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ESMA publishes updated Q&As on the Prospectus Directive
October 28, 2013--The European Securities and Markets Authority (ESMA) has published an updated Questions and Answers on the Prospectus Directive (PD), revising a number of current market practices and addressing a number of new issues related to the implementation of the PD.
Revised Questions-applicable from 28 January 2014
The Q&A also includes revisions of two previous Questions, which deal with:
pro forma financial information; and
the level of disclosure concerning price information for share offerings.
As these revised questions set out changes to current market practices, ESMA has decided to provide a phase-in period of 3 months from the publication of this document for their application. This will provide market participants sufficient time to adjust to the new approaches.
view the Questions and Answers on the Prospectus Directive (PD)
Source: ESMA
UBS lists ETFs on five UK platforms after price cut
October 28, 2013--UBS Exchange Traded Funds has listed 14 ETFs on five UK platforms in a move to make its products more accessible to IFAs and retail investors, following a recent fee cut.
Last month, the group announced fee cuts across its ETF range, in some cases by as much as 25bps, to bring its prices in line with the competition.
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Source: Investment Week
Reorientation of Frankfurt Stock Exchange strengthens trading venue
Exchange strengthens trading venue
Quality guarantee for investors/ Certificates trading under Frankfurt Stock Exchange umbrella in future/ New corporate image
Octobe 28, 2013--
Deutsche Börse is improving trading on the Frankfurt Stock Exchange. It is reorienting the trading venue and will launch a new quality guarantee for trading from 1 November.
In addition, all structured products will be traded under the Frankfurt Stock Exchange brand.
From Friday, investors will receive a quality guarantee when executing German, European and US blue chips, as well as ETFs. This guarantee ensures that investors can buy or sell at a price equivalent to that on the respective reference market or better.
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Source: Deutsche Börse
Moscow Exchange to launch Transportation Index
October 28, 2013--Moscow Exchange plans to launch a transportation sector index on 11 November.
The key constituents are to be Aeroflot, Fesco, NCSP, Transcontainer, and UTair, which are already included in the exchange's Broad Market Index. As with other sector indices, the Transportation Index is to be rendered in RUB (code MICEXTRN) and USD (RTStn).
Retrospective values were calculated starting on 28 December 2007, at 2,500 for the RUB index and 250 for the USD index
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Source: Moscow Exchange
Moscow Exchange launches clearing of OTC derivatives with Central Counterparty
Moscow Exchange opened its new Standardised OTC Derivatives Market on 28 October.
October 28, 2013--The service allows banks and dealers to clear OTC interest rate, FX, and cross currency swaps through the NCC, which is a qualified central counterparty.
This will reduce participants" capital requirements and increase profitability due to more efficient liquidity management.
New instruments were introduced on 28 October: interest rate swaps on RUONIA, MOSPRIME, and LIBOR rates, USD/RUB cross-currency swaps, and USD/RUB FX swaps with maturities from intraday to five years. The exchange expects to offer clearing of OTC FX and Equity options next year.
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Source: Moscow Exchange
Prips: EU parliament 'betrays' retail investors
October 27, 2013--Plans to improve protection for retail investors in Europe have been left in tatters after compromise proposals were blocked by European lawmakers last week.
The European parliament will now re-examine proposed new rules for packaged retail investment products (Prips), which threatens further delay to the legislation. It is feared the rules are increasingly unlikely to be passed before elections to the European parliament in May 2014.
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Source: FT.com
ETF Securities introduces GBS, the world's first physically-backed gold ETP, to Belgium
October 26, 2013--On October 22, 2013, ETF Securities, one of the world's leading, independent providers of Exchange Traded Products (ETPs), has launched Gold Bullion Securities (GBS), the world's first physically-backed gold ETP on the Brussels market of NYSE Euronext.
The company has also passported a full range of broad, sector and single commodities, and currency investment solutions, further reinforcing its commitment to the Belgian market.
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Source: ETF Securities
KPMG: Investors waking up to Turkey's Islamic finance opportunities
October 25, 2013--As Turkey sets itself apart from other countries competing to become hubs for Islamic finance, with its strong record of economic growth and political stability as well as the presence of established Islamic banking and a Muslim-majority population, KPMG Europe, Middle East, and Africa Director Samer Hijazi said on Thursday that investors are waking up to Islamic finance opportunities in Turkey.
Speaking to Today's Zaman in Istanbul, Hijazi emphasized the fact that both international and Islamic banks have wanted to buy into the Turkish banking sector in the past couple of years, and he informed us that Saudis, Kuwaitis and Bahrainis all have investments in Turkey, and the Qataris have also invested in one of Turkey''s conventional banks. "You have HSBC here. Standard Chartered also bought a bank in Turkey, so I think immediate opportunities are present in the banking sector. "
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Source: Today's Zaman
UK GDP rises by 0.8 per cent: economy heading in the right direction
October 25, 2013--This third quarter figure builds on a 0.7% GDP rise in the previous quarter, and is the best quarterly performance since 2010.
Responding to the news at the European Council, Prime Minister David Cameron said: "The priority for my government is the economy: getting the economy moving, getting jobs created, getting businesses going, making sure Britain is a success and helping people to fulfil their aspirations. I think the GDP figures out today -they do show our economy has real momentum. They show that we are on a path to prosperity."
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Source: HM Treasury
UPDATE 1-Deutsche Boerse buys minority stake in London's GMEX
Deutsche Boerse buys stake in upstart exchange operator
GMEX helps established exchanges tweak strategies
GMEX seen shaking up interest rate swaps market
October 24, 2013--Deutsche Boerse has bought a minority stake in London-based Global Markets Exchange (GMEX), an upstart financial group seeking to launch new exchanges with a focus on derivatives.
Deutsche Boerse said it made a single digit million pound investment in GMEX, a start-up business which plans to launch low cost electronic exchanges in equities, debt, foreign exchange, derivatives and commodities.
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Source: Reuters
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