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ESMA sets out CRA supervision focus for 2014
January 20, 2014--The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA's supervisory work plan for this year
ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas:
validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings;
internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and
robust IT systems to support the rating process, including information security controls and protection of confidential rating information.
view the Credit Rating Agencies-Annual Report 2013
Source: ESMA
ESMA-EBA: Euribor makes significant progress with reforms
January 20, 2014--The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have today published the results of their joint review of the Euribor-EBF.
The review found that Euribor-EBF has made significant progress in implementing the ESMA-EBA Recommendations addressing weaknesses and shortcomings in its governance and technical framework. This progress provides the basis for improved transparency of the benchmark-setting process, enhanced governance of the benchmark, and improved quality of the resulting index.
Benchmark reforms must continue
The Authorities reviewed the progress made by Euribor-EBF in implementing the ESMA-EBA Recommendations of 11 January 2013 in the context of the on-going Euribor reform. The review found that Euribor-EBF has undertaken reform measures across all affected areas, with four Recommendations fully implemented and a further six Recommendations partially implemented.
view the Review of the Implementation of EBA-ESMA Recommendations to Euribor-EBF report
Source: ESMA
Spain: Financial Sector Reform-Final Progress Report
February 20, 2014--Summary: Spain's ESM-supported program of financial sector reform aimed to assist economic recovery by promoting financial stability. The program was adopted in mid-2012. At the time, Spain's real-estate bust and the euro-area debt crisis had combined to fuel a vicious cycle of failing banks, unsustainable fiscal deficits, rising borrowing costs, contracting output, rapid job loss, and severe financial market turmoil.
The program aimed to stem the financial sector's contribution to these forces by requiring weak banks to more decisively clean their balance sheets and by reforming the sector's policy framework. These efforts aimed in turn to support economic recovery by improving banks' access to market funding and by avoiding a disruptive and disorderly unwinding of a significant part of the sector. The program's strategy built on reforms that the authorities had already undertaken during the crisis (e.g., stronger provisioning requirements) and was developed in consultation with Spain's European partners, was supported by ESM financing, and was consistent with the main recommendations from IMF staff's June 2012 Financial Stability Assessment Program (FSAP) and Article IV consultation.
view the Spain: Financial Sector Reform-Final Progress Report
Source: IMF
State Street Global Exchange Transforms European ETF Market with First Online ETF Trading Platform
February 20, 2014--State Street Global Exchange announced today that it has launched the first online multi-sponsor Exchange Traded Fund (ETF) platform for Authorised Participants (AP's) in Europe.
FundConnect(R) enables AP's to trade multiple products through a secure, online interface. The platform revolutionises the European ETF order-taking process from one that traditionally relies on faxes to a real-time electronic platform that creates significant efficiencies and reduces risks.
SPDR ETFs is the first provider to go live on FundConnect. Alexis Marinof, head of SPDR ETF in Europe, Middle East and Africa commented "FundConnect enhances the speed and efficiency with which Authorised Participants can create and redeem units in our ETFs, a mechanism that SPDR ETF takes seriously because it plays such a vital role in supporting the liquidity needs of our clients. We believe developments like FundConnect, that help support liquidity providers across Europe, will play an important role in enabling the ETF industry to grow."
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Source: State Street Corporation
MiFID II forces firms to disclose total investment cost to clients
February 20, 2014--The passing of the revised Markets in Financial Instruments Directive (MiFID II) into law has made it compulsory for UK investment firms to disclose the total cost of their investments to their clients.
The new rule is part of a raft of changes in the directive made public yesterday that will affect investment managers, discretionary managers, private client wealth managers, platforms, financial advisers and all other financial intermediaries.
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Source: Investment Week
According to ETFGI: ETFs and ETPs listed in Europe received net inflows of US$5.4 billion in January 2014
February 20, 2014--ETFs and ETPs listed in Europe received net inflows of US$5.4 billion in January 2014, according to findings from ETFGI’s January 2014 Global ETF and ETP industry insights report.
The pattern for net flows in January was very different for ETFs and ETPs listed in the United States which suffered net outflows of US$15.5 billion with Equity ETFs/ETPs having the largest net outflows of US$15.9 Bn, followed by commodity ETF/ETP net outflows of US$1.2 Bn, while fixed income ETFs/ETPs gathered net inflows with US$566 Mn.
European listed ETFs and ETPs net inflows of US$5.4 billion in January were composed of Equity ETFs/ETPs gathering net inflows of US$4.0 Bn, followed by fixed income ETFs/ETPs with net inflows of US$2.1 Bn, while commodity ETFs/ETPs experienced net outflows of US$705 Mn.
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Source: ETFGI
The World's First Exchange Platform Taking Card Payments for Digital Currencies Launches
February 20, 2014--The world's first exchange platform taking card payments for digital currencies including Bitcoin launches in the UK today.
In a move promising to revolutionise how digital currency is acquired and used, BinaryFund will also dramatically change how the nation's online retailers, investors and finance professionals take payments, approach currency exchange, and debit customer accounts. It will also smooth the path to widespread digital currency adoption at economic level.
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Source: Dakota Digital
Eurozone business activity robust, slips off highs
February 20, 2014--Business activity in the 18-nation eurozone stayed robust in February but slipped off its highs, a reminder that the economic recovery remains fragile, a key survey showed on Thursday.
Markit Economics' said its Eurozone Composite Purchasing Managers Index (PMI) for February fell to 52.7 points in February from 52.9 in January.
Analysts polled by Dow Jones Newswires had expected this leading indicator to give a reading of 53 points.
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Source: EUbusiness
UK gold exports were twice ETF selling in 2013
The gap between gold ETF sales and UK exports suggests heavy sales by investors such as hedge funds and wealthy family offices.
February 20, 2014--UK GOLD EXPORTS in 2013 were nearly double the volume of exchange-traded fund liquidation, new research shows.
Compared with only 160 tonnes in 2012, exports of physical gold bullion totaled 1,739 tonnes last year according to data reported by the UK's HMRC tax authority to the European Union's Eurostat agency.
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Source: MineWeb
Former global equity head exits Amundi
February 20, 2015--Amundi's former head of global equities Paul-Georges Moucan has left the firm to pursue other opportunities, Citywire Global can reveal.
Moucan, who was also previously Citywire AA-rated, had worked for the French investment firm since 1998.
It is understood Moucan formally left the group in October of last year.
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Source: CityWire
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