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European Commission-New rules for Money Market Funds proposed-FAQs
September 4, 2013--1. What is a Money Market Fund?
A Money Market Fund (MMF) is a mutual fund that invests in short-term debt such as money market instruments issued by banks, governments or corporations. Money market instruments traditionally include treasury bills, commercial paper or certificates of deposit.
The above-mentioned financial instruments are eligible for an MMF as long as their residual maturity does not exceed 397 days (short-term MMF) or two years (standard MMF). MMFs can be denominated in any particular currency; those domiciled in Europe mostly invest in debt denominated in euro, pound sterling or US dollar.
What is a constant value MMF?
A constant net asset value (CNAV) MMF is a fund that, unlike other mutual funds, seeks to maintain a stable €1 per share when investors redeem or purchase shares. The net value of the assets held by an MMF can, however, fluctuate, and the market value of a share may therefore not always be exactly €1. To avoid a fluctuating share value, a CNAV MMF uses amortised costs to value its assets.
Second estimate for the second quarter of 2013-Euro area GDP up by 0.3% and EU27 up by 0.4%
-0.5% and 0.0% respectively compared with the second quarter of 2012
September 4, 2013--GDP rose by 0.3% in the euro area1 (EA17) and by 0.4% in the EU271 during the second quarter of 2013, compared with the previous quarter, according to second estimates2 published by Eurostat, the statistical office of the European Union.
In the first quarter of 2013, growth rates were -0.2% and -0.1% respectively.
Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.5% in the euro area and
remained stable in the EU27 in the second quarter of 2013, after -1.0% and -0.7% respectively in the previous
quarter.
Europe ETP delistings continue amid trading slump
September 4, 2013--Providers of exchange-traded products delisted a host of products in Europe during August, as factors including the escalating conflict in Syria weighed on daily trading activity.
A total of 82 ETPs were delisted from European exchanges last month, according to consultancy ETFGI, taking the total number of delistings in Europe this year to 315.
Osram Licht AG, Evonik Industries AG and RTL Group to be included in MDAX
Deutsche Börse reviews index composition/Changes are effective on 23 September 2013
September 4, 2013--On Wednesday Deutsche Börse decided on changes in its selection indices which will become effective on 23 September 2013.
The following changes will be made to MDAX: The shares of Osram Licht AG, Evonik Industries AG and RTL Group will be included in the index. The shares of BayWa AG, Puma SE and SGL Carbon will be deleted from the index.
NYSE Euronext-New ETN Listing-FI Enhanced Europe 50 ETN
September 4, 2013--NYSE Euronext (NYSE:NYX) is pleased to announce that on Friday, September 06, 2013, the following ETN will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: FI Enhanced Europe 50 ETN
Short Name: CS FI Enh Europe 50 ETN
CUSIP: 22542D100
Maturity Date: 9/10/2018
Trading Symbol:FIEU
Trading volume at Boerse Stuttgart around EUR 6.5 billion in August
Increase in trading in securitised derivatives // investment fund units in high demand
September 3, 2013--Boerse Stuttgart generated turnover of around EUR 6.5 billion in August 2013, according to its order book statistics.
Trading volumes were slightly lower than in July. At more than EUR 3.1 billion, securitised derivatives accounted for the largest share of the turnover, up around 7 percent on the previous month. Turnover in investment products was up more than 8 percent to over EUR 1.9 billion. There was a particularly sharp increase in the trading volume of bonus certificates, which was up by more than 25 percent compared with July. Leverage products accounted for more than EUR 1.2 billion of the total August turnover.
Shadow Banking-Addressing New Sources of Risk in the Financial Sector- European Commission
September 3, 2013--Introduction
Since the financial crisis began in 2007/2008, the European Commission has undertaken the biggest reform of financial services ever seen in Europe. The aim is to restore sustainable
health and stability to this sector by addressing the shortcomings and weaknesses highlighted by the crisis.
The Commission's approach consists of tackling all financial risks, globally and comprehensively, and ensuring that the benefits achieved by strengthening certain actors and,markets are not diminished by financial risks moving to less highly regulated sectors. Such
regulatory arbitrage would greatly undermine the impact of the reforms.
The Commission has therefore published a Green Paper on shadow banking in March 20121, with a view to gathering input on how best to tackle risks stemming from credit intermediation that involves entities and activities outside the regular banking system.
Mark Walsh to join Credit Suisse EMEA leveraged finance & sponsors group
September 3, 2013--Mark Walsh will join Credit Suisse in November as a managing director in the EMEA leveraged finance and sponsors group, focusing on the corporate leveraged finance sector, according to sources.
He will report to Mathew Cestar and Didier Denat as co-heads of that group.
db x-trackers launches USD-hedged version of MSCI Japan Index UCITS ETF
September 3, 2013--A share class tracking the US dollar-hedged version of the db x-trackers MSCI Japan Index UCITS ETF is now available on the London Stock Exchange, helping to meet demand for hedged exposure to Japanese stocks.
The launch complements sterling and euro-hedged MSCI Japan exposures already available, which have been popular investments this year on the back of a rising Japanese stock market and weakening yen.
Study: TARGET2-Securities has potential to reduce capital shortfall under Basel III rules by EUR 33 bn
T2S has potential to offer European banks 11 percent in capital savings of the OECD's projected EUR 295 bn capital shortfall in the Eurozone/ Reduced custody risk and enhanced collateral mobility materialize as additional T2S benefits/ Capital efficiency provides another good reason to start early
September 3, 2013--TARGET2-Securities (T2S) could help banks address 11 percent, or EUR 33 bn,
of the EUR 295 bn capital shortfall in the Eurozone estimated by the Organisation of Economic Co-operation and Development (OECD) as required to meet Basel III capital adequacy requirements rules designed to make banks safer.
These capital savings would be via reduced liquidity consumption, according to a study undertaken by Clearstream and PricewaterhouseCoopers (PwC) that has now been released. Additional T2S benefits identified are reduced risk in the custody chain and enhanced collateral mobility to meet other new regulatory requirements designed to make the financial services sector more robust. These benefits would be on top of the efficiency gains and cost savings associated with lower settlement fees and harmonised post-trade processes already expected from the introduction of T2S.
