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ESMA Risk Dashboard
June 10, 2013--The overall level of systemic risk in EU securities markets decreased throughout 4Q12, as conditions in equity and bond markets improved.
Since mid-December, systemic risk has remained stable. Notwithstanding monetary policy support, the underlying sources of market uncertainty remain in place. Market clustering and fragmentation, funding risk, the low interest rate environment and obstacles to orderly market functioning remained important sources of uncertainty for EU financial stability. The recent restructuring of one national banking sector underlined the continued prevalence of the sovereign debt and banking crisis as a source of risk. On this basis, our outlook on liquidity, market and contagion risks remains unchanged.
view the ESMA ESMA Risk Dashboard-No. 2, 2013
Source: ESMA
U.K. Fights EU Short-Sale Powers After Bank Bonus Defeat
June 10, 2013--The U.K., defeated in a campaign to derail European Union curbs on banker bonuses, goes to the bloc's top court tomorrow in a bid to overturn the powers of an EU agency to ban short selling.
Britain will argue at the Luxembourg-based EU Court of Justice that the European Securities and Markets Authority’s decision-making ability comes at the expense of national supervisors, in the latest skirmish against the EU’s growing powers over financial services
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Source: Bloomberg
ESMA publishes report on Prospectus Directive liability regimes in the EU
June 10, 2013--The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus Directive.
This is the first report of its kind and provides a comparison of liability regimes covering the EEA -comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place.
The report contains an overview of the different arrangements and frameworks in place in EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place.
view the Report
Comparison of liability regimes in Member States in relation to the Prospectus Directive
Source: ESMA
MLP ETF raises US$45MM, passported to Europe
MARKET UPDATE-Source's US energy infrastructure ETF raises US$45MM and is now available to European retail investors
June 10, 2013--Source, a leading European ETP provider, announces the successful passporting of the Source Morningstar US Energy Infrastructure MLP UCITS ETF, which seeks to track the Morningstar(R) MLP Composite IndexSM (TR) into a number of financial markets in Europe.
The ETF provides exposure to US energy infrastructure via Master Limited Partnerships (“MLPs”) and is the first in Europe to offer diversified exposure to this compelling segment of the US energy market.
Following widespread interest since launch in early May, the ETF now has US$45m in total assets. In addition to the United Kingdom, Ireland and Italy (institutional investors only), the ETF is now approved for sale to retail investors in the following jurisdictions: Austria, Finland, France, Germany, Norway, Sweden.
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Source: Source ETFs
NLX shows buds of growth
June 7, 2013--In its first week of operation, new European listed derivatives trading venue Nasdaq OMX NLX has shown an initial steady growth in trading volumes.
Since launching last Friday, the venue has facilitated the execution of 56,056 lots, with the highest daily figure occurring on Wednesday when trading volumes reached 16,379 lots, according to NLX's own figures.
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Source: The Trade
Markets calm, yet remain vulnerable to political tension
June 7, 2013--Turkish Prime Minister Recep Tayyip Erdoğan could have helped to cushion a sharp decline in markets on his return to İstanbul early Friday as investors held their breath waiting for a reassuring message amidst heated anti-government protests, but he didn't.
Nevertheless, Turkish markets and lira enjoyed a slight but critical recovery on Friday from significant losses through the entire week. Analysts believe Friday's recovery in markets translates into increased resilience in Turkish markets; however, the threat is not far away in the face of a turbulent political atmosphere.Market analysts describe the developments over the past week as “unique and new” to Turkey, underlining foreign investors will spend the next week trying to grasp what is really happening inside the country. Around 65 percent of shares on Bourse İstanbul (BIST) are traded by foreign investors.
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Source: Todays Zaman
STOXX-Component Changes made to Select Dividend Indices
Changes are due to fast exit rule
June 7, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced component changes in the STOXX Global Select Dividend 100 Index due to the fast exit rule.
Component changes will become effective with the open of markets on June 24th, 2013.
STOXX Global Select Dividend 100 Index In the Asia/Pacific portion of the STOXX Global Select Dividend 100 Index, the following changes will take place:
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Source: STOXX
The European ETF Market: Review Q1-2013- Recent Trends & Challenges Ahead -from Lipper
June 7, 2013--The European ETF industry appears to be in good shape, according to the latest Lipper analysis.
Highlights follow below:
Assets under management (AuM) grew by 38.89 billion Euros, 14.37%, over the twelve month period (31.03.2012-31.03.2013) up to 309.48 billion Euros and by 4.36% or 12.92 billion Euros during Q1 2013.
The number of ETFs (across all share classes) increased by 22 to 1782. Even with the broad variety of funds available for investors in Europe, the European ETF market is highly concentrated in terms of assets under management; only 54 of the 1782 ETFs hold assets above 1 billion Euros.
As expected the majority of these funds are equity funds (32), followed by bond funds (11), commodity funds (8 gold, 1 silver), as well as money market funds (1) and real estate linked equity funds (1).
The largest ETF in Europe is the iShares DAX, which holds 4.45% of the overall AuM.
The top 10 ETFs by assets under management account for 24.47% of the overall AuM, while the 54 ETFs with more than one billion Euros in assets under management account for 51.70% of the overall AuM.
“The number of new ETFs in Q1 2013 is rather small compared with launch activity over the last five years. But as the number of fund launches has decreased since Q3-2012, the launch pattern for European ETFs might have changed in general. One reason could be reflected in the high number of asset classes already covered by ETFs, leaving only a few untapped opportunities on the ETF landscape which have yet to be covered."
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Source: Lipper
Borsa Italiana: ETF Stat May 2013
June 7, 2013--The ETF Stat Report May 2013 of the Borsa Italiana is now available.
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Source: Borsa Italiana
ESMA publishes updated Q&A on EMIR Implementation
June 6, 2013--Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR") entered into force on 16 August 2012.
Most of the obligations under EMIR needed to be specified further via regulatory technical standards and they will take effect following the entry into force of the technical standards. On 19 December 2012 the European Commission adopted without modifications the regulatory technical stand-ards developed by ESMA. These technical standards were published in the Official Journal on 23 Feb-ruary 2013 and enter into force on 15 March 2013.
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Source: ESMA
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