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German strength propels Dax near record
March 20, 2013--Until the Cyprus crisis erupted this week, it looked like third time lucky for the Dax share price index.
Germany’s benchmark share index last week broke through the 8,000 mark – a level where it has stalled twice before, during the dotcom boom and on the eve of the financial crisis. It broke through 8,000 again on Wednesday.
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Source: FT.com
ESMA publishes Q&As on EMIR implementation
March 20, 2013--The European Securities and Markets Authority (ESMA) has published a set of Questions and Answers in order to promote common supervisory approaches and practices in the application of EMIR across the European Union.
The paper provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. The content is aimed at competent authorities to ensure that their supervisory activities are converging along the lines set out in ESMA’s responses. It should also help investors and other market participants by providing clarity on EMIR’s requirements.
view the ESMA Q&As on EMIR implementation
Source: ESMA
Euro area investment fund statistics-January 2013
March 20, 2013--In January 2013, the amount outstanding of shares/units issued by euro area investment funds other than money market funds was €.62 billion higher than in December 2012. This increase was due mainly 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 €.6,622 billion in January 2013, from € €.6,560 billion in December
2012. Over the same period, the amount outstanding of shares/units issued by euro area money market
funds decreased to €.895 billion, from €.911 billion.
Transactions1 in shares/units issued by euro area investment funds other than money market funds amounted to €.54 billion in January 2013, while transactions in shares/units issued by money market funds amounted to minus €.3 billion.
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Source: ECB
The Spanish Stock Exchange trades the first ETF on spanish sovereign Debt
The trading volume on the ETF segment to the end of February reached €563 million, up 70% from the same period last year
March 19, 2013-The Spanish Stock Exchange today started the trading of one new exchange-traded fund (ETF) issued by LYXOR, Société Generale's asset manager: the ETF is called Lyxor ETF MTS Spain Government Bond All Maturity.
The new ETF tracks the performance of the MTS Spain Government Index (All maturity), which comprises Spanish sovereign debt securities with over one-year maturities, issued by the Spanish Government.
This issue brings the number of ETFs listed on the Spanish Stock Exchange to 70. Société Générale in Spain will act as the specialist intermediary throughout the trading session.
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Source: Bolsas y Mercados Españoles
The Government's response to the Heseltine Review
March 18, 2013--The Government has today published its formal response to Lord Heseltine’s comprehensive report, No Stone Unturned.
Lord Heseltine made 89 wide-ranging recommendations to the Government, across areas of public policy that affect economic growth. Today, the Government announced it is accepting the overwhelming majority of these recommendations and setting out how the Government is addressing the priorities Lord Heseltine identified, equipping the UK to compete and thrive in the global race.
view the No stone unturned:Chamber of Commerce
International Comparisons
Source: HM Treasury
The EMIR regulation enters into force today
March 15, 2013--ESMA has published an information page on EMIR, where you will find the key documents and information about the regulation.
view information page on EMIR
Source: ESMA
ESMA publishes guidelines on interoperability arrangements
March 15, 2013--These Guidelines and Recommendations set out ESMA's view of how Union law should be applied in a particular area, or of appropriate supervisory practices within the European System of Financial Supervision.
ESMA expects all relevant national competent authorities (NCAs) to comply with these Guidelines and Recommendations.
This final report also contains feedback received from ESMA’s December 2012 consultation and subsequent changes to the draft Guidelines and Recommendations made by ESMA. For each section, a reference is made to the relevant Article in EMIR.
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Source: ESMA
IMF Assessment of Financial Stability in Europe: Much Achieved to Address the Crisis but Vulnerabilities Remain and Intensified Efforts Needed
March 15, 2013--In its first-ever overall assessment of the soundness and stability of the European Union's financial sector, under its Financial Sector Assessment Program (FSAP), International Monetary Fund (IMF) says that much has been achieved to address financial crisis in Europe but vulnerabilities remain and intensified efforts are needed across a wide front:
Bank balance sheet repair. Progress toward strong capital buffers needs to be secured and disclosures enhanced. To reinforce the process, selective asset quality reviews should be conducted by national authorities, coordinated at the EU level.
Home > ESMA requires further improvements by CRAs
March 18, 2013--The European Securities and Markets Authority (ESMA) has published its second Annual Report on its supervision of credit rating agencies (CRAs) in the European Union.
The report summarises the supervisory work undertaken by ESMA, during 2012, in ensuring that CRAs complied with the CRA Regulation. The report includes details on ESMA’s supervisory, registration, and policy work; and focuses on its investigation into bank rating methodologies and the follow up work to the March 2012 report on deficiencies in CRAs rating processes, governance and control mechanisms.
ESMA has identified progress by CRAs in their activities including improved disclosure of methodologies and ratings; internal control resources; involvement of senior management in governance and record-keeping practices. However, the report finds that CRAs have not sufficiently embedded the main requirements of the CRA Regulation in their organisations, and ESMA believes that improvements are still necessary in the following areas:
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Source: ESMA
ETF-Radar-Expert Talk with Hector McNeil
Hector McNeil, Co-Founder Boost ETP
"We expect to list across Europe."
March 13, 2013--Hector, could please explain Boost ETP and your product range in one sentence?
BOOST is a new independent issuer of Exchange Traded Products (ETPs) focusing on 3x short and leveraged multi asset exposures.
What was the motivation for launching Boost ETP in times of deleveraging?
Leveraged and short ETPs account for $45bn of AUM globally, 10bn in Europe and have been around since 2005. Unlike the US, which accounts for most of the AUM, there are no specialist providers of the products and no one who provides a 3x platform. As there are no advocates in Europe we feel by being specialists and focused we can carve out an attractive and value added niche.
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Source: ETF-radar.com
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