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Regulation on securities settlement and on Central Securities Depositories in the EU ('CSD Regulation')-Frequently Asked Questions
April 16, 2014--The CSD Regulation aims to harmonise both the timing and conduct of securities settlement in Europe and the rules governing Central Securities Depositories (CSDs) which operate the infrastructures enabling settlement.
With regard to settlement, the CSD Regulation harmonises timing and discipline of securities settlement in the EU.
It creates, for the first time at European level, a common authorisation, supervision and regulatory framework for CSDs.
2. What is settlement?
Any trade in securities on or off a trading venue is followed by a post-trade flow of processes, including for example confirmation of the trade details by a trading venue or clearing by a central counterparty (CCP), leading to the settlement of the trade, which means the delivery of securities to the buyer against the delivery of cash to the seller. Settlement may occur on the day of the trade, but more often a number of days later depending on the type of securities, the type of trading venue, or the type of market concerned.
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Source: Europa
European Parliament adopts financial markets rules
April 16, 2014--The European Parliament adopted new rules Tuesday to tighten the regulation of financial markets in order to stop rampant speculation, including on foodstuffs.
The European Union's Financial Markets Commissioner Michel Barnier first pushed for the new rules, known as MiFID II, in 2011 at the height of the eurozone debt crisis and in the wake of the global economic meltdown.
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Source: EUbusiness
DeAWM completes move to become one of Europe's largest providers of physical ETFs
April 16, 2014--Deutsche Asset & Wealth Management (DeAWM) has become one of Europe's largest providers of direct, physical replication exchange traded funds (ETFs) following the completion of an ambitious programme to switch 18 db X-trackers equity ETFs from synthetic to physical replication, as well as the launch of several new direct replication offerings.
Assets under management (AUM) in db X-trackers direct, physical replication ETFs now sit at approximately €11bn, making DeAWM the second biggest provider of physical ETFs in Europe (Source: Deutsche Bank, 31 March 2014). Investors now have access to over 30 physical replication db X-trackers ETFs.
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Source: Deutsche Asset & Wealth Management (DeAWM)
Amundi bidding to break into UK market
April 16, 2014--French fund giant Amundi has unveiled plans to launch five products aimed at discretionary managers and multi-managers in a bid to establish its brand in the UK.
The group plans to roll out the products on retail platforms once it has gained traction with professional buyers, head of UK distribution Jerry Devlin said.
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Source: FT.com
Forecasts for the UK economy: a comparison of independent forecasts
April 16, 2014--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
BOOST ETP's AUM reaches a record $97 million as Investors' Bearish Sentiment in Natural Gas Continues
April 16, 2014--BOOST ETP's AUM has increased by 130% from the beginning of the year with the largest inflows YTD seen into Boost Natural Gas 3x Short Daily ETP (3NGS) ($28 million)
The trend in BOOST ETP's AUM has been matched by rising trading volumes and improving spreads, with BOOST ETPs trading over $200 million in the LSE and Borsa Italiana in March
AUM in all short & leveraged ETPs traded globally reached a record $62 billion at the end of March, following a month of net inflows, with turnovers reaching a 3 year high of $200 billion
BOOST ETP, Europe's award winning, specialist short and leverage (S&L) Exchange Traded Product (ETP) provider is proud to announce that it’s AUM has reached a record of $97 million, led by recent inflows into short & leveraged ETPs tracking natural gas and FTSE 250. BOOST's AUM has increased 130% since January 2014 and 450% over the past 12 months.
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Source: Boost
Markets in Financial Instruments Directive (MiFID II): Frequently Asked Questions
April 15, 2014--A. Background, main elements and costs/benefits of the reform
1. What is MiFID and why was it reviewed only four years after its entry into force?
MiFID is the Markets in Financial Instruments Directive (Directive 2004/39/EC1). It replaced the Investment Services Directive (ISD) which was adopted in 1993. It has been in force since 2008. It is a cornerstone of the EU's regulation of financial markets. It seeks to improve the competitiveness of EU financial markets by creating a single market for investment services and activities, and ensuring a high degree of harmonised protection for investors in financial instruments, such as shares, bonds, derivatives and various structured products.
