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Addressing Remuneration Requirements for the EU Fund Management Industry
July 24, 2013--Increasing regulation of remuneration is being introduced across the European Union, including the possibility of limits on the amounts of bonuses that may be paid by certain firms.
Recent European Union ("EU") legislation, including the Capital Requirements Directive and Regulation (together, "CRD IV"), proposed amendments to the EU Directive for Undertakings in Collective Investment in Transferable Securities ("UCITS") and provisions in the EU's Alternative Investment Fund Managers Directive ("AIFMD") all impose remuneration requirements on applicable institutions. The implications are significant and wide-ranging, and we summarise these below, together with some of the practical implications for alternative investment fund managers ("AIFMs") of alternative investment funds ("AIFs") and for UCITS management companies
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Source: K&L Gates
Rewiring Europe's ETP Industry
July 23, 2013--European exchange-traded products are being delisted at a record rate as the region battles with fragmented liquidity and high running costs.
During the first half of this year, 231 ETPs were delisted from European exchanges compared with 189 for the whole of 2012, according to data from consultancy ETFGI.
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Source: Wall Street Journal
DAX ex Financials 30 Index licensed for the first time to Deka Investment
July 22, 2013--Deutsche Börse today announced that the DAX ex Financials 30 Index has been licensed to Deka Investment to underlie an exchange-traded fund (ETF). The Deka DAX ex Financials 30 UCITS ETF is tradable on Xetra as of today.
ETF name: Deka DAX ex Financials 30 UCITS ETF
Asset class: equity index ETF
ISIN: DE000ETFL433
Total expense ratio: 0.30 percent
Distribution policy: distributing
Benchmark: DAX ex Financials 30 price index
The DAX ex Financials 30 Index is geared toward institutional investors who want to access the performance of a fixed number of leading German companies without exposure to the financials industry. The index reflects the 30 largest and most actively traded companies in the Prime Standard Segment of the FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange). Excluded are companies in the supersector FIRE, which comprises the sectors Banks, Financial Services and Insurance, according to the Deutsche Börse classification scheme.
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Source :Deutsche Börse
Platform disparity grows as AJ Bell adds 70 ETFs and trusts
Earlier this year Cofunds, FundsNetwork and Skandia all said that they have no plans to add investment trusts.
July 22, 2013--AJ Bell has announced it has added 70 exchange traded funds and investment trusts to its Sippcentre platform.
AJ Bell’s Regular Investment Service, available on the platform, now offers access to more than 6,500 funds as well as FTSE 350 shares, ETFs and investment trusts, the firm said in a statement.
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Source: FTAdviser.com
NYSE Euronext announces new ETF on European markets-EasyETF
July 22, 2013--NYSE Euronext is pleased to announce that EasyETF has listed one new ETF on NYSE Euronext Paris on 23 July, 2013
ETF Symbol: EEA
Listing date: 23/07/2013
ETF Trading name: EASYETF EPRA EURO
Underlying index: FTSE EPRA Eurozone
TER:0.45%
NYSE Euronext now has 673 listings of 584 ETFs listed on its European markets.
Source: NYSE Euronext
Eurex launches options on French government bond futures
July 22, 2013--With effect from 10 September, the international derivatives market Eurex Exchange will launch options on futures that are based on notional long-term bonds issued by the French Republic ("Obligations Assimilables du Tresor"-OAT) with a notional coupon of 6 percent and a remaining maturity of 8.5 to 10.5 years.
The minimum price change (tick size) is measured in points and, as with the Bund options, equals 0.01, corresponding to a tick value of 10 euros. Trading hours are from 8 a.m. to 5.15 p.m. CET.
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Source: Eurex
Hargreaves rules out taking marketing fees from fund groups
July 19, 2013--Hargreaves Lansdown has ruled out the prospect of taking marketing fees from fund groups or allowing advertising on its website, saying it wants to offer a 'transparent' fee structure when new regulations are implemented next year.
In its final rules for platforms, published earlier this year and due to come in to force on 1 January 2014, the Financial Conduct Authority left open the possibility for fund groups to make marketing payments to platforms and pay platforms to run adverts.
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Source: Investment Week
London Stock Exchange: well rounded
July 18, 2013-- Investing in a stock exchange is just a geared play on markets, right? That has certainly been the case for London Stock Exchange of late.
Its shares have exaggerated moves in the FTSE 100 in four of the past five years. That has also been the case in 2013 - the FTSE is up 9 per cent, LSE is up 41 per cent. First quarter numbers released on Thursday show why. LSE has done very nicely out of investors' renewed enthusiasm for IPOs, while there was also a decent jump in income from secondary market trading.
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Source: Euro2day.gr
ECB further reviews its risk control framework allowing for a new treatment of asset-backed securities
July 18, 2013--The Governing Council of the European Central Bank (ECB) decided to further strengthen its risk control framework. To maintain adequate risk protection, the ECB regularly adjusts its collateral eligibility rules and haircuts applied when accepting collateral in Eurosystem monetary policy operations.
In addition, some measures aim to improve the overall consistency of the framework. At the same time, the list of collateral accepted under the permanent Eurosystem collateral framework will be expanded. These measures taken together have an overall neutral effect on the amount of collateral available.
In the biennial review of its risk control framework applied in Eurosystem monetary policy operations, the Governing Council decided in particular to:
Update the haircuts for marketable instruments;
Adjust the risk control measures for retained covered bonds to take into account the additional risk which results from the use of such securities by the issuer itself and to ensure a level playing field between securities with comparable risks;
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Source: ECB
State Street making ETF inroads in Europe
July 18, 2013--State Street Global Advisors is gaining traction in the European exchange traded fund market as experts say its product strategy is starting to pay off.
The US ETF provider, which re-established its ETF business in Europe four years ago, racked up strong sales in the first half of this year.
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Source: FT.com
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