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ESMA clarifies reporting requirements for alternative fund managers
October 1, 2013--The European Securities and Markets Authority (ESMA) has published final guidelines on the reporting obligations for alternative investment fund managers (AIFMs). ESMA's Guidelines, which relate to the Alternative Investment Fund Managers Directive (AIFMD), will require AIFMs-which includes hedge funds, private equity and real estate funds-to regularly report certain information to national supervisors.
The Guidelines clarify provisions of the AIFMD on required information, which will help to have a more comprehensive and consistent oversight of AIFMs' activities. ESMA has also published an Opinion that proposes introducing additional periodic reporting including such information as Value-at-Risk of AIFs or the number of transactions carried out using high frequency algorithmic trading techniques.
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Source: ESMA
Russia Economic Update -September 2013
October 1, 2013--The Russian Federation's growth outlook for 2013 is positive, but remains below the strong growth outturn of 2012, after having lost steam through this year.
Following a 3.4-percent GDP growth in 2012, the World Bank revised its 2013 growth projection for the country down to 1.8 percent. The World Bank's projection for Russia's growth in 2014 remains moderately positive at 3.1 percent, but with downside risks.
In Russia, economic growth slowed significantly during the first half of 2013:
The slowdown was a result of weaker demand-a result of a combination of external and domestic factors, some of which are cyclical and others structural.
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Source: World Bank
Turnover at Deutsche Borse's cash markets at 96.9 billion euros in September
October 1, 2013--Order book turnover on Xetra, the Frankfurt Stock Exchange and Tradegate stood at €96.9 billion in September (September 2012: €98.9 billion). Of the €96.9 billion, €88.8 billion were attributable to Xetra (September 2012: €91.1 billion). €4.2 billion were attributable to the Frankfurt Stock Exchange (September 2012: €4.7 billion).
Order book turnover on Tradegate Exchange* totalled approximately €4.0 billion in September (September 2012: €3.1 billion).
In equities, turnover reached €85.7 billion on Deutsche Börse’s cash markets (Xetra: €79.9 billion, Frankfurt Stock Exchange: €2.1 billion, Tradegate Exchange: €3.7 billion). Turnover in bonds was €1.0 billion, and in structured products €1.2 billion. Order book turnover in ETFs/ETCs/ETNs amounted to €8.9 billion.
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Source: Deutsche Börse
New LSEG derivatives market launches with FTSE Super Liquid index futures
London Stock Exchange Derivatives Market goes live
New product, FTSE UK Large Cap Super Liquid index futures tradable from 7 October
UK, IOB and Norwegian derivatives now trading on a Regulated Market of an RIE
September 30, 2013--London Stock Exchange plc has today completed its acquisition of Turquoise Derivatives, the derivatives business of Turquoise Global Holdings Limited ("Turquoise").
The platform has been renamed London Stock Exchange Derivatives Market.
The market now operates as part of a Regulated Market of a Recognised Investment Exchange (RIE), allowing customers to improve the efficiency of their clearing and margin arrangements in light of the requirements under the European Market Infrastructure Regulation (EMIR).
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Source: London Stock Exchange
UK funds under management up 6.5% to record 5.4 (pounds) trillion
September 30, 2013--TheCityUK's Fund Management report, released today, shows that the UK's fund management sector was responsible for a record £5.4 trillion of funds at the end of 2012, some 30% above the pre-crisis peak.
Over a third of these funds, or around £2 trillion, came from overseas clients, a higher proportion than most other countries. The 2012 figures indicate that the sector has experienced its 4th consecutive year of growth, showing an increase of 6.5% on the previous year. Furthermore, TheCityUK's report estimates that assets increased nearly 5% in the first three quarters of 2013, with the full year increase forecast to reach 7%.
view TheCityUK Fund Management 2013 report
Source: TheCityUK
Source ETF offers private equity trend exposure
September 30, 2013--Source, a leading European ETP provider, is pleased to announce the launch of an innovative ETF which aims to deliver similar returns to a broad investment in private equity buyout funds, through exposure to listed, public-market instruments.
The Source Nomura Modelled PERI UCITS ETF has a lower minimum investment than traditional private equity funds and can be bought and sold on exchange, throughout the trading day.
The ETF tracks the performance of the Nomura QES Modelled Private Equity Returns Index (Net) ("PERI"). PERI targets returns similar to the global buyout fund universe, on a committed capital basis, using a combination of equity sector indices and cash in major currencies. To determine its weekly sector and currency exposures, PERI uses a proprietary model developed by Quantitative Equity Strategies, LLC, a specialist in liquid alternative investments, which utilises fund data and deal intelligence from leading private equity provider Preqin Ltd.
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Source: Source
Boost-BoE's QE exit ahead of Fed boosts sterling, but pressures FTSE 100
September 30, 2013--Summary
Further strengthening of the pound is likely with the BoE looking ready to exit QE sooner than the Fed. High inflation and broad-based growth in the UK should trigger BoE to act soon.
UK equities are increasingly reacting negatively to a rallying pound. The dissipating crisis mode of markets is pressuring exporters to overcome the pound's revaluation fears.
Investors who share this view may consider the following short positions on the FTSE 100>>
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Source: Boost Research
Turkey: Concluding Statement of the IMF Mission for the 2013 Article IV Consultation
September 30, 2013--In 2012, Turkey achieved a welcome reduction of imbalances while maintaining positive growth. In 2013, growth is accelerating and rotating back to domestic demand. With imbalances still high and the global financial environment less forgiving, reducing these vulnerabilities should be the overarching focus of short-and medium-term policies.
In the short run, monetary policy needs to be tightened further to meet the authorities' inflation target and provide an adequate nominal anchor. Fiscal policy should also be tightened to increase the structural primary surplus in 2014. In the medium term, the main challenges for Turkey remain raising domestic savings and pressing ahead with structural reforms. Both would serve to increase the long-term growth potential of the economy, while maintaining a sustainable external position.
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Source: IMF
IMF Country report-Italy: Selected Issues
September 27, 2013--Summary:Italian Productivity, Innovation, and Competitiveness
In Italy, as in many countries, price-based competitiveness measures have not always been an accurate guide to subsequent trade developments.
This chapter offers a more comprehensive assessment of Italian export competitiveness, focusing in particular on the evolution of Italy's export market share.
Judicial System Reform-A Key to Growth The inefficient Italian judicial system has contributed to a difficult business environment and lower investment. Improving the efficiency of the judicial system will require strengthening the mediation system, enhancing court management and accountability, and reforming the appeal system.
Reforming Capital Taxation in Italy This chapter reviews capital taxation issues based on a comprehensive definition encompassing taxes on income, transactions, and ownership. It discusses options to enhance the neutrality of the capital income tax system, followed by a detailed analysis of the property tax, the inheritance tax, and various transaction taxes. The chapter also examines whether substituting a single net wealth tax for the set of existing taxes could be beneficial in the medium-term.
view the IMF Country report-Italy: Selected Issues
Source: IMF
HSBC broadens ETF access across European markets
September 27, 2013--HSBC has launched a new Far East ex Japan ETF and announced the expansion of its range of ETFs available in Germany via Deutsche Börse.
The HSBC MSCI AC Far East Ex Japan Ucits ETF is domiciled in Ireland and listed on both the London Stock Exchange and Deutsche Börse. The fund replicates the performance of the MSCI AC Far East Ex Japan Index, a market cap weighted index that tracks the performance of large and mid cap companies across both emerging and developed Asia.
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Source: Investment Europe
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