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December 2013: Economic Sentiment rises further in both the euro area and the EU
January 9, 2014--In December the Economic Sentiment Indicator (ESI) increased by 1.6 points in the euro area (to 100.0) and 1.4 points in the EU (to 103.5). Sentiment in the euro area is thus back to its long-term average for the first time since July 2011. In the EU, the average had already been passed in September.
Euro area developments
In the euro area, the marked improvement resulted from rising confidence among consumers, as well as managers in services, retail trade, construction and, to a lesser extent, industry. Economic sentiment improved in three of the five largest economies, namely Spain (+4.0), Italy (+2.3) and the Netherlands (+1.5), while remaining virtually unchanged in Germany and France (both +0.3).
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Source: EUROPA
First China A-shares ETF launched in Europe
Deutsche Bank ETF on CSI300 to list next week
January 9, 2014--ETF provider Source has launched a physically backed exchange-traded fund to track China's A-shares market in Europe, giving many investors direct access to the country's blue-chip stocks for the first time.
China is gradually opening its financial markets to international capital and has given quota-driven access to mainland markets to a number of asset managers, including Hong Kong-based CSOP Asset Management, partner to Source on the ETF.
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Source: Reuters
UBS Licenses 27 MSCI Indices for New Series of ETFs
January 8, 2014--MSCI Inc. (NYSE:MSCI), a leading provider of investment decision support tools worldwide, announced today that UBS Global Asset Management (UBS) has licensed 27 MSCI Hedged Indices for a new series of ETFs launched today.
Thomas Merz, Head of UBS ETF Europe, commented, "By basing our physically replicated ETFs on a range of MSCI Hedged Indices, we are able to offer our clients a way to reduce currency risk and optimize portfolio returns in a transparent and cost-efficient way."
"We are very pleased to license our indices to UBS for the launch of this new series of currency hedged ETFs," said Deborah Yang, Managing Director and Head of the MSCI Index Business in EMEA and India.
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Source: MSCI
Europe strengthens its carbon market for a competitive low-carbon economy
January 8, 2014--The European Commission welcomes today's vote by EU governments gathered in the Climate Change Committee to postpone the sale of 900 million carbon allowances in the 3rd phase of the EU's Emissions Trading System (EU ETS) which runs up to 2020. This marks a key step in restoring the short term balance in the European carbon market and sets the stage for the proposal of a further structural measure shortly.
Welcoming the vote, Climate Action Commissioner Connie Hedegaard said: '"Back-loading is now a reality, and the Commission hopes that the first allowances can be back-loaded very soon. But while back-loading will help stabilise the carbon market in the coming years, we must also tackle the more structural challenges. The Commission will address these when it proposes the 2030 climate and energy framework later this month."
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Source: EUROPA
Bundesbank warns over 'highly speculative' Bitcoin
January 7, 2014--The Bundesbank has become the latest big central bank to warn about the risks of Bitcoin, amid rising concerns from regulatory authorities around the world as the virtual currency grows in popularity.
Carl-Ludwig Thiele, a board member of Germany's central bank, told the newspaper Handelsblatt that Bitcoins were "highly speculative" due to their high volatility and the way they were constructed.
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Source: FT.com
Tradeweb Exchange-Traded Funds Quarterly Update-Q4 2013
January 7, 2013-- The following data is derived from trading activity on the Tradeweb European-listed ETF platform from 1 October to 31 December 2013.
Volume by ETF asset class
Activity in equity-based ETFs on Tradeweb continued to move upwards in the last quarter of 2013, increasing by 8 percentage basis points in comparison with third quarter figures. Conversely, fixed income and commodity-based ETFs saw a decrease in volume by 5 and 3 percentage points respectively.
The previous quarter's strong buying trend endured for equities and fixed income. It was a different story for commodities, however, as "buys" in the asset class dropped by 3 percentage points to just 1 per cent.
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Source: TradeWeb
Capita Asset Services and Clearstream make cross-border transactions more secure and efficient for Exchange Traded Funds
Issuance of ETFs to be made easier by Capita Asset Services and Clearstream / New process enables intraday settlement/Reduced risk for cross-border transactions
January 7, 2014--Capita Asset Services and Clearstream - the post-trade services provider of Deutsche Börse Group-have joined forces to establish a more streamlined, efficient and more secure issuance process for Exchange Traded Funds (ETFs) on the German market. The partnership allows Capita, as registrar and asset managing services business, to open an issuance account with Clearstream and directly mark balances up or down in Clearstream's books, as required.
This will go hand in hand with improved reconciliation procedures applied between the German central securities depository (CSD) Clearstream Banking AG, and Capita, as fund registrar, to enable more secure and efficient cross-border transactions.
The new, more streamlined issuance model, set to go live in Q1 2014, will contribute to meeting market demand for more efficient issuance for ETFs in Europe. According to data from the World Federation of Exchanges, compared to USD 8.17 trillion in the Americas, the volume of ETF trades in Europe was lower at around USD 532.4 billion from January to the end of September 2013. Participants often cite the more fragmented exchange and settlement landscape in Europe as one of the reasons for the much lower global share of the market compared to the US.
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Source: Clearstream
ESMA issues final draft standards on acquisitions and increases in holdings in investment firms under MiFID
January 7, 2014--The European Securities and Markets Authority (ESMA) has issued final draft technical standards on the Markets in Financial Instruments Directive (MiFID) regarding acquisitions and increases in holdings in investment firms. MiFID requires Member States to publish information which allows to carry out the assessment of an acquirer of an investment firm.
This information must be provided by the acquirer at the time of the initial notification. This information is aimed at ensuring that national competent authorities are provided with adequate and proportionate information in order to assess the acquisition.
MiFID requires ESMA to issue regulatory technical standards (RTS) to establish an exhaustive list of information and implementing technical standards (ITS) to determine standard forms, templates and procedures for the cooperation and exchange of information between the relevant competent authorities.
Deutsche, Harvest to launch Europe's first physical China A-shares.
January 7, 2014--Deutsche Asset & Wealth Management (DeAWM) and Harvest Global Investments are set to launch Europe's first direct, physical replication ETF tracking China's CSI300 'A-shares' Index.
The db x-trackers Harvest CSI300 Index UCITS ETF (DR) is available for investment from today and will list on the London Stock Exchange and the Deutsche Börse on January 16. It is the first UCITS-compliant direct replication China A-shares fund on the CSI300, and the first of its kind to be given such approval by a European regulator.
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Source: theasset.com
UK Official holdings of international reserves, December 2013
January 6, 2014--In summary, this month's release shows that in December 2013: No intervention operations were undertaken.
Movements in reserves and levels of reserves were as follows:
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Source: HM Treasury
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