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Luxembourg regulator acts to salvage reputation
June 2, 2013--The good name of Luxembourg's financial regulator took a hit last week.
The European Securities and Markets Authority, the financial supervisory authority that monitors regulatory standards across Europe, revealed at the end of last month
that it is investigating allegations against Luxembourg's Commission de Surveillance du Secteur Financier. The charges are that the CSSF failed to appropriately deal with a bond fund that violated its investment rules.
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Source: FT.com
New ETF reporting regime to allay transparency fears and boost demand
May 31, 2013--Stock exchanges across Europe are set to implement a new trade reporting regime for exchange traded funds (ETFs) ahead of forthcoming regulation, in a move that will improve the transparency and significantly boost market growth.
Major European stock exchanges, including Germany’s Deutsche Börse, are planning to offer reporting of ETFs that are traded over-the-counter (OTC) for the first time, to show a more accurate picture of the volumes traded in any one ETF.
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Source: CityWire
IMF Sweden-2013 Article IV Consultation: Concluding Statement of the Mission
May 31, 2013--Sweden's economy performed well through the crisis. but growth has moderated recently...
1. Growth has slowed in a difficult external environment. Recovering quickly from the Great Recession, Sweden led much of the rest of Europe in 2010-11, and its current account remains in strong surplus. But the economy decelerated in 2012 together with its main trading partners.
Uncertainty about euro area developments contributes to weak investment. Housing credit continues to expand, despite the still high rate of unemployment. Headline inflation has recently turned negative and is well below the Riksbank’s target much due to the direct result of the Riksbank’s interest rate cuts. Core inflation as measured by the CPIF is somewhat higher, but still below target. This reflects the strengthening of the krona possibly exacerbated by safe-haven flows, as well as the opening of a small output gap. In real effective terms, the krona is still mildly below, but close to, its medium-term fundamentals.
2. The outlook is for gradual improvement. At about 1.1 percent, growth will remain modest this year. But it should gather speed by 2014, reaching 2.3 percent for the year, with exports and private expenditure picking up as the uncertainty associated with the euro area crisis slowly recedes. Unemployment is expected to decline only gradually, reflecting the lingering impact of the 2009 crisis and the time required for recent reforms to translate into employment gains.
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Source: IMF
May 2013: Economic sentiment picks up in both the euro area and the EU
May 30, 2013--In May the Economic Sentiment Indicator (ESI) picked up again. The indicator's recovery starting in autumn last year had been interrupted by flat developments in March and deteriorations in April.
May brought increases of 0.8 points in the euro area (to 89.4) and 1.1 points in the EU (to 90.8).
The Directorate General for Economic and Financial Affairs (DG ECFIN) conducts regular harmonised surveys for different sectors of the economies in the European Union (EU) and in the applicant countries.
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Source: European Commission
Boost ETP launches advisor toolkit for Short & Leveraged investing
May 30, 2013--Generic educational materials for use by advisors investing in Short & Leveraged ETPs
S&L ETPs growing in popularity, as global AUM grows 10% YTD, to $49 Bn
May 30, 2013--BOOST ETP, the award winning, independent exchange-traded product (ETP) provider, has announced the launch of its "Short & Leveraged ETF/ETP Advisor Tool Kit".
The Tool Kit has been designed to provide simple and easy to understand educational materials for anyone considering an investment in a short or leveraged ETF or ETP.
The toolkit comes in response to a number of concerns by global regulators regarding the use of leverage by investors. In Europe, ESMA and the EBA are concerned that during the current period of low investment returns, inexperienced retail investors across the EU are being tempted to invest in complex financial products (such as CFDs and Spread bets), which they may not fully understand and which can end up costing them money they cannot afford to lose.
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Source: Boost ETP
Europe plans major scaling back of financial trading tax
May 30, 2013--European countries plan to scale back a proposed financial transactions tax drastically, initially imposing a tiny charge on share deals only and taking much longer than originally intended to achieve a full roll-out.
While yet to be formally proposed, the sweeping revisions would mark a victory for banks and trading organizations which have lobbied furiously against a scheme aimed at making them contribute to the costs of the financial crisis. But the move also reflects big practical problems in collecting the revenue...
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Source: Todays Zaman
ECB-Financial Stability Review May 2013
May 29, 2013--Stress in the euro area financial sector has fallen from previous peaks. Several indicators suggest that euro area systemic stress is at its lowest point in two years. ECB policies have been a key factor underpinning this decline in stress. To consolidate this recent progress, further fundamental adjustment must continue at the national level alongside ongoing initiatives at the EU level to strengthen the institutional framework of Monetary Union.
Financial stability conditions in the euro area remain fragile. Several vulnerabilities in the interaction between sovereigns, banks and the macroeconomy persist. Further concrete action by the public and private sector is needed to durably sever negative feedback loops between distressed sovereigns, increasingly diverging economic growth prospects at the country level and concerns about the financial soundness of banks. A roadmap has been drawn up for completing Economic and Monetary Union (EMU). Its completion, including notably the part related to the banking union, is essential.
The analysis in this Review highlights four key risks to euro area financial stability:
1. A further decline in bank profitability, linked to credit losses and a weak macroeconomic environment. Continued and prompt progress in proactively tackling bank balance sheet problems is needed.
2.Renewed tensions in sovereign debt markets due to low growth and slow reform implementation. Progress in adjusting public finance vulnerabilities should not unravel. Beyond this, continued momentum is needed towards completing a genuine EMU, notably including a full banking union and a strengthening of fiscal frameworks.
view the Financial Stability Review May 2013
Source: ECB
LSE Halves Fees for ETF Market Makers
May 29, 2013--The London Stock Exchange Group (LSE.LN) is cutting fees for its registered market makers in exchange-traded funds by 50%, in a bid to better serve specialist ETF dealers and guard against increasing competition for liquidity.
The changes, effective from June 3, mean fees will be cut from 20 basis points to 10bps per order executed by registered LSE ETF market makers, according to the LSE's latest price list.
The exchange has also created a new fee structure for all other trading in ETFs by separating the products from its equity trading price list for the first time.
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Source: Wall Street Journal
Ucits quarterly sales data hits seven year high
Latest industry figures indicate record-breaking demand for funds over the start of 2013 as 10 countries attract more than €1bn of inflows.
May 29, 2013--European Ucits funds hit the highest quarterly sales figures since the first quarter of 2006, according to the latest industry data compiled by the European Fund and Asset Management Association (EFAMA).
The figures, which represent sales trends across Europe in the quarter up to March 2013, indicated a total of €130 billion of inflows into Ucits funds. This compares to €78 billion in sales for the fourth quarter of 2012.
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SOurce: City Wire
STOXX Changes Composition Of Benchmark Indices -Results of the Second Regular Quarterly Review to be Effective on June 24, 2013
May 28, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, today announced the new composition of the STOXX Benchmark and their sub-and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index.
Effective as of the open of European markets on June 24, 2013, the following stocks will be added to and deleted from the STOXX Europe 600 Index and its respective size and sector indices:
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Source: STOXX
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