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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
Invesco PowerShares appoints head of EMEA
May 20, 2014--ETF provider Invesco PowerShares has appointed Bryon Lake as head of EMEA for the business.
As head of Invesco PowerShares in EMEA regions, Lake will be responsible for leading the business and collaborating with Invesco's global ETF teams
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Source: Investment Week
ETF Securities launches US energy sector ETF
May 20, 2014--ETF Securites has launched an ETF investing in United States infrastructure using tax-exempt publicly traded partnerships.
The ETFS US Energy Infrastructure MLP GO Ucits ETF has been floated on the London Stock Exchange and the Deutsche Boerse
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Source: Money Marketing
ETF Securities celebrates listing of new Chinese equity ETF on Euronext
First physical ETF granting access to the Chinese market for European investor
May 20, 2014--Today ETF Securities opened trading at Euronext Amsterdam to celebrate the listing of its new ETF which is the first physical UCITS ETF to track the MSCI China A Index.
The ETF, named ETFS-E Fund MSCI China A GO UCITS ETF, gives investors cost efficient exposure to local Chinese stocks listen on the Shanghai and Shenzhen stock exchanges. The ETF-was listed on the Amsterdam market of Euronext yesterday.
Pedro Fernandes, Head of European Exchange Traded Products at Euronext, said: "We are proud to be one of the primarly listing venues for this unprecedented ETF launch. This ETF offers the fast growing number of ETF users in Europe unique exposure to the leading Chinese market in a flexible, transparent and cost-efficient investment way. Being part of this product launch is a demonstration of our value proposition and our central role in facilitating product innovation."
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Source: Euronext
Euro area investment fund statistics
May 20, 2014--In March 2014, the amount outstanding of shares/units issued by euro area investment funds other
than money market funds was €265 billion higher than one quarter earlier in December 2013. This
increase was due mainly to net issues of shares/units.
The amount outstanding of shares/units issued by euro area investment funds other than
money market funds increased to €7,524 billion in March 2014, from €7,259 billion in December
2013. Over the same period, the amount outstanding of shares/units issued by euro area money
market funds increased to €833 billion from €818 billion.
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Source: ECB
IMF Germany-2014 Article IV Consultation-Preliminary Conclusions
May 19, 2014--Key policy recommendations:
Germany can strengthen its role as an anchor of regional stability.
More infrastructure investment, further clarity on the energy regulatory framework, and reforms to further increase competition in the services sector would support growth in Germany and the rest of the euro area.
Future increases in the minimum wage should take into account potential adverse employment effects in regions with relatively high unemployment.
Banks should keep strengthening their capital position ahead of the completion of the ECB's Comprehensive Assessment.
1. The German recovery is expected to gain further momentum and keep outpacing that in the rest of the euro area. Germany remains an anchor of regional stability. Balance sheets are generally healthy, fiscal consolidation has been broadly achieved underpinning confidence, and financial conditions for enterprises are favorable. Private consumption should benefit from solid wage and employment growth, while business investment should continue to strengthen. However, while domestic demand is expected to contribute to growth more than in the past, the decline in the current account surplus is projected to be gradual. Risks to the outlook are broadly balanced. The main upside risk stems from the possibility of a long-awaited and stronger-than-expected rebound in private investment. Downside risks include faltering growth in the rest of the euro area, where domestic demand is constrained by the need to repair balance sheets both in the private and the public sectors, at a time when high unemployment and low and declining inflation are hampering the repair process. A sharp slowdown in emerging markets would negatively affect German exports, while an escalation in geopolitical tensions surrounding Ukraine would likely hit investment by increasing uncertainty and hurting market confidence.
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Source: IMF
FinEx money market ETF launched in Russia off Solactive T-Bill index
May 19, 2014-- FinEx Capital Management has launched the first money market ETF in Russia through the Moscow listing of its Cash Equivalents Ucits ETF, using the Solactive 1-3 Month US T-Bill index.
The underlying index follows the dollar denominated T-Bill market. Eligible T-Bills must have a time to maturity of 1-3 months, be issued by the US government, with an outstanding amount of at least $250m. Solactive estimates T-Bills make up about 13% of the $11.6trn marketable debt market.
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Source: Investment Europe
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