MiFID has brought greater competition across Europe in the provision of services to investors and between trading venues. This has helped contribute to deeper, more integrated and liquid financial markets. It has also driven down costs for issuers, delivering better and cheaper services for investors, and contributing to economic growth and job creation in Europe.
In keeping with its intended objective, MiFID has contributed to a more competitive and integrated EU financial market. However, past years’ events and market developments have demonstrated weaknesses in some of the underlying principles of MiFID, and highlighted areas needing reinforcement or revision, for example it has arguably led to the development of new trading platforms and activities which fall outside its scope and thus outside any regulations. Closing such a gap was necessary in order to bolster investor confidence and achieve all of MiFID's original objectives. Ensuring a more robust regulatory framework will also serve to address the more complex market reality we are now faced with, a reality which is characterised by increasing diversity in financial instruments and new methods of trading. Similar discussions have taken place in the United States and other major global financial centres and have led to a strong regulatory response.
2. What are the main elements of the reform?
MiFID II aims at establishing a safer, sounder, more transparent and more responsible financial system that works for the economy and society as a whole. The main contributions introduced by MiFID II to achieve these objectives are:
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Source: EUROPA
Greater protection for retail investors: Commission welcomes European Parliament adoption of strengthened European rules on UCITS
April 15, 2014--The European Parliament has today adopted in plenary session an amended Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions (the so-called UCITS V).
The new rules will considerably strengthen the protection of investors vis-à-vis managers of UCITS funds and their depositaries. It will also ensure that managers who break the law will be sanctioned in an appropriate way.
Internal Market and Services Commissioner Michel Barnier said: "The financial crisis became a crisis of consumer confidence. Consumers were shocked by the extent of the Madoff fraud, how inadequately their assets were protected, and how differently their compensation claims were handled in the various Member States. The amended Directive will address those problems. I am very satisfied with the outcome.
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Source: EUROPA
Euro STOXX 50 Daily Leverage 3 And Lev DAX x3 Indices Licensed To ETF Securities
Exchange Traded Products Available On Xetra Today
April 14, 2014--STOXX Limited,a leading provider of innovative,tradable and global index concepts, today announced that the EURO STOXX 50 Daily Leverage 3 and LevDAX x3 indices have been licensed to ETF Securities to serve as the underlying for two exchange-traded products (ETPs). The ETPs will be listed on Xetra today.
"The EURO STOXX 50 Daily Leverage 3 and LevDAX x3 provide sophisticated market participants access to the three times leveraged performance of the leading blue-chip indices for Europe and Germany,respectively," said Hartmut Graf, chief executive officer of STOXX. STOXX is the marketing agent for the indices of Deutsche Börse AG,including the DAX indices. "Both indices are part of an innovative strategy index offering that STOXX markets globally."
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Source: STOXX
ESAs consult on draft technical standards under EMIR
April 14, 2014--The European Supervisory Authorities (ESAs) launched today a consultation on draft Regulatory Technical Standards ('RTS') outlining the framework of the European Market Infrastructure Regulation (EMIR).
These RTS cover the risk management procedures for counterparties in non-centrally cleared OTC derivatives, the criteria concerning intragroup exemptions and the definitions of practical and legal impediments. The consultation will allow gathering public views on how to ensure a proportionate implementation of the requirements, as well as any other specific aspects that need discussion.
The consultation runs until 14 July 2014.
For those over-the-counter (OTC) derivative transactions that will not be subject to central clearing, these draft RTS prescribe that counterparties apply robust risk mitigation techniques to their bilateral relationships, which will include mandatory exchange of initial and variation margins. This will reduce counterparty credit risk, mitigate any potential systemic risk and ensure alignment with international standards. These draft RTS elaborate on the risk-management procedures for the exchange of collateral and on the procedures concerning intragroup exemptions including the criteria that identify practical and legal impediments to the prompt transfer of funds.
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Source: ESMA
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