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A guide to the EC's proposed benchmark fines
June 18, 2013--The European Commission is proposing financial penalties for firms and individuals that rig the "critical benchmarks" shaping the global financial markets.
The severity of these fines will depend on a range of factors, including the scale of the infringement and the size of the company concerned.
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Source: Financial News
City wins concession on EU financial regulation
June 18, 2013--"UK agrees EU deal on City regulation," headlines the Financial Times in a front page story branding a financial regulation agreement, which was unofficially agreed last week, a "significant step forward."
The deal will regulate trades in London’s financial markets, and comes after more than two years of tough negotiations between banks, stock exchanges and governments in the UK, France and Germany. It will be formally approved by EU finance ministers on Friday.
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Source: Press Europ
Eurex Clearing's Lending CCP to extend covered markets and service scope
Commitment of major market participants/ As of now European equities from Belgium, France and Netherlands also included/ First CCP service to offer processing of voluntary corporate actions
June 18, 2013--Eurex Clearing, one of the world's leading clearing houses, announced that it has extended the product and service scope of its Lending CCP, Europe's first central counterparty (CCP) service for the bilateral securities lending market.
Since early June, equities from three additional European countries are accepted and an innovative solution for voluntary corporate actions has been introduced.
Blue chip equities from Belgium, France and the Netherlands are now eligible for the Lending CCP service that already covers equities from Germany and Switzerland and a wide range of international fixed income instruments and exchange-traded funds. A full range of voluntary corporate actions is now included in the service, based on bilateral agreements between lenders and borrowers.
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Source: Eurex
Markets in financial instruments: Council sets out its position
June 17, 2013--The Permanent Representatives Committee today agreed, on behalf of the Council, its
position on new rules on the provision of services for investments in financial instruments and on the operation of regulated financial markets.
The Council is expected to confirm the agreement, without discussion, at its meeting on 21 June. This will enable the presidency to negotiate with the European Parliament with
the aim of adopting the texts at first reading.
The "MIFID" proposals are aimed at promoting the integration, competitiveness, and efficiency of EU financial markets. They set out to amend and replace existing rules1 for markets in financial instruments by two new legislative instruments (11006/13 and 11007/13):
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Source: Council Of The European Union
ESMA clarifies boundary of CRA Regulation
June 17, 2013--The European Securities and Markets Authority (ESMA) has published its Guidelines and Recommendations on the Scope of the CRA Regulation.
The Guidelines clarify certain aspects of the scope of the Credit Rating Agencies (CRA) Regulation for registered CRAs, market participants operating on the perimeter of this sector and national securities markets regulators.
The Guidelines focus on a number of areas under the CRA Regulation, which ESMA believes require clarification following its experience of assessing applicants in the registration process and its enforcement of the perimeter under the EU supervisory regime. The areas include enforcement, rating activities, exemptions, branches of registered CRAs outside the EU, and disclosure recommendations.
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Source: ESMA
Vanguard sees Netherlands, Sweden as ripe for indexing gains
June 17, 2013--Vanguard says the Netherlands and Sweden offer "real opportunities" for the passive fund house to grow its business as the two countries move to outlaw commission payments.
The US firm, which established a UK presence in 2009 in preparation for the Retail Distribution Review, believes new national plans to ban retrocession payments could allow it to roll out its range of index funds on a wider scale.
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Source: FT.com
Eurex Exchange lists MSCI Emerging Markets index derivatives
20 new index contracts introduced on July 1, 2013
June 17, 2013--
The international derivatives market Eurex Exchange will introduce the second tranche of derivatives on global MSCI indices on July 1.
Futures and options based on the MSCI World, MSCI Europe, MSCI AC Asia Pacific ex-Japan and futures on the MSCI Frontier Markets have been available since March 11. Around 20,000 contracts have been traded in these products since market launch.
Effective July 1, futures and options will be offered based on the following regional indices: MSCI Emerging Markets, the leading index for this segment, and the regional sub-indices MSCI EM EMEA, MSCI EM Latin America and MSCI EM Asia. Futures are also being launched on 16 emerging market country indices. The planned expansion will increase the existing offering of equity index derivatives to around 100.
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Source: Eurex
ESMA plans guidelines on reporting exchange-traded derivatives
June 17, 2013--The European Securities and Markets Authority plans to soon issue guidance on trade reporting for exchange-traded derivatives.
"ESMA is aware of the technical issues on the reporting of exchange-traded derivatives," said Rodrigo Buenaventura, the regulator's head of markets. "We are currently working on providing more clarity to the industry by issuing guidance on how to report these instruments as soon as possible."
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Source: Smart Brief
Boost Research-Rising bond yields pose macro risks for Eurozone equities
June 17, 2013--Rising borrowing costs revive concerns over the state of overleveraged balance sheets in the Eurozone. The banking sector is driving the negative sentiment as higher interest rates may
hinder their ability to restructure.
As a result, bank stocks and industrial stocks reliant on bank funding appear vulnerable in this environment. Investors may consider a short leveraged position in Eurozone equities using the Boost EURO STOXX 50 3x Short Daily ETP (3EUS).
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Source: Boost
Source lists 4 products in GBP on the LSE
Source Broadens Product Range For Sterling Investors
June 17, 2013-- Source is pleased to announce that four more of its market-leading exchange traded products have been admitted to trading, in GBP, and are on the London Stock Exchange.
The new GBP listings include the accumulating and dividend distributing share classes of the recently launched Source Morningstar US Energy Infrastructure MLP UCITS ETF and two of Source’s largest US sector ETFs: Financials S&P US Select Sector Source ETF and Technology S&P Select Sector Source ETF. These listings bring the number of Source listings available in GBP to eleven.
"ETFs are now attracting a wider group of investors in the UK,” says Source CEO Ted Hood. “We are keen to offer access to key markets and interesting investment themes and opportunities in sterling, thereby avoiding the need to do a separate FX transaction.”
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Source: Source ETFs
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