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MiFID II and FTT face post-summer push
July 17, 2013--Ahead of their summer exit from Brussels, European policymakers have set themselves a timetable for finalising the European financial transaction tax (FTT) and market reform rules under MiFID II, starting in September.
A final text for new market rules under MiFID II will be sought by Christmas as the European Parliament and Council of the European Union negotiate technical and political details of the regulatory regime.
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Source: The Trade
ESMA consults on non-EU counterparties OTC derivatives
July 17, 2013--The European Securities and Markets Authority (ESMA) has launched a consultation on draft regulatory technical standards (RTS) aimed at implementing the provisions of the European Markets Infrastructure Regulation (EMIR) related to OTC derivative transactions by non-European Union (EU) counterparties in certain cases, and aimed at preventing attempts by non-EU counterparties to evade EMIR's provisions.
The Consultation Paper clarifies the conditions where EMIR's provisions regarding central clearing or risk mitigation techniques would apply to OTC derivatives by two non-EU counterparties which have a direct, substantial and foreseeable effect in the EU. The proposed RTS would only apply when two counterparties to the same transaction are established outside the EU, their jurisdictions’ rules are not considered equivalent to EMIR, and where one of the following conditions are met:
one of the two non-EU counterparties is guaranteed by an EU financial counterparty for at least €8bn of the gross notional amount of OTC derivatives entered into and for an amount of at least 5% of the OTC derivatives exposures of the EU financial counterparty; or
the two non-EU counterparties execute their transactions via their EU branches.
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Source: ESMA
ABN AMRO Clearing Bank, BATS Chi-X Europe, DTCC and NASDAQ OMX Sign Landmark Agreement to Create New CCP, EuroCCP N.V.
July 17, 2013--The owners of EMCF-ABN AMRO Clearing Bank and NASDAQ-along with BATS Chi-X Europe, are signatories to the agreement.
EMCF and EuroCCP share the same vision about the development of European cash equities clearing and, through initiatives such as pan-European clearing and four-way interoperability, have fostered competition in the market. As such the two firms are a good strategic fit.
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Source: EuroCCP
Forecasts for the UK economy: July 2013
July 17, 2013--HM Treasury Forecasts for the UK economy: a comparison of independent forecasts is now available.
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Source: HM Treasury
London ETF trading surges
July 16, 2013--Dealing volumes for exchange traded funds and products on the London Stock Exchange surged in the first half of the year, illustrating the growing importance of ETP trading to the role of the LSE.
The total value of ETP (funds and products) trading reported to the LSE jumped 37.2 per cent to £90.1bn in the first six months of 2013, compared with the same period last year.
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Source: FT.com
SIX Swiss Exchange-ETF Quarterly Statistics-2nd quarter 2013
July 16, 2013--Development of the ETF segment of SIX Swiss Exchange in the 2nd quarter of 2013
In the second quarter of 2013, SIX Swiss Exchange posted an ETF trading turnover of CHF 27.2 billion. With
CHF 11.5 billion, ETFs based on equities from developed regions made up approx. 43% of total turnover.
Commodities and precious metals contributed almost 30% of the total turnover for the ETF segment with
CHF 8.1 billion.
In the second quarter of 2013, the selection increased by another 23 ETFs. As at the end of Q2, the ETF segment of SIX Swiss Exchange contained 919 products which represents a new peak. At the end of June, ETFs from 19 providers were being traded, with 22 official market makers providing liquidity.
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Source: SIX Swiss Exchange
Lyxor introduces ETF efficiency index
Ranks many of its own products at top of market
July 16, 2013--Lyxor Research has developed an ETF Efficiency Indicator to compare and evaluate ETF construction and performance, with several of Lyxor's own products being ranked highly as a result.
The framework shows that investors can experience a range of outcomes for similar ETFs tracking the same index. The Lyxor ETF Efficiency Indicator takes into account performance relative to the benchmark, tracking error volatility and liquidity spread, to produce a "probability-based, easy-to-understand assessment of the likelihood of future performance against the benchmark index".
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Source: Global Investor Magazine
Boost launches inaugural short and leveraged Japanese ETFs
July 16, 2013--Specialist exchange-traded product (ETP) provider Boost has unveiled short and leveraged Japanese ETPs on the London Stock Exchange.
The Boost Topix 1x Short Daily and Boost Topix 2x Leveraged Daily ETPs allow investors to benefit from any drop in Japanese shares, or gain two times the return of the market if it rises.
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Source: CityWire
IMF-Ireland: Fiscal Transparency Assessment
July 16, 2013--EXECUTIVE SUMMARY
For decades Ireland maintained the traditional system of government budgeting and accounting it inherited from the UK at independence in 1922.
Until the 1990s, fiscal reports confined themselves to budgetary central government (the Exchequer), covered only cash transactions and debt, and did not follow an internationally recognized classification system. Ireland’s budget documentation focused exclusively on the year ahead, excluded
own-source revenues of departments, and provided little information about the outputs or outcomes to be delivered with public resources. Fiscal forecasts provided point estimates with little discussion of alternative scenarios or fiscal risks.
Following a series of substantial, if somewhat piecemeal, improvements, Ireland is now approaching best practice in fiscal reporting and forecasting and meets the basic requirements for fiscal risk disclosure under the IMF’s Fiscal Transparency Code (Table 0.2). Since the early 1990s, European integration and the recent financial crisis have been catalysts for significant improvements in fiscal transparency in Ireland. The Maastricht Treaty reporting requirements obliged the government to begin producing fiscal statistics that cover the general government, capture some accrual flows, and are classified according to the European System of Accounts 1995 (ESA95).
view the IMF report-Ireland: Fiscal Transparency Assessment
Source: IMF
IMF-Spain: Financial Sector Reform-Third Progress Report
July 15, 2013--Spain is undertaking a major program of financial sector reform with support
from the European Stability Mechanism (ESM). On June 25, 2012, Spain requested financial assistance from the European Financial Stability Facility (EFSF) to support the ongoing
restructuring and recapitalization of its financial sector.
The reform program aims to better capitalize Spain’s banking system and reduce uncertainty regarding the strength of its balance sheets, with a view toward improving its access to funding markets; this in
turn should help ease domestic credit conditions and thereby support economic
recovery; the capitalization drive also aims to protect taxpayers by requiring weak banks to undertake private capital-raising efforts now before undercapitalization problems
expand; and
reform the frameworks for financial sector regulation, supervision, and resolution to enhance the sector's resilience and avoid a re-accumulation of risks in the future.
view the Spain: Financial Sector Reform—Third Progress Report
Source: IMF
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