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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
DB-Synthetic Equity & Index Strategy-Europe-ETF Research-European Weekly ETF Market Review
May 28, 2013--The most recent issue of the European Weekly ETF Market Review is now available. The report includes key statistics on the European ETF market as well as global ETF market highlights.
request report
Source: Deutsche Bank - Synthetic Equity & Index Strategy - Europe
Boost Research-Are equities overvalued?
May 28, 2013--Are equities overvalued?
The components of the equity risk premium are within their historic trading ranges, suggesting that equities are currently not overvalued
Relative to low government and corporate bond yields, equity markets may continue to look undervalued
Investors anticipating the rally in equities to continue may consider buying Boost leveraged equity ETPs
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Source: Boost ETP
ESMA-Questions and Answers-Prospectuses (19th updated version) May 2013
May 27, 2013--The purpose of this document is to promote common supervisory approaches and practices in the application of the PD and its implementing measures.
It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the PD.
The content of this document is aimed at competent authorities under the PD to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, these responses are also meant to provide market participants with an indication of what constitutes proper implementation of the PD rules. The answers are intended to help issuers of securi-ties by providing clarity as to the content of the PD requirements without necessarily imposing an ex-tra layer of requirements.
view the Questions and Answers Prospectuses 19th updated version-May 2013
Source: ESMA
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