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BNY Mellon begins trading in Europe
April 22, 2013--BNY Mellon has begun trading fixed income and equities in Europe as the world's largest custody bank attempts to break out its investment services business from its traditional US heartland.
The US-based group said on Monday it had started offering dealing services for institutional clients in Europe, the Middle East and Africa. The division, known as BNY Mellon Capital Markets Emea, will be headed in London by Ian Gass and regulated by the Financial Conduct Authority.
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Source: FT.com
Euro area investment fund statistics
April 22, 2013--In February 2013, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €115 billion higher than in January 2013.
This increase was due both 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 €6,737 billion in February 2013, from €6,622 billion in January 2013. Over the same period, the amount outstanding of shares
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Source: ECB
Russia set for first ETF
April 22, 2013--The first Russia-listed exchange-traded fund is set to go live this month on the Moscow Exchange, marking the latest in a number of steps taken by the bourse to develop its offering for both domestic and foreign investors.
FinEx ETF, a new ETF provider and subsidiary of FinEx Capital Management, will list its Russia corporate bonds ETF on the Moscow Exchange in the next two weeks. The fund is based on the Barclays Emerging Markets Tradable Russian Corporate Bond Index, which focuses on shorter maturity liquid eurobonds issued by non-sovereign Russian issuers, but will be listed in roubles rather than dollars.
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Source: Financila News
Majority of Germans consider gold a safe investment
Savings accounts are the most popular form of investment
April 18, 2013--Nine out of ten Germans believe investing in gold is safe-yet fewer than one in three include gold in their investment portfolio structure. The biggest gap between attitudes and investment behaviour lies with the 30 to 39-year-olds: although an above-average number of people (51 percent) in this age group believe that gold is very safe, only 29 percent of those surveyed actually invest in it.
This was the finding of a representative study with over 1,000 respondents conducted by the opinion polling institute TNS Emnid on behalf of Deutsche Börse Commodities GmbH.
Confidence in gold clearly increases with net household income. While just shy of half (45 percent) of higher-income individuals with a monthly household net income of over €2,500 consider gold a very safe investment, only one third of those with disposable income of less than €1,000 per month feel the same way. “There are marked differences especially in how gold is used as an investment. While lower-income groups tend to have more gold jewellery, higher-income groups invest more frequently in products such as Xetra-Gold,” said Steffen Orben, managing director of Deutsche Börse Commodities GmbH. Overall, the percentage of people surveyed who invest in gold is almost identical across all income groups. The level of investment in other precious metals lags significantly behind.
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Source: Deutsche Börse Commodities:
LSE grabs ETF market share from Europe rivals
April 18, 2013--The growth in trading volumes at the LSE comes as the exchange is increasingly being favoured by US ETF providers as a debut platform in Europe,
with US fund manager First Trust the most recent, listing its first European ETFs on the LSE last week.
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Source: Financial News
STOXX launches GC Pooling Indices in cooperation with Eurex Repo
New indices are designed to serve as rules-based alternatives to LIBOR and EURIBOR/EONIA
April 16, 2013--STOXX Limited, the market-moving provider of innovative, tradable and global index concepts, and Eurex Repo, the leading provider for international financing in the secured money market business today announced the launch of the STOXX GC Pooling index family, including the migration of the existing GC Pooling Indices calculated by Deutsche Börse into the new index family.
The STOXX GC Pooling Indices provide a representation of the secured euro funding transactions taking place on the Eurex Repo GC Pooling Market. A unique feature of this index family is the introduction of two funding rates that measure secured interbank funding rates and volumes in the euro zone.
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Source: Eurex
ESMA finds divergence in national supervision of money market funds
April 15, 2013--The European Securities and Markets Authority (ESMA) has published a peer review report examining whether EU securities supervisors correctly apply ESMA's guidelines on money market funds (MMFs).
The review compared supervisory and enforcement practices for MMFs of 30 supervisory authorities across the European Economic Area (EEA). ESMA reviewed those 20 jurisdictions that had transposed the guidelines into their national rules.
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Source: ESMA
First Trust to launch ETFs in Europe
March 13, 2013--US investment provider to list three ETFs that combine tracking with a stock selection methodology.
US investment provider First Trust Advisors is set to launch a range of ETFs in Europe during the first quarter of 2013.
The three AlphaDEX exchange-traded funds will be launched under the Ucits IV directive and will be listed in Ireland and London, subject to regulatory approval.
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Source: FT.com
CPSS-IOSCO Consultative report on Authorities' access to trade repository data
April 11, 2013--The Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commissions (IOSCO) have today published for public comment a consultative report entitled Authorities’ access to trade repository data.
Trade repositories (TRs) are entities that maintain a centralised electronic record of over-the-counter (OTC) derivatives transaction data. TRs will play a key role in increasing transparency in the OTC derivatives markets by improving the availability of data to authorities and the public in a manner that supports the proper handling and use of the data. For a broad range of authorities and official international financial institutions, it is essential to be able to access the data needed to fulfil their respective mandates while maintaining the confidentiality of the data pursuant to the laws of relevant jurisdictions.
view the CPSS-IOSCO consultative report on Authorities' access to trade repository data
Source: IOSCO
EDHEC-Risk Institute study illustrates that short-term risk control is not incompatible with long-term investment performance
April 11, 2013--A new study produced as part of the BNP Paribas Investment Partners research chair on "Asset-Liability Management and Institutional Investment Management," provides comprehensive insights into all of EDHEC-Risk Institute's research on dynamic allocation in asset-liability management.
The publication, “Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints,” demonstrates that failing to separate long-term risk-aversion and short-term loss-aversion may lead to poor investment decisions. As an illustration, the research points to a 32% opportunity cost when managing maximum drawdown constraints inefficiently through an excessive level of hedging.
view the Hedging versus Insurance: Long-Horizon Investing with Short-Term Constraints
Source: EDHEC
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