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EMIR standards could push European firms to U.S, experts warn
May 21, 2013--Central-counterparty standards under the European Market Infrastructure Regulation could create regulatory arbitrage and prompt some European commodity traders to move their business to the U.S., market participants say.
"This is not an arcane discussion -- this is about actual access to markets," said Mike Davis of ICE Futures Europe. "There are serious differences when you compare margining requirements, with the U.S. on a one-day scenario, while Europe is stuck on two."
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Source: SmartBrief
Euro area investment fund statistics
May 21, 2013--In March 2013, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €327 billion higher than one quarter earlier in December 2012.
This increase was due almost equally to increases in share/unit prices and to net issues of shares/units.
The amount outstanding of shares/units issued by euro area investment funds other than money market funds increased to €6,888 billion in March 2013, from €6,561 billion in December 2012. Over the same period, the amount outstanding of shares/units issued by euro area money market funds decreased to €908 billion from €911 billion.
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Source: ECB
Moscow Exchange Starts Trading The First Ever Russian Mortgage Certificates
May 21, 2013--Today the Moscow Exchange welcomes mortgage-backed participation certificates* "ISU-1" managed by GFT CAPITAL Asset Management Company on its quotation list A1 intended for top securities.
The securities represent a new instrument on the Russian financial market. On May 22, 2013 they will start to be traded on the Moscow Exchange's Securities market.
The mortgage participation certificates "ISU-1" are the first securities of such type ever registered in Russia and admitted to on-exchange trading. They are popular among different types of investors, from insurance companies to non-government pension funds, as they provide regular income generated by payments made by bank borrowers under mortgage contracts.
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Source: Moscow Exchange
Single banking supervision system on right track but one step remains
May 21, 2013--MEPs on Tuesday broadly welcomed the package of rules setting up a single EU bank supervisor but also pointed out that important steps had yet to be taken to ensure the supervisor's accountability before the deal could be fully ratified by the house.
Whilst acknowledging that the system may not be perfect, many members stressed that it was a step towards truly addressing the causes of the crisis.
The key concerns for MEPs were to ensure that the system is properly accountable and to attract non-Eurozone countries to join it.
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Source: European Parliament
IMF Switzerland: Selected Issues Paper
May 21, 2013--NEGATIVE POLICY INTEREST RATES: SHOULD THE SNB CONSIDER THEM?1
1. With policy rates reaching historical lows in many countries and shrinking interest rate
differentials, the challenge of managing capital inflows and alleviating the resulting pressures
on the exchange rate has rendered negative interest rates a policy option worthy of discussion.
In the case of Switzerland, the SNB could charge negative interest rates on bank reserves, or on bank reserves above the minimum requirement. This policy would be aimed at lowering wholesale market interest rates, thus di
scouraging capital inflows and relieving pressureson the exchange rate. There are very few past episodes of using the negative interest rate to stem capital inflows.2
A recent example is Denmark, which introduced a negative policy interest rate in the summer of 2012.
view the IMF Switzerland: Selected Issues Paper
Source: IMF
The Autorite des Marches Financiers publishes a guide for investment management companies on the
May 21, 2013--With the aim of helping investment management companies fulfil their obligations under the European regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR), the AMF has published a guide explaining the implications of this new framework.
A key element in the drive to enhance financial stability and security, the EMIR European regulation
applies to users of derivatives. Investment management companies are therefore subject to new requirements, including a central clearing obligation (i.e. by means of an authorised clearing house) for their transactions in sufficiently-standardised and liquid over-the-counter derivatives. For those over-the counter derivatives that are not cleared centrally, other techniques designed to reduce operational and
counterparty risk must be implemented. Lastly, the regulation introduces a requirement to report transactions for all derivatives.
view the Les impacts du règlement EMIR en
matière de gestion d'actifs
Source: Autorite des Marches Financiers (AMF)
Bats Chi-X Europe plots ETF clean-up
May 20, 2013--Bats Chi-X Europe, the largest pan-European trading platform, is looking to shake up the region's exchange-traded fund market with a new model for secondary trading.
Mark Hemsley, chief executive of Bats Chi-X Europe, said the platform – which has helped to revolutionise European equities trading and clearing since its launch in 2008 – is exploring ways of cleaning up what he described as the “mess” in the ETF secondary market.
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Source: Financial News
Borsa Italiana Launches Single Stock Dividend Futures On IDEM
May 20, 2013--Borsa Italiana launches single stock dividend futures on IDEM
New product listed today on IDEM, the derivatives market of Borsa Italiana
Competitive pricing
Liquidity guaranteed by three Primary Market Makers
IDEM, the equity derivatives market of Borsa Italiana, has today broadened its offering, launching new futures on the dividends of single European blue-chip stocks.
The new product has been launched in response to investors demand for trading the expected dividends of 23 major listed European issuers.
Nicolas Bertrand, Head of Equity and Derivatives Markets at London Stock Exchange Group, said:
"The 'Pan-European Single Stock Dividend Future' is an innovative product launched on the IDEM market that allows intermediaries and investors to hedge their dividend risk on the main issuers across Europe.
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Source: Borsa Italiana
Boost Research-A golden short for the long run
May 20, 2013--Summary
Gold's fundamentals deteriorate: benign inflation, stock market rallies, resilient dollar and macro-stability undermine its price
High real price of gold is off by ~30% from 2011 peak. The directional downturn from the
1980 peak may suggest the bear market for gold has much further to go
Investors seeking to hedge against a fall in the gold price may consider a short leveraged gold position using the Boost Gold 3x Short Daily ETP (3GOS)
The bull case for gold may be fading fast: momentum rallies have been lacking fundamental support and have been short-lived. The macro backdrop, in a nutshell: a recovering US, a restructuring Europe and a rebalancing China as China moves away from exports to consumption. Disinflation, not inflation, is underpinning the trend in consumer prices, undermining the case for gold.
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Source: Boost ETP Research
Source launches US energy infrastructure ETF
May 20, 2013--Source, a leading European ETP provider, is delighted to announce the launch of the Source Morningstar US Energy Infrastructure MLP UCITS ETF, which seeks to track the Morningstar(R) MLP Composite IndexSM (TR).
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.
The US energy landscape is undergoing a profound structural shift. Domestic energy production has seen extraordinary growth since 2005, as technological advances have allowed the extraction of oil and natural gas from previously inaccessible reserves.
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Source: Source
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