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September 3, 2013--The European Securities and Market Authority (ESMA) has published its advice to the European Commission on the equivalence of the regulatory regimes for OTC derivatives clearing, central counterparties (CCPs), and trade repositories (TR) of non-EU countries with the European Markets Infrastructure Regulation (EMIR).
ESMA has assessed the equivalence of the regulatory regimes of Australia (Ref. 2013/1159), Hong Kong (Ref. 2013/1160), Japan (Ref. 2013/1158), Singapore (Ref. 2013/1161), Switzerland (Ref. 2013/1162) and the US (Ref. 2013/1157). The third-country rules were compared with EMIR requirements for central clearing, reporting, CCPs, TRs and non-financial counterparties as well as risk mitigation techniques for uncleared trades.
Europe's emerging economies back on track
September 3, 2013--Central and eastern European countries have escaped most of the turmoil that has recently lashed emerging economies as they have been shielded by the recovery in the neighbouring eurozone.
"A number of equity markets in Emerging Europe--Poland's in particular--have proved relatively resilient during the recent emerging market sell-off," Capital Economics said in its August report.
"We think they may continue to outperform equities in other emerging market regions, even when prices begin to recover again."
Former Lyxor UK head joins Deutsche Bank
September 2, 2013--Lyxor's former head of institutional exchange-traded fund sales for the UK and Ireland, Netherlands and Nordics is joining Deutsche Bank, Financial News has learnt.
The move comes just months after another former Lyxor senior executive joined the German bank.
Claus Hein will start at Deutsche Bank tomorrow in a new role as head of synthetic distribution for the UK, according to the bank.
Societe Generale details new management structure
September 2, 2013-- France's third-largest listed bank by assets Societe Generale Monday said its restructuring plan announced in February in a bid to cut costs and boost revenue is now operating.
MAIN FACTS:
The bank's new organization now comprises three divisions: the French Retail Banking division, a new international retail banking, financial services and insurance division and a new corporate & investment banking, private banking, asset management and securities services division.
Turnover at Deutsche Boerse's cash markets at 84.6 billion euros in August
September 2, 2013--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €84.6 billion in August (August 2012:€86.6 billion).
Of the €84.6 billion, €76.8 billion were attributable to Xetra (August 2012: €79.4 billion). €4.0 billion were attributable to the Frankfurt Stock Exchange (August 2012: €4.4 billion). Order book turnover on Tradegate Exchange* totalled approximately €3.7 billion in August (August 2012: €2.7 billion).
In equities, turnover reached €74.0 billion on Deutsche Börse's cash markets (Xetra: €68.6 billion, Frankfurt Stock Exchange: €2.0 billion, Tradegate Exchange: €3.4 billion). Turnover in bonds was €0.9 billion, and in structured products €1.2 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €8.3 billion.
Allianz fund arm cuts 150 staff in strategic overhaul
September 1, 2013--Allianz Global Investors has reduced its staff by 150 after launching a strategic overhaul to streamline its business and win new assets. The reduction brings headcount to 1,650 employees.
The German fund house said it had decided to outsource a greater number of IT, middle and back-office roles. In some cases non-investment focused staff have relocated in Allianz Group, a spokesperson for the company said.
JPMorgan axes nine more funds in Europe
August 30, 2013--JPMorgan Asset Management cut another nine of its funds in Europe today, taking its toll for the year to 25.
The US manager also plans to axe a further eight as yet unnamed funds within the next two months.
Shareholders in the nine funds were informed of the closures this morning.
Eurostat-Flash estimate-August 2013-Euro area annual inflation down to 1.3%
August 30, 2013--Euro area1 annual inflation2 is expected to be 1.3% in August 2013, down from 1.6% in July3, according to a flash estimate4 from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (3.3%, compared with 3.5% in July), followed by services (1.5%, compared with 1.4% in July), non-energy industrial goods (0.3%, compared with 0.4% in July), and energy (-0.4%, compared with 1.6% in July).
State Street research reveals appetite for UK securities
August 29, 2013--New research from SPDR ETFs, the exchange traded funds platform of State Street Global Advisors, reveals over two thirds (69.7%) of IFAs have a positive outlook on the UK economy, and just 2.4% have a negative view.
Out of the 166 independent financial advisors polled, 40% are planning to increase their clients' exposure to UK securities over the next six months, compared to only 2.5% who intend to reduce it.
In recent weeks, there has been positive news on the UK economy including growth in GDP, increasing business and consumer confidence and improving employment figures," says Eleanor Hope-Bell, head of UK SPDR ETFs. "Given this, plus the fact that investors are feeling increasingly positive towards UK PLC, we are not surprised we have seen inflows into our UK focused ETFs."
UCITS suffered sharp outflows in June
August 29, 2013--The European Fund and Asset Management Association (EFAMA) has today published its latest Investment Fund Industry Fact Sheet*, which provides investment sales and asset data for June 2013.
26 associations representing more than 99.6 percent of total UCITS and non-UCITS assets at the end of June 2013 provided us with net sales and/or net assets data.
The main developments in June 2013 in the reporting countries can be summarised as follows:
Net sales of UCITS reversed in June to record net outflows of EUR 65 billion, compared to net inflows of EUR 34 billion in May. June witnessed the largest net outflows from UCITS since October 2008 on account of large net outflows from fixed income funds.
Long-term UCITS (UCITS excluding money market funds) registered net outflows of EUR 25 billion, against net inflows of EUR 39 billion in May.
Net sales of bond funds experienced a turnaround in net sales to register net outflows of EUR 18 billion in June.
Net sales of equity funds recorded increased net outflows of EUR 9 billion, up from EUR 1 billion in May.
Net sales of balanced funds broke even in June, down from net inflows of EUR 13 billion in May.
view the EFAMA Investment Fund Industry Fact Sheet(1)
June 2013 Data
