first year was both challenging and encouraging" it burbles, detailing its triumphs as a consumer champion.
Among such exciting activities as extracting £425m in fines and reviewing the Retail Distribution Review is another review, that of broker commissions and analysts' research.
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Source: FT.com
Recovery Strengthens in Central and Eastern Europe, Yet Risks Remain, says World Bank
July 11, 2014--Economic growth is expected to almost double in the EU11* countries in 2014, and to continue to strengthen in 2015, according to the World Bank's latest EU11 Regular Economic Report (EU11 RER). The report says that, overall, EU11 GDP growth is forecast to strengthen from 1.4 percent in 2013 to 2.6 percent in 2014.
"The economic recovery is strengthening in the EU11, bolstered by the gradual upturn in the EU15** and supportive domestic policies,” said Mamta Murthi, World Bank Regional Director for Central Europe and the Baltic Countries. "Nonetheless, the recovery is expected to be gradual, with growth not reaching pre-crisis rates for some time."
view the World Bank-EU11 Regular Economic Report: Strengthening recovery in Central and Eastern Europe(PDF)
Source: World Bank
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