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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
Fight for exchange-traded fund market share intensifies
May 27, 2013--Competition to list exchange-traded funds among European exchanges has heightened in recent months after US issuers entered the market and alternative exchange platforms have sought to grow their ETF footprint.
According to several issuers, last week’s news that Bats Chi-X Europe is looking to create a pan-European ETF exchange, directing investors to the most liquid listings, will intensify the fight.
Deutsche Börse, the London Stock Exchange Group, including its Milan-based Borsa Italiana, Six Swiss Exchange and NYSE Euronext are the dominant exchange players in the European ETF market.
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Source: Financial News
UK fund managers under pressure to reveal hidden fees
May 26, 2013--UK fund managers are facing mounting pressure to end a culture of hidden fees and provide investors with a total cost figure.
Organisations including the True and Fair Campaign, a non-profit that has the backing of fund house SCM, and the UK-based Investment Management Association are calling on asset managers to be more open about the total costs consumers face.
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Source: FT.com
Eurozone sees bank union progress by June
May 24, 2013--Key obstacles to a banking union, seen as a keystone in locking down the debt crisis, should be resolved within the next few weeks, the official in charge of the day-to-day operation of the eurozone told AFP in an exclusive interview.
Thomas Wieser, who heads the working group of the 17-nation eurozone led by Dutch Finance Minister Jeroen Dijsselbloem, said the next group meeting in Luxembourg on June 20 should see the remaining problems settled.
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Source: EUbusiness
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