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ESMA consults on Technical Advice to the Commission on procedural rules to impose fines on Trade Repositories
October 18, 2013--The European Securities and Markets Authority (ESMA) has launched a consultation on the Technical Advice it must provide to the European Commission on the procedural rules for imposing fines and periodic penalty payments on Trade Repositories.
The rules will be defined by the Commission via Delegated Act.
The consultation is open until 15 November and ESMA aims to deliver its advice by 31 December 2013.
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Source: ESMA
Four new iShares ETFs launched on Xetra
ETFs based on short-term corporate bonds
October 18, 2013--Four new bond index ETFs issued by iShares have been tradable in Deutsche Börse's XTF segment since Friday.
ETF name: iShares $ Short Duration Corporate Bond UCITS ETF
Asset class: bond index ETF
ISIN: DE000A1W4WC9
Total expense ratio: 0.20 percent
Distribution policy: distributing
Benchmark: Markit iBoxx USD Liquid Investment Grade 0-5 Index
The iShares $ Short Duration Corporate Bond UCITS ETF enables investors to participate in the performance of highly liquid, investment grade corporate bonds denominated in US dollars. The bonds contained in the index have a term of up to five years.
ETF name: iShares $ Short Duration High Yield Corporate Bond UCITS ETF
Asset class: equity index ETF
ISIN: DE000A1W4WD7
Total expense ratio: 0.45 percent
Distribution policy: distributing
Benchmark: Markit iBoxx USD Liquid High Yield 0-5 Capped Index
The iShares $ Short Duration High Yield Corporate Bond UCITS ETF enables investors to participate in the performance of high-yield corporate bonds denominated in US dollars.
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Source: Xetra
Two new db X-trackers bond index ETFs launched on Xetra
October 18, 2013--Two new db X-trackers from the ETF section of Deutsche Asset & Wealth Management have been tradable in the XTF segment on Xetra since Friday.
ETF name: db X-trackers II Australia SSA Bonds UCITS ETF
Asset class: bond index ETF
ISIN: LU0494592974
Total expense ratio: 0.25 percent
Distribution policy: nondistributing
Benchmark: DB Australia SSA Bonds Total Return Index
ETF name: db X-trackers EUR Liquid Corporate 12.5 UCITS ETF
Asset class: bond index ETF
ISIN: IE00B3Z66S39
Total expense ratio: 0.35 percent
Distribution policy: non-distributing
Benchmark: DB Euro Liquid Corporate 12.5 Index
The db X-trackers II Australia SSA Bonds UCITS ETF enables investors to participate in the performance of the Australian bond market for the first time. The reference index comprises government and quasi-government bonds denominated in Australian dollars with an issue volume of at least 100 million and a residual maturity of at least one year.
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Source: Xetra
BME expands the information on exchange-traded funds (ETFs)
It incorporates new content on its website, featuring a sectiondedicated to market data broken down by ETF category
October 17, 2013--BME has expanded the ETFs content on its corporate websites and has created a specific mini-site for this financial product.
On www.bmerv.es/etfs, all the relevant information on ETFs listed on the Spanish stock exchange is thus available through a single point of access.
The most outstanding feature is the statistical information section, which offers access to complete market analysis. To this end, such fields as daily trading rankings, aggregated and stock by stock data relating to monthly trading activity and assets under custody, and yearly market data series are provided.
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Source: BME
Finex launches regulated gold fund ETF
European first for cross-listed gold ETF
October 17, 2013--FinEx ETF has launched Europe's first fully-regulated gold exchange trade fund (ETF).
The FinEx Physically Held Gold ETF, which is backed by physically held Gold Bullion in vaults in London, tracks gold prices on the London Gold Fixing Price. Shares in the ETF will be available in both US dollars and rouble. It is listed on both the Irish Stock Exchange and Moscow Exchange, via a passporting mechanism.
Simon Luhr, managing partner and CEO, FinEx Capital Management, said: "Our Gold ETF is the first regulated Irish gold fund to list as an ETF. In Russia, cross listed investment products have to be fully regulated, so we have launched this product as an ETF rather than an exchange traded commodity (ETC) or note.
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Source: Global Investor
Russia's first gold ETF begins trading on Moscow Exchange
October 17, 2013--Shares in Russia's first ETF on physical gold began trading on Moscow Exchange on 17 October. The fund tracks the London Gold Fixing Price, which is set in USD every trading day. The fund's shares are denominated in USD, while trading on the Moscow Exchange will be in RUB.
The fund is the first regulated ETF on physical gold available in both the EU and Russia. The fund's assets are in the form of bullion stored at a facility in London.
Moscow Exchange CEO Alexander Afanasiev said, "We believe ETFs are a strong addition to the Russian market as they offer participants the opportunity to form diversified investment strategies without investing into a large number of securities or commodities. The first exchange-traded fund listed in Moscow, a Russian corporate Eurobond ETF, began trading this spring, offering interesting diversification opportunities to market participants. Today we present the second ETF to be traded in Russia, a gold ETF...
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Source: Moscow Exchange
STOXX and Eurex Repo extend GC Pooling Index family to cover the entire money market yield curve
October 16, 2013--STOXX Limited, a leading provider of innovative, tradable and global index concepts, and Eurex Repo, the leading provider for international financing in the secured money market business, today announced the expansion of the STOXX GC Pooling Index family by 14 new indices to cover the full money market yield curve up to twelve months.
Also, an additional funding rate has been introduced that measures secured interbank funding rates and volumes in the euro zone at the short end of the money market curve. The STOXX GC Pooling Indices provide a representation of the secured euro funding transactions taking place on the Eurex Repo GC Pooling Market, and are designed to provide transparent, rules-based alternatives to unsecured interbank benchmarks such as LIBOR and EURIBOR/EONIA.
Furthermore, the STOXX GC Pooling EUR Deposit and STOXX GC Pooling EUR Investable Deposit indices are being launched today. The new indices measure the total return of a hypothetical rolling deposit with an interest rate corresponding to the STOXX GC Pooling EUR Funding Rate. These indices are specifically designed to underlie exchange-traded products.
"As we are still seeing a growing demand for transparent, rule-based and reliable benchmarks for the interbank market from market participants and regulators globally, we are happy to introduce the second wave of our STOXX GC Pooling Indices," said Hartmut Graf, chief executive officer STOXX Limited. "With the addition of the 14 new indices to the family, we now cover the full money market yield curve, and offer market participants a wide variety of yield terms to choose from."
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Source: Eurex
Statistics: Forecasts for the UK economy: October 2013
October 16, 2013--This edition of the comparison contains 19 new forecasts, all of which were received between October 1st and October 9th 2013.
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Source: HM Treasury
London to get Rmb80bn RQFII quota, but doubts remain
October 16, 2013--Beijing pledges offshore RQFII quota for London, but the city's shallow RMB pool coupled with its trade deficit with China could hinder its prospects of becoming a thriving offshore hub.
China regulators are to make Rmb80 billion ($13.1 billion) in renminbi qualified foreign institutional (RQFII) quota available to financial institutions in London, it emerged yesterday. No timeline was given...
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Source: Asian Investor
IMF Working paper-Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain?
October 16, 2013--Summary: The IMF's Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path.
The results suggest that structural reforms in core countries could quite reasonably be expected to offset the near term negative impact on activity arising from the required fiscal consolidation that uses a plausible mix of instruments to achieve the permanent improvement in the deficit. However, for the periphery, where the required consolidation is roughly twice as large as that required in the core, the results suggest that it would take several years before structural reforms could return the level of output back to its pre-consolidation path.
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