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2013 Article IV Consultation with the Euro Area Concluding Statement of IMF Mission
July 8, 2013--Policy actions over the past year have addressed important tail risks and stabilized financial markets. But growth remains weak and unemployment is at a record high.
Concerted policy actions to restore financial sector health and complete the banking union are essential to reverse financial fragmentation along national borders and support the recovery. While these efforts proceed, continued demand support in the near term and deeper structural reforms throughout the euro area remain instrumental to raise growth and create jobs.
1. Important actions at both the national and euro-wide levels have tackled the immediate threats to the single currency evident at this time last year. The ECB’s Outright Monetary Transactions framework helped address severe market distortions and improve the efficiency of monetary policy. The completion of the ESM firewall, the extension of official loan maturities to program countries, the improvement in the policy coordination framework, and the agreements on Greece and Cyprus have also been instrumental in combating the crisis. And national governments have made progress in restoring the health of public finances and implementing structural reforms. Together, these actions have helped tackle dangerous tail risks for EMU and led to positive spillovers outside the euro area.
July 8, 2013--Asset management professionals are split on whether commission payments from product providers to distributors should be banned across Europe.
According to a poll conducted at the FundForum conference in Monaco last month, 49 per cent of 173 respondents believe commissions should not be outlawed. However, 41 per cent agree with banning rebates.
db X-trackers closes record number of ETPs
July 5, 2013--db X-trackers, the exchange-traded product arm of Deutsche Bank, is closing 36 exchange-traded products, citing a lack of demand as gold and commodity funds are hit by outflows.
The ETP issuer said today it is closing and de-listing 18 exchange-traded funds and 18 exchange-traded commodity products across Europe, after they generated “sustainably low levels of interest”, according to Manooj Mistry, Deutsche Asset & Wealth Management head of ETPs for Europe, the Middle East and Africa.
Llinas charts path for Lyxor ETFs
July 5, 2013--Lyxor's new global head of exchange-traded funds and indexing says the second half of the year will bring new products and more London listings.
In his first six months as global chief, Arnaud Llinas told Financial News he has worked to analyse the structure and efficiency of the firm’s products, improve their liquidity and expand the business’s penetration in the UK and Nordics. Now, he is turning his attention to new products.
First active ETF from Commerz Funds Solutions launched on Xetra
ETF tracks FERI RS Europa Strategie
July 5, 2013--The first active ETF issued by Commerz Funds Solutions S.A., a Commerzbank Group asset management company, has been tradable in Deutsche Börse's XTF segment since Friday.
Name: Europe SectorTrend UCITS ETF
Asset class: Equities
ISIN: LU0861095221
Total expense ratio: 0.90 percent
Distribution policy: non-distributing
Benchmark: FERI RS Europa Strategie
Deutsche Asset & Wealth Management reviews ETP product line-up to meet investor demand in 2013 and beyond
July 5, 2013--Deutsche Asset & Wealth Management has undertaken a review of its exchange-traded fund (ETF) and exchange-traded commodity (ETC) product line-up with a view to bringing it in line with current and future investor demand.
This will involve the de-listing
and closure of certain ETFs and ETCs that have demonstrated sustained small levels of demand, while focusing on key areas of growth.
"The exchange-traded products market in Europe has reached a point of development where it makes sense for us to review our overall product line-up to bring it in line with current and expected future demand, placing us in a strong position to optimally serve users of our ETFs and ETCs," said Manooj Mistry, head of exchange-traded products, EMEA, at Deutsche Asset & Wealth Management. “We have therefore undertaken a process of review to identify which areas we should focus on developing and which products are generating sustainably low levels of interest."
Rabobank ties up with BlackRock for passive funds launch
The Dutch bank is shifting assets formerly actively managed by its Robeco team into passive strategies designed by BlackRock.
July 4, 2013--Rabobank has joined up with BlackRock to launch its first passive funds in a move that will see €1.5 billion of its previously actively managed assets become index-tracking funds.
The five new funds, designed by BlackRock, will be come under the product label of BlackRock Mix Fondsen and will take the €1.5 billion of funds that previously were allocated in active strategies through its former subsidiary Robeco.
Eurex Launches New Derivatives Based on MSCI Emerging Markets Indices
July 4, 2013--MSCI Inc. (NYSE: MSCI), a leading provider of investment decision support tools worldwide, has announced that Eurex Exchange, one of the world's largest derivatives exchanges, has licensed a range of MSCI Emerging Markets regional and country indices as the basis for a number of derivative products which were launched 1 July.
These latest Eurex futures and options are based on the MSCI Emerging Markets Index and the regional sub-indices, the MSCI EM Latin America Index, the MSCI EM EMEA Index and the MSCI EM Asia Index. Futures contracts have also been launched based on 16 MSCI Emerging Markets country indices, bringing the number of MSCI index-linked derivatives from Eurex to around 30 globally.
ESMA publishes research on the sale of complex products to retail financial consumers
July 3, 2013--The European Securities and Markets Authority (ESMA) has published a research report on Retailisation in the EU, which examines the growth in the sale of complex financial products to retail financial consumers in the European Union (EU).
view the ESMA Economic Report-Retailisation in the EU
Financial Transaction Tax: wide scope and attention to pension funds and SMEs
July 3, 2013-- Parliament kept up the pressure on Wednesday for a comprehensive financial transaction tax in 11 EU countries with a wide scope and rates of 0.1% for trades in stocks and bonds and 0.01% for those in derivatives.
Lower rates should apply until 1 January 2017 for trades in sovereign bonds and pension fund industry trades. Finally, a new legal ownership principle was inserted to make tax avoidance more costly.
Anni Podimata (S&D, EL), Parliament's lead MEP on the matter welcomed Parliament' s tenacity. "Parliament has stayed true. We have taken a consistent line. We strongly believe that such a tax is the way the sector can contribute to emerging from the crisis and returns to its proper job of serving the real economy", she said. The resolution was passed by 522 votes to 141, with 42 abstentions.
