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FCA-GC14/3 Retail Investment Advice: Clarifying the boundaries and exploring the barriers to market development
July 11, 2014--FCA has published guidance to help clarify the different types of retail investment sales models, the boundaries between them and the associated regulatory requirements.
This proposed guidance relates to the following rule(s) in the FCA Handbook: COBS 9 and COBS 10, COBS 6.1A, COBS 6.2A.4G, COBS 2.1.1R and PERG 8.26 and 13.3.
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Source: The Financial Conduct Authority (FCA)
Temporary restriction in short selling
July 11, 2014--The Financial Conduct Authority ("FCA") notifies that it temporarily prohibits short selling in the following instrument under Articles 23 (1) and 26 (4) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short
selling and certain aspects of credit default swaps. This follows a decision made by another EU Competent Authority.
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Source: The Financial Conduct Authority (FCA)
Eurex to launch variance futures based on EURO STOXX 50
Eurex reaches deal with DRW to use U.S.-patented method for listed variance futures
July 11, 2014--Eurex is set to extend its product range by introducing a listed variance future on September 22, 2014, based on the EURO STOXX 50, the most prominent equity index in Europe.
Variance futures replicate the pay-off profile of a variance swap using a daily-margined futures contract.
Instead of a final settlement payment upon expiry the pay-off profile of a variance swap is calculated as the sum of all variation margin payments through the period the variance futures contract is held.
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Source: Eurex
ESMA defines central clearing of interest rate and credit default swaps
July 11, 2014--The European Securities and Markets Authority (ESMA) has launched a first round of consultations to prepare for central clearing of OTC derivatives within the European Union. The two consultation papers seek stakeholders' views on draft regulatory technical standards (RTS) for the clearing of Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) that ESMA has to develop under the European Markets Infrastructure Regulation (EMIR).
With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework. To ensure that the clearing obligation reduces systemic risk, EMIR specifies a process for the identification of the classes of OTC derivatives that should be subject to mandatory clearing. This includes the assessment of specific criteria that the relevant classes of OTC derivatives have to meet.
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Source: ESMA
Lyxor Hedge Fund Index up 0.7 per cent in June
July 10, 2014--The Lyxor Hedge Fund Index was up 0.7 per cent in June,
with seven out of 12 Lyxor indices ending the month in positive territory.
The index is up 1.6 per cent year-to-date.
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Source Hedge Week
Global Advisors announces world's first regulator-approved Bitcoin investment fund
July 10, 2014--Global Advisors Jersey (GAJ), an investment management company based in the Channel Islands, has received regulatory approval for a Bitcoin Investment fund.
The Global Advisors Bitcoin Investment Fund (GABI) has received certification from the Jersey Financial Services Commission (JFSC) and will launch on 1 August 2014. The GABI will operate within the Collective Investment Funds (Jersey) Law 1998 as an Expert Fund.
Daniel Masters, Director of GAJ commented: "Global Advisors is thrilled to be able to bring a robust Bitcoin fund product to the market. Our long experience in commodities means we are well placed to manage volatility and performance risks in this fast growing and opportunistic asset class
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Source: businesslife.com
Turkey: Macroeconomic stability and structural reform key to strong and inclusive growth, OECD says
July 10, 2014--Turkey's economy will grow stronger in the coming years, but remains overly dependent on domestic consumption funded by foreign finance, according to the latest OECD Economic Survey of Turkey.
Turkey should rebalance growth through monetary and financial policies that keep inflation, exchange rates and credit levels on sustainable paths, the OECD said.
The Survey notes that Turkey's short-term economic outlook has improved: buoyed by the projected global recovery, growth is set to pick up over the coming two years. Turkey's longer-term prospects, however, hinge on the authorities' ability to achieve disinflation and preserve the credibility of public finances, while implementing structural reforms that boost productivity and competitiveness across the economy.
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Source: OECD
ESMA Q&A X on EMIR Implementation
July 10, 2014--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 requiremehttp://www.esma.europa.eu/content/QA-X-EMIR-Implementationnts under EMIR.
view the ESMA Q&A X on EMIR Implementation
Source: ESMA
Final Report on ESMA Guidelines on enforcement of financial information
July 10, 2014--The European Securities and Markets Authority (ESMA) has published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU).
The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers.
The Guidelines set out the principles to be followed by accounting enforcers throughout the enforcement process by defining the objectives, the characteristics of the enforcers, and some common elements in the enforcement process.
view the Final Report-ESMA Guidelines on enforcement of financial information
Source: ESMA
ECB-Euro area securities issues statistics
May 9, 2014--The annual rate of change of the outstanding amount of debt securities issued by euro area
residents was -0.7% in May 2014,compared with -1.0% in April. For the outstanding amount of quoted shares issued by euro area residents,the annual growth rate was 2.2% in May 2014,the same as in April.
New issuance of debt securities by euro area residents totalled EUR 782 billion in May 2014.
Redemptions stood at EUR 657 billion and net issues amounted to EUR 138 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.7% in May 2014,compared with -1.0% in April.
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Source: ECB
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