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OFT clears BlackRock/Credit Suisse ETF merger
June 14, 2013--The Office of Fair Trading has given the green light for BlackRock's acquisition of Credit Suisse's exchange traded funds (ETF) business.
The move comes after the trade body said in May it needed more time to look into the deal, to assess the potential effects the merger would have on the market and to determine how the combined entity would affect competition, product choice and pricing.
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Source: CityWire
Lyxor appears shaken after chairman departure
June 14, 2013--The future of Lyxor, the €
75bn French asset manager owned by Société Générale, appears uncertain following the departure this week of its long-serving chairman, the fourth senior executive to leave within the past six months.
After a decade as Lyxor’s chairman, Alain Dubois is leaving to join MSCI, amid rumours of disagreements over strategy with Inés de Dinechin, the chief executive who replaced Laurent Seyer in March 2012.
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Source: FT.com
EU states in deal on market rules-EU official
Final rules to be negotiated with lawmakers
Rules introduce limits on commodities positions
New breed of derivatives platforms to be created
Rules allow EU to catch up with United States
June 13, 2013--European Union states struck a deal on Thursday to overhaul the bloc's stock, bond, derivatives and commodities markets, an EU official said, ending a near two-year deadlock.
Ambassadors from the 27 member states meeting in Brussels agreed to update rules known as MiFID to catch up with trading technology and plug supervisory gaps highlighted by the financial crisis four years ago.
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Source: Reuters
EU11 Growth Drops in 2012 and Remains Slow in 2013 Amid Weak External Confidence
June 13, 2013--The economic growth of the EU11[1] region fell in 2012 and will remain slow in 2013 due to the continued recession in the Euro area and subsiding domestic demand, says the World Bank's latest EU11 Regular Economic Report.
“The recession in the Euro area and weak domestic demand dampened EU11 economic performance in 2012. Overall, the EU11 year-on-year growth rate dropped from 3.1 percent in 2011 to 0.8 percent in 2012,” said Gallina Vincelette, Senior Economist in the World Bank’s Europe and Central Asia region and lead author of the report. “However, the EU11 region is still growing faster than the EU15[2], whose economic activity contracted 0.4 percent last year.”
view the World Bank EU11 Regular Economic Report
Source: World Bank
EU27 Foreign Direct Investment-Over 60% of investments from the rest of the world into the EU27 came from the USA in 2012
June 13, 2013--Foreign Direct Investment1 (FDI) from the EU272 to the rest of the world reached 171 billion euro in 2012, while investment from the rest of the world into the EU27 was 159 bn in 2012.
Investment from the euro area (EA17)2 to the rest of the world amounted to 238 bn while investment from the rest of the world into the euro area was 193 bn.
In 2012, the main destinations of EU27 investments were the Offshore financial centres3 (18 bn euro), Canada and India (both 16 bn), the USA (15 bn), China and Hong Kong (both 10 bn) and Russia (9 bn). Disinvestments were recorded with Switzerland (-3 bn) and Japan (-2 bn).
The main investor into the EU27 was by far the USA (99 bn), followed by Canada (19 bn), Japan (8 bn), Russia and Hong Kong (both 7 bn). Disinvestments were registered with Switzerland (-6 bn), India (-3 bn) and Brazil (-1 bn).
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Source: Eurostat
Stop talking and act on financial services reform, MEPs tell member states
June 12, 2013--MEPs on Wednesday took aim at member states and, to a lesser degree, the Commission, for holding up financial services reforms.
A number of MEPs said EU countries were unable to translate their words into deeds and many stressed that the lack of progress was undermining confidence in the EU.
A resolution clearly identifying the legislation which is blocked in Council or delayed by the Commission will be voted on Thursday.
Opening the debate, Sharon Bowles (ALDE, UK), chair of the economic and monetary affairs committee, accused the Council of "eating up all the time" available until the European elections by always trying to reach consensus among member states..
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Source: European Parliament
Lyxor Asset Management presents its new governance
June 12, 2013--Lyxor Asset Management's ("Lyxor") Supervisory Board announces the appointment of Inès de
Dinechin as Chairman of the Managing Board effective 10 June 2013.
This appointment follows current Chairman Alain Dubois's decision to leave Lyxor in the near future, in
order to pursue another professional challenge abroad.
Other than this appointment, Lyxor's governance and its operational model are not expected to change. In particular, all Lyxor funds’ investment decisions and processes will remain the responsibility of the CIOs, Nicolas Gaussel and Lionel Erdely, whom are still reporting directly to Inès de Dinechin.
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Source: Lyxor
Euro area securities issues statistics
June 12, 2013--The annual rate of change of the outstanding amount of debt securities issued by euro area residents was -0.3% in April 2013, compared with -0.2% in March.
For the outstanding amount of quoted shares issued by euro area residents, the annual growth rate was 0.3% in April 2013, compared with 0.5% in March.
New issuance of debt securities by euro area residents totalled EUR 835 billion in April 2013.
Redemptions stood at EUR 880 billion and net redemptions amounted to EUR 23 billion.1 The annual rate of change of outstanding debt securities issued by euro area residents was -0.3% in April 2013, compared with -0.2% in March.
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Source: ECB
Nasdaq OMX Introduces New Indexes For Icelandic Bond Market
June 11, 2013--NASDAQ OMX (NASDAQ:NDAQ) today introduces six new indexes in the Icelandic bond market. The indexes are based on Icelandic nominal and inflation-linked benchmark bonds that are listed and traded on NASDAQ OMX Iceland.
The new indexes will provide insight and transparency into the price development of benchmark bonds which are the most liquid Icelandic government guaranteed bonds.
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Source: NASDAQ OMX
ESMA clarifies pay rules applicable to investment firms
June 11, 2013--The European Securities and Markets Authority (ESMA) has published Guidelines on remuneration policies and practices which apply to relevant staff of investment firms, credit institutions and fund management companies when providing investment services, and to national securities regulators enforcing those rules.
The Guidelines strengthen investor protection by improving the implementation of the conflicts of interest and conduct of business provisions set out in the Markets in Financial Instruments Directive (MiFID) in the area of remuneration. Improving remuneration arrangements will help to create the right incentives and to prevent mis-selling.
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Source: ESMA
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