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Discussion Paper on MiFID II/MiFIR
May 22, 2014--Who should read this paper?
This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR-in particular, investment firms and credit institutions performing investment services and activities.
This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments.
view the Discussion Paper-MiFID II/MiFIR
Source: ESMA
Statistics: Forecasts for the UK economy: May 2014
May 22, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts.
view the Forecasts for the UK economy: a comparison of independent forecasts
Source: HM Treasury
ESMA consults on MiFID reforms
May 22, 2014--The European Securities and Markets Authority (ESMA) has launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).
This is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.
MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.
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Source: ESMA
Markets Brace for Change as EU Unveils 800-Page Rule Book
May 22, 2014--Europe's capital markets are getting a new foundation.
The 28-nation European Union's top markets regulator today made public more than 800 pages of proposed rules that cover everything from high-frequency trading curbs to transparency requirements for bond markets and position limits for commodity derivatives, with the aim of boosting confidence in the financial system.
The publication marks "an important step in the biggest overhaul of financial markets regulation in the EU for a decade,"
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Source: Bloomberg
Liffe to Launch FTSE 100 Equally Weighted Index Futures, 'Smart Beta' Indices Available via Bclear
May 21, 2014--IntercontinentalExchange Group (NYSE: ICE), the leading global network of exchanges and clearing houses, today announced that Liffe will introduce futures based on the FTSE 100 Equally Weighted Net Total Return (NTR) Index.
Following regulatory approval, Liffe will launch the industry's first futures contract on the FTSE 100 Equally Weighted Index on May 27, 2014 via Bclear, the exchange's wholesale facility.
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Source: IntercontinentalExchange
BUSINESSEUROPE Economic Outlook Spring 2014-The recovery still needs securing
May 21, 2014--Launching BUSINESSEUROPE's Spring Economic Outlook today, Director General Markus J. Beyrer commented: "Our latest economic outlook provides further evidence that the European economy is continuing to slowly gain strength. But growth of 1.6% in the EU in 2014 and 1.2% in the Euro Area remains too weak to really make inroads into Europe's unacceptably high levels of unemployment.
We need a greater focus from policy-makers on securing the recovery and reducing unemployment, particularly through the implementation of ambitious labour market reforms in a number of member states and taking concrete action to address growing concerns, especially of SMEs, regarding access to finance."
Based on a survey of its member federations across the continent, BUSINESSEUROPE's economic outlook predicts:
GDP growth of 1.6% in the EU and 1.2% in the Euro Area in 2014.
GDP growth of 1.9% in the EU and 1.6% in the Euro Area in 2015.
view the BUSINESSEUROPE Spring Economic Outlook
Source:BUSINESSEUROPE
ESMA-Q&A VIII on EMIR Implementation
May 21, 2014--Summary
The Q&A's purpose is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities. The Q&As are aimed at national competent authorities to ensure convergent supervisory activities.
It should also help investors and other market participants by providing clarity on the requirements under EMIR.
May 2014: Flash Consumer Confidence Indicator
May 21, 2014--In May 2014, the DG ECFIN flash estimate of the consumer confidence indicator increased in both the EU (by 1.6 points to -4.1) and the euro area (by 1.5 points to -7.1) compared to April.
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Source: Europa
Europe's first MSCI China A Index ETF launched on Xetra
May 21, 2014--Two new equity index funds from the ETF Securities product family have been tradable in Deutsche Börse's XTF segment as of now.
The ETFS-E Fund MSCI China A GO UCITS ETF enables European ETF investors to participate in the performance of the MSCI China A Index for the first time. The index comprises a broadly diversified selection of Chinese A-shares listed on the stock exchanges in Shanghai and Shenzhen.
The cooperation with E Fund Management (Hong Kong) enables physical replication of the index using the necessary RQFII quota. The fund invests in approximately 250 of the total of 500 index securities utilising representative sampling techniques.
ETF name: ETFS-E Fund MSCI China A GO UCITS ETF
Asset class: equity index ETF
ISIN: DE000A1XEFE1
Total expense ratio: 0.88 percent
Distribution policy: non-distributing
Benchmark: MSCI China A Index (Net Total Return) (USD)
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Source: Deutsche Börse
Markets see EU RMB centres as key to global role for China FX, Aite Group & Clearstream report says
May 21, 2014--Aite Group has published a Clearstream-commissioned research paper "Internationalising the Renminbi: Weaving a Web for the Next World Currency"/Survey respondents say the development of offshore centers in Europe is key to the internationalisation of the RMB/Some respondents believe EU centres should cooperate to build liquidity in offshore RMB/Highly developed European market infrastructure could provide potential solutions to overcome remaining operational hurdles/Facilitating issuance, settlement and custody of offshore RMB bonds seen as prerequisite for progress in internationalisation
view the Internationalizing the Renminbi:
Weaving a Web for the Next World
Currency
Source: Deutsche Börse
